Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1870-04-15
FINANCE AND TRADE.
OFFICE OF THE DAILY APPEAL,
MEMPHIs. April "A, $50.

OFEICE OF THE UALN AEEAAAf
MEMPHIS, April IA, 1870.
FINANCE.
The money market remains much TN
same as yesterday. Exchange is scare
and in demand. One OF two of our bank
seem to be better off than others in IN,
way Of Eastern balances, and supply thei
reighbors at a premium of s. per $1,000
but the buying rates on cotton bills var,
very little from par, checking at = pre-
MUM.
Tennessee none is firm and in som'
better demand. Dealers buy at 7Sand sci
at 74a75. The offerings are light.
County warrants are scarce. The de
mand is active from brokers at 76@T7
selling at $3.50.
City scrip is weak at IS buying.
The income tax continues to be a source
of much comment and indignation among
the people. The whole thing, and all its
COSTLY machinery tor enforcing it, should
be utterly wiped out. The tax imposed
by it is excessive, unequal in its appiiea'
iion, exceedingly inquisitorial in its ope-
ration. and every way odiogs. II cannot
be so amended as to make it satisfactory
20 the country. 1t has got TO be rooted
ont. extirpated. One of the issues in many
districts al the next CONFESSIONS election
viii be this very income tax-and woe
betide the candidate for reelection who
cannot show a clear and satisfactory rec
ord in tie past on the question. The feel
ing of opposition is daily spreading and
the evaporation of taxpayers is hourly
heightened by the outrage of enforcing a
law after it has ceased 80 be operative by
Limitation. and by the arbitrary conduct
Of those seeking to continue it for their
own ~pecuniary advantage. These office
leeches have come to like their grippe on
the people. This power to Inspect and
criticise the most private affairs is found
agreeable as well as profitable. 1t gives
besides great onportunity for controlling,
directing o. Furnishing those whose co
operation in political movements may De
desired or has been Feiused; and 1t Is a
ro,I of terror, Of which fresh nses are
learned every day. This cannot De tote
rated.
The Bucyrus (Ohio) Journal, whose
editor was al one time employed in the
Treasury Department, contains a long
and elaborate article upon the apPortion-
ment of the National Currency" under
section seventeen of the Currency bill,
proyiding for the issue and distribution
Of three hundred millions OF national
bank notes. In this article the editor mas
computed tine proportion of this banking
capital TO which each State and Territory
Of the Union is entitled, and compared II
with what il has received. The table con-
solidating all these calculations is a valu-
able one. A few figures will fOrciblY
illustrate the gross inequality practiced
in the administration Of this law. For
example: Alabama, Florida, Georgia,
Louisiana, Mississippi, North Carolina,
Carolina, Tennessee, Texas, Nir-
Arkansas, Missouri and Kentucky
thirteen Southern States-are entitled to
az. 81. 900 of the $500, OOO, 600 of banking
capital. What they have so far received
As sI4, 4Is, 80! or SS3, 22I, $50 short Of their
rateable proportion. Ten Northern States,
Connecticut, Maine, MassachU-
sets, New Hampshire, New Jersey, New
York, Ohio, Pennsylvania, Rhode Island
and Vermont, are entitled to SI39-s52,5OO
of this capital, and have received S259,eOS,-
Sd of it-Or an excess of Sl20,O5O,S 2l.
Surely nothing more is needed TO show
the propriety of a redistribution Of the
currency. We have no partially for the
scheme of national banks, but on the con-
trary believe when they have been fairly
Submitted to the test of maintaining
specie payments, the plan will be found
very defective, and important changes
must be made. But as these are the only
Of iEsue. the Partially in the distri-
not only works great injustice and
Inconvenience TO the south, but, we be-
iieve, by gripping this section, reacts in
~iGriOusIy on the North herself.
Anew York gold circular Of a recent
late says:
Gold is strong and rising. The reasons
for an advance have suddenly eOnspired
20 produce the result. They are as fol-
The ngcOntinuancean and apparent
exhaustion of the " bear market. Gold
has been declining since last September.
IL is time that the tide SHOULD turn. The
period Of the year favors high gold. Ex-
ports are falling OF. Imports continue,
and summer travel to Europe will require
4 considerable amount of gold. Exchange
is strong, and rates have advanced on the
scarcity of bills. The Funding bill is
looked upon as dead. Revision of the
Legal Tender act by the Supreme Court
viii damage the credit Of the country.
illness, and b consequence
might follow upon his death, serve
10 sharpen the edge of all other argu-
Inents.
The Tribune, however, Of the same date
puts another phase on the matter. 1t
Our cotton export for the year ending
September !, 1870, will be worth not less
than $500, eco, coo, and this, with our other
exports, of the lands and the mills,
should more than pay for all our iinporta-
tiOns, so that there should not be any de-
for gold to pay debts la Europe for
that we consume From January
/, 1870, to April 2, 1870, we have exported
81, So, 3l4 of specie. Same time in 1889,
S. g7. Oh. Same time ia 1865, SI4,72I 800. |
imports OF specie from January /,
1870, 10 April 2. have been S5,SlS,954.
time in 1883, S~4.S72,055. Same time
1900 EAa FNUsu@Da edlAAt TIME III ACUaf /
7477 $40. These facts are important 10
operators who are laying in" gold for a
rise"
The same paper says of Tennessee:
Unless there is a change OF policy in
in regard to State finances, the
time is at hand when the State will be
without credit or means. As long as
State taxes can be paid in State hank pa
per worth about seventy cents, no interest
will be paid on State bonds. 1t was the
of the Legislature TO provide for the
interest on the State debt, by a new Rnd
fair system Of taxation, and thus have put
the State on an honorable footing instead
Of leaving her without credit or character
IL the market. Tennessee is rich In cot
and corn land, and TO her mineral
wealth in iron, lead, zinc, and coal, there
j. no end, and her rivers and railways
every facility Of transportation to the
north and south.
nam1naZ /