Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1867-04-07
FINANCIAL.
OFFICE OF THE DAILY APPEAL

MEMPHIS, April o, lS04. J
There is but little change to report in
money circles. The usual activity acca-
stoned by depositing and checking.
which chaFscteriges a Saturday, wa;
about the only feature making the day
different fIOm Friday. Gold was bought
at 32c.
Silver has almost disappeared. Trivia.
sums are mostly offered for sale. Buy
ing at "a to 25c.
County wae,nts are improved some
what, to-day. Buying at IS to SIC, and
selling at IS to soc.
City scrip is not in demand. Buying
at 65 to SIC, and selling at IS to zoe.
Exchange is in moderate demand
eastern buying at par to discount, and
selling at premium New Orleans
buying at of, and selling at par.
Uncurrent money is firm, but transac-
tons are light.
Bonds are nominal at u quotations.
Memphis and Ohio railroad bonds, 10 to
zoe Memphis and Charleston Railroad
bonds, 65 to roc; Tennessee bonds with
coupoRs, 40 to soc; Tennessee bonds,
new. &to soc Mobile and Ohio railroad
bonds, so to 55c; Mempsis city coupons,
so to CSC Memphis city railroad bonds,
so to soc.
We learn that a private dispatch was
Yesterday received from the treasury de-
partment, saying that all banks which,
after the LIST of May next, pay out over
the counter city scrip or notes, will be re-
quired to pay a tax of 10 per cent. each
time such notes are so paid out. This
will, of course, necessitate the with
drawal of all the city notes now in circu-
latiOn.
Thompson's Bank Note Reporter has
queer ideas of the good to result from a
strict adherence to legal tenders. 1t
thinks that gold can never represent the
twentieth part of the values or transac-
tons Of a country, and, therefore, it is
absurd TO talk of that being a correct
standard Of value. A uniform cur
rency, such as our legal tenders, which
is based on the credit of the govern
ment and the property OF the whole ma
ton, is a much better standard. And
with that we have the security Of know
ing that neither the bank Of England
nor the capitalits abroad can draw it
from US and plunge US into difficulties.
Let US emancipate ourselves from the
IDEAS of England on this subject of a
national currency, and take a new and
independent course, more reasonable
and better adapted TO our circumstances.
Then we need not fear any serious re-
vulsiOns or any revulsiOns except those
of a spasmodic character arising from
overtrading. We are In a position to
make ourselves independent of the ru-
nous bullionist theories of Europe, and
may in time produce q change in the
whole system Of currency in the civilized
world.
A variety OF interesting questions I'M
der the bankrupt act recently passed by
congress, and among which Of para
mount Importance &c holdera Of mort
cages ON real estate is moOted by the
New Orleans TIBlesof recentdate, which
says:
1.-THE question is asked In some cir
Giles, whether, under the bankrupt act, in
cases of parties availing Of the act ana
s~urrendering property which may be I'M
der mortgage, the judge OF the United
States court can order all mortgages
standing against the bankrupt, Or any
one petitioniDg for the benefit thereof,
can order the erasure of mortgages on
the records of the mortgage office II
will be remembered that under the act OF
1872, or the last national bankrupt act,
the presiding judge could direct the
erasure of all mortgages hat the mort
cages merely could have a privilege on
the assets or proceeds OF the property re-
leased. 1t will be remembered that the
proceeds of much real estate sold under
The order of bankruptcy, under that law,
did not command o~ne-fourth or half the
sum for which il was valued or cost. It
will be remembered that the real estate
of the late Thomas Banks, who built
and ereeted many stores and buildings
in the now first district, went into court
with a bilan Of 81, 500, 600, comprising
he City hotel, the Arcade, on Magazine
street the National hotel, on Tchoupi-
touslas street, between Gravier and
Natehez. now occupied by four stores f;
the Commercial hotel, and other prop
ertv now in the most valuable in the
city. In fine, Mr.. Banks never improved
nronertv oniy in the best locations; and
whati is il supposed all this valuable real
sstata now worth seven TO eight mill
lions of dollars, sold for under q decree
of hankruptey of the United States ?
Merely for four hundred and fifty thou.
sand dollars $3.50, GOO. Thomas Banks
died a broken hearted man. There was
no necessity for his being forced into
The hank of England return shows
that fhe Withdrawals of private deposits,
thong large, having been more than
made up by the influx of government
denosits. and the banks advances on
private seourities having somewhat d.
minlshed. there is an increase of $685.
ass i'm the reserve. The falling of
eIl7730 in the coin and bullion
Il almost exclusively due to the de-
mapd for coin for Ireland, the
bank having parted with only El3,O 00
on balance, for export during the week.
THE general half yearly court of pro-
prietors OF the bank Of England was
held on the I4th instant. A discussion
took place, among other things, on the
onestion of allowing interest on deposits,
and also in reference TO the terms OF the
charter. The chairman in replying,
said he did not know of any inquiry
into the alteration about to be made in
the existing charter. As to allowing in.
terest on deposits, he thought the pro.