The morning call. [volume] (San Francisco [Calif.]) 1878-1895, 1891-01-31

Territories, is bound TO excite considerable dis
cussion In legal and financial circles. In the
weli-known case OF Horne vs. Green. OF MISS,
452, United States notes, commonly called legal
tender notes and national bank notes, were pro-
nounced obligations of the national Government,
and therefore exempt from State taxation. No
doubt knowledge of this fact has resulted In the
pecunary advantage of capitalists ever since In
dealing with the Assessor, but is 1t likely that
Entertainments VIII be permitted upon Federal
prerogatyes designed to raise money?
The financial condition OF Brazil is at present
a very unsatisfactory one. In a recent speech
Senior Ruy BarboSa. Minister OF Finance, COM
mented upon The fact that under the empire The
expenditures were ST5.oo0.ooo, leaving an an
nual deficit Of S12.5o0.o00. Now the income
was S69.oeo,ooo and The expenditures $780,
100000, leaving an annual deficit OF S3l, 00o,-
600. The way TO deal with this problem, he
believed, was TO tax alcohol and tobacco and
create, perhaps. an income tax. The London
Economist declares the new reaublie Is pursuing
wild career of Imitation. " That this may be
matter of some concern 10 u.s. it adds, may
be easily inferred from the fact that we are
seriously affected by the Argentine Initiation aud
collapse. We are even more likely 10 suffer from
Wild hnanclerlug In Brazil. because our dealings
with that country are much more extensive than
with the Argentine Republic" The result OF Bra
Zh's policy OF Inflated currency Is manifested In
the variety and extent OF speculative enterprises.
The Journal de Compaercf0 estimates the in
crease in capital OF banking aud other COM
panirs from July, 1889, 10 September, 1890, as
equal 10 S718.o0o,0o0, of which a little more
than hslf was Ia banking companies. Nearly
$40, 100000 was in agricultural ventures nearly
S125.o0o,ooo In railways S27, 900 900 in navI-
CATION companies and over l35.o0o,oo0 in mis-
cellaneous ventures
The black death. which Is said to have ap-
reared Al TOkOl<E and other pOrtiOps Si9tfe
Russia. is regular yisitant of Bagdad and the
overcrowded and il-drained cities OF the Orient.
In the city of Bagdad and the province OF the
same name the seourge carried off 100000
people in 1774. In 1917 the black death swept
over Europe carrying death in its most loath-
some forms Into almost every city, destroying in
three or four years fully one quarter Of the popu
latton, leaving in Its trail such misery aud pow
eriy as the world never witnessed before.
Arisiocratic Venice lost 10o, 900 OF her popula-
ton, and refined Florence 10000. London lost
100000, and tie city of Norwich so. 900. where
scarcely enough remained to bury the dead. 1t
Is estimated that Of Europe's population OF 1885,
100000 III that Time. %, 100000 were stricken
down.
About ten years ago when France established
subsidized iues to Buenos Ayres, French ex-
ports to the Argentine Republic amounted to
$4,000, 600 a year; In 1888 they had increased
10 S27 100000. Germany adopted similar
policy, aud in the same lime increased her ex-
ports from about IS, 900, 600 TO 500 100000. Al
Secretary Window declared in his last speech:
If We would regain our lost prestige We must
make conqaests with the same weapons which
proved SO successful in the hands OF our rivals"
Tie French Government with view TO the
extension OF The nations commercial interests in
ASIA, intends TO SEND technical and CONNER
cia delegation TO study the markets OF China.
Japan ana the far East. II Is said that the chief
aim of the delegation 10 reference TO China will
b. 10 examine the eXpediency OF establishing
local factories TO manufacture shoes, caps, cotton
and hempen goods. The Tonkin frontier is con-
sidered favorable location for cotton mills to
cater TO the wants OF 125, O00. 900 OF people
1t was a worthy tribute ex-Secretary Bayard
paid To Secretary WINDOWS abilities when he
declared regarding the conversion in 1891 OF
S200,o0o,0O0 six per cents and S30o,0 eco. 600
i've per cents into 31a per cents redcemabIe at
the Governments pleasure, mo finer illustra-
lion OF fnancierng can be found than that of
Mr.. Window. 1t was the very highest pinnacle
for a man TO reach"