Sacramento daily record-union. [volume] (Sacramento [Calif.]) 1875-1891, 1880-02-19
-Etc..........
DOMESTIC NEWS.
Business of the Clearing. house
Exchanges.

Exchanges.
| Especial to the RECORD USIoN.l
| NEW YORK, February 18th. - Clearing
house exchanges for the week show an in
crease at all cities except San Frarcisco and
even there the decrease is Insignificant being
! only nine-tenths of one per cent. Following
are the gains for the week over the CORE
spending period of last year: New York, II /;
Boston, 533; Philadelphia, 55.1 Chicago,
37,9; Cincinnati, 35.9; St. Louis, 265; New
| Orleans, 2; Baltimore, 9.3 PittsbIrg, $50 !;
Louisville, IL A (; Milwaukee, 80. 1 Providence
57.1; Cleveland, 45.4; Kansas City, 329 !;
indianapolis, 29.4; New Haven, 1874; Low
| ell, sos; Syracuse, 1871 The Public, in
commenting upon these figures, says: Ex-
cepting among politicians and demagogues no
one can be found to deny that the legitimate
business OF the country is steadily increasing
IN volume and in prosperity. The year 1880
has opened with remarkably sustained in
creased demand for iron and the products
thereof, for breadstuffs, for many kinds
of manufactured goods, and for chemi-
Gals used in the arts. The advance in
price as to many of these articles, though
hardly expected after the extraordinary
rise of last year, is seen to be justified by the
unusual demand. Speculation, therefore, is
added to the natural exchange of products,
in some important branches, and an unprece-
denied advance in price ; but the movement.
however rapid and excited, has not caused
any embarrassment in exchanges, or any
halting in commercial payments. 1t has
been remarked by the most sagacious and ex-
perienced bankers that whenever exchanges
mount to extraordinary figures it is time to
look out for change as near at hand. OF this
we had new illustrations during the latter part
of last year. 1t seems necessary to the health
and prosperity of commerce that speculative
movements should be restrained within GER
tain limits, and such conditions of currency
and of trade are, therefore, most desirable as
will insure the arrest of speculative move
ments before they do serious mischief, and
the confinement of the speculative spirit,
through occasional reactions in prices, within
safe limits. Events appear to indicate that
such conditions do now exist, and that the
speculative feveris from time to time suddenly
checked, now in ore department and now in
another, by the operation of forces which no
combination, however powerful, can control
or resist The increase OF exchanges, accord
ingly, is at present due in q small degree to
speculative excitement, and it indicates
healthy growth of legitimate business.
The Refnntling B,n.
WASHINGTON, February 1Sth.-Following
is the text of the bill to facilitate the refund
ing of the national debt, agreed upon by the
Committee of Ways and Means:
Be enacted ETC. that all existing provisions of cts
authorizing the reunding Of the national debt shall
apply to any bonds OF the United States bearing a
higher rate Of interest than a per cent per annum
which may hereafter become redeemable; provided,
that in lieu of bonds authorized be issued by the
Act of July IA, 1880, entitled Act to authorize
the refunding of the national debt and Acts amend
riff thnr Act
OF February rs, 1879, entitled Act TO authorize
the refundlng of the public debt, the
Secretary Of the Treasury is hereby author
lied to Issue bonds III amount not exceed
ing $500 900 900, which shall hear interest at the
rate of 81 per cent. per annum, redeemabe
at the pleasure of the United States after twenty
years, ana payable forty years from the date Of
issue and also notes to the amount Of $500 900 000
bearing interest at the rate Of 81 per cent per an
num- redeemable at the pleasure OF the United
States after two years. and payable in ten years from
the date of ISSUE but not than $40 600 600 of
said notes shall be redeemed in any one fiscal year,
and particular notes, to be redeemed from time,
shall be determined by lot under such rules the
Secretary of the Treasury shall prescribe. The
bonds and notes shall be, in all other respects of
like character and subject to the same provisions
as the bonds authorized to be issued by the Act of
July L. 1870, entitled Act to authorize the re-
funding of the national debt and Acts amendatory
thereto; provided that nothing in this Act shall be
construed to authorize OF the public debt
Section .. The Secretary of the Treasury is hereby
authorized in the process of the refunding OF the
national debt to exchange, at not less than par,
any of the bonds notes herein authorized for any
of the bonds OF the United States, outstanding and
uucalled, bearing higher rate Of interest than a
per cent. per anBum, and on the bonds so redeemed
the Secretary Of the Treasury may allow to holders
the difference between the interest such bonds
from the date OF exchange to the time of their ma
turity and interest for like period on bonds or
notes issued but of the provisions OF this Act
shall apply to the redemption exchange of any
bonds issued to the Pacific Railway Companies and
the bonds SO received aud exchanged, in pursuance
OF the provisions of this Act sh II be Cancelled and
destroyed.
Section 3. Authority to issue bords and notes to
the amount necessary to carry out the provisions of
this Act is hereby granted.
Section 4. The Act approved February %, 1879,
authorizing the Of certificates of deposit, is
hereby amended so as to continue and limit the
amount of certificates to be issued to $50 eco 0C0, to
be outstanding any time, and fixing the
OF interest to be allowed thereon at 81 OF l per
cent. per annum for year, after which the inter-
est shall cease, and said certificates shall be con-
vertible at the option of the holders, when pre-
scented in sums OF $50 the multiple thereof, into
the coupon or registered b nds authorized by this
Act. Whenever any Of said certificates shall be
ver.ed into bonds, the same shall be cancelled and
be destroyed The Secretary of the Treasury may,
in his discretion, issue new certificates in place of
those so converted, up to the limit of $50 600 co.,
until the aggregate amount of bonds author
lied by this Act, and of said certificates
combined then outstanding shall equal the
amount OF bonds hereby authorized 1t shall be
unlawful for any person or persons TO form com
binations by which to procure said certificates of
deposit authorized uncer this Act for purposes Of
sale to Others for acting agents OF Others, ard
any person offending shall be liable on cOnvic-
ton, to be fined $1,000 or imprisonment not to
coed one year The Secretary of the Treasury is
authorized and directed to make suitable regula
tons in compliance with this Act providing that
the expense for disposiDg Of the certificates and
rizadt Ia i. sued shall M of
percentum, provided that said certificates shall not
be sold or converted at less than par.
Section 5. From and after the LIST day Of January
1880 the 81 per centum bonds authorized by the first
section of this Act shall be the only bonds receivable
as security for national bank circulation.
Section g. This Act shall be known the funding
act of 1880, and all Acts and parts of Acts incon
sstent with this Act are hereby repealed.
The CoIored Exodus Investigation.
WASHINGTON, February 1Sth.-The Senate
Exodus Committee heard j. i. Syphax, q
colored Virginia politician, who accused SEN
the effort, though widely heralded by Syphax.
was lamentably weak presentation.
Window merely asked Syphax if they had
a lunatic asylum in Virginia, and how he es-
capped from it.
II. G. Badger, of North Carolina, a Re-
publican politician, testified that the state of
affairs in the South was gradually improving.
The negroes were becoming more thrifty and
self-relarl. Since their emancipation the
blacks do not get strict justice in the Courts,
and are convicted on weaker testimony than
the whites He thought the exodus unneces-
sary. The blacks had the same educational
advantages the whites, and they were re-
markably anxious to learn.
The Texas Colorcd Convention.
GALVESTON, February 18th. = The Nems'
Dallas special says: The Colored Conven-
ton, on reassembling last night, elected off
GERS, appointed agents to canvass the counties
for contributions to the colony fund, and ad-
iourned sine die. Arrangements viii be made
for immigration to the colony next fall One
hundred and fifty families from Louisiana are
expected to join.
An Unexpected MeetiDS-A Deserted Wife.
OMAHA, February 18th. To-day Mrs.
Hattie Kelsy, of the Baldwin Comedy Com
pany, en- route from San Francisco TO New
York. very Unexpectedly met her husband.
Professor Anderson, the magician, etc, at
the Union Pacific Hotel. at the transfer on
the east side OF the river. Anderson, who de-
serted Mrs. Kelsy in New York several years
ago, was found travelling with another woman
whom he calls his wife. Stormy interviews
followed between Anderson ard his wife and
Mrs Kelsy. Mrs. Kelsy endeavored to have
him leave wife No. 2 and so with her, but |
this he refused to do. So Mrs. Kelsy, over
come with grief, gave him up, and following
the advice of the rest of the company, pro.