The daily gazette., 1881-01-22
mAJURDAY, JANUARY ~, lssl.
A Coon deal ba. been written Al

have upon the banks aud bank share s
DO far the effect on bank shares has not
been 10 lessen their value, for they bav,
been consia antly growing stronger, If w
believe the writers for the money column:
ofthe New York and Philadelphia pa.
pers, aud the published quotations o.
sales. In fact il looks as though bank
shares would continue be the fayoliLo
investments they have always been. 1t
is difficult to find any investment at is
not taxed in some shape and the tax TO
which banks are subject is as light as
that to which any Investment Is subject,
30 that whether this tax is legislated off
Of them or not is immaterial as to the
comparative value In the market with
real es' ate or other investments. Should
the RefnndIng Bill pass The Senate and
become law, the banks Will receive
three per cent. on their bonds, and six
per cent. on their circulation with the
opportunity to discount above their cap
ital on deposits they will then be able TO
make about eight or nine per cent. We
have heard of one instance where ole OF
our banks netted 10 per cent. last year.
We do not believe the passage of the Re-
funding Bill will injure the banking in
terest at all. On the contrary we be-
lieve it will make it a stable business,
not subject to further disturbance by leg
lslation or the tear Of legislation.
With reference TO the success of
funding the public debt at per cent.
We can only give an opinion for whal
it is worth. The newspapers differ as
they did Hpon other financial ques
tions. But we find far greater num-
Der Of the leading journals advocating
the passage of the bill through the
Senate than we looked for; and mos,-
ly it is those under the influence Of the
brokers that oppose the bill. Should
it pass and be success, the business
of this country will at once be placed
upon footing with that Of the world;
and the tinAnciers and capitalists will
have to choose between investments
under the tottering monarchical gov
ernments of Europe that are daily
trembling in the balance and the great
republic held up by thirty-eight popu-
lous s ates all pledged to the support
Of Constitu ion TO which they are
sworn-a republic that sets all the
world an example in the payment of
its public debt twice within its exist
ence of one hundred years-a republic
having resources that are said to ex-
ceed the resources of all other countries
and a population of fifty millions of
people more intelligent, more learned; /;
better housed and clothed than those
of any other country. These are some
Of the stable qualities, III addition to
our vast improvements and almost
boundless domain, that may invite
permanent investments in bonds as
we'll as capital for business purpo ses
through immigration.
IL 8 said that one gentleman alone
holds in bonds one-thirtietn part of
all our public debt. Where could he
find better investment? He is sure
Of his revenue each quarter; and may
With confidence calculate it and ar
range for its investment before it is
due. In fact his checks upon this
would be neg gDtiable before it is due.
1t requires no iDsurauce-no care. Ii
il a safe deposit Tor all who are 50 for
tunate as to have great wealth. And
AS the per cent. U. s. bonds are now
the best paying investments for CAPT
talists, 80 will tile per eent become.
The great holders of real estate do not
get on an average four per cent. inter-
est from such Investments. A three
per cent. U. S. bond would, it is be-
heved and said by some of the ables,
statesmen of both political par les in
less than six months after the Re
funding Bill is passed, will be at a
premium in all our ci les, just as the 4
per cents are now. In fact it woulC
seem to be impossible for that not t,
be so since there would then be II,
other safe and sure mode for the larg
capitalists to invest their surplus ear D
ings. The very facts that the be
cents are now at a premium; and Sc
daily at 113 TO ia should be a cor
vinciug argument in favor of the gov
ernment being able to float a 3 pc
cent. bond.
Our own people are deeply Interest
ed in this ma ter for the Delawar
Legislature is now through its CON
mittees maturing bill for the re
funding of our State debt into fou
per cent. and 81 per cent. bonds.
the government per cent. refundir
scheme proves a success Delawal
cannot fail in her effort to curtail lac
annual interest in this way.
Mr.. Ward, Her Majesty's Consul 3
Portland, NJ :, wa- passenger by III
North German LlOyd's steamer Doua,