Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1870-05-01
FINANCE AND TRADE.
OFFI0E OF THE DAILY APPEAL,
MEMPHIS, April 80, 1870.
FINANCE.

MEMPHIS, April 80, 1870.
FINANCE.
There is no change ia tote in local
finance. Exchange is steady, both buying
and selling, and the supply is about equal
TO the demand. City and county Scrips
are quiet at our quotations of yesterday,
and Tennessee money is unchanged.
Business men should remember that,
after to-day, they will be required to dis
pense with the use of the " ribbon stamp
for canceling stamps, and either cancel
them with pen and ink, or use either OF
the following machines, recommended by
the Revenue Department: Hollis self
linking cancelor; f. D. Chamberlan's cut
ting and dating stamp; HIPS patent rev
enne caneehng machine; or Wheeler's
patent cancelor.
Under a decision recently made by the
Commissioner OF Internal Revenue, farm
ers will hereafter be required 10 make re
turn, and pay taxes upon all produce sold
within the year. It has also been decided
by the commissioner that the farmer who
puts uphis w pork, or any part Of it,
must take out a manufacturer license.
The farmer is thus taxed as a producer
Inc manufacturer.
II this decision is sustained, and there
is no appeal from it, everything which the
farmer raises and sells will be taxed.
This Is the most iniquitOus decision Of
Columbus Delano.
The rim Of the new Mexican silver dol
lars, coined since the middle of last year
with new dies, is more perfect han that
Of the old dollars. The eagle varies IN
what, snd on the reverse there is added to
the cap Of liberty a balance containing a
book Of laws. The new dollars sent to
Europe are quoted at only 5 S7-IOO francs,
whilst the old ones are quoted at 5 43-IOO.
Last year sI4, 600, 900 in silver were e
ported from Mexico to Europe, and now,
TO send that much in the new dollars,
would entail a loss upon Mexican export
ers first, and upon the people next, of
SI67 ,5S7. Under the circumstances. the
new dollars are no longer wanted in Mex
Ice, and 5 return to the old dies win be
the result.
The st. Louis Democrat says: Should
the Treasury in the next two months turn
S5,O00,OJO or 100000 o of its gold and
currency balances into United States 20's,
which we believe TO be highly probable,
81 viii sdd largely to the prevailing ease
IN money, besides furnishing a CORES
pendent amount OF capital, now idle, in
the shape Of gold in the Treasury, for
employment on the Stock Exchange, and
~ the adjustment of tbs foreign eX-
changes. should the latter sesH 20 re-
qHlre gold for shipment through May,
June and July, the sales and gold inter
est payments from the Treasury will be
both timely and entirely convenient.
Upon this question the New York Times
argues IS follows:
It Ia &c matter of surprise that the
funds shOuld approach more closely the
price OF gold. The Treasury is rich in
gold, and growing rich In currency, and
there is nc reasonable question that the
Secretary of the Treasury will sensibly
increase kis purchases of United States
5-2O's In May, aud in a considerable meas
ure increase his sales Of gold through the
same month. We believe It viii be the
policy Of the administration. for several
months 10 come, TO utilize a large share of
b present enormous and useless gold
balances la the Treasury by conversion
into United States S-20's, saving not only
o per cent. per anuum interest, but reali-
Elng tue 0luerence IN the exchange, now
amounting 70 about 5 per eent. We maks
80 prediction Tor the mex month as to
the rise or tall ia gold, but have reason to
look for a much closer approximation
than at present OF the price Of 5-20's TO
the price OF gold, and to large purchases
of 5-20's before the close Of the fiscal year
ending June 80, for Treasury account.
This calculation is outside the question
Of the Funding bill before Congress,
WhHnh if hafarm6nad st all this session nf
Congress. will take the simplest and least
disturbing form, but it is based upon the
point Of practical economy in reducing
the Understanding funded debt by the
vigorous application of the gold and cur
Tency balances in the Treasury to this OBJ
ject. The total Of United States 5-20's
purchased since the present administra-
ton came into ONCE, fourteen months
. is now now yer Sll0, 000, 00e. By the
seth OF June the amount should, and we
believe will, be increased to $780, O0, 600.