Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1883-12-27
COMMERCIAL.


MEMPHie. TENN.s December n, 1885.
Deposits are increasing at the ST.
Louis banks, and the year will open
with large loanable surplus. En-
gsgements for the next month have
already been made freely for the psrk
and grain trade.
Arecent mercantile failure Of $4OO,-
600 in Binghamtou, N. y, entirely
due to stock speculation, has drawn
attention again to outside and illegiti-
mate operations as a cause for fnan
cial collapses. In spite Of the preva-
lent notion that the Outsiders" are
doing very little in stocks, it is clear
that many disasters are still traceable
to Wall street. The dry goods dis.
triot in New York furnishes many
lambs.
The Chicago Times of Friday says:
The announcement from Washington
that another call for $l5,OOO,OOO of 3
per cent bonds might be expected
soon, caused some little commotion
among the national bankers Of New
York on Wednesday. A number OF
those gentlemen took occasion to re-
state their we'll known opinions with
respect to contraction of bank circu-
lation in case the bonds should CON
tinue to be called in so rapidly, and
with respect to the best way of pre-
venting contraction. Mr.. AS. Hatch
said he should consider the danger
serious and imminent If il we're not
so easy for Congress to avert it. What
he regarded as "the most obvious, d.
rect and practicable thing to do was,
first, to abolish the tax on circulation;
and second, to authorize the issue
Of circulation up te 80 per
cent Of the market value Of the
security bonds, instead Of 80 per cent
of their par value as at present. Mr..
Hatch is right 50 far. 1t would be a
very easy thing to do, and Congress
could do it in short order if il only
would. Will III That is question
that cannot be afirmatively answered
with any degree of confidence. 1t
must be borne in mind that a bill to
repeal the tax must originate in the
House, and be favorably reported from
the Ways aud Means Committee be-
fore it can stand much chance Of
passing. That committee is not at all
likely to report it as an independent
measure because it would DO open tC
amendment, and its appearances on the
scene would be the signal for bring.
ing in all sorts Of. propositions with
respect to taxation. If the commit
tee reports it favorably at all, it will
incorporate it in a general tax bill
which we may be sure will not be
ready to report for a good many weeks
yet, Besides, no Democratic House
up to date has gone out Of its way to
favor the national banks, and inquiry
among Western and Southern mem
bers has brought out the fact that thu
indifference Ito use no stronger word
in those quarters is as marked as il
ever was. Bankers in New York ant
elsewhere should recall to mind : csI
tain piece Of legislation known a
"the Carlisle amendment" before TOT
freely INDUCING a hope Of favorable
action by the present House touching
their interests. 1t is tolerably safe Il
say that contractors will have to as
sumo alarming proportions before tn
present House will raise hand t,
stop it. And even then it will b
quite as likely to vote for more green
backs or to abolish the tax on Stat
bank circulation as to adopt tn
measure advocated by Mr.. Hatch.