The Dallas daily herald. [volume] (Dallas, Tex.) 1873-1887, 1882-01-25
FINANCE AND COMMERCE.
FINANCIAL,

vote Of to- 2, asserting that the present
National banking system ought to be main
tanned. The only negative votes were
lIrumm's and Buckner's. The action OF
the Committee is significant, as il shows a
strong element of the House favoring
the existing system, and indicates that
Congress will ultimately extend the char
tiers of the banks. Brumm, who voted
against the BILL is Republican Green
hacker, while Buckner represents the hos.
tile element of the Democratic party, Har-
ldenburg,the Democratic member who voted
for the resolution, is National banker,
MS is also Mr., Flower, of New York Mr.,
| Ermentrout is also an Eastern man, and ia
vors a continuance of the banking system,
| While it is recognized that the Committee
is more favorable to the scheme than the
House, lie is also felt that the majority OF
the House sympathises With their convic-
tons. Mr.. Buckner will lead the opposi-
ton, and there will be determined effort
to crush these corporations out of exist
ence.
Following is the text of the bill introduced
by Representative Farwell:
BE it enacted, etc, That on and after 1882
the Internal Revenue Laws now in force and
herein specified, imposing taxes, be, and
the same are hereby overwhelmingly :
On the articles mentioned in the schedule
! following section 3l37 of the Revised
Statutes Of the United States, and on bank
checks, drafts, and all other instruments
named in section 3ils of the Revised
Statutes of the United States as amended
by section Is OF the act Of February s, 1875.
| Representative Farwell also introduced u
| bill to repeal the law imposing taxes upon
deposits and capital OF banks, as follows
Be it enacted, etc, That the first and
second subdivisions Of section 3,40S of the
Revised Statutes, imposing tax Of LA of
| per cent. each month upon the average
amount OF deposits Of money in banks, and
the tax of LA of per centum each month
on capital of banks beyond the average
are hereby repealed, and no tax shall here
after be collected on said deposits or capital
which may have been assessed or which
shall have become liable to be assessed
since December 81, 1880.
The New York World says that the in
fncnccs now governing the money market
differ materially from those in force III Jan
uary last. Then speculation on tho Stock
exchange was rampant, and the banks
were expanding their loans largely in con-
sequence, while now, and in fact for weeks
past, there have been enormous liquida-
tons in the stock market, and the demand
for money has been correspondingly 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 unim portant.
The State Superintendent of Banks in
New York points out that the onerous bur
dens of taxation imposed upon organized
banks both National and State, have
driven a large share of banking business
into private hands, where il es-
capes not only the burdens, but
the wholesome restrictions and re-
qursments imposed upon those institu-
tons. Private bankers make no reports
and are subject to no examination, and can
easily evade eNactions from which incorpor-
ated banks cannot escape. The result is
that il is estimated by competent persons
that "thc amount of capital employed by
the private banking interest in New York
fully equals tho amount invested in restl-
lar banks; both State and National
Can anything, asks an exchange, more
strihingly illustrate the ups and downs OF
mining Investments than the following
statement of the market value of all the
principal mines of the Comstock lode at
different dates?
Nov, 1870 5 460s7tO Sept. 1873 .SuL26OO q
Nay if fs77 z aS;:Sco 1881 o lEnss' sSss
May, 1873. 5G,26l, W
The fluctuations have been between S.
100000 and $27l 100000.
The House Committee on Banking and
Currency has agreed to report favorably
Mr., Dingler's resoution forthe continuance
of the National banking system. The
Grape bill to enable banks to extend their
corporate existence was referred to sub
committee.
The bulls in Western Union are again
talking up the introduction of bill provi.
ding for the purchase by the Government
of all public lines in the country and the
issue of $l00,0O0,0O0 3per cent bonds with
which to make the purchase. The Western
Union m0nipulators declare that it will he
n source of net revenue to the Government
| OF 100000 or So 100000 per year.
Eighty.six National banks were organ.
lied in the United States during the past
year, with n capital of between 5000, OOC
and Sl0,000,000. This is the largest number
established in any one year since 1872
| Twenty-siN were discontinued National
banks are in existence in every State except
Mississippi, and in every Territory except
| Arizona, The total number is 2,5Sl.
Within ten years twenty-five savings
banks have failed in New York, owing de.
positors $l5,0O000l, The affairs ofthree only
have been closed up; the rest are In the
hands of receivers. Out of the assets OF
the latter the dcpositors have received
something over four million dollars, while
the receivers have gobblcd up full mil
| lion.
The Treasury Department disbursed fol
interest during the current month $40 QS5,
600 and $2,i25,0O0 in the redemption OF
bonds. There are 70,OO0,OOO standard dol.
lars in the Treasury, and $62, 1000 600 silver
certificates outstanding.
The oldest bank in the United States Is
the Bank of North America in Phlladcl
phia, which began operations on January I
1852. Among the Oldest banks is the Mas
sachusetts National Bank in Boston, which
was Incorporated in l7Si, and is therefore
only two years younger than the Bank o.
North America.
In view of the fact that large amount
of United States gold coin is taken to mint,
Tor conversion into bars, and is only re
celveu MS bullion when in q mutilated con
dition, the Director of the Mint recommend
that the law be amended to authorize Su
| perintendents of minis, upon deposit o
United States gold coin, to pay and DELIVER
in exchange therefor gold bars In vulu,
oqualing such deposit, less the propc
charges and deduction thereon.
DALLAS EXCHANGE AND COIN.
Buying. Selling Buylng. stllirg
y. Ex h@kpar@A q. Louis ,shapar@t
Chicago h@Alar@A n. o.. h@a partb I
Galveston y per@A llouston..S Para f,
Exchange, all points Y to Y discount. Sterling
! siuht "a X, Frnnpa kea1 m M.rt, o.