Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1867-06-25
FINANCIAL AND COMMERCIAL
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III W LA@+@ 49, ~ E@[@H II
MEMPHIS. June p. 1857.
Gold still tends upward. Dealers re-
port light offerings to-day. Buying at
$40 and selling at 3Sc. There is a small
local demand.
Silver in small lots is bought at 28 to
90, but a large mount would readily
brn ny 2Sc. Mexican pieces are worth
from 80 TO 35c.
Exchange il in moderate demand aud
scarce. Buying at par and selling at {
premium for eastern. There is nothing
doing in New Orleans exchange.
City scrip tends upward and viii no
doubt continue 70 advance; $4,000 was
taken to-day at from 81 to 874c. Brokers
sea- at IS to zoe.
County warrants are not active. Buy
ing at 85c; selling at SO to soc.
There is no change in police scrip. 1t
drags its weary length along at zoe buy
ing selling at zoe.
Bonds and stocks are dull and nomi-
nal.
Our readers will notice from the fol-
lowing action upon the part of the board
Gf directors Of the Merchants National
hank, of this city, that the officers OF the
same have voluntarily reiinquishedtheir
appointment as fiscal agent and govern
Inent depository Of the United states,
not deemingt The possession of deposits
of sufficient value under the present
stringent policy OF the department. TO
retain them
Al meeting of the board of directors
Of the Merchants National bank, of this
,ity. held on the 18th inst, it was unan-
imOusly:
ResolUed, That this bank make appli-
cation to the secretary of the treasury to
lie permitted to surrender its appoint
melt as a depository and fiscal agent of
the United States, and that the cashier
nav TO the treasurer the balance due the
department from this bank as such de-
posiuory, and withdraw the government
bonds amounting to 100000, belonging
to the bank and now held as security for
such deposits.
Sec. 10 OF the revenue laws, approved
June 80, 1854, which refers to canals,
railroads and other companies, and the
tax which they are required to pay upon
I the earnings, profits, income or gains OF
| such companies should be read carefully
by all interested. The penalty for nom
compliance with the law Is heavy.
Comparison of the revenue returns oil
taxes on manufactures and products for
the wear 1866 and 1867 show, it is stated
that there is a loss of owe forty per cent.
/ II is estimated, from this and other data,
that the amount realized BY will h
I revenue will be only SlS6hs. We can o
4 500. 9O6. ga last year. Il Saturd
This deficit arises from the faIfs-a 90
collect the whole revenue due. If al
taxes now imposed we're collected, the
sum realized would be nOtSnly in excess
Of the needs Of government, but would
exceed The sum raised by internal reve
nue. IN 1865, before the new law was put
in force.
The United States controller of eur
reucv, through the columns Of the New
/ Orleans Times, notifies all persons hold
ing claims against the First Nationa
bank of that city, to give legal prog
thereof to the receiver, Nj. Charles Case
at his Office in New Orleans. Also, thaI
holders of circulating notes issued by saic
bank can Obtain lawful money for thu
same on application at the United States
treasury. Interested parties are referred
to the official notices. A delusiYe hOp'
has been entertained by some of the suf
fereTs in this lamentable financial eatas
trophe, that there existed q possibility
for resuscitating the bank, and that by
careful management the heavy losses o
u IT'S AuuOGE4L HAAAAL40 Isl W
lighteped. Under different auspices, anC
with a new directory, it was deemed pos
sible to regain foS the institution some
what Of its former standing and credit
but we should judge that all such hope
and projects have now been entirely
abandoned. The unfortunates had bet
ter make up their minds to the worst, 81
thatiftheirp representations prove wrong
the disappointment may be Of an agree
able character.
1t is stated on good authority that tn
treasury department has received infOr
nation from New Orleans, duplicating
high official of the present state govern
ment in the recent sub-treasury defalca
ton. 1t is asserted that while in tn.
employ of the treasury department b
became aware of the defalcation, bu
failed to report it as was his duty, and /
was not discovered until Secretary Nc
Culloch sent Special Agent Knox to New
Orleans for the express purpose of exam
lining the condition of the depository
The assets turned over by Messrs. Whit
taker and May. the defaulting Louisian.
sub-t ,easurers, although puTporting 3
amoLnt to q, $50 00 as security agains
loss by the government, has been asceT
tanned to be almost worthless. ANON
other securities presented by Mr.. May
was a draft of four hundred thousani
dollars on Cakes Ames, of Massachusetts,
to wbichhe signed the name of A. S
Maps6 pass5er Thos. P. May, which sig
n&kha~hsield r~epudiates as unauthoT
lied by him. Iii is hardly probable tina
the government will realize $500, DOC
although the defalcations amount alto
getber 90 the round sum Of 81, SOC, 00C
-. - tho nwnnQnaarna aAnAsWfaa -
financial affairs in New Orleans, Sub
Treasurer Walton, appointed to succee'
Whitaker, the ~defsulter, finds great dii
6eulty in getting acceptable bonds
Special Agent Knox, DOW iB New On
leans, has been Instructed to examin
the commercial status Of the partie
offered as securities, and TO remain Their
until satisfactory bonds have been oh
tanned.
The Charleston Courier a y Of tn
/, National bank OF South Carolina:
1t will be remembered that subserir
tions 10 the capital stock Of this ban.
} were made in this city in February laE
to the extent Of 573 shares, the rest {
the capital being promised from abroad
Owing, however, 10 the distrust create
bv the establishment of military govern
9 meuts in the southern states capitalist
. declined to risk their money here, an
the project, although not entirely aba1
= doned, has been postponed to a NOR
propitious time. Meanwhile, all sui
seribers who may wish TO withdraw the
subscription can do so and receive bac
their instalment Of $ per share by cal
: ing at the Office OF Wm.R. Hertot q Co
No. Broad street, and surrendering tn
commissioners receipt.
HO USE.
THE Boarding. House for the Go