Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1881-02-26
COMMERCIAL.
PuRLIo LypaER OFFIoE,
Mr,n.H1a. TENN. February g, 1881.

MEn.HIs. Tenn, February Is, 1881. J
The three per cent funding bill,
now before congress, but not yet a
law. continues to excite public atteu-
ton. particularly in financial circles,
and the national banks exercise a pow
erful pressure in opposition to it,
kilograms from Washington, received
las. evening, report that the objection
able clause, fixing July as the date
after which only three per cent bonds
will be received by the government as
security for bank circulation, will
likely be extended to September.
This, it is thought, will relieve the
bill of its c~oercive features, and in
this shape, both houses concurring'
the bill will go through in time to
reach the president for his signature
BY Wednesday next. The rate Of in
terest aad the fifth section. relating to
national banks with other materia al
features of the bill are fixtures, hav-
ing been passed by both houses. The
bill lay on the speakers table until
We. terday, and has never been referred
70 onv committee. The only way the
nronoseE changes can be made is for
the ways AID means committee torec'
ommend amendments to the senate
amendments, and this is the plan ex-
pected to be pursued to Teach the dc
sired end. Among the senate amend
ments was one to raise the commits
sion for negotiating the new bonds
from / to ! of one per cent. Mean'
time the larger banks at the east arc
rapidly sending in their circulation.
and asking a return Of their bonds.
doubtless with a view Of selling the
latter, claiming as they do that the
new law is a radical injustice to them
Suposing onerous burdens in the mat
Tor of tax on circulation, tax on de.
nositS and not only one but sometimes
two or three items Of tax on the
same de,7osits. The funding bill offeri
no relief to the banks in the way O
kebtening their burdens of taxation
10 the extent that they now hav'
bonds on deposit at Washington, ma
turing between now and June, they
will be compelled to accept the new
three per cents instead, or call in an'
give up their circulation.
The stock market Of New York was
IN a high state of excitement yestei
day. md a panic was imminent all tn.
afternoon. Stocks fell from 81 to 81
ner share. aud government bonds os
rillated in rather an nnusoal way
Huntsville and Nashville fell lls
closing at 70; Nashville and Chatta
noora 81. closing at "A; Iron Noun
tain went off II, and recovered 81 at
later hour, closing at 5S. The demon
alized state of financial affairs wa
wholly due to the severe strain eause'
nv scarcity Of money, all brough
about by the three per cent iundlnI
bill. Over 100000 was paid into tn
national treasury yesterday at Ne'
York to retire bank circulation. Ih
secretary Of the treasury, a few day
since. called in $25, OOO, 1000 of the ma
turing bonds, interest to cease afte
the 2lstof May next, and yesterday b
authorized the purchase Oslo, OOO,O
more for account of the sinking funC
The latter movement had the effect {
easing the situation somewhat toward
Inc close Of the days business.
Local finances are quiet, with none
easy at 6 per cent.
Exchange is steady at par to tc Q
buying asd ic premium selling f
eastern. and lc off buying and par sci
ing for New Orleans,