The Dallas daily herald. [volume] (Dallas, Tex.) 1873-1887, 1882-02-14
FINANCE AND COMMERCE.
FINANCIAL,

FINANCIAL.
AT meeting of the New York chamber
of commerce, on Thursday, the chairman
OF the committee on the bankrupt law pre-.
sented an extended report, which was
unanimously accepted, The report began
with record of the progress made in con-
gress relative to adequate bankruptcy leg
islatlon. The congressional sub-judiciary
committee, to which was delegated the
work of comforting and corresponding with
representative business men to gain the
sense of the public on the question, it APP
pears, have prepared a report which is in
the hands OF the judiciary committee. This
VIII not be made public until the latter are
ready to lay the whole matter before con-
gress. The beliefs expressed that this'will
be at an early day. The chamber of com.
merce committee, however, feel called on
to state that the principal difficulties in the
way OF the enactment of bankrupt law,
adapted to the needs of the whole country,
are deeply rooted This is illustrated by
recalling the deficiencies of the original
Lowell bill, thought at the time to be equal
to any emergency in all parts of the United
States, and which proved on examination,
say the committee, to be sorely deficient.
The system of registeral offices in connec.
ton with district courts, in use under the
acts of 1871 and 1867, and substantially en-
bodied in the proposed Lowell bill, formed
an attempt to override the difficulty al
luded to, and was believed to be an effort
in the right direction, but possessed evils
olisetting the same. Thus the employment
OF salaried officials, in place of allowing fees,
is wise step; but the creation of some two
hundred new judicial districts, entailing
patronage and attendant evils, is not to be
accepted rs substantial improvement.
The desire to render the adjudication non
Official, instead Of otlicial-that is, take it as
Tar as possible from the courts-may be
very desirable. But after long trial Of this
plan in England, the report states
that the results have always been
unsatisfactory Past experience, it is
added, has proven that the career of the
bankrupt can never be properly considered
by the creditor, and that the right of the
majority of creditors to confiscate the prop
erty of a minority is disputed The com
mittee, therefore, regard any law which
VIII allow composition settlements without
court supervision as unjust, and that such
law, ifenacted, will prove as unwise as a
permission to compound felony in the in.
terest OF owners of stolen property.
THE Pacific railroad lobby is very much
agltated over the proposition to compel the
settlement OF surveys In Kansas. There
are some 3,oOOUO acres in Kansas which
have been surveyed by the government.
but the land being granted to the Kansas
Pacific, the road is not obliged to pay the
cost OF survey and perfect its title until the
company sees fit TO do so. The result is
that alternate sections are being taken,
schools built and the adjacent lands en-.
HANGED in value, while no tax is paid upon
1t by the railroad corporation which
owns it. The plan is for the company to
sell on easy payments, covering ten years,
ut good rate of interest. The title is not
transferred to the purchaser until the last
payment has been made, and in the mean
tiihe no one is obliged to pay tax upon it, |
since the road does not take its patent and |
pay the cost OF survey until the settler has |
niade MS mai payment for his farm. In |
ms way the road is able to ofleras a special |
lnducement the freedom from taxes on land |
bought from the company for a tern of
years. In the meantime the rest oil The |
land in the neighborhood is obliged to be |
taxed for the cost of government, schools |
etc. Anderson, OF Kansas, is making a viz |
erous light against this abuse, and has his (
bill well under way, Next week the rail |
'oads will have the question argued before
he committee, but the indications are that |
he bill will be reported to the house favor.
IDLY.
The assessed value of real and personal
property in New York city Is 50, 100000. 600;
,ut VIC tribune says this does not fully
ePIeseht tue wealth of the metropolis, as
80, estate is returned at only 60 per cent.
u It's real value, while personal property
arsely. escapes altogether. NJ any million
ures, the Tribune says, pay no taxes, while
exempted church property is valued at
s55,0Oo00o, school and library property at
$50 100000, and the United States owns
100000 in real estate. So great is the
difficulty. in reaching personal property
and making taxes equal on that class of
wealth, that proposition is seriously agi,
lated to tax real estate at its full value and
abolish all taxes on personal property.
The value oftayable property din Texas
increased last year more than forty mil |
lions. The increase for this year will cx-
coed sevsnty-five millions.
The states receipts of revenue for last |
year from occupation taxes were S735, 0e0.
The new iiye-cent Garfield postage stamp
VIII be ready for issue March LIST. The !
stamps pronounced the truest likeness of |,
General Garfield and the handsomest stamp |
yet issued by the department.
counterfeit silver dollar, bearing date |
lSi3, has been discovered by Chicago bank.
II Is the most dangerous known, and is |
made in central Illinois.
DALLAS EXCHANGE AND COIN.
\, =. Buying. Selling, Buying. Selling |
\. Y. lex. heSpar@a St. Louis .H@aParSI |
Chicago h@Apar6pA n. o., h@A Pard4 |
Galveston y parGDA lIouston.h Paral |
Exchange, all points Ito \ discount. Sterling |
sight 81 ~ Francs 5a5 10. Marks, IS.
Trade dollars. ,gpcts. Mexican dollars, scots |
Mexican halves. .s0cts. Mexican ouarters ltcts |
COMMERCIAL.