Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1870-02-05
FINANCE AND TRADE

OFFICE OF THE DAILY APPEAL,
MEMPHIS, February 4, 1870.

LLLNANSAH
OFFICE OF THE DAILY APPEAL,
MEMPHIS, February 4, 1870.
There is no change to note in the
money market ave a more animated
move in the purchase of exchange.
This being the 4th of the month, as
well a Friday, which is always a re-
mittance day with a large number OF
our dry goods merchants, there was
more than the usual stir at cur banks.
Tennessee money is in Some de-
mand at 7SaS0c by taxpayers, but
dealers are not well supplied. They
buy at 75a77c.
City and County Scrip is firm and
unchanged.
Governments, as well as Railroad
ana Express shares, were some better
in New York to-day. Prices general
~ advanced
The State of Louisiana owes ST.
100000, and the city of New Orleans
81 ,O0O, 600; total of State and city,
SO, 600, 900. Tennessee owes S3S,UO0,-
900. The net debt of New York city
and county is $4,000, 200, on a Nalua-
ton OF sos, 1851. The net debt OF
Philadelphia is about S25,OOO,OUOs on q
valuation of S463, 904, $50. The net
debt of Boston Is $l2,SlO, 1888, on a total
valuation May l, 1869, Of S549,5ll ,OOO.
Galena, H., cannot pay the interest
on its debt OF 100000, and the valua-
ton of property, which in 1856 was
s2.2I2,674, Is now less than half a mil
lion OF dollars.
The total debt Of the United States
or~Sde up by the Treasury Depart
mant on the LIST inst, less cash in the
TooasDr vas 3, 444,Sl3,2 SS 81. The
49, - during the month OF
ToDnrU - 90 -, and since April
Ia so 81 Izs - Total cash IN the
Treasury on the LIST 90,
go "a, of which SlOl, 60U, ~ ee5
in coin and coin certificates, e
S07 Il in currency, and S97, OsZ,So-
in bonds bearing coin interest.
The exports OF gold and silver from
san Francisco during the sixteen
years from 1854 to 1869 inclusive,
reached S724, 494,3SS. OF this amount,
S462, OSS, O66 came to New York, &c.,
7O3, 293-went to England, SOS, csc, go to
China, s, o ,526 to Panama, and SlI,-
59S, SPA to other ports. During our
late war, the heaviest shipments were
10 Europe, but since then the remit
tanceS in that direction have fallen OF,
and those direct to China and other
Oriental countries have steadily IN
creased. And about in proportion as
the direct shipments from San Fran
cisco to Asia have increased, has the
drain from England to the East fallen
of. Thus, while the shipments OF
silver from southampton 10 India,
China and the Straits in 1862 reached
so, 4j7, 300, in 1869 they had fallen to
SII,SI4, 7l5.
In 1867, the shipments were reduced
to the minimum, being only S3,2l4,-
500. In the same year the treasure
eXpOrlS from San Francisco to China
reached S9,OSI, 5O4. OF late years, gold
has largely taken the place Of silver
in the remittances from England to
the East, but We have no authentic
data at hand to indicate the extent of
the change. Although steam and
electric telegraph have been instru-
mental in changing, to a considerable
extent, the current Of treasure TO the
East, the fact remains that China and
the other Asiatic countries continue
to be the principal absOrbents Of it,
lest the same as before. They have
always managed To keep the balance
a trade in their favor, and the worst
OF Il Is, very little Of the gold and sill
yer WI tch they thus extract from the
Western World, yer finds its way
back.