Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1870-03-06
Railway and Express shares were
steady. closing as follows:

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 r. Stebbins,
Vice-President, and Charles w.
Schultze, Secretary. The success Of
any Institution depending almost en-
tlreIy upon its officers, we predict a
prosperous future for the new Organi-
cation, and congratulate the stock
holders and directors upon the happy
selections they have made.
We yesterday announced to cur
readers, on authority Of the Nashville
Banner one Of the official papers Of
the State }, that the Conventional In
terest bill went into effect from and
after its passage; we have now, upon
the same authority, to say that this is
wrong. 1t IS not in force, and will not
be until the first of June next. The
confusion and mistake in this matter
arose from the fact that the bill had
been incorrectly engrOssed. As filed
lie the Office Of the Secretary of State.
1t read that the law should take effect
from and after its passage. This was
incorrect, since the bill, when it 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 il be understood that the
law viii not be in force until that date.
The Nashville Banner of Friday
publishes the following, which will be
of interest TO our bankers and brokers:
Walter Scott brought suit against
NJ. Sax, in Justices Brien and Hin
tons 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 ne
afterWaTd discovered that he had re-
eeiVed $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 1853, though
not signed until 1861, which fact was
only discOverabie 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 cOntending
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 1853, the officers of the parent
bank at Nashville having remained
the same. Where branch banks
elected different officers to those who
had served in 1551-60, the new issue is
easily discovered by the signatures of
the new officers. The case was decided
in favor OF the plaintiff, and an ap-
peal taken-tO the Circuit Court"
It. AEnwhur nMffrla nF tho lat fhn
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
70 ADOPT what the APPEAL long since
advised, that goods should be sold for
gold:
The trickery of Mr.. Boutwell,, and
his generally believed completely with
Wall street stOck-jObbing and gold
gambling schemes, were again pub
iicIy illustrated to-day by an official
notice of a change IL the programme
for selling gold in March, which was
published only yesterday. The gov
eminent advertisement in the news
papers yesterday and this morning or
dered sales Of $4,000 DOG gOld-viZ.:
81, 600, 900 each on March 3, II and 81
and $5,000,OW purchases Of bcGds.
To-day this was changed, by order of
Secretary Boutwell,, to 5000, 600 gold
sales, emitting that on March 3, and
leaving the purchases Of bonds at
S5.900,000. The effect OF this stock
iobbing trickery on the part Of the
secretary was TO disgust bankers and
and legitimate traders, and also to
play into the hands of the Wall street
bull ciiques by advancing the price of
old from us to 1851. The action Of
zoe Secretary in this matter, Hke his
Yefusals TO sell gold at 1872, ~, and
100. may check temporarily the natu-
raj downward course of gold, but il can
do SO only for o season. Merchants
and bankers are becoming heartily
sick of the stockjobbing trickery Of
Mr.. BOutwelIs policy, and the gold
fluctuations engineered by the Secre-
tary's gold-gambling friends. Yester-
dav. when Mr.. BOutwell's official
PROGRAMME for March was published,
the Treasury Department ring Of gold
gamblers and STOCKHOLDERS were
buyers Of gold. and il was reported 20
their friends. eonfdentially,' that it
was a safe purchase Nj. B0utwelFs
somersault to-day on the gold sales for
March, ia changing them from $1,000.
600 to $1,000, 600, explained the point
on which the Treasury gOld-gam-
blers' yer buyers Of gold yesterday:
1t proved 10 be a very good point
both pleasant and profitable to those
in the confidence Of the Treasury
ring
sfThe only safeguard for merchants
is to buy and sell for gold, the samea as
in California, taking gold as the stand
ard for prices, and quoting greenbaeks
at a discount. If this plan were
adopted, then the Gold Room would
he annihilated, and the discount on
greenbacks would advance more stead
ilv to par in gold than it is possible for
a premium ia gold to decline to par.
There would be less speculation in
greenbacks quoted at a discount than
in gold quoted at a premium. The
discount on greenbacks would repre-
sent more fairly their real value than
the premium in gold, although both
profess to show the same thing"