The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1878-04-26
Commercial and Financial Matters

Commercial and Financial MaHers.
Cnponents of an income tax are industri-
o,,sly moving around Ia Washington 10 made
sentiment In favor of stopping the aocumula-
fiou of the sinking fund. They argue that
tbia hepe accomplished there will be no ne
tessity for raising revenue by an income lax.
The foreign holders Of our bonds have ceased
sending them home The movement ioiio"-
Ing the silver legislation was based on The
misrepresentation Of the capitalists who have
since given the lie Ia their own assertions by
eagerly taking $5o,oOO,O0O Of the loan at ~
per cent.
The total amount of national greenbacks
outstanding ut the close Of last month, &C
fordinp to the statement Of Hon. John Knox,
Controller of the Currency, was $s47 s4s,7i2.
The total national bank CIRCULATION at the
same time was $500, 7G1 ,3a4. Added together
this gives a total paper circulation of $6Gs,
610,10G. .
To illustrate the singular freaks our export
trade Ia now showing, we will mention that
of the cargoes carried out by the steamers
which left New York last Saturday for Eu-
rppe there were 10000 American CIGARS ali ar
ticle which is rapid, growing In favor on the
other side 275 cases cotton domestios, $50
head Of cattle and large shipments Of fresh
meat and canned goods
The Cote Europeenne reports tho presence In
Paris Of a member OF the Berlin house OF
Mendelsohn for the purpose OF arranging
fresh Russian advance. According to the
Cbfe EurOpeenne he has not succeeded In OBJ
tanning the cooperation Of the Paris financial
houses concerned In that of last year, and has
accordingly turned to another group. The
amount spoken of is about 100000, 900 francs.
Nothing has yet been arranged.
An important decision to city horse rail
way companies was rendered In New York on
Friday by Judge Sandford. Mr.. Christy,
Of that city. was put off "bUb-tailed' chr
for delay ing to put his fare In Che box, where
upon he brought action to recover $4,000 dam
ages. The jury gave him $425, but the Judge
set aside the sum as excessive, holding that
there was no force In the plaintiffs allegation
that he was not bound to pay unless the com
pany provided a conductor.
Even the New York Bulletin. q standard
commercial and financial journal. admits that
the turn taken by finance will throw the long.
locked-up gold on the market and thus ex-
pand the countrys currency. IL says on this
point:
Only a part of the $500, 900 gold coin
which II Ii estimated liz held In The whole
country has for the last sixteen years been
active as money. By far tho larger part w
fully three-tifths-ha simply been on article
OF merchandise, aud as such 1T has had 70 be
.t.lkt x.s Artflifx Nv
the present slight difference between gold
dollars and legal tender notes disappears,
then this whole stock will Immediately be
added TO the active circulation, and this Will
cause such an expansion In amount as has not
been seen since the war closed, and such In
quality as has not been known TO this country
since suspension Mt the beginning OF the war
The aggregate capital of the English joint
stock banks IL $213, 142 $40, and their deposits
and other liabilities is $stl, AIS. 800. The de-
posits Of the national banks OF America
amount to S61O,62o, GGs, while the capital, sur
plus and undivided profits amount to about
100000. Never before In the United
States has the capital of our banking system
been 80 large In proportion TO Its liabilities.
In Its comments upon the stability OF our
banks and the present financial condition OF
the country, the New York Commercial and
Financial Chronicle says: In Great Britain,
as we have seen, the banking capital, on
which rests the supendous mechanism OF
British finance and the pressure OF the clear
ing-house operations for the commerce of the
world, the capital stock OF all tho banks, in
GLIDING the Bank Of England itself, Is much
smaller In proportion to the aggregate liabil-
tiles involved than ours. In France in Ger
In, ~ hnr mt nj II
Europe the statistics show similar state OF
things The capital Of the banks bears in the
aggregate u smaller proportion to the liabili-
ties than In this country"
In former years the tobacco trade OF New
Orleans contributed largely to her CONNER
cial wealth and prosperity; but since the
war 1t has sunk into comparative insignifi
cance We ARE glad to perceive that there is
now a vigorous, persistent effort being made
ON the part of two houses to restore to US
this most desirable trade. Already have
there been large receipts at this port of this
commodity for shipment abroad; but we are
informed tho principal obstacle in the way of
the successful prosecution Of this business
has been the high rates Of freight to Europe
an ports Ship agents and owners, prefering
TO take cotton, have hitherto been ask
ing 40 shillings per hogshead to Liver
pool but VIC learn that within the
past two days two ships have offered
to take tobacco at 30 shilings and5 per cent
prlmage. Cheap, or rather reasonable ocean
freight charges are all we want to attract
large shipments tn this port from the West.
We have been shown a letter from one Of the
largest shippers in the West, written from
fact that between $4,000 and $4,000 hogsheads
of strips, suitable for the English market
will certainly be shipped this season from
that section to New Orleans for export, pro-
Now That there is but a very small residue OF
our cotton crop to be sent abroad. il strikes
as that II a general effort should DO made to
attract hither large shipments Of tobacco
from the West, tho requisite shipping would
no Mar ~, ri al m