Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1870-05-09
FINANCE AND TRADE.
OFFIcK OF THE DAILY APPEAL, I
MEMPHIS. May Z, 1870.
FINANCE.


FINANCE.
In money matters there is no materia
change. Cotton is moving more rapidly
and exchange is quite easy, with rates
steady at par buying, and 4 premium
selling.
stocks and bonds are duh and nominal
while City Scrip and Tennessee money
are steady at yesterdays quotations.
County Warrants are some weaker, as
the Tax-CoIlector's Office closed to-day to
make out ths list of delinquents. -z
In the recent debate in the Senate ove
Mr.. Sherman's joint resolution DECLARE
tory Of the meaning of the income tax
law, that gentleman said: The Govern
ment cannot do without this tax" Sec
rotary Boutwell, has, within a day or two,
declared that the entire sum collected
under this iniquitous. law for the year
1869 was only twenty-five millions of dol
lars. To collect this amount over six
millions were disbursed to assessors, col
lectors, and for incidental expenses, 80
that ali the Government received from
the tax, which Mr.. sherman says it can
not do without, was, in round numbers,
nineteen millions OF dollars.
Abiding to the rapid manner in which
the Secretary of the Treasury is reducing
the public debt, the Philadelphia Enquirer
says:
Mr.. Boutwell's high-pressure manner
of doing things is only a successful mn
tstiOu Of making his boat pass his rvaIs
H. #Ha aid of nina EmOfG and LuFDEULlue.
He has used up his cargo to gain speed,
and il be continues the practice aWhue
longer. no one will be surprised nhe asks
&c burn up the boat also.
Business is carried on in ninety-nlne
cases out of a hundred for the prOnt IL
Yields, and If il yields no profit It viii be
abandoned. just now business Is az a
s~tsnd-still, because people ann Ord
to conduct it simply as a means to enable
the Secretary of the Treasury to boast
that he has sent abroad twelve millions
OF dollars TO German b~ondholders IN a
single month. They would probably be
glad TO oblige Mr.. Boutwell, in his mis-
faken "Whim," but he makes the luxury
altogether too expensive. They cannot
afford TO do L..
The New York Evening Post says Of the
late debt statement:
1t will be observed that the Treasury
unDNO AS MADACe LIE1kAA Z II AEAuNAAE ]
the funded debt, which has many years 70
run before it becomes q claim, and that it
still does nothing important toward re-
ducing the demand debt, which is 8 dis
honored claim upon it every day. And
this is the cause Of all our financial
troubles.
If specie payments were once resumed,
the credit OF Ihs nation would stand sec
ond TO none in the world. The W Id huc-
tuations in price which now result from
the varying values Of our paper currency
would cease at once the gold room would
close, and all the speculatlOns u dlsas-
tiers of which il is the center would end
with it. The ID excess of the
national revenues above expenditures
would enable Congress to make greater
reductions in taxation than are now con-
sidered safe by any statesman; and the
steady growth Of these revenues would
the agreeable duty Of renting
taxes the chief work Of Congress, and that
OF paying of the public debt the most
prominent work of the Treasury for
wears 10 come. And all such en-
berrassing questions as those which have
recently brought the dignity of the Su-
preme COu into question on the legal
Gender act, and almost hopelessly per-
picked Congress on the funding bill,
solve themselves at once.
The debt statement is a confession Of
Reputation, so long as it reports almost
S400, 900, 600 Of demand notes issued by the
for the redemption Of which
provision has been made. or even SO
much as proposed. And the plain, press
duty Of Congress and the sdministra-
ton is to apply all the energies OF their
Workmanship, and all the resources a pa !
lent people furnish, to the restoration Of
IN honest. sound and permanent currency.