Savannah morning news. [volume] (Savannah) 1868-1887, 1883-10-22
The Enecf nf Id Lac Bond CaIIs.


The two calls for 3 per cent. bonds re-
Gently made will have greater effect on
the circulation OF National banks than
Comptroller Knox at first thought. He
has completed his calculation Of the effect
Of the last call Of Sl5,O00,OO0. \ Wash
ington correspondent says that the RE
suit shows that more banks and a greater
amount Of National bank notes are affect
ed than was supposed. The second call
touches the circulation Of IA banks aud
affects s.3J2. 900 Of circulation. The two
calls together of Sl0.OO0.OOO cause a con-
traction Of 12,JOO,OOO Of national bank
circulation. unless the "a banks included
in the two calls shall determine 10 pur-
chase 4 or AZ per cents a. a substitute
for the called -. Mr.. Knox had thought
that the second call would not affect as
many banks as the first call did. But the
figures show that he was mistaken. This
amount Of national bank note circulation
will baye 10 be retired by the calls which
mature December and II next, unless
the banks shall substitute the IS for the
called IS. The effect upon the bank cir
culation of these two calls Is certainly
much greater than was expected, and at
this rate the contraction Of the currency
in connection with the retirement Of the 3
per cents Will be more than an average Of
$50, 000, 900 for the next three years"
As there is little possibility at present
of securing a further reduction Of Gus
toms duties. there will, no doubt. be- a
strong effort made next winter to abolish
internal revenue taxes Of all kinds.
The national banks will probably favor
this course. They are, doubtless, ready to
favor almost any plan that will prevent
any more calls of the 3 per cents.
There was great stagnatiOn
in the tobacco trade last
fall and winter because there was so much
uncertainty respecting the action Of Con-
gress relative to the tobacco tax. The eSA
perience Of the tobacco men threatens to
be repeated next winter. The tobacco
manufacturers are not anxious to have
the tax removed; all they want is to be
let alone. Probably they will favor the
removal Of the tax, however, for the sake
Of securing stability in their business.
To remove the taxes from whisky and to-
them on necessaries will show the people
Of how little consequence they are in com
parison with few protection monOpolists.
Mr.. Frank HattOn, First Assistant Post
master General, in his annual report, rec
ommends that local or city letter postagebe
reduced from , to cent. He thinks this
reduction would result in very large
increase of business. Notwithstanding
this disposition on Mr.. HattOn's part TO
grapple with great questions in which the
public is deeply interested, the newsDa-
pers insist that he shall be bounced from
the soft place which he uses to
coerce 5000 POstmasters into assisting
him to increase the circulation Of his
newspaper Even the good Wharton Bar
ker, who claims to have made Garfield
President, says in his paper, the Ameri
Gun, that ''Mr. Hatton is a man whose
presence is Of bad omen for the admins
tration, and his use of his relations with
the Postmasters to promote the circula-
ton Of his newspaper amounts to a breach
Of public trust"