Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1867-04-18
FTNANCIAL.
OFFICE OF THE DAILY APPEAL, !
MEsfr1rIS. A urii H. 1867

g This has been one Of the dullest day
o experienced for some time. Currency
: scarce, and but little is doing in dis
counts. Our banks lend very sparingi.
even TO depositors, and this stringeney
causing much Inconvenience. Gold
lc better than on yesterday. Buying a
! 833 to sac. Selling at IS to s6c.
ri Silver is scarce. Buying at 25 to 28e
Selling at q to 2sc.
City scrip is duh and declining. Bu
few Of our brokers are buying. Tit
Offering rate is soc. Selling at 55c.
County warrants are not as active 81
yesterday. Buying at SOC, and selling
at s5e.
The large amount of police scrip upon
the market has caused heavy decline
Our brokers offer soc, and sell at Soc
The amount Of this scrip already Issued
and required to pay the back dues Of the
police force will fall but little, if any,
short Of $4,000.
Exchange has been uniform for several
days. There IS but little offered, with a
very light demand. Eastern buying at
| par to discount selling at to } pre-
MUM. New Orleans buying at dis
count; selling at par.
In bonds and uneurrent money
there is but little doing, and our
quotations are nominal. Memphis and
Ohio railroad bonds, 25 to soc; Memphis
and Little Rock first mortgage bonds, 20
to soc Memphis and Charleston railroad
bonds, 65 to zoe; Tennessee bonds with
coupons, 40 to soc; Tennessee bonds,
new, IS to 60c; Mobile and Ohio railroad
bonds, 50 to soc; Memphis city coupons,
\ go TO CSC Memphis city railroad bonds,
50 to 6Oc.
s. We learn that meeting Of the cred
( itors Of the Franklin Insurance and
Banking company was held yesterday,
at which the committee reported the
assets of he company to be s1so, 900, and
its liabilities 81 rs, 900, showing an excess
of $50, 900 of assets. The showing made
a favorable impression upon the parties
interested, who, we understand, signed
articles agreeing to take two-thirds of
! the amount due them in stock, and Ger
tificates of deposits for the other third.
Over seventy thousand dollars were
subscribed The plan agreed upon is to
elect board of directors composed of
our best citizens, as soon as three-fourths
of the liabilities Of the company are sub
scribed in stock, when the directors are
empowered to issue certificates Of de-
posit, as above stated.
We congratulate the community upon
the public spirit and sound policy pur-
sued by the depasitors of this company,
ard have no doubt that their plans viii
be speedily accomplished.
The origin of the portrait for the god
dess of liberty upon our eOiss is of great
interest. Mr.. Spencer, the inventor of
Spencer's lathe used by the American
bank note company, was the Artist who
cut the first die for our American coin.
He cut an exact medallion Of Mrs.
Washington, the wife Of Gen. Washing
ton, and the first few coins were struck
with heE portrait. When Gen. Wash
ington saw them he was displeased, and
requested the figure to be removed. Mr..
Spencer altered the featuresa little, and
putting q cap upon its head called it the
goddess Of liberty. If future artists viii
bear this in mind they will always take
Mrs. Washington's portrait for their
guide when wishing to produce the god
dess.
The total amount of currency, exelu-
sive Of the old state bank issues still out
standing, is composed as follows:
United States moi tes............ Sis 4I7.2t9
Comp una interest notes..........-.-- l39 zS SD
Fractional currency. ~ ~ .434
Total oreuistion...-............. ~ ,fs7
The notes Of the national banks that
are winding up and of those that have
failed are at premium. Those banks
that have not obtaiRed their full share of
currency can use such notes in obtaining
more. The notes of the following ma
tioual banks are quoted at per cent.
premium: NenangO National bank,
Franklin, Pa; Merchants National
bank, Washington, ID, c.; Tennessee
National hank, Memphis, Tenn; First
National bank, Utica, y. Y; First Ma
.tlonsl hank, Medina, n. Y; First
National bank ;xfh2lumbia, n. Y; First
. ~
The legislature Of Pennsylvania has
passed an act aboIishing the state tax Oh
personal property, and substituting
therefor a levy Of $500 600, apportioned
upon the different counties OF the state,
according to population.
Our present annual expenses, says the
Albany Argus, run up to about $50 O0O,-
0g0. Is this publie blessing? Every
thing is so taxed that we are compelled
to pay double prices. Are the consumers
benefited by this? The republicans
have more than doubled the pay Of con-
/ gressmelg, have nearly doubled the
uumbersSf public officers, and almost
doubled their compensation. Is this
advantageous to the peoples Do they
profit by the congressional travelling
committees and extra sessions? Are
public officers mOfe vigiiant and ener-
getic Has it increased the happiness
OF the people to deprive the states Of
their authority to control the right OF
/ suffrage, of erecting and controlling the
moneyed corporations within their
borders, and seeking justice at the
hands of their own Judiciary? They
have extiuguished ten states, and sub
jected them to the will of military
power, and the civil authorities of the
states have been forced, in some cases, to
Weld to the dictation of bayouets, thus
stripping them Of all their rightful
privileges Does this make the people
more prosperous and happy? What
constitutional power is left free to the
states9 Who can tell when New York,
equally liable to be brought into suhjec-
ton, NAV become a victim to this rule
of usurpatiOn and hatred? Are our
citizens prepared tamely to submit :?
viii any sane man pretend that the
people of the union Gre made more pros
| porous and happy by the aseendancy Of
| republicanism