The Dallas weekly herald. [volume] (Dallas, Tex.) 1873-1885, 1882-01-26

riNANoiAL

Tur Committee on Banking ana uut
rency adopted resolution lo,oAy, ny
vote of o TO 2, asserting that lnc piU,jn'
National banking system ought To oe Ii,u ,lIl
taprod The only negative votes were
Brumm's and Buckner's. The aciiom .,
lie Committec Is significant, as u hno"s
strong element of the House iavoring
the existing system, and indicates ilnt
Congress will ultimately eNtehu illu DLaJ
ters of the banks. Brumm' VINO l otcu
against the bill, is Kepuolicai NiIe ~
hacker, while Buckner represents the I nos'
tile element of the Democratic party mar,
denhurr the Democratic member VINO V0teu
Co. the resolution, is National banker,
ns 10 aIso Mr.. Flower, of New York. Mr..
Ernentront is also an Eastern man, ana ~
vors continuance of the banking system,
While il is recognized that the committee
is more favorable to the scheme thon 'h1
House lie Is also felt that the majority OF
the Uonse svmpathises with their conVlc-
lions Mr.. Buckner will lead the OPPOSE
ton and there will be a determined eiiort
TO crush these corporations out oil eNlst-
Following is the text of the bill introduced
nv Representative Farwell: ,aeo
BE il enacted, ETC., That on and after loo3
the Internal Revenue Laws now lhlorce anu anu
herein specified, imposing taxes, be, ana
the same are hereby repealed-nahely
on the articles mentioned in the schedule
following section 343T of the REVISED
Statutes of the United States, and on BANK
checks, drafts, and all other Instruments
named in section 34lS of the REVISED
Statutes of the United States as AMENDED
by section 10 of the act of February ., 80
Representative Farwell also introduced II
bill to repeal the law imposing taxes upon
deposits and capital OF banks, as follows: g,
Be it enacted, ETC., That the hrst anu
second subdivisions of section 3,4OS OF the
Revised Statutes, imposing tax OF La OF
] per cent. each month upon the average
amount of deposits of money In banks, ana
the tax of l-24 of per centum each month
on capital of banks beyond the average
amount invested in United States bonds
are hereby repealed and no tax shall mere,
after be collected on said deposits or capital
which may have been assessed or when
shall have become liable to be assessed
since December 81, 1850.
The New York World says that the in
fluences now governing the money market
differ materially from those i'll force IN Jan
nary last Then speculation on the Stock
exchange was rampant, and the banks
were expanding their loans largely IN con
sequence while now, and in tact tor weeks
past, there have been enormous llqulua,
lions in the stock market, and the demand
for money has been corresponulngly re-
duced. The opening of 1881, however. was
marked by large arrivals Of gold from
Europe, whereas this year the specie move
ment either way is unimPortantt.
The State Superintendent OF Banks III
New York points out that the onerous bur
dens of taxation imposed upon organized
banks, both National and State, have
driven large share of banking business
Into private hands where 1t es.
capes not only the burdens, but
Al. rin
ouirements imposed upon those instltu'
lions. Private bankers make no reports
and are subject to no examination, ana can
easily eyade exactions from which incorpor
ated banks cannot escape. The result is
that it is estimated by competent persons
that "the amount Of capital employed by
the private banking interest in New 1orB
fully equals the amount invested III reSu
lar banks; both State and National"
Can anything, asks an exchange, more
strikingly illustrate the ups and downs o
mining iflyestments than the following
statement of the market value of all the
Inrincipal mines of the Comstock lode a
4 different dates?
Nov. 1870 s 1896. 700 Sept, 1873. SID 26O,0
Jan 2aS GO 1881 hSaes. ' SSsSo
May, 1873 9G26l. COL
The fluctuations have been between So,
O00, 1000 and $271 100000.
The House Committee on Banking and
Currency has agreed to report favoraoly
Mr.. Dingler' resolution for the continuance
of the National banking system. Ih'
Grape bill to enable banks to extend then
corporate existence was referred to SUB
committee.
talking up the introduction of bill PROV
ding for the purchase by the Government
of all public lines in the country and tht
issue OF S100000,000 3per cent. bonds VIII
which to make the purchase The Western
Union manipulators declare that 1t Will be
q source of net revenue to the Government
of 100000 or S5,pOOOOO per year.
Eighty-siX National banks were organ
lied In the United States during the past
year. with a capital Of between So,OOOOOl
and SIC, 100000. This is the largest number
established in any one year since lo'Z
Tventy-six were discontinued, Natona
hanks are in'existence in every state except
Mississippi, and in every Territory except
Arizona. The total number is 2,5ol.
Within ten years twenty-five savings
hanks have failed in New York, owing de
positors 100000. The affairs ofthree only
have been closed up; the rest are IN the
hands of receivers. Out of the assets o
the latter the depositors have received
something over four million dollars, while
the receivers have gobbled up a full mil
lion.
In view Of the fact that a large amount
of United States gold coin is taken to mint
for conversion into bars, and is only re
ceiyed as bullion when in a mutilated con
dition the Director NJ the Mint recommend
that the law be amended TO authorize Su
perintendents of minis, upon deposit o
United States gold coin, to pay and deliye
in exchange therefor gold bars in value
equaling such deposit, less the prope
charges and deduction thereon.
DALLAS EXCHANGE AND COIN.
BuvinR Selling Buying Selling
Ny Ex HdkPar6k 81. Louis "a aParoa (
Chicago k@1Parak n. o.. h@A Para
Galveston Para y HOustOn-h PardA
Fxchsnge. all points Y to \ discount Sterling
SIGHT a. IS Francs Sos 10 Mark. 3.
Trade dollars .. .gOcts. Mexican dollars. sorts
Mexican halves. .40cts. Mexican quarters. Ects