Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1868-12-03
FINANCE mi A
OFFICE OF THE DAILY APPEAL
NEMPHEs. December l, 1885. !

lN. NLQGE y ihAAA4k "a III Vic uGAldEN X
purchase cotton, and rates are governed
to some extent by the supply at our vs.
rious banks. The prevailing buying rat
upon New York and New Orleans is
discounts, and Hpon outside points &c
discount. Selling at par TO &c discount
on all points.
In our notice of the November cou-
pons returned unpaid, yesterday, from
New York, the types made us say they
were those of the Mississippi and Ten
nessee Railroad, when il should have
been the Mississippi Central Railroad.
Gold opened ia New York to-day at
135tc and closed st 135bc. Central
opened st l29le and Erie at 3slc, and
closed SIS follows: Central Isle; Erie,
37fc. Gold in this market is bought at
lS4@134ie. Selling st 1S549I36.
City bonds are in some request. We
learn that the city has disposed Of all the
bonds held by ii, and buyers now have
TO seek holders outside, and it is more
than likely they viii advance. Buyers
are on the market at 5lA95l3c, but are
not able to purchase. An order for So,
900 held by 3 broker was filed at $40.
City Scrip is weak. Several lots were
Offered to-dsy, but brokers, who antici
pate no demand before Christmas, are
mostly u Of the market. A lot of $500
was taken during the day by s dealer az
sole. Selling at s4985c, with no ecoun-
ter demand.
Police Scrip is Offering more' freely,
and dealers are not paying over 9Oc. Sell
ing st CSC.
County Warrants are firm. Specula-
tors buy all offered at 75@76c. Selling
st 7797Se.
School Scrip is unchanged.
We learn thet some Of the city officers
who inhsbit Exchange building are very
much incensed because they were not
invited to attend the recent supper given
to Hon Mr.. Leftwich. and that in the in
tensity OF their wrsth and modification,
they are threatening investigations of
various kinds. We give this IS mere
rumOr upon the streets, and hope il any
deFelietion Of duty upon the part Of those
who have our city finances in charge can
be brought to light, that it will be done
without delay. We have ut all times
supported the views Of the City Finance
COMMITTEES, but If they have m~isspprO-
pTiated City Bonds, or have issued them
70 the detriment OF the interests of the
city, we viii be equally as prompt in de-
noyncing their action.
1t is also said that, in order to meet
the expenses of the current month, the
city viii be either compelled to resort to
the issuance Of scrip, or to go upon the
market as borrowers CT currency. The
latter course will no doubt be adopted.
There is perhaps nobody that has not
during the last few years been more or
less annoyed by ragged and torn notes,
representing frsctiOns of one dollar,
emitted by the United States in place of
the silver coin. When these notes were
first issued, the act authorizing their is
sue provided that they should be re-
deemed, in sums not less than three dol
lars, a. Gil the sub-tressury offices and
designated d~epositsries Of the United
States. This, of course, made 1t easy to
put any Of these notes (unfor.unatly,
never printed on the best of psper), that
became ragged out OF circulation, be-
cause every merchant, nay, anybody,
could easily present such an amount for
redemption when their condition de-
mauded it. Since the last year or more
the Treasury has found fit to issue in
%structIons that the redemption of these
notes should be exclusively at Washing
ton, for the reason, We suppose, that the
Treasury employs there a number OF la
dies whose special work 1t is to count
and check up the notes returned to the
Treasury as mutiiRted and defaced, and
who have ia the II Of time gained
such dexterity snd experiences that de
lection Of spurious and counterfeit notes
is almost 6 certainty with them. The
rule, moreover, requires each note re-
turned for redemption to be put up in leo
Of each denomination, and unless an
amount Of $1,000 or its multiple is sent at
q time, the Government charges the ex-
press expenses against the party Offering
them for redemption. This rule effsc-
tuslly bars anybody but the banking in
stitutiOHs from becoming redemption
agents, as it would be impossible for a
merchant TO collect them in the required
amounts. The banks, as far as we know,
have up to row lone this work for the
accommodation Of their customers, with
u charge. The Treasury agents, how
ever, have Of late, while through the
forced circulation thus effected the notes
become more ragged and torn in pro-
portion than formerly, charged such
large discounts that we should not won
der il the banks would be obliged to
stop their reception hereafter, except as
special deposit for redemption at the
risk Of tbs customer. The redemption
Office, moreover, begins to refuse to re-
deem certain notes, although the major
part thereof ia sent and the balance evil
IDENTIFY destroyed by wear. This aggra-
Yates the matter so much more, and q
refusal OF the banks to take them will
Oblige the merchant to scrutinize them
closely in receiving, and thus thrown out
OF circulation, who will bear the loss ?
There is no question hat the class least
able, the labOring class, would have to
bear the most Of it.
We do not know the legal right under
which the Treasury stopped the redemp-
ton OF these notes as the law designated,
and which is still plainly printed on the
b3LA Vi EEGIs We VIII hAeO uOl utUF
that it msy have very good reasons to
make the change; but we contend that
it has no right to exact discount or to re-
jeot mutilated currency in the way it is
doing at the redemption Office, and
which evidently will shortly bring about
q general refusal 10 receive any OF these
notes that become defsced while In circu-
Rtion 1t Is BAD enough that the treas
ury mas emitted these trashy, fiimsy
promises to pay, which by their natural
loss through wear and tear yield q profit
OF from two to five per cent. q year,
when metal checks, after the fashion Of
nickels might have been used to better
advantage. But when their redemption
is hampered by arbitrary rules and oner-
GU charges, 1t becomes about time for
the Representatives Of the people to look
into this and afford q remedy.
CeTTOE.
At the opening in Liverpool te-dsv
Chiffon WAS fulf- TTDland 1Isn1TlI