Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1867-02-15
FINANCIAL.
OFFICE OF THE DAILY APPEA
MEafpUrs EanruarV II 1s6T

OFFICE OF THE DAILY APPEAL,l
MEMPHIS, FEBRUARY IL, 1851.
The gold market rules steady at Soc
buying.
Silver is unchanged and nominal at %
and 26c buying.
City scrip is active at re buying;
selling at T5c.
County warrants continue in fair re-
quest. Brokers buy at 92e, and sell at Csc.
Exchange is active at yesterday'sTa rates
to off buying, and selling at par.
We have no change to report In I'M
| current money. There is but little doing
by brokers in this way. All banks are
firm at our quotations Bank Of Ten
nessee, IS to AZ; Bank of Chattanooga,
Is; Bank of West Tennessee, so
Union Bank, 50; Planters' Bank, 50;
Bank of Memphis, par Bank of Middle
Tennessee, 80; City Bank of Nashville,
80 /; Merchants Bank, 70; Ocoee, 20
Bank OF Shelbyville, 50; Traders Bank,
par; Southern, 25.
BONDs.-State of Tennessee SIS, long
loan, 92c; Memphis city bonds, with
coupons for 1851, zoe Interest coupons,
45c; Memphis and Charleston railroad
bonds, zoe Mobile aud Ohio railroad
bonds, soc; Mississippi and Tennessee
railroad bonds, Zoe.
BEN. BUTLER AND BRoTHER-In the
case Of the state of Louisiana vs.. the
Louisiana state bank, before the fourth
district court, suing for balance on de-
posit in said hank TO the credit of the
state in September, 1851, the deposition
of Benjamin +. Butler, qUondam Maj
Gen. u. :. Vols, and known to a few of
the citizens of New Orleans, was filed
yesterday.
n .-ssE.- .L,t-If1o oo,,-a,l 4,
New Orleans, in 1862, he, in order, as he
states, TO save the state funds, and to put
in circulation within the Confederate
! lines a million of dollars of Confederate
money, which there could be disposed OF
at nearly par, authorized the bank to
| purchase cotton and produce within the
! Confederate lines. The General knows
nothing about the transfer or this author
| ity to MeSsrs. Grief & ZuntZ, but the
bank had the right TO employ them as
agents.
The testimony for the state is closed,
but hat for the intervenor, Mr.. Bailey,
of Alexandria, will occupy several days
more.
Before the sixth district court, judy
ment was rendered in favor of plaintiff
in the case of ]. b. Murison d Co. VS.. the
securities of-Andrew J. Butler.
It appears that in August, 1862, with
the sanction of Benz. F. Butler, COM
manding, the plaintiff entered into a
contract with Andrew j. Butler, "A bro
Their of the major general, for the purpose
of engaging in sundry cotton sp~eculatiOns.
The schooner Pine and n hundred
and fifteen bales ofcotton were purchased
and brought to New Orleans, where But
Ter became the purchaser, on his own &C
count, for SS3, 237. The plaintiffs claimed
their share, amounting, after making
proper deductions, to $1,000.
The cas- was tried before a jury, and
Judgment rendered in favor of plaintiffs,
but an appeal was taken to the supreme
court. The Judgment Of the lower eouri
was confirmed. An execution against
Butler having been returned RulId bona
the plaintiffs proceeded against Buffers
securities, J. II. Mckee, NJ. J. Newman
and Miles Judson. The securities an
swered that plaintirfsan defendant were
engaged 10 Illicit tratfic-running the
blockade and trading with people In re
bellion against the United States, anC
hence the whole transaction was illegal
The answer, however, was overruied, ant
the securities ordered to show why
the rule taken by plaintiff should not bt
made ahsolute. Commercial Bulletin, SH
THE ELEMENTS OF BUSINESS FAIL
UREs.@The New York Economist, re
marking on the failures Of 1886, con
Guides as follows: "The elements of tht
crisis of 1866 were mainly these three
excessive prices, excessive credits an,
, excessive stocks. In 1867 we may not b
able 10 avoid excessive prices, because 0
J the redundant currency; but be VIII
, holds a light stock is on theside of safety
while with respect to credits and speeu
} Iative operations, the merchant ought to
and can, to a very large extent, contrc
J his OWR fate.