The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1879-02-04

MUM Bonds.
The steamboat John Dippold, from Cairo
with seven barges, arrived here last evening
with the following cargo: 2237 bbls and hall
bbls -four, G024 sacks corn. Gas sacks oats, 13t
bales hay. 200 packages lard, 100 bbls lard oil
16i bbls pork, 100 bbls cotton seed oil. 653t
bales cotton, b08G sacks oil cake and 1i6,8ls
bushels bulk corn.
The st. Louis Republican of the first In
slant says: 1.-THE river is open for traffic
below to Memphis, vicksburg and New Or
leans. and the Anchor Line ID receiving
freight for those and way points. The first
boat TO leave will be the Fanny Lewis, and
succeeding ones will be tho Grand Tower and
City OF Alton and the Il. G. Elliott"
| Tho Bureau Of Statistics Mt Washington
has Just gotten up the nations balanoe-shoet
| for 1873. It shows favorable balance OF
trade amounting to 1904 $4,000 against a
like balance OF $40 ,Oc0 for 1877. This is
the ribbon balance In our favor, our history
showing nothing that approaches 1t. The
foregoing amounts do not include the ship
ments OF specie In 1877 the exports exceeded
the imports OF gold nearly $25,o0O, 900; In 1873
we imported $1974173 more gold than we
| exported.
| One half of the Horn silver mine, Frisco
district, Utah, has been recently sold, through
Mr.. Jay Cooke, Of Philadelphia for 1850, 900,
50 IL Ia stated. This is big sum to pay for o
Utah silver mine, especially after the history
of the Emma mine The purchasers of the in
terest sold and the holders of the remaining
stock, 1t Is further stated will spend about
100000 In all in developing the property,
building $50 miles OF railroad amongst other
things. The mine is to be stocked at $40 O0O,-
900, in 100000 shares, and we may expect to
hear OF the shares atstock boards all over the
world.
The st. Louis Times, OF the first instant,
says: 1T Ia pretty well understood now that
the hog crop Of the West and Northwest has
been almost all shipped to market All winter
hogs were purchased for 80, so 10 and so ID
per hundred. Offers are now made at 50 Is
with no response from farmers The truth
is. farmers cannot afford to feed hogs and sell
them at 50 10. Pork has boon 50 cheap that
we have been supplying the world at an actual
loss to our own producers. We have been
sending dry sides to Liverpool and selling
them at four and half cents per pound-less
than the actual cost. The world on the other
side OF the water was smart enough to buy
all we sent at such prices England. France
and Germany have bought their supply Of
pork at four and half cents. and we find now
that we shall have to pay higher rates. An
extraordinary foreign demand, excited by q
very low price, drew from this country its
entire surplus. Two years ago five and six
ductlon to an excess. Two cents a pound this
winter will discourage production, and next
year prices will be stiff"
The national banking law forbids banks or
ganized under it to loan money on real es-
tate, taking mortgage or deed Of trust as
security for the loan; but in case recently
decided by the Supreme Court OF the United
States 1t was held that this prohibition can
not be pleaded by debtor to the bank as
bar to its claim. The case was that OF the
now defunct Union National Bank Of st.
Louis against Elizabeth A. Matthews. We
learn from the st. Louis Republican that 1t
was decided by the Missouri Supreme Court
in favor OF the defendant, on the ground that
in loaning money to her on q deed of trust on
real estate the bank violated It's charter and
could not recover tho claim. The United States
Supreme Court reverses this decision. 1t holds
that II bank violates its charter 1t may DO
called TO account by the government, which
has a right to exact the forfeiture OF the vio-
lated charter, but that, as between the bank
and the party to whom the real estate loan Is
made, the latter cannot make the unlawful
act Of the bank d valid excuse for not paying
the money, since 1t was bona ttde and eGuta-
BILE contract between the parties. The proper
punishment for violation by bank Of its
charter is a judgment Of custer and dissolu-
ton against 1t, and the court will not permit
q private person, either directly or indirectly,
to usurp this function Of the government
This is the first time the question involved
has been passed upon by the Supreme Court,
and It's decision Is regarded as settling a very
Important point under the national banking
law.