Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1870-03-07
Railway and Express shares were
steady, closing as follows:


Rock
st. O55s
St. Paul preferred I0%4
An election for officers of the Mis-
sissippi Valley Insurance Company,
at the First National Bank, yesterday
afternoon, resulted as follows: +. 5,
Davis, President; John Il. Stebbins,
Nice-President, and Charles w,
Schultze, Secretary. The success Of
any institution depending almost en-
tireIy upon its officers, we predict a
prosperous future for the new Organi-
-atiOn, and congratulate the stock
b. 'ders and directors upon the happy
soIao, tons they have made.
W esterday announced to our
authority Of the Nashville
4aiS ~ If the official papers OF
~ $50 tba, the Conventional In
49, p 70 effect from and
sae- - n"SSaCa. W. = have now, upon
the same sutbSrifv IN say that tins Is
wrong. Iti not in force, aIu y ~ ~
be until the first OF June Ia "a.
confusion and mistake in this Aaatoei
arose from the fact that the biz 'Ha1i
been incorrectly e~ngrOssed. As hS4
in the Office Of the Secretary of State,
4 AAAA AAAaA AAAg ~ 24AgNAAA NaaAA @AA1AN
from and after its passage. This was
incorrect, since the bill, Whenit passed
as signed by the Speakers of both
Houses, provided that the law should
not take effect until the first of June,
1870. So, let it be understood that the
law will not be in force until that date.
The Nashville Banner Of Friday
publishes the following, which viii be
- en@rn.-a - -sra nnaru- md hwnE-nrZs
4" Walter Scott brought suit against
NJ. Sax, in Justices BTien and Hin
toms Court, yesterday, to recover $3.50
in the old issue of the Tennessee Bank
notes. 1t is alleged by plaintiff that
he purchased from defendant a con-
siderable amount of Tennessee money,
represented as the old issue; that he
afterWard discovered that he had re-
ceived $3.50 Of the amount so pur-
chased in new currency. The notes
were the same as those Of the Old
Issue. and dated back to 1859, though
not signed until 1861, which TACT was
only discOverable from the number
each note bore. After the war had
fairly commenced the bank was de
MED access to its plate in New York,
by being cut of by the contendlng
armies. The officers, therefore, in or
der to swell the bulk of the currency
of the bank, numbered and signed
these old bills, though they dated
back to 1883, the officers OF the parent
bank at Nashville having remained
the same. Where branch banks
elected different officers to those who
had served in 1Sjl-60, the new issue is
easily discovered by the signatures of
the new officers. The case was decided
in favor of the plaintiff, and an APP
peal taken 10 the Circuit Court"
In its Money article Of the lst, the
World thus fairly and justly reflects
upon the specializing Secretary Of the
Treasury, at the same time taking Oc-
casiOn to advise New York merchants
10 adopt what the APPEAL long since
advised, that goods should be sold for
gold:
1.-The triekery of Mr.. Boutwell,, and
his generally believed completely with
Wall street s~tock-jObbing and gold
embling schemes, were again pub
9 Illustrated to-day by an Official
hely II a change in the programme
notice gold in March, which was
1or selling 8ly yesterday. The gov
published o. |Sement in the news
eminent adver, nd this morning or
papers yesterday "a 1900 gOld-Viz.
dered sales OF 800 g, II and 81
1 ZOO, 900 each on Marc of bonds
and $5,000,0O0 purchases order O
To-day this was changed, by u gold
Secretary BOutWell, to SZO0O,O1OS nd
sales, uniting that on March ., a
leaving the purchases OF Dohus at
&I,cO0,O0O. The effect OF TINS stOCh-
fOlJbing trickery on the part OF y
Secretary was TO disgust banker anu
and legitimate traders, n also 70
play into the hands OF the wan slree
bull cliques by advancing n PTlce VI
gold from us to I164s Inc aGtlOh VI
the Secretary in this matter, \ ms
refusals TO sell gold at l3Z, 4 anu
100. may check temporarily the natu-
aldownward course of go!dl u TT a
do 40 only for a season. mercIidnla
and bankers are becoming nearby
sick If the stOck-iObbing trickery OF
Mr.. BontwelI's policy, q the SOIu
fluctuations engineered by the oecIe'
tary's gold-gambling friends. AesUeT'
daV. when Nj. BOutwelP5 onlcIdl
programme for March was pubilshed'
the Treasury Experimenting OF gold
gamblers and stockholders were
buyers Of gold, and II was repOrteu y
their friends, 9conhdentially,' that n
was a safe purchase Nj. BoutweIs
somersault to-day on the gold sales ioi
March, in changing them from S3,OOO,'
600 TO $1,000, 600, explained the point
on which the Treasury gold-gam'
blers' were buyers Of gold yesterday
1t proved 10 be a very good point,
both pleasant and profitable 10 thOs'
in the confidence of the Treasury
ring
sfThe only safeguard for merchant
il TO buy and sell for gold, the samoa
in California, taking gold as the stand
ard for prices, and quoting greeHback
at a discount. If this plan wer
adopted, then the Gold Room woulC
he annihiIated, and the discount OF
0reenbacks would advance more stead
flv TO par in gold than it is possible 70
a premium in gold to decline to par
There would be less speculation Il
greenbacks quoted at a discount thai
in gold quoted at a premium. IN
discount on greenbacks would repre-
sent more fairly their real value tina
the premium in gold, although DOT
profess to show the same thing"
COTTON.
70