The Dallas daily herald. [volume] (Dallas, Tex.) 1873-1887, 1881-11-15
FINANCIAL.

ment OF great natioual bank, which, 1t
thinks. is the only sure way to prevent tho
periodical disturbances OF the money mar
ket which have inflicted the best business
interest OF the country since the war, and
even before, and to make use Of the gov
nents. All the receipts of the British gov
eminent 60 directly into the Bank Of Eng
land, where they are constantly available,
like other deposits, for commercial uses. In
the United States, on the other hand, the
great mass of the revenu. goes directly into
the treasury, where it is not available for
commercial uses at all, and cannot be made
available except by disbursements in pay
ment of current expenses, or in redemption
of the debt The experiment of national
bank has been tried twice in this country
with results not calculated to COM
mend such an institution to the
favor of the people. No matter
how honestly and ably its affairs might
be conducted, it would forever be the target
at which the politicians of the party out OF
power would launch their missiles, and
there would be no assurance of its pernia-
nency, and no possibility Of its ever attain
ing to its highest usefulness. 1t may be-
come necessary some day to establish a
government bank, but there is no prospect
that it will be done very soon, and in the
meantime the government should avoid as
far as possible all those operations which it
is unable to conduct successfully without
the aid of such an institution.
The true lnwardncss of the Confederate
bond speculation has been fully disclosed.
1t was started by little combination of
sharpers simply lorpurposes speculation.
They bought up all the Confederate bonds
they came across at about the price of old
paper. AS soon as it became known that
the bonds were in demand all xmas of alb
surd rumors got atloat and the price went
up. Then the sharpers unloadcd at an adj
vance and the game was played. There
are few buyers yet who are probably UNI
deceived as to the nature of the transaC
ton, but the originators of the scheme have
retired from their labors in this line, and
are now, II is fair to presume, manipulating
some fancy stocks or bonds, with intent to
scoop in' some ninnies.
1t is predicted that in his forthcoming
message the president will recommend the
abolition of the tax on medicines and bank
checks, with other reductions amounting
to S7WO,OOO per annum.
Virginia skies, which stood at 81 and over
a few days ago, have, since the election, fall
len to ~ and 7Iwith prospect of q further
decline.
On October /, 1865, the bonds deposited
at Washington by the national banks for
the purpose of securing their circulation
amounted to S276,2605j0 of which $780,
1850 was in 6 per cent. and $40 S62, 600 inc
per cent. bonds On November /, 1880, the
banks va KS held $4,000, $50 of per cents; and
Si7 0I9,750 of 3 per cents. On November /,
1881, all of these bonds held by the banks
had been called, and with the exception of
$75S,9OO had been redeemed or extended at
the rate of3l per cent. The banks now hold
S3l ,9Sl $50 of u per cent and S92, 005, 800 of
4 per cent bonds They hold also 50 iS6, 900
of Pacific railroad bonds, and $72S90 called
bonds on which interest has ceased The
remainder, S2i5 ,60l $50, consists of bonds
bearing interest at the rate of y per cent.
The report made to the Comptroller of the
currency, showing the condition of the
national banks In the United Statcs ut the
close of business on October /, t.r number
being Z, l32, is remarkable exhibit of the
wealth of these institutions The resources
foot up grand total OF S2,3jS,3SI .S0l 80.
The deposits in the savings banks of New
York city have increased $l00O0,O00 during
the past six months. The aggregate
amount held by these institutions is about
S2OO,OOO,OC0, and this is held by over 800 900
persons, showing an average de.
post 70 reach of nearly 800.
DALLAS EXCHANGE AND COIN.
Buying. Selling
New TO York Exchange ',........"k%S PaI@I
~. LOUIS ''''''..' .''',..,.,...,,.,
.NhiNhku' '''''''''''''s s'.,,'.'s..
rVW VlichHst ,.''sssss,s'ss..,..,.,s,
galveston and Houston ,..,.,......k
Commercial exchange upon all points y to X
discount
Sterling sight, 81 IS.
Francs Dos 10.
Marks 25
=, Gold, silver, other than trade dollars. par.
w cents.
Mexican dollars. ....,...,.,....,.....S so
Mexican halves. .,....,..,,.,,,,,4 40
Mexican quarters. ............,....,.i5