Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1868-12-02
FINANCE AND TRADE
OFFICE OF THE DAILY APPEAL.(
MEEPEIs. December !, 1865. !
aECE

4
OFFICE OF THEDAILY APPEAL.( |
NExPEs. December !, 1853 s
FINANCE.
The buoyancy exhibited in the Cotton
market has intinidsted buyers and fewer
cotton bills were offered at some Of ON
banks to-day than usual, though Others
had liberal calls for currency. Rates are
steady at J to discount on sll points.
embracing New Orleans, New York and
the manufacturing towns Of New Eng
land. Selling at par with exceptions at
10 81 per $I0e0 discount.
The feeling concerning the new rail-
road project Of Col. Tate & Co, does not
seem to be favorable 10 money circles.
When The new management Of the Mis-
sissippi and Tennessee Railroad were ne
gotiating for that road, they professed
their entire ability and willingness TO
meet the Indebtedness Ct the road as Il
fell due. Wishing TO lend ali the sd
possible to the road, holders Ct pas due
D in msny cases declared their
willingness % extend the time of psy-
mens Of these coupons for seven years.
All coupons falling due thereafter were,
however, to bepsid. To those who pre-
se1ted coupons cue in November, they
stated that those who were willing to
extend the time OF the past due coupons
should have the preference, and to be
paid first. Only g few dsysago, Noyem-
bsr coupons, to the amount of q few bun
dren dollars, and belonging to q party
who had sgrsed TO the extension before
alluded to, we're returned unpaid. No
Office OF the Company could be found in
New York, where we believe they pro-
fess to have one. A search in Whining
ton, Delaware, another headquarters,
wss equally unsuccessful. It is there
fore believed that the Company is not
only unsble, but are unwilling, to carry
out the promises made before they be-
came possessed Of the rosd.
Gold opened in New York to day at
1850. and was steady until the close,
when it fell to 1856. New York Central
opened st I29. Erie, S7sc. The tenden-
CT was downward on Central, which
closed at 12Stc. and upward on Erie,
closing at 3Se.
In this market the offerings Of gold and
demand are very light. Dealers bay at
1349lS41e. snd sell At l3539lS6.
Bonds Of the City are firm with some
inquiry at 5l4952e. but no sellers.
The demand for County Warrants,
though much lighter than on yesterday,
hiss not caused any GesliBe. Buyers are
in the market st 75976c. on speculation,
but brokers are not very anxious to buy
st these figures, a they sell st7697Sc. as
70 amount.
City Scrip is quiet at S29SSc. buying.
Selling st s49S5e.
Police Scrip has been firm. We be-
lieve, however, that the Commissioners
resumed the issue Of this money to-day
and prices may decline. We quote a.
sO992c. buying. Selling st 959s7c.
School Scrip is firm st soc. buying.
Selling at Soc.
The Secretary of the Treasury has
issued orders to Collectors OF Internal
Revenue in cities where there is located
an Assistant Treasurer or United States
designated depository under the act Of
August 6, 1854, directing them 10 discon-
tinue their deposits with national banks
on and after the LIST Of December, and TO
deposit thereafter exclusively with the
United States Assistant Treasurer, etc.
According to the report Of Commits |
EAOAGA w ~ VIZ e@AG "a AA4AtA " Al@1AAN
dealers in the United States for one
year, amounted to 81, 4SS, 49I SIS. or this
sum, New York is credited with $685.
6l7,520. Pennsylvania Sl5l $50 495 Ohio
$l5l, z34S75, and Illinois SlI9,96 945.
These figures afford 3 pretty good idea
Of the magnitude of this interest. All
agree thRt II the tax assessed under the
existing law was honestly paid into the
national treasury, there would be little
- - -NL-- g.Na--,N -. /
Gen. Spinner, United States Treasurer,
has written a reply to certain structures
upon a circular issued by him on the 18th
Of November, with q view to the with
draEal from circulation of the cOnverti-
bic issue of legal tender notes. The Cir
culRr, he says, was not addressed to ali
the National banks, but only such OF
those Institutions Rs have been designated
depositsTies OF public moneys, which
were directed TO select from the United
States legal tender notes which they
might have on hand or receipt Of the
circular, and from those they might re-
csive. As these institutions have been
TIE constituted ~custoiians Of public funds,
and are, in that capacity, under the con-
troll Of the DEPARTMENT, it did not seem
TO him improper or uEjust that they
should be requested to assist the Treas
ureE W a effort TO withdraw from cir
culstiOn notes bearing q promise, the
ful6lment Of which is inhibited by act
Of Congress, and the mandates OF which
are inperatively binding upon him as an
executive officer Of the United States.
Subsequently TO the passage Of the act of
March 3, 1853, holders OF the notes In
question presented them to him for con-
version into i~ve.twenty bonds. His
only duty was 10 return the notes to the
owners, and to point 10 the positive en-
sctmsnt that after a certain day the
right to exchange the notes for bonds
should cease and determine. AS his
authority for declining to make the ex-
change, to save the department the en-
bsrrEssment and inconvenience Of these
frequent explanations, it was recently
determined that sucn Of The convertible
notes as shOEld come into the custody of
its depOsitaries should be returned to him
and replaced by other notes not bearing
the promise Of conversion. The Depart
ment did not demand the surrender of
any Of these notes which were in private
hands, or in the possession Of other than
the Government itself.
COTTON.
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