Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1867-05-07
FINANCIAL.
oFFICE on ZEE pAILY APPEAL.

There Is no change m our local nances
worthy of note. Our banks continue 10
hold sufficient currency for all legitimate
purposes, and report deposits very fair.
Gold opened at $40 bnyisg, but closed at
$50. Our dispatches quote a material
advance In New York.
Silver has advanced to 20 and Csc
buying.
County warrants Of old issue are about
taken up. The new issue il plentiful,
and not active at 7se buying, and selling
at SO to S2o.
City scrip is dull at So TO $50 buying.
Selling at 60c.
Police scrip is held off the market,
very little being offered at the counter.
Buying at SIS to zoe. Selling at IS to soc.
Eastern exchange is not active. Buy
ing at par 10 of, and selling at to J
premium. Sight bills on New Orleans
are becoming scarce. Buying at of,
and selling at to premium.
Uncurrent money is without change.
Brokers buy allthat offers, but sales are
light and confined to small lots.
We could learn Of no sales Of bonds or
government securities. Our quotations
are nominal. Memphis and Ohio rail-
road bonds, Is to soc; Memphis and
Little Rock first mortgage bonds, 20
toS0c Memphis and Charleston railroad
bonds, 60 to zoe; Tennessee bonds with
coupons, 40 to Soc; Tennessee bonds,
new, IS to soc Mobile and Ohio railroad
bonds, 50 to 55e; Memphis city coupons,
so to Csc; Memphis city railroad stock,
30 to 35c.
The Investigation at Cincinnati into
the affairs of J. r. Morton, assigned to
Joseph g. Gibbons, reveals the fact that
the liabilities will amount TO about
I R1OE OOO anl fh1 a-osI~Il1 waoak1 70 1aae
than $4,000, of which about the sum of
$500 is in cash. These figures are not
precise, but the relation of assets and
debts will not be varied much from
| what they show.
The Indian wal will draw largely on
/ the national resources this summer, and
while the course of the treasury is per-
fectly clear and easy, the reduction Of
the national debt must soon be suspended
for q time at least.
One of the provisions of the new bank
Tupt law is, that the fraudulent stOppage
or suspension of business Or payment by
q banker, trader or merchant Of his com
mercial paper, which is not resumed
within fourteen days, is q cause which
will Justify his creditors in taking pro-
| eeedings against him as q bankrupt.
| This right does not only accrue to the
creditor who has suffered by the suspen
sion Of payment, but to all others, so
that even when the party to whom q
note or bill is due may be willing to give
time to his debtor, some other creditor
may break up the arrangement. Nor is
this the only feature of importance. The
right to proceed to make the person an
involuntary bankrupt exists for six
months after the act Of bankruptcy is
committed, so that if the party resumes
payment upon the fifteenth day, he may
nevertheless, five months and a half
thereafter, be brought within the opera
| ton Of the law. The provision may
seem to be very severe, and it may pro-
| duce great hardships in certain eases,
but 1t is one of the compromises which
the act contemplates between the debtor
and creditor interest. The complaint
against former bankrupt laws was, that
they were all in favor of the debtor, be-
ing laws of discharge without any u
/ ~tervailing benefit to the creditor. The
present act is much more comprehensive
in the enumeration of causes which will
protect the creditor, than those hitherto
in force in this country. The regulation
which we have quoted is calculated to
increase the anxieties Of those who issue
commercial paper to meet their Obliga-
tons, and it will diminish the number OF
DfOltEl1t q ulhAtcI a. HulGA G4 Wiz hOAu
commercial paper will rejoice.
Trade in Paris, and generally through
! out France, is far from active. Disquiet
and apprehension from further political
complications suffice 70 account for the
stagnation. People are unwilling to en-
bark in any undertaking of importance,
because they look with doubt and mis-
giving on the future. Among the upper
commercial classes the belief is that an
alliance between Prussia and Russia,
spoken of vaguely for some months past,
is as certain as the alliance of Prussia
with Bavaria, the grand duehy of Baden
and Wurtemberg in fact, that France
has before her what is termed a "tacit
condition. In such circumstances it is
not surprising that French capitalists, |
never remarkable for great holiness,
should be cautious and timid.
The per capita tax in Great Britain and
The per tapits tax In Yew- York ST. . Is
The per capita tax in Indiana is-.-,..---. 20 u
These figures will give some idea of
the luxury Of radical rule-sOme Of the
results Of the administration of the gov
eminent by "tbe youthful, vigorous and
economical union party" If this enor-
nous taxation is necessary to sustain the
government under the administration of
lISt party III Us gOutnAuA NtSOtI What
point will it reach in its mature ageP
There is considerable uueasiness felt in
financial circles in london and on the
continent as to the result of the coming
peace conferences. Earl Derby says OFF,
cially that no plan had been fixed On as
a basis Of settlement of n LuKembqrg
question, though he hoped permanent
peace would be the result of the delibe-
ratiOns.