Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1867-05-09

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The a y Of ~PhiIadelphia has ap.
proved an ordinance creating a loan Of
81, SOC, 0e0.
The Paris exposition building is insured
for 1900, 600 francs.
One of the leading architects of Chi
eago estimates that at Ieast s. ee0,OO9
worth of new buildings that had been
contemplated this season have been
abandoned on account of the eight-hour
movement.
The legislature Of Virginia has author
fzed the sale OF all the railroad interests
which that state possesses, and the act
passed declares that Virginia state bonds
will be received for the purchase money.
The Richmond papers say this action
will relieve the state of property which
can scarcely be productive IN her hands
Montana is the richest mineral eoun
try in the world. In 1866 the population
was less than 10000, and the yield OF
gold was $751; 1000. Ia the am year
Idaho produced ST. 200, 900, Colorado
ST., 900, 900, Nevada Sl7 600, 600, Oregon
IS. 600, 900, California, with a population
ten times as great, produced SIS, 000, 600.
The growth OF the territory has been
very rapid. In 1850 Montana was almost
unknown. In 1855 it sent no gold to the
minis, while Oregon, Idaho and Colorado
each sent ever $1,000, 600. In 1865 it
ranked after California and Idaho. It
should be noted, also, that the yield Of
these years came almost entirely from
placer diggiugs. Ten thousand quartz
fodes have been recorded. Those which
have been worked yield as high as Il
hundred dollars per ton in gold. Most
of the plaeers report sufficient water,
and the prospects of a heavy production.
The great trouble is to procure work
men.
In regard to the immediate future, the
New York Tribune says: There is no
movement of the treasury, present or
prospective, which will add to the vol
ume of the currency, and any temporary
accumulation at the commercial centers,
causing low rates of interest on demand,
in turn stimulating. speculation, viii be
soon followed by higher prices for capital
and disasters to Spectators who mistake
an eddy in the financial current which
is still running out, for the return-tide Of
prosperity. At no time since the close
Of the rebellion has the treasury been
moving so efficiently In the direction of
specie payments by converting short
debt calling for currency, into funded
debt maturing eighteen years ahead.
Borrowers will do well to bear in mind
that every dollar funded is placed where
1t is made the employer OF capital until
the maturity Of the bond, when it will
command money again. The Z S0s will
all be funded in fifteen months, together
with the compound interest notes, and
the department can then turn its atten-
ton wholly to the funding Of the plain
legal tenders. As that point Is ap-
preached money viii increase 10 buying
power, and commodities now considered
cheap will be bought at much lower
prices, including 6 per cent. gold bearing
bonds.
Gov. English invites the attention OF
the legislature of Connecticut 10 the
question Of interest on money. The leg
islatures of Massachusetts, and Rhode
Island have abolished the usury laws, so
that persons are at liberty to contract for
such rates of interest above 6 per cent. as
they please. Gov. English recommends
the question to the consideration of the
legislature of Connecticut, with a view
to such a modification Of the interest law
as viii prevent capital from going out OF
the state in search of higher interest.
The tendency of the times is to remove
all limitations upon the amount of con
pensation capitalists may receive for the
use OF their money.