Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1867-10-20
H MEMPHIS APPEAL
FINANCIAL AND COMMERCIAL.
OFFICE OF THE DAILY APPEAL,l

OEEAO OE III r DAILY
MEMPHIS. October 10, 1887.
Gold opened At 1881 IN New York. It sd-
Yanced %c, but az noon was again down TO the
opening rate. The low rate OF exchange pre-
vent our dealers from following the New York
market 900 closely; hence they buy at l429
l42Zc, the small amounts presented.
Silver unchanged. Buyers 292ie
city Scrip Is not in demand At 4i@45c which
are nominslly the buying rates. Selling ct A
GaaSty Warrants arc dull at 7O@75c higher,
Police g p IS nominal. Baying at 7Os75o
Selling at so@s2c.
this point from the North and East, but not
enough to cause an easing up Of discount
rates or 10 make our good paper more desirable
| One OF our banks received to-day $4,000, and
| have been in eceipt Of smaller am cunts daily
| for some time back. This money finds It's way
| through various hands ia the space Of a few
hours, and though 1t aids 70 mitigate the wants
/ ofafew. It IA still but the pebble on the shore
IN comparison with the wants OF our eOmmu-
nifty. Hates ofexehange are firm, with Offering
fully up to the ability OF our banks 70 accom-
modate. Choice cotton bills are taken at Il
discount, checking at z8H premium,
The English government expense during the
! last ten years OF unbroken peace nave been
| greater than during the previous decade with
me 9oVernment has made a positive demand
| on the bankers for the redemption Of counter.
felt seven thirties, but they viii contest The
m sortbcoming report OF the COMMISSIONS
| OF customs for New York Il is said viii exhibit
1 a very satisfactory result Of the preventive and
detective service during the last fiscal year,
C5nsiderably over q million dollars have been
added 70 the treasury from the seizure and sale
OF smuggied goods, while the expresses Of the
system have been comparatively small.
Several mercantile firms have suspended AT
Philadelphia within the last two days. Their
liabilities are reported at $4,000.
A correspondent ora New York paper pro-
pounds the following question AT what time
Of day does a note 60 TO protect ?" and COM
COMPLAINS that his note, due on q certain day,
and nawahIn At hank WAS UTnfegtan hnfOFa
the close Of the bank" T~hecomplainaut states
that at ten O'Clock IN the morning his account
was not good for the amount Of the note, but at
two o'clock it was. note made payable at a
given bank occupies the same position as n
check on tue same bank, and are due and pay
able as soon as the doors OF the institution are
open in the morning. AS general thing notes
thus made payable are not presented until
twelve o'clock, and very frequently, II n then
good. they are presented again shortly before
three. but there is no obligation upon the hold
er to make the second presentation, and. II the
note has not ben provided for early In the
morning, 10 ought 10 60 70 protest, Persons who
do business with banks for their own cOnve
nlence are very likely TO ask more OF them in
the way OF attention than thay would them
selves be willing % concede, forgetting that
very much Of the accommodation they receive
from the banks is attended only as y courtesy
The New York Post says: The excitement in.
the seven-Lhirlies. sXcept As used for specula-
tive purposes is almost exhausted. There ap-
pear 10 be no doubt about their being forger-
les, and about the amount being much smaller
than was at nrst supposed
Seventy efRht OF the forged sHven-thirty
notes have been sent from Washington TO the
Assistant Treasurer here, and two more Of
these notes are retained by the Department al
Washington. The Treasury 2lst September,
and up to this date no more than the eighty
Just msntisned have been passed by the exports
OF the Government. 80 far, then, the Losses
by the frauds are $4,000 on the notes redeemed
by the Treasury, and an unknown sum beside
on the false notes held elsewhere, which are
%yariOusiy estimated.
The list OF The forged securities Is IN the
possesSion OF the Assistant Treasurer, and may
Be- examined by all persons who are interested.
The report has been current thai the GOVERN
meut has made a formal demand On the per
sons from whom the counterrelts were recesm-
ed- recurring payment OF the money received
for them from the Treasury. This rumOr is
untrue. No such demand has been made as
Several interviews have, however, taken
place between the Assistant Treasurer and the
hrms in interest. There appears 20 be some
doubt at present as 20 what Will be done. The
questions involved are so large in their sweep,
and connect themselves 50 clO-ely with public
condolences ana pdbitc credit, that as IL natural
the various parties are looking up the decisions
Of the courtsO of law. And IL is claimed in re-
gard to the analogous reported cases in which
Counterfeit notes on itself have been presented
10 and PAID by a bGnk, the rulings and cecl-
siOus huCh that " the Treasury having received
and cancelled the counterfeit notes in dispute,
cannot go back upon the innocent holder froIa
iE got them, but can only have recourse
TO the cOunterfeIter. The principle is an i'm
pOrtant one, and should be settled finally and
without delay"
Some stress is laid on the poirt made in 10
Wheaton, 1913, where it is ruled that although
4" a payment received in forged PAPER is not
good when there has been no negligence tnthe
parry receiving IL, yet the principle does not
10 a payment made bona nde 70 q bank
OF It's own notes, which are received by 10 IS
cash and afterwards discovered 10 be forged"
Senator Morgan has obtained. The consent or
McIuloCn to leave CailcOJts va
ia the Brooklyn Eevsuue District, I'M
supplied till that gentFusn's trial took place.
d individual nlArHu .n WEEEmuH maNNHFN saws
there are six hundred illicit dieGlerIes in full
IN that district