The Dallas daily herald. [volume] (Dallas, Tex.) 1873-1887, 1882-02-21
FINANCE AND COMMERCE.
FINANCIAL.

| ing appear before the subcommittee of the
ways and means committee charged with
the consideration of the internal revenue
bill. Chairman Dunnell, of the subc
mittee, has propounded the following ques-
tons to the commissioner, which he will
answer in detail when before the commit
| tee:
What would be the effect upon the rev
enueS of tho government if the following
reductions in internal taxes were made as
hereinafter stated? /. Distilled spirits from
Wcents to 70 centsper gallon 9 Malt liquors,
| from 81 to 50 cents, or GO cents per barrel.
| 3, Cigars from So to So or 81 per 1000. 4.
Tobacco from l6 cents to ~ cents or 10
cents per pound 5. Whether it would be
more cXpedient in reducing the tax on malt
| liquors to make a direct reduction per bar
rel or allow rebate on the stamps pur-
chased
| The conference will also be devoted to q
careful examination of the features of the
Carlisle bill, and such other matters per-
tanning to internal revenue reductions as it
may be deemed proper to bring up.
SAYS Bradstreet's: Despite the extreme
ly unfavorable condition of affairs in Eu-
rope, which has brought us heavy amount
OF our own securities, and made it profita-
bic to export gold the New York stock mar
ket has been held up firmly, and the price
OF such stocks as were most under CLIQUE con-
| troll have been smartly advanced. The
leader on the bull side has been Mr.. Gould,
who on Saturday morning last, suddenly
announced through the customary channel
that he had been buying stocks since his
return from the West, and was now pre-
pared to 90 in and lift prices. At
the same time the more unfavorable news
ariq hn ltrtin ION
OF Il pool of other large operators who had
formed their plans for the same object
Most of them thought it better time to
sell than to buy, but Mr.. Gould and his fol-
lowing have proved equal to the task of
holding up the market. The drag upon it
has been the persistent refusal of the Van
dcrbilt stocks to advance beyond a few
fractions. No bull movement is considered
to be anything of furry unless these
stocks go up. The export of gold was less
than two millions, and only a little will so
out tomorrow, as the rates of exchange are
scarcely high enough yet to make it move
freely. Interest rates, however, have risen
somewhat, and given shake to the specu-
lation in grain and cotton. Should they
continue to rise, exports may be resumed
and gold exports would cease.
SENATOR TELLER has introduced n bill to
provide for the deposits of silver bullion and
issue of certificates therefor, authorizing
the holders of silver bullion of government
inenesS or over to depostc the same with
the treasurer or assistant treasurer of the
United States, in quantities of 600 ounces
or over, for which they are TO receive the
market value thereof in certificates of not
less than $50 each. These certificates are
made payable on demand in coin of the
United States, and shall be assignable for
taxes, customs and public dues. IL also
provides that holders ofsilver dollars may
deposit the same with the treasurer of the
United States, and receive therefor 81 and
81 silver certificates, until the whole
amount of the 81 and 81 certificates so is
sued shall amount TO 000O-reccivable
for customs, taxes and public dues. The
hill further provides that bullion so dcpos-
tied shall be coined in the minis US rap dly
as can he done convenient with economy
and without interfering with the coinage Of
gold.
"TuE whole banking machinery Of Great
Britain, since the acts of lSi4-45 works
strictly under the laws of trade. The pro-
cess is, in reality, very simple one. The
worlds stock Of gold and silver is treated
as the only source on which the British
'hucr VII rely NilcH He wants ilVIe CUR
rency, and the banks are simply the me-
dium through which he makes known his
need of larger or smaller supply, He
gives notice of his needs by his application
for discount. When these are numerous
and pressing the Bank of England raises
its rate, which draws gold from abroad, and
when he receives the fresh supply it issues
notes against it, or, in other words, issues
the gold in more portable form. 1t will
draw any amount the British trader needs
II lac can afford TO pay enough for the &C.
commodation, and issues notes against
every cent of it, When his need is over OF
diminishcs, he signifies it in like manner
by failing to apply for discounts and by re.
turning to the bank its notes, takes out the
gold, and exports it, as something for
which he has no further occasion. The
greater part of this process goes on in the
Bank oil England, but II goes on also in the
prominent banks of Ireland and Scotland
but the government has nothing to do with
1t beyond the police duty of seeing that
what the banks issue has gold and silver
behind it,
FINANCIAL ITEMS.
The dividends declared on mining proper
d. ~. ~