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


There was very little movement yesterday
In public securities. State Consols closed
steady at 495Sg4912, against 49l1aM498. on the
previous day. Premium Bonds ruled steady
at 24160l2i2s, against 2f14D2faa5 on Wednes-
day. The sales at the Stock Exchange
amounted to only $4,000 Of Consols and
$4,000 OF Premiums. Outside sales footed
up 10000 Of Premiums.
The Continental Bank, In New York city.
which, next to the First National Bank OF the
same city, has sold most Of the per cents,
announced on the first instant that 1t has
settled already for the greater part OF Its
April payments, and the First National
which has marketed S9s,513,000 Of the 4s has
settled for nearly half OF that large amount.
or the $15o,00 600 to be settled for in April 1t
ia safe therefore, to assume that almost one
half OF that sum has already been adjusted.
Among other reasons for believing that the
money market In New York will not be any
tighter during April than 1t Is now, and that
the present stringency will be short, Is the
that the interior banks In New York State
and Connecticut have been loaning money In
the New York market. These banks are well
supplied with funds. Last December, In or
der to provide against any hitch In the re-
sumption OF specie payments. they called In
funds sufficient to meet any contingency.
These funds have remained In these banks,
and now for the first time make their APP
pearance In the money market.
Reports from Washington are to the effect
that the Greenbackers are preparing tinan-
cial measure which they intend to present In
the House at the earliest possible opportu-
nifty, should Congress decide to proceed with
general legislation. The bill provides for the
retirement OF the entire circulation Of the ma
tional banks and the replacement of this with
United States notes, which are to be full
legal tender for ell debts, public and private
The Secretary Of the Treasury ID to be re-
uuired to cancel national bank notes, pay the
expenses Of the government and purchase
gold and silver bullion as means OF putting
this new money into circulation. The sur
plus coin In the treasury Is to be used to pnr-
chase and cancel United States bonds. The
bill provides for tree and equal coinage Of
gold and silver Of thepresent standard weight
and fineness
AS an illustration Of the reduction In values
we note the fact that the furniture of the
fremont House, Chicago, was sold on the
thirty-first ultimo at a little over one-flfth Of
what 1t cost five years ago. 1t cost originally
aquarter oil million, and during five years
has had $4,000 worth OF repairs. The furnl
ture was put In bulk, and with the only bid
made went for $54,7o2 90 to Mr.. FL. H. Gregg,
private secretary Of Mr.. John A. Rice, the
new proprietor OF the hotel, who succeeded
Nr. Couch when his lease expired, and who,
beginning January 49, has leased the house
Tor four years. The terms OF the sale were
cash. 10 per cent down, and the balance as
soon as the papers can be made out. The
surmise ID that MIR. Gregg bought the prop
erty for Mr.. Rice, who was formerly one OF
the owners OF the Grand Pacific Hotel.
New York women who are compelled to en-
ploy servants are apparently organizing to
i bring about a reduction OF wages which
range from. $12 to SIC month. The COM
plant Is made that the girls form eo-opera-t
tive societies, going in clubs Of four girls.
They hire furnished room, and two get sit
nations for a month, putting their earnings
Into common fund. When the month Is up
the first two take rest, and the other two go
out to work. By this means the girls only
work half the time, and 1t Is difficult to get
servants who will remain In family long
enough to understand what is required Of
them. About the hardest thing In the world
20 keep in place, anyhow, is the hired girl;
the panic which took hold OF everybody else
long time ago hasn't yet got around to her
and probably won't till Congress appoints a
committee 70 go around and notify them that
specie payments have been resumed, and that
1t LIZ hardly worth while for them to stand out
for flush times wages.
The subject OF an income tax on incomes
over $4,000 ID again being discussed In Wash
lngton, and newspaper correspondents de-
clare that there Is very strong feeling
among Southern and Western men soft
money men generally and Greenbackers par
ticularly, In favor OF this tax, and that the
question will be brought before Congress at
the earliest possible moment. It is not GEN
orally known what an enormous revenue the
government had from the income tax during
the years 1T was In force. The total is shown
to have been $346, 90s, 7aS, or enough to pay the
present interest on the entire public debt for
four years. The tax ran from 1868 to 1873 The
highest revenue was reached In 1866 when
$72,9s2, 16o was paid In under this head. The
next highest was $66,oi4,429, In 1867, and SAL
355,599 In 1868. But 1t is not proposed by the
advocates of the measure to levy tax suffi-
Gent to raise any such enormous amount as
this. 1t il computed that tax OF per cent
on all incomes in excess OF $4,000 would yield
ao,0oO,ooo annually and not hurt anybody.
It Is proposed to make it apply to govern
ment officials as well as other people. who IN
many instances receive salaries far In excess
OF what they could earn on ther merits In
the open market For the ten years that the
income tax was In force over s14,ooo,ooo was
received from the tax on official salaries.
OUR FINANCIAL CREDIT.-From informa-
non received at the Treasury Department it