Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1870-03-29
FINANCIAL AND COMMERCIAL.

son follows the mercantile activity Of spring
time. Memphis grows rapidly in population.
There are no vacant tenements, and every
business house that was closed when Congress
went mad and reconstruction was rampant
and thieves filed local and State offices is now
occupied. There is employment for mechan
les, but, then. brighter fortunes will wither
beneath the hot breath Of summer. Confess
eddy, on all hands, we have to build fifty miles
of the Selma road. The task is before us.
Nature and necessity tell us that the work
must be done. Why postpone it? If Mar
shall county will not take stock, Lafayette
and Oxford will. The Legislature Of Missis-
sipp does not belong to the politicians of
Holly Springs as when they were wont to
change Alcorn's congressional district to ex-
clude him as Wing from office. and they may
not tax railroads heavily that have the au-
dacity to pass through the State, and not bend
and bow to the departed majesty of Holly
Springs. The "star" of Holly Springs is in
eclipse, and is black enough, God knows.
Oxford, with its extraordinary Senator, yields
the scepter of supremacy over the plutonian
realms of law-givers at Jackson. If Holly
Springs and Marshall county will not drag
Forrest up from the South, we may appeal
successfully to Oxford and Lafayette. But
the work must be begun at once, There is no
cause for delay at this hour which will not OPP
erate one, two or ten years hence. Meanwhile.
Memphis Ia still impoverished by lateral roads,
that draw the wealth of Northern Mississippi
into Louisville. This matter will constitute
one of the subjects of discussion next Monday
afternoon at the Chamber Of Commerce.
SPECIE PAYMENTS. 1T was William Pitt who
authorized the suspension ofthe Bank of Eng
land in 1877. The great English statesman
found this task easy enough. but how infn-
itely more difficult was that of resumption?
Not gold coin passed over the counter of the
bank for twenty-five years. Our Secretary Of
Finance has most difficult task. Suppose he
should be compelled to suspend second time?
When the Bank Of England resumed specie
payment in 1926. all products of industry de-
clined fifty per cent, and multitudes of far
mers and mechanics and merchants were
crushed by the calamity. So were American
banks in 1887 forced, after premature resump-
ton, to suspend in 1885, Boutwell, places two
MILLIONS Of gold per month in the market with
one hand, while he purchases stocks with the
other, and adds more than he withdraws of
currency. With this floating debt |
of between seven and eight hundred millions, |
we can hardly believe resumption safe, though |
for time, possible, the vast volume of pa
per, heavy taxation, the balance Of trade |
against us, and wasteful, corrupt, ruinous |
public expenditures by cities and States, and |
the ring at Washington, called in derision the |
Union or Federal 9oyernment-with all these |
hostile agencies at work Mr., Boutwell, had |
better be cautious. Let public expenditures /
be lessened, and notes paid - for taxes never
be paid out except to create a sinking fund Of |
time bonds. This and the next cotton crop
will greatly aid Boutwell,. Thetwo will draw |
into the country river of gold-s6OO, 900, O00, |
900, This will beget a balance of trade in oui /
favor, and gold will decline in value. and the |
path Of Mr.. Boutwell, to resumption will be |
made smoother and easy.
HUNBUG.-The people of st. Louis talk OF
aiding the company engaged in building
road from 0pelika to Tuscumbia, 220 miles o.
an air line extension of the Memphis and
Charleston road TO Savannah. 1t is all talk,
aud st. Louis will hardly expend wealth So
far from home when so sadly needed in tn, /
railroad contest with Chicago at its very doors.
ST. Louis might well promote the perfection
Of a system of roads converging OF Memphis /
from the Southwest, II Memphis proposed to
remain mere distributing point for the wealth
lf St, Louis but If we build the Kansas City |
road, we draw hither greater share Of St.
Louis resources than Chicago has ever stolen.
Grain, hemp, lead. and every product of the
newly born States of the West, will find
through Memphis gateway to the sea, and
place of exchange for tropical productions.
i il eli CANNON. St. Loais has no money for
'Oads leading from Memphis. opelika is
ScRIP.-City scrip is weak. very weak, at
O@7Sc. County warrants are duller since the
election. In. fact the election cost $4,000.
more or less, and may have affected the mar
let, Te1nessse money was sold on the street
his morning at CSC. The combinations made
" partisan rings look bad enough for tax
ayers. who are TO pay all costs. To this fact
he decline in local securities may be ascribed.
CoTroS.-The cotton market is somewhat
improved. though there it hardly sufficient
eason for any change Of quotations. 1t is
ertainly sitter, and buyers more nearly ac-
EIDE this morning to the demands Of sellers.
ales yesterday were SIS bales. Good ordin-
ny. Zoe; low middlinss, angelic; ordinary.
q SaIf3se. There were l2lT bales sold last
Ieek. and T7as the week before. Our special
dispatches tell Of the New York market this
morning