Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1867-10-12
H MEMPHIS APPEAL
FINANCIAL AND COMMERCIAL.
OFFICE OF THE DAILY APPEAL,

AEMEhA1s ONNODEA IL A44fs
Gold opened in New York at $50. and at
noon was unchanged. A lew small lots were
taken at 81 10 4Sd TO MI out a shipment, but
our inside figure was the prevailing rate.
TO $40.
Rates Of exchange are nrn sales etweeu
banker are made az par 20 3 preni9I eho
ern sight There is little or no demand for New
Orleans, which is sold Ht par and bought NJ y
City scrip is weak and lower. Brokers md
no difficulty in buying at &c, while they are
able 10 sell but slowly al 49c-
County warrants are not in demand. Dealers
bought during the day at T5c, and do not wish
much At tuat figure. Selling at sc.
Police scrip IS duh at Is to SOC buying. Selling
Hon. Thomas A. Jenokes, the author OF the
bankrupt ban, is one Of the hrst applicants
underi t for relief nom indeoedtuesA
At the conclusion OF a sufraGe meeting held
In Topeka, kansaG on the 9Th, resolution was
unanimously adopted opposing any further
contraction Of the currency, and requesting
senators and congressman to use their innu-
ence and votes against IL on the reassemhllng
It is reported that a large number Of national
banks IN the country ave Joined in with The
whisky dealers in the tfort 10 displaee Secre-
tary McCuilOch, their object being 10 prevent
tina early return 20 specie payment indicated
1t n ascertained there are yet outstanding
sl.00O00O OF The seven-thirty notes due on the
l5tn Of last August on which, OF course, inter
est has ceased.
INH 4uNernA1 revenue assessment on Tue hAAE
OF the lafayette and Indianapolis ralroad,
hxed the property ut s2,28,0O0; government
tax, SIT, 400
IS si922fSGil; real estate, si40,Ni7 90; personal,
s5l.H261A. Last year, the total valuation was
less than Ssio9o,O0L Tuts Is a great Jump up
ward, and shows that the valuRtiOn last year
was toe lOS, or that the valuation this year Is
high. Radical i" equalizers are so much in the
habit Of marking up " property In order 10
increase the taxes on IT, In caSrs where there
has been no actual increase, that we should
not be surprised IL a resort 10 this trick has not
given 10 Chicago a show Of wealth when she
has nothing 20 show for IL.
The National IntaHigeHeeT says OF our ma
tional bank circulation and its hnal redemp-
ten
reference 10 the notifications OF the national
bank system entirely faile and they vii no
| doubt, be revived at the coming session me
experience OF the last few months has e~nJotned
the necessity OF some notifications OF the sys-
tenn. The recent proslraioH IN the money
market. the sudden rise in the rate OF interest
and the fall in stocks may De ascrlDeu IN a
great measure 10 the wRutof a Uniform mode
OF reducing the national bank issue Currency
was abundant everywhere IN The summer
men IN was not wanted; but in the fan, when
wanted for moving crpps. and other business
operations, II became scarce. Ihs c1mpHoIier
Or the currency recommended to congress, as a
measure that would meet this and other dlth-
cuitias spPert7inlng 10 the present system a
plan lOr the redemption Of national bank
Issues at some one or more central points. The
committee on banking and currency reported
a bill for that purpose, which was not acted
upOn, and. while The nks the int
rior manifested much opposition TO It, II is
now contsnded that such provision for redemp-
ton at New dork would give elasticity 70 the
currency, rendering II abundant Tor ali coca
sions when the activity of business should re-
Quire Il. Now Il Is ABUNDANT for speculation,
Al q low rate Of interest, 81 seasons when it is
not wanted for regular business, The lnsqulta-
he Gl-tubutiuu OF the national bank currency
IS mother source of es!l, n Ha- gwen rise to
much complaint in the south and vest The
opposition to the banking system has been
manifestec Ia some quarters uIOn TINS ground
alone. and strong combination VIII Al some
time be made against II, unless the defect be
remedted. Several remedies We're propose IN
No Iost congress but notagopUed. An increase
Of the currency for the purpose or euuctiBg .
more equitable distribution was
on one hand. and another proposition WIS
made to scale the shares allowed 10 the north
and aa=t and distribute this excess In the south
and west.
comes ofthe amount OF currency Issued to
banks that hsve failed and been closed ups"
why, IL Is asked, should not TINS amount OF
currency bs redistributed, so as to udiust, in
SOME nluEer, the inequality Of allowance 10
different sections and commercial citiesf
u appears, however that no provision has
been nlaGe for this contingency. The notes
issued 10 these broken hanks dro nOt retired
from C rculntlOn. They remain In use, ana DO
not come back to the treasury Tor redemption
in legal teuders except when hey come a.
nutilated or worn out notes. The limit fixed
by Law 10 the amount Of currency to be Issued,
TIRES hundred millions wa reached some
lime Rso. Banks have since been established
under the law, but nOy as banks OF circulation,
ana received no currency nom the treasury.
But il appears chat these banks, or, indeed, any
other banks. may purchase Of the retiring
banks their currency aud employ 10. They pay
a premium to the ret bank for this privI-
lFge, and, indeed, me rate OF som
cases has been very large. 10 would seem that
this is "A matter that should be regulated by
law. The treasury has given uOtlfe In several
instances that The ISSUES Of banks wound Up
would be paid on presentation but the priv!-
lege q employing them is too valuable 70 be
thus surIe-dtrsd.