Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1867-09-13
FINANCIAL AND COMMERCIAL.
OFFICE OF THE DAILY AiPsr;EgsA1,}

OFFICE OF THE DAILY APPEAL.l
MEMPHIS, september Il, 1850.
The New York gold market opened at
Acc to-day, but declined TO 45hc st noon.
The closing rates will be found in our
teiegrapbie columns. The rise can
partly be accounted for by the political
aspect OF affairs at Washington, and the
demand for export, which has become
greater since the cotton exports have
fallen off so largely. 1t has had the
effect Of unearthiDg numerous small lots
here, which were offered during the day
pretty freely. Brokers bought at A to
44lc.
Silver comes in slowly. No advance
can place a more liberal supply upon the
market. Dealers buy at "a to Soc.
There is but a light demand for city
scrip, and it is not improving buying at
As to Acc and selling at so to ole.
Exchange is dull and rates are the same
as yesterday.
County warrants are inactive at SIC
buying Selling at SO to zoe.
Police scrip is unchanged. Holders
peddle it out upon the street at the best
figures they can get. Dealers offer "A to
75c and sell at IS to soc.
A private London letter says a large
amount of foreign capital will be sent
here next spring, and that our present
troubles do not alarm capitalists respect
ing American investments.
Gen. John B. Gray, the agent of the
state of Missouri, has within two weeks
collected 81, 500, 600 of the wal claim of
that state, and deposited the same to its
credit in New York. Over i've millions
of the claim of six millions have now
been collected.
From parliamentary returns Just issued
it appears that the total funded debt of
the United Kingdom on the 3lst of March
last was e789,54l .004, involving an an
nual charge of e25, $3.50, 100, and showing
a reduction of debt during the past
twelve months Of e3, l72, 225, but Al in
crease of charge to the amount Of e73,-
$40. The unfunded debt amounted to
G, $50, 500, of which IS, 656, 500 consisted
OF eXchequer bills, involving a charge of
e199, $50, and 60, 800, 900 Of exchequer
bonds, involving a charge Of eS7, $50.
Compared with the preceding year, the
unfunded debt shows a reduction of
e230, 800.
OF the exchequer bonds, eT00, 600, bear
ing 50 per cent. interest, become payable
On the Sth OF November next, and eI.-
1000, 600 at 4 per cent. on the 9th Of March
next, and $500, 600 at 81 per cent. on The
18th March, 1869.
The total amount of the national debt,
funded and %unfunded, ise777, 497, S04.
The republican papers are abusing the
democrats of Ohio for proposing to pay
off the funded debt Of the country in
legal tenders. This is called "repudia-
tiOn," the sacrifice of the national
credit" and other hard names; but is
not half so bad, if bad at all, as the
measures that the radicals have already
endorsed and forced upon the country.
Who made legal tenders good payment
for debts incurred in gold and silver, thus
legaliZing the reputation of private con-
tTacts2 Who compelled the creditor to
accept a deprecated currency for his de-
mands, giving him Oftentimes only hftv
cents on the dOllar9 II we are to suffer
the name of regulators, the stigma has
already attached. The public debt was
incurred in greenbacks; why should it
not be paid in greenbacks? It was dis
tributed when gold was two hundred and
eighty objection can hardly be made to
its payment now that gold is n hun
bred and forty. If the radicals can point
to any law guaranteeing the payment of
the public debt In gold, they need not
hunt so far rs they do at present for their
arguments. If there is no such law there
is no obligation, express or implied. to
repay other money than that loaned.
Bat in any event, a simple way ofavOid-
ing all question is to buy up the bonds in
the open market-CHizen.