Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1867-04-30
FINANCIAL.
OFFICE OF THE DAILY APPEAL
MEalpEIL.- 4 nrIL ~ LNil

OFFICE OF THE DAILY APPEAL,
MEMPHIS, April %, 1857.
There il not much change to-day i
4 local finances. A gradual but percept
BILE ease is felt, and everything bears
#R0fPt #R0fPt fore kaSgsGt sSlGT 9Gr banks repoI
land of equal value, as assessed for sal
will be distributed among ticket holde
f The process will be repeated each mont
and plantations will be rapidly subC
vided and distributed among farmers
instead of planters" There will
many as fortunate as Col. Walker, al
more who will fail to win. There q
lucky people, and who knows wheta
he is one Of the best till he has test
his virtues ? e
New issue Is not in demand, and larg
margin is made between the buying AM
selling prices. The former is 50 to s5C
and the latter 9Jc.
Police scrip is dull and nominal at X
to 72e buying. Selling at % to 75e.
Exchange has become more plentiful
and the amounts offering are in exces;
Of the demand. Eastern is buying 81
par to discount, and selling at to
premium. New Orleans buying z of
and selling at par.
There has been some anxiety shown
to-day to purchase notes of the
Bank Of Tennessee. Ashlgh as 344c was
offered, although we learned Of i sale al
32c early in the day. Planters and
Union banks are still in good demand al
% to g7c.
There has been no sales Of bonds Of
stock reported. Our quotations are
nominal. Memphis and Ohio railroad
bonds, 25 soc; Memphis and Little
Roek at mortgage bonds, 7C
to soc Memphis and Charleston Eailrsad
bonds, IS to zoe; Tennessee bonds with
coupons, 40 to soc; Tennessee bonds
new, So to soc; Mobile aud Ohio railroad
bonds, 50 to soc; Memphis city coupons
90 to 55c; Memphis city railroad stock
30 to 35c.
The Boston Bulletin notices the fact
that the Suffolk bank Of Boston will dis.
continue the redemption Of old State
bank notes after June I, 1867. This sys.
tenn of redemption w2s established in
1924, and has therefore beep in existence
forty-three years, long interval in
American history. When commenced
it encountered violent opposition, exeit'
ing q controversy which filed the news
papers Of New England and was made
the subject Of grave discussion in
monthly magazine and quarterly re.
view articles. It's opponents were
chiefly those who were interested in sus-
tanning interior banks which made 8
large part of their profits cut Of theil
circulation. The system Of redemption
involving as It did the necessity of de,
posit with the Suffolk bank, was a great
and salutary check on the hanks. And
it gave remarkable stability to the cur
rency, which was brought within its in
fiuence at a trifing cost. It prevented
failures on the part Of the weaker banks
or made those failures much less disas
tr r,us to their bill-helders than they
otherwise would have been. The man
agement under this system was eharac
terized by great firmness, vigilance ant
sagacity. The community which en-
loved its benefits are under obligations
to the originators Of this system and Il
those who carried it out in its integrity
for so many years; but having ogtliveC
the necessity for it, through the estab
lishment Of the National bank system
which has driven out of existence nearly
all the State banks, there is no longer 1
reason for its continuance.
A recent British return states thu
value of the raw cotton imported int
Great Britain in 1866 to have been Ell,
52I, ,4O6. as compared with g66, ,0a2, 1893 il
1855, e7S, 203, 729 in 1854, est, ,2T7, 953 il
1853, e3l ,093, ,045 in 1862, eSS, G53, 1888 il
1861, e85, 756. $50 in 1860, e34, $50 636 il
1883, $50, 106, 969 in 1858, and fs9, ,2SS, 80
in 1857. OF the amount paid last yea
for raw cotton the United States ab
sorbed e34 977, 9S8, while the correspond
ing total for 1865 was el2, ,035, asa, an,
for 1854 el,7ll $50. The value Of tn
raw cotton received last year from Brit
ish India was set down at E25, go, ,547, a
compared with eos, COS, $50 in 1865, an,
e38, pa, ,723 in 1854. None Of the new
fields appear to hold their own to an.
extent except India, the Bahamas
Mexico, China, etc, seem 20 be fast re
ceding to their old Significance as center
of production. A considerable quantit,
of cotton was received, however, las
year from Brazil and Egypt.
In the New York supreme court cir
/ cult, part two, on the 18th inst, an &C
ton was brought by VIM. H. Scot
against the Central railroad and banking
company of Georgia, to recover the sun
| Of $5440 in the United States money
due on account of dividends declared b,
defendants during the war on stock az
signed to the plaintiff. The court CAV
judgment in favor of the plaintiff II
two of the dividends and for defendant
on the remaining three.