The Dallas daily herald. [volume] (Dallas, Tex.) 1873-1887, 1882-03-30
FINANCE AND COTTON
FINANCIAL,


THk local debt questionable ACCESSIBILITY of
borrowing money for the construction of So
called permanent municipal improvements a
foremost topic at Chicago just now. In this
connection Bradstreets says the city is In need
gilmore extended water-works. Ii has no funds
in hand and must therefore either tax or Dor
row Under existing laws the city has no
power to negotiate loans, and therefore has no
standing in the loan market The city officials
naturally favor such change in the law us will
permit borrowing, and over the ACCESSIBILITY of
securing, If possible the power 10 borrow and
thus to avoid immediate taxation, contest is
raging. IL SO happens, however, that this
power must be obtained from the people of the
whole state in the shape of cOnstitu-
tional amendment The present organic law Of
Illinois was one of the first of the so-called new
state constitutions, and was adopted In 1870
Among its new features were the restrictions
put upon the powers Of the Legislature and o,the
local government auth rites The first of these
In importance was, perhaps, the clause forbid
ding cities and towns TO contract debt for any
purpose whatever beyond per cent of the as
scssed valuation of given locality. The need
of such n constitutional restriction had become
notorious, owing to the extravaganza and specu-
lation born of the loose borrowing business dur
Ing the previous decade. The tax payers of H.
lin is cities had been taught to believe
that 'posterity' would meet their obi
municipal borrowing became the rule City
business came to be conducted much as though
m individual were to act upon the notion that
his heirs should be relied upon to meet all obli
cations incurred for permanent improvements"
10 his person and his estates The principle
adopted by the cities of Illinois, in common with
those, of other states, was that betterments, so
called, should always be provided for with
money borrowed rather than by direct taxation
The radical unsoundness of this principle can
not be doubted when 1t is considered that were
the plan to be strictly followed in private affairs
i G., were II the rule to obtain everything of
permanent value on long time obligations for
ones heirs 70 meet accumulation would be
stopped, The principles relating to the
business of city, which is simply e collection
Of individuals, are identical with those which
hold good in relation TO the private till. This
being true it is plain that loose borrowing has
been, in the main, the proximate cause OF mu-
niclpal extravaganza and corruption in the
THE Philadelphia Evening Bulletin of the 26th
says: Ten tons of gold, composed of thousand
and odd bricks, and valued at $500 900 were
landed al the United States mintin this city yes.
terday. This is the second instalment of the
1000 of bullion ordered to the mint from
the Gew York assay office. There is something
like $1,000 0' on hand now, and this $50 900 900,
which VIII come In $1,000, COO lots, at intervals of
round oOOo in New York The transfer iesyS
is made 10 relieve New York vaults and to give
the mint bullion sufficient for the large coinage
demands made upon it-averaging about 81 600.
Coz per month. The bullion arrived yesterday
in four OF Adams express wagons and the
boxes were apparently no bulkier than n gro
GERS box Of raisins Beyond the fact that each
of TIE drivers had an arined,attendant, there was
nothing To indicate the valuable loads contained
in the wagons. From the assay Office in New
York to the vault of the mint in this city tho
bullion is in charge of the express people. and
on the railroad transit two cars are utilized.
This morning the boxes were opened and each
brick weighed and assayed. Just now the
bullion receipts at the mint are more than bal
anced by the daily shipments of coin For the
last eleven days the SUN of 81, 900 0J0 In eagles
and half eagles has been daily sent to the sub.
treasury In New York, and this outflow will be
Kept up till the $40 OOoJ ordered TO that re-
pository has been supplied
ROME, March 2j.-The financial statement of
the minister of finance was presented in the dep
uties to-day. II dwells upon the progressive i'm.
provement of the finances. The surplus of 1881
which was estimated Mt 7, 10000 lire rose to up
wards of 100000 lire. The ordinary receipts
exceeded the ordinary expenditure by no O0OO O
lire. IL Is not intended 10 issue any new rentcS
except for railway works. The surplus of 1882 is
estimated At 900 600 lire. In spite of the addi-
llonal Il, 0L0O lire allotted for army purposes
The ministero of finance gives absolute assurance
mat the abolition of forced currency will be com.
plctely accomplished as soon as the treasury oh.
tains sufficient metallic reserve.
PHILADELPHIA Times: John |. Davenport tells
story apropos of Jay Goulds late exposition of
his securities. As he was coming along to the
,',f'h SNShNl III Htliu, u NhIu -DulnlntT met
him and wanted TO know where ne was going
To Washington" answered Davenport
promptly. "Amsorry you can't stay and see our
spring opening" said the bum what spring
opcningT why, Charley Brooke, Pat Jones
and Colonel Fellows are going to open out their
securities next Monday, and the boys are ali 20.
Ing To be on hand to see EN-"
THE export movement OF domestic produce
from New York during the PAST week was rather
sluggish, the total being but Sc 1874, 6lT compared
with $500 j9j for the same week last year. The
shipments OF bieadstufis provisions and cotton
were light, while the movement of petroleum
was moderate in volume. Since January LIST, the
total exports for that port aggregate so, $50
compared With S., 5l9, $50 for the corresponding
period of last year.
DALLAS EXCHANGE AND COIN.
=. Buying. Selling. Buying. Selling
~. Elk. h9SParaS St Louis hSSaPar@S
Chicago, h@hPar@A N. o.,."h@A Par6SI
Galveston y Par@A Houston..h ParGA
Exchange, all points X Ito \ discount. Sterling
sight s. ~ Francs, sos 10 Marks, IS.
Trad dollars. scots. Mexican dollars scots
Mexican halves. .aOCts MEXICAN ma rfpta 1hnts