Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1867-08-24
FINANCIAL AND COMMERCIAL.
OFFICE OF TIE DAILY ApPEAL.l

AEEPHIs, August y, 1881. ]
Money matters continue 70 wear a dull
and stolid aspect. Collections are very
hard, II not impossible, to make, and the
amount Of deposits are necessarily very
small. Currency shipments continue TO
dow away from us, and such will be the
case until the advent Of the new crop or
until the Ist Of October,
Gold opened in New York at 403c, and
closed at Ale. This market is not as
variable as that of New York, and pur-
chases to-day were made at S9Ae. In q
few instances 40c was paid, but they
were exceptional cases.
Silver is taken at % to 3lc, as to size of
lots presented. The aggregate sales OF
the day were very small
City scrip Is IN fair demand, and the
offerings are better than for the past few
days. Dealers buy at SIS to 56cI and sell
at 81 TO Sc.
There is some better inquiry for county
warrants, which have been much neg
lected OF late. There vas a fair counter
demand to-day, and dealers, though not
advancing on their offering rate OF Soc
are demanding 70 to IS.
Police scrip has lost favor, and the
demand for Il seems to fall Oh daily
4 among dealers. 20 to 7lc continues to
be the buying rates. Selling at as to 7Bc.
Exchange is very scarce with but q
light demand. Buying at par TO 10 pre-
MUM, and selling at to J premium on
ali northern and eastern cities.
Bonds and stocks are very quiet. Nc
transactions were reported.
The following Important decision has
Just been rendered by the commissioner
OF internal revenue:
ANY person who has made, signed, oil
issued an instrument subject to STAMP
duty, unstsmped, or insutficiently stamp
ed, or any person having an Interest
therein, may present it to the collector
of the proper district, who, upon pay
ment OF the proper stamp required by
law, and a penalty Of $50, and where the
whole amount Of the tax denoted by the
stamp required exceeds $50, on payment
also of interest at the rate of six pei
cent. from the day on which such stamp
ought to have been affixed, is required
by law to sfix the stamp, and to note
uDon the margin Of the instrument the
date Of so doing, and the fact that such
penalty has been paid. When an fnstru-
ment is presented to q collector to be
stamped, under the provisions Of section
l5S. he is authorized to remit the penalty
if it shall be proven to his satisfaction
that such instrument was issued WtthoHt
the necessary stamp, by reason of acct
dent, mistake, inadvertence, or urgent
necessity and without any wilful de-
sign 20 defraud the United States OF the
duty, or to evade or delay the payment
thereof, provided such instrument ls pre-
scented to him for that purpose and the
stamp tax chargeable thereon IS paid
within twelve calendar months after the
first day of August, 1866, or WITHIN
twelve calendar months after the making
or issuing thereof. But the use OF the
words I" after the first day OF August
1855" in the one case, q the day Of
issuing u in the other, are excluded The
interest upon the amount of tax denoted
by the stamp is distinct from the penalty
forms no part of it, and cannot be re-
mitted. It should in all cases be collected
when said amount exceeds $50, even
when the penalty is RENTED. The
amount thus collected should be entered
upon form ffty-eight and returned to the
assessor, and should also be entered I'M
der the bead Of " Interest, s. 52' upon
the monthly abstract of collections.
The Financial Chronicle says:
We cannot dismiss the consideration OF
the first series of seven-thirties, which
will soOn disappear from the schedule OF
the publis debt, without congratulRting
Mr.. McCullOch on the success Of this
part of his machinery for funding. We
well remember the pressure for money
which embarrassed the national treasury
toward the close of 1854, when the issue
of these notes first began and we re-
member, too, that by seven-thirties, and
bv other similar means. we raised in the
fiscal year, without injury tn business or
trouble in the money market, the pro-
digious sum of 81, 500, O0O, 600 for the sup
port Of the public credit, being s larger
amount than was ever produced in the
same space of time from loans and taxes
by any nation in the world.