The Dallas weekly herald. [volume] (Dallas, Tex.) 1873-1885, 1881-11-10
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'F'f'Nff 'VHNH'N'N " F'fN' ''NN~"N' - 80
Ing ti7 ,2si 900 Of tbe4 per cent, bonds, re-
quirlng tho ssfno amount Of money In
either case. The assertion IA made that u
would be better TO pay 1888 for the per
cent. bonds than 10 redeem the ~ continued
at par, because the banks hold nearly all
these continued bonds, and II they are re-
deemed these banks holding them will have
10 surrender . large per cent. oftheir circu-
lation, or purchase other bonds at loss TO
replace them. II Is further stated that
every call for $l0,0OO,000 OF these bonds,
therefore is likely TO involve q surrender Of
"A, 000, 0Oo OF circulation, unless other bonds
can be purchased, as IL il assumed they
cannot be, without loss to the banks. The
result anticipated, therefore, is q bank con-
traction to the extent of over S230,UO0,OOO
in about five years. To avert this ruinous
contraction it is urged that the government
should sacrifice from SOC, 000,0 to $780,
000, 900 in premiums on 4 per cents.
These arguments anda ssertions, it would
appear, are made in the interests of the
national banks, and 1t would be herculean
task to make the average mind comprehend
how it would be better to exterminate only
ST, 900, 900 of the national debt, when $780,
100000 could be wiped oat with the same
amount of money. 1t would also be diff
cult to make the public believe that the 4
per cent bonds will ever advance much
above their face value, for the Insiders
would soon learn that by dispos-
ing of the bonds for money they
could realize larger per cent: than
they possibly could do by holding
them as an investment, and should the gov
eminent desire to purchase them before
they mature, it could probably be done at
less expense than now, for the shorter the
time government bonds have to run the
less their market value becomes. The wis
dom of Secretary WINDOWS course in this
matter seems apparent and Secretary Fol
GER, should he adopt the same policy, will
of great majority of the people Of the
country. So far as the contraction of the
circulation of the national banks is COR
ccrned, it would seem that this il thrown
out more as scare than 81 .
verify. There are new hundreds
of millions of dollars in the ssst seeking In
vestment, and oil the holders desire to 30
prompt-paying interest whether it be In
bonds, stocks, manufactur+. mines Or in
any other legitimate ms aAs Money &C
cum ulates in any prosperu "a country, and
should the banks curtail their circulation
gradually for Hvo years. there would be an
abundance Of money from other sources
thrown into general use to take the place
of that which Is retired.
1t seems now that the large sums Of silver
dollars coined in the last two years at the
mints have not overSurtlencd the treasury.
On the first ef the month the amount OF
standard silver dollars in the treasury was
o8, SIC, 57S; silver certificates outstanding or
in circulation, 80, ST go; leaving H8, 7os
standard silver collars available beyond the
amount held for redemption of certificates.
Owing TO the exceedingly small sum Of sill
vcr dollars valuable fer ordinary business Of
the department. it has become necessary to
suspend exchange OF silver certificates for
gold ooin or bullion. -,
According to the Detroit Free Press, all
that is needed 10 sell mining stock is 9 wa
ter-colored map, two pieces OF ore purchased
ut jewelers., and man with cheek ana
fool with money.
The speculative demand for money in tho
north and west has created a stringency in
the market which has been seriously felt by
the business interests, and particularly so
in ST. Louis and Chicago. For time it
was nearly an impossibility for merchants
to negotiate their best business paper. In
st. Louis, Cincinnati, Louisville and other
cotton receiving points, planters drew heav-
ily on cotton which was being withheld
from market, and this money was diverted
to the south. In the more southern cities
the banks are accommodating money, and the
New Orleans Picayune says "the abundance
of idle capirai in that city has perhaps never
been equalcd since the war. In fact, money
is cheaper there than in New York on call
loans, and there is no immediate
prospect of any improvement. The crops
are moving to market with rapidity, but
there seems to be no enlargement of the de-
msnd for accommodation at the banks. The
plethora of money has constantly been felt
in the stock market, where local securities
have been carried up near the basis of six
per cent return.
To indicate the difference in the situation
now and one year ago. We append the fol
lowing comparison of some OF the main
features of the statement of the associated
banks in New Orleans. The cash on hand
now is $3,5Ol, 100, against $780, 800
last year, an increase OF
100000. The deposits ha hay
grown from 1896, 700 last October TO sl3,-.
f52, 100 at the present time, an addition Of
81, 2l5 400 or about 80 per cent This item
shows in great measure the increased
strength of the mercantile community. The
loans stand at $l4, 3d. 400, compared with
$40 O51, 500, an increase of 81, 400, 800. The
aggregate resources Of the banks display
gain of about $3,50o,000 within the twelve
months"
The minis were kept actively at work dur
the month of September. The gold coin
are was entirely of eagles and half
eagles, in pursuance of the policy OF the di-
rector to favor the smaller pieces rather
than the double eagles, of the eagles there
wa. made S2,630,000 worth, and of half
eagles s., 900. There were struck dur
ing the month, S:2oO,yVO one-cent pieces 70
meet the increasing demand for this coin,
which is running now from 81 200 to 81 500
worth day. There were struck 2 400, goo
silver dollars. The total coinage for the
month, of all pieces, was s., Si7 300.
st. Louis pays the government
re-y handsome revenue on spirits and
tohaccos. For October the collections
were for beer, $75, 922.15; spirits, $l76, 1920;
4 tobacco and snuff, $3.50. or. 20; cigars, $2l.-
as3 rs; special taxes and penalties, y, 65l rs;
| total, syGs. aDl.0S The total for October,
| 1850, was S4lg, S45. 30. showing a very marked
! increase, due largely to the development OF
| tobacco manufacture in st. Louis. :,
Ii is estimated that the product OF oil
J the silver mines Of the world, since the dis
coyery of America, may be safely set down
as follows: From 1892 TO 1893 (5ll years.
81 352. $50, 600: from 1903 to lSlS as years.,
| 81 iJjO. $50 795: from 1915 10 1868 GO years.,
sSl3. 400 COS; from 1865 to 1873 Il years., ~
1 OOOOn: total, $7,157, 40, 7t5. One-han OF
all this amount vas produced in Mexico.
There IL a sum OF money, variously stated
I from 100000 to si7 10000 in gold, lying
! 10 tbs bank Of England, deposited there
during the rebellion by the confederate ,u-
thositie.. When the war ended and the
eonf.derate government ceased 10 exist,
there vas no one authorized TO draw this
money, and It has remained there un:
| claimed 10 this time. IL is nov asserted
that Mr.. jefferson Davis and Honorable
Jacob Thompson, in connection with Mr..
Judah p. Benjamin, have united In an at
tempt TO hays this money applied 70 the re.
demption OF the confederate bonds issued
! from 1861 20 1868 inclusive, 70 be
distributed pro rata on all the bonds
registered at a committee room, No. -
Coleman street, London. There were about
I zoo. 700 600 Of these bonds issued during the
I war. but the amount between the dates
named would probably not aggregate more
Thought that nearly one-half have been losi
or DESTROYED, which " luld leave an amount
not above $500 co. 900, and perhaps not
more than half Of this amount viii b.
| bouvhf m and registered. The amount