Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1868-12-07
FINANCE AND TRADE
OFFICER OF THE DAILY APPEAL.l
HE1PEEs. DECEMBER 5, 1858. ]

state OF other markets. In Chicago
money is close, and pork packers are be-
ginning 10 offer exchange quite freely,
while maturing grain bills are coming
10 heavily. At ST. Louis the demand
for money Is sctive, and the banks dis
count nothing but short and perfectly re-
liable paper, and rates still continue I'M
changed at s91O9l2 per cent. at bank
counters, and 2@5 per cent. per month on
the street. The New O leans money
market is in about the ssme condition
as our OWL. The banks discount most Of
the approved business paper offered by
their customers, snd sre free lenders for
short periods on satisfactory collsteraIs.
Crest inconvenience is still felt from
scarcity Of small notes.
r AilroaG securities Of ali kinds are
nominal, but there is still.s good demand
for city bonds. Fifty-two cents was re-
fused for S25, 000 paving bonds to-day.
City Scrip is quiet, with very little d.
msnd from tax payers. $1,000 was taken
by q broker at SOC. Small amounts can
be bought ST S. 10 S5c, but an order for
a round lot would be filed at 81 to SIC.
County Warrants are nominally IN
CAuLkCA-fD ~ ADI GVuEAIucE 70 DC tlG
buying ~rate-selling at 779S03, as to
amount.
Police and School ScrFAis firm at last
quotations.
The First National Bank Of Dorches-
ter, and the Continental Bank of Boston,
have consolidated.
Counterfeit two dollar bills on the st.
Nicholas Bank, of New York city, are
being circulated.
Geld opened in New York to-day at
1851, went up ct noon TO 1861, and closed
st 1863. The TumOTs from the French
capital, which prevailed in London ard
Liverpool this evening, caused great Y
element in those markets, and no doubt
the same Influences operate upon the
New York gold market. Dispatches,
which will be found in our telegrsphic
columns report Paris in 3 state of insur-
rection, the government having seized
the printing offices, and the people up in
srms.
Erie opened at S7l, New York Central
1851, and closed as follows: Erie 81,
Central 1914.
We present to our readers the follow
ing synopsis Ct the annual report of the
Secretary OF the Treasury. We take Il
from a special dispatch to the Cincinnati
Commercial Of yesterday:
The report OF the Secretary Of the
Treasury, on the state OF the finances,
for the year 1868, has been completed,
and wll be turned over tomorrow, to
the Congressional printer. A part Of the
report has been in the hands OF the
President for Egrr7n dave IN anahlo him
10 obtain fnsEcisl data for the annual
message. IL general suggestion the
present report is almost a duplication of
that Of 1867, 81 the latter wGs a repro
duCtion OF that Of 1866. The Secretary
congratulate the country that the ma
tiOnal finances are In q good condition,
and thst the nation has not suffered for
the present commercial year, from an
excessive credit system, based On q too
redundant currency. Economy in pub
lie and private business interests has d.
veTted industry into healthy channels,
and he believes that with proper fuaD-
cisl legislation in the revision OF the
tariff, and the modification OF certain
portions Of the Internal Revenue Laws,
the path 10 specie payments may be
reached, though ne is opposed to naming, 1
by legislation, any time for resuming,
and declares that nothing can be gained
by g forced resumption. The funding OF
the public debt he regards as one step to-
wsrd resumption.
The report hOT5 that, 10 date, Of the
Seven-thir'y bonds. SS2T, 629, $50 have
been funded into EIve-twenty six per
cent. bonds. OF the first series S299, $685.
200, : cond series 1880, lS3. 200, third Sc
Ties S!97 SIS, $50. This leaves on the LIST
OF December, ui the outstanding Seven
thirty notes, out =, S63, $50. The floating
indebtednes- in the shape Of Compound
interest Z Jtes, which become due be-
tween tns lOlh Of June, 1867, and the
10th Of October 1855, have not all been
redeemed, but many have been received
in exchs' ge for the three per cent. GER
tidcst leaving a few millions outstsnd-
ing. This policy o! funding, so carefully
and steadily pursued, by converting the
temporary loans, misunderstanding notes,
etc into six per cent. loan bonds, is re-
garded as having 8 most important
bearing on the question Of resumption,
and the report proceeds to discuss the
next proposition, which is the cOntrac-
ton Of the paper Circuistion by the re-
dempiion Of the United States bonds.
Secretary McCuiloCu's well known views
in this respect remain unchanged.
TIE Secretary estimates the eXpendi-
lures for the fiscal year, ending June 80,
1870, 10 BE- $50 hundred and fifty mil
lions, IN round numbers, though the War
Department, ID the event Of an Indian
war;, Will sdd mREy millions to this esti-
mate. Last year the War Department
asked twenty five millions of dollars for
bounties, but its estims G this year is less
a a thai amount. No more RpprOpris-
tiOns for bounties are required. The re-
port further shows that me annual inter-
est on the public debt, in round numbers,
lie one hundred and forty millions, and
its estimates for the next fiscal year is
but little IN excess OF that amount. The
estimates Of the Treasury Department
are some fifteen millions less han last
year, and the Secretary calls sgain on
Congress TO cOntinus It's work OF reducing
the expenditures in ali branches Of the
service.
The receipts show that the Internal
revenue for the present 6scal year will
amount 10 about SI20. 600, 600, which,
deductiBg the amount OF the revenue cut
of by the act Of March last, will prove
the Secrstsry's estimate made last No
vembeT to be quite correct. The esti-
mated revenue Tor the next fiscal year,
from customs, internal revenue bonds
aud miscellaneous sources, is many
millions in excess OF the expenditures
this year. The estimated excess was but
nine millions. or course these estimates
w Aoh AuIt0Ab Aat Contingency OF al
Indian war.
The Secretary's report will show that
the public debt has been reduced during
the year, from November l, 1867, to No
vember !, 1888, tho date at which the
comparison il msde, S35 625 .I02 50. II
the month OF November be added 10 the
year, the deb. from Nov. /, 1867, to Dec. /,
1855, has been reduced but about ST.
OyO,OOO. These figures show the amount
OF debt, less cash ia the Treasury. The
report viii show an expenditure on &C.
count OF The public Of about $3.50 500 900,
which includes redemption, conversion,
interest on the public debt, etc.
The Secretary also renews his recon-
mendaton, contained in his last annual
report, OF . roorgRnlzati alton Of the bureaus
OF the department, and most respectfully
and earnestly sOlieils for Il the favorable
action OF Congress. He also slludes to
the taxation Of Government bonds by
the States, n adheres TO his views on
the subject.