The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1878-08-03

saise1 this season In Louisiana. 1t is from
the plantation Of Mr.. Pierson, on Cane river,
Natehitoches parish, and was consigned TO
IL 4. Walmsley Il CO., OF this city,
There was but light movement yesterday
III securities, rates for State Consos being
easier, and for Premium Bonds slightly
ssteadier State Consols opened at IA and
closed weak at 7407414, against 73laf07354 on
Thursday Reported sales $1150Oo. Pre-
anium Bonds closed steadier at 31A@81I
gainst 3tLm319 on the previous day.
s ales $4,000.
liz sometimes queried whether the legal
tender Tor treasury notes OF the United
States will still continue to be legal tender
Eor all debts and dues In the United States
after resumption takes place on the first OF
january next. They will be q legal tender.
except from the government precisely as be-
fore The banks can redeem their notes In
them So says the Chicago Tribune.
A new counterfeit has been discovered in
the shape OF O quarter Of an eagle, made OF
silver and ctro-gilt. It contains silver OF
The value Of about 10 cents, and, having q
clear ring, Is likely to deceive persons who
have not lately been accustomed to handle
gold. storekeepers should be particularly
watchful with regard to this counterfeit, q
number OF which have lately been put into
circulation .-
The government recently made q heavy
transfer of gold coin from New York to San
Francisco. amounting to S2,50O000. It was
done by the government depositing the coin
10 the credit of the San Francisco banks
with their correspondents in New York and
the San Francisco banks depositing a like
amount In the sub~Treasury Of that city
AS coin usually is sent from the Pacific coast
10 New York, the San Francisco journals are
at d loss to know why the transaction was
made. AS yet no satisfactory explanation has
transpired, but doubtless there is q good one.
OF Secretary Sherman would not have made
it.
What the farmers lost the lumbermen In
some measure gained by the recent heavy
rains In Wisconsin and Minnesota. The
floods that injured the crops swelled the
rivers and permitted the log-drivers to do
business on q magnificent scale. They made
hay while the sun didn't shine, the recent log
drive on the Black river already aggregatlng
10000 900 feet. while 2O,oOO.O00 feet more re-
main in boom-an aggregate nearly as large
as the usual spring business. So the farmer
will get some comfort out of the bad weather
iii the way Of cheaper lumber for his fences
and buildings,
The Charleston News and Courier predicts
that times In South Carolina will be better
this winter than they have been for many
years. 'because farmers have been working
within their means, have spent less money
than In previous years, and have bought
what provisions they consumed at exceed
ingly low prices, where they paid cash.
Notwithstanding the low price OF cotton,
abliere will be in the farmers pockets this
winter. after paying his debts, more money
than he has had the pleasure Of counting
over as his own these many years." The
explanation which the News and Courier
gives Of this improved state OF things Is
curious: The inability of the farmers to bor-
row money This has compelled them to
buy for cash, Or not buy at ALTO pay for
what they got, or do without 1T. In this way,
a. saws. "the hard times in the end do good.
Borrowing Is SO much easier than saving, and
buying on credit so much easier than paying
lbs we go, that nothing short of stoRpage OF
credit, throwing everybody on his own re-
sources, was likely to put agriculture in the
South on a. sound basis" In illustration of
this. 1t gives q table prepared by Mr.. James,
che commissioner OF agriculture OF Georgia,
showing the difference between the cash and
credit prices of corn and bacon In that State
The prices are those ruling on July and
November l. the four months intervening be-
tween these dates being taken as the average
extent Of credit. It shows that The cash price
Ut corn was rs cents and the credit price 81 05;
the cash price Of bacon cents and the credit
price 10l$ cents, The Georgia planter who
bought his corn and bacon Oh credit there
fore, paid interest at the rate of 108 to 1879 per
cent per annum, while the one who bought for
cash saved this exorbitant charge.
"Editor Republican much Of the sill
yer coin--dolars, half dollars and quarters
OF the old issue of silver is legal tender for
the payment of debts? For illustration 1t
want to pay debt how much can | force the
creditor to take in the old issue of silver.
"TExAs"
The old silver dollars coined prior to 1873
were and still are legal tender for debts to
any amount, they continued to be SO even
after the passage of the decentralization act Of
Is7s in fact, there has never been a time
when they did not possess this property. The
minor silver coins-halves, quarters, dimes
and half dimes shave since 1853, when they
were slightly debased, been legal tender for
debts only to tho amount Of $5. II, therefore,
stTexas" goes to pay debt he can make the
creditor accept the minor coins to the amount
pf SIS and old silver dollars without limit.-ISt.
Louis Republican.
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EAST INDIA WHEAT.-India wheat in the
European markets promises to come more
and more in competition with the trade In the
ports is just now attracting special attention.
In 1873 these were triIling, or next to nothing,
but after the removal of the export duty they
rose rapidly, until In the first ten months Of
ISTT-S they reached Il soc. 900 bushels. This is
all the more noteworthy on account of the ex-