Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1869-12-09
FINANCE AND TRADE.
FINANCE.
OFFICE OF THE DAILY APPEAL,

NEEAAA VT A4- $500
MEMPHIS, December s, 1869.
The Selma Road viii be finished with
greater rapidity than any, of equal
length, ever constructed in the South.
As Gen. Forrest was distinguished in mil
itary life for the rapidity of his move
ments. and startled US by the brilliancy OF
his achievements, so, in this new role, his
action is characterized by extraordinary
celebrity, and by a degree of boldness and
magnitude of financial operations which
amazes ordinary railway builders. He
has not only provided for the immediate
construction of the road from Selma to
Pontotoc, within seventy-hve or eighty
miles of Memphis; not only has he made
all contracts and secured ample means for
the achievement of his task; but, aware
of the financial condition of this city and
count he has postponed to the last mo-
ment. the exaction of a large sum which
we must nav for iucalculabie advantages
TO arise from the connection Of Memphis
with Holly Springs, Pontotoc, Okolona,
Aberdeen, Columbus, Eutaw and Selma.
Sucb Is the condition of the city's and
%county's credit that the mere issuance OF
bonds would avail him nothing more than
tba Paducah and Memphis Road has
gained by the delivery of 100000 Of coun-
~ bonds TO the officers of that company.
Memphis and Shelby county bonds are,
inst now. without sufficient market value
10 Justify their negotiation in Wall street.
OurI local financial condition is very like
that of the State, and the people would
rather suffer for want Of this indispensa-
bile railway connection with Selma, and
endure multiplied evils TO which we are
subjected by the Mobile and Ohio, and
Mississippi Central roads, rather than
have citv and county securities recklessly
sacrificed. If we invest bonds they must
be sold for at least eighty or ninety cents.
Assured that this disposition may be made
of them, the people would readily assent
to Gen. FORESTS propositions. Ii Is said
thai the Georgia company owning the
roads connssting Savannah, Columbus,
MONTGOMERY and Selma, will loan its
credit to Gen. Forrest, that the Selma
road NAV be extended to Memphis, 10 the
extent of half a million dollars. In other
words. this rich Georgia corporation
would endorse Memphis bonds, and pro-
poses TO compete with Charleston, Au-
gusta and Norfolk for the traffic and
travel from the Northwest, and from the
Valley Of the Mississippi, which has hith-
erto sought the ocean through Norfolk
and Charleston. The Savannah road, Of
which the Memphis and Selma route is an
extension, VIII constitute a shorter line
than hat which Maj. Wicks manages
with upouesiioned skill. Plainly enough,
measures must be adopted to prevent the
continued diversion OF trade from Mem
pbis bv the Mobile and Ohio, and Missis-
sippi Central roads. The richest cotton
growing district of the South now seeks
access in vain to the ~unriYalled cotton
and grocery market of Memphis. Tit
people of eastern Mississippi, bound
hand and foot, are utterly inpotent in the
grasp Of those who force them into No
bile and New Orleans in one direction,
and 10 Chicago and Louisville in another.
Each county in eastern Mississippi, TO es-
cape this thraIdom and reach Memphis,
has invested literally in the Memphis
and Selma road. Il only remains for
Shelby county, and Marshall in Missis-
sippi. the two great beneiciaries Of this
Selma road, to furnish means for the con-
struction of forty or fifty miles OF the
line. Surely, very little is exacted Of US.
The sum required would be refunded at
once by the augmentation Of trade and OF
real property values. In view of facts re-
cited, we uBdsrstand that Gen. Forrest
will visit this city daring the coming
week and present his plans and PROPOSE
tious before the Chamber Of Commerce.
Money matters are in about the same
conan. On as at our last. Currency is
close. and ousside Of operations in cotton
bilIs there is nothing doing. Our banks
generally. are taking ali tho bills offered
at \ discount on New York and other
Eastern cities, though one discount house
wanted to buy at 2 { discount. The check
ing rate ranges from par to 2. discount as
TO amount.
Some stir is going on in Tennessee
money. Dispatches between this point
and Nashville passed rapidly during the
day, and the supposition is that some ac-
zion viii be taken by the Legislature In
refsfsace to this money, if it has not
already done 50, which viii affect it ma
serially. II may probably be forwarded
pyith the bonds Of the State, in which
il will enhance in value very mate
nally. BY tomorrow, it is probable our
readers will be fully posted on its move
ments.
City Scrip IS quiet. Dealers bay at SO
Sc, and sell at s+GS5c.
County Warrants are in moderate re-
Quest by dealers al 65967c. Selling al so
@70c.
Sobi IS in some demand in a small way,
,4rd dealers bay at full New York rates.
Tennessee Bo1as we're more active in
Sez york to-day. Salss - Old were re-
ported Il 5D%cj Sew, 42ac.
Governments were dull throughout,
with a slight decline at the close: