The Dallas daily herald. [volume] (Dallas, Tex.) 1873-1887, 1882-07-15
FINANCIAL AND COTTON
FINANCIAL.

TuArwhich was originally hank-charter bill
,rerrly but which turned out 10 be a sort of mis-
rellaueOus finance bill, now wants nothing but
he presidents signature to make il law, and no
one doubts that his signature will be affixed.
THE Chicago Times says the bill Was finally
nessed about as it was returned from the senate
IN The house, the amendments agreed upon IN
conference having been of no great importance.
The principal of these relates 10 the smOunt of
bouds required to be d0rl>ited with the United
States treasurer by banks OF moderate and small
capital The bill as il was originally reported
flom the banking and currency committee con
tanned no provision on this subject. When il
was pending In the house. Mr., Cannon of Hi
nos offered an amendment which was
adopted, providing that bonds OF the par value
0fs'GuOO should &c a sufficient deposit FOR banks
having capital of Sl500O0 or less. The senate
substituted FOR this a provision that deposit
equal in value onc-lhird of their capital stock
should he sufficient for banks having capital
ofsl0O 600 OF less The house refused to concur
in this amendment and the conference commit
tteagreed upon the provision which was finally
adopted, that banks having capital of $3.50 go
or less shall not be required to keep on deposit
or deposit with the treasurer of the United
States United States bonds in excess of one
fourth Of their capital stock as security for their
circulating notes.
This. like the senate amendment is liable to
be construed as not requiring such banks to de-
pOSit any funds at all To secure circulation. 1t
declares that they shall not be required 10 keep
more bonds than certain proportion to their
capital on deposit, hut does not ailirmatively de-
clare that they shall be required to keep any at
all in deposit 1t is presumabe that the comp
trOer of the currency will conStrue the prOviS.
ion as meaning that such banks must keep
bonds on deposit to the amount at their par
value Of one-fourth of their capital stock. Still
he may construe 1t the other way without doing
violence 10 the Language used. 1t is clear enough
that if II bank has any circulation at all it can
have no more than 81 per cent. Of the par value
of the bonds deposited But 1t is not SO clear
that bank need have any circulation, and If il
need not ii cannot be required under a strict
construction of the language of the section, TO
keep any bonds at all on deposit to secure cireu-
latiOn. 1t certainly looks as though this section
might open the way to the organization of banks
without circulation under the national law, and
as though existing banks with capital of Sl5a, !.
door less might retire all their circulation and
take up all their bonds. Placing the other con-
structiOn upon the section, the smallest amount
of bonds that any bank can have on deposit is
sl2, 500, since no bank can have capital of less
than $4,000. As the law now stands, no bank
can have less than $50, 600 of bonds on deposit
or an amount less than one-third of its capital
stock Under any construction the bill makes
an important difference in the amount of bonds
required to be deposited.
A BosTON paper which does not admit that it Is
n special organ of protected wooden mill inter-
ests, but which generously lends a helping hand
10 all the tender and suffering infants, has this
to say about the knitgoOdS lobby: Great credit
is due the knit goods manufacturers who have
spent their time in Washington and have
been so largely instrumental In securing for
their stricken industry even what little congress
siOnal attention ii has received" This is very
refreshing reading for hot weather Those
worthy manufacturers should not fail to grasp
the fact thUt they are entitled to great credit
They should make haste to initiate the example
of the Spartan 306 and manufacture for them
selves stove.lid medals, in recognition of the
zeal and fidelity with which they have served
their own interests at the expense of those mil.
lions OF working-m men who are so fortunate Us lC
have use for knit goods
Two judgments are recorded here against the
ST. Louis Bridge company, one for s6S,g7J; the
other for s2sj, l2S, General c. T. Christensen. Of
Drexol, Morgan Co. Is recorded as the iudg.
ment creditor. Counsel for that Arm state that
these judgments represent the result of the
claims of all the creditors who have placed theii
suits in the hands of Drexel. Morgan Il Co., fol
prosecution. Judgment having been taken
against the company, suits viii be begun against
the individual stockholders 10 collect the
amount
The value of the taxable property in the Dis.
trict of Columbia is reported at S90,3S igj, OF
which S7S5l5,1 Q3 is in Washington, sG,52j,7S9 in
The county, and So 26G,9i3 in Georgetown.
DALLAS EXCHANGE AND COIN,
a. Buying. Selling Buying. Selling
inc Elk. h@% Paro14 81. Louis 3s@H Para 4
Chicdgo. h@4Par9A N. .h@A ParpA
galveston = Par@A Houston..h Par@A
Exchange, all points y oNdiscount Sterling
slghL 81 -. Francs, 5@5 10. Marks, 2j.
gIadc collars Of, Scots. Mexican dollars. 81
MeaWtI halves. ACcts. Mexican quarters 10