Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1870-04-30
FINANCE AND Trade.
OFFICE OF THE DAILY APPEAL I
MEMPHIS, April q, 1870. }

There is no change whatever IN tn
status Of the money market since GU
last. Banks report fair offerings of cotton
bills, with rather a light demand for eX
change, and rates steady, al par buying
and 4 premium selling.
County warrants exhibit more irmnesi
than any other class of local scrips, and
the demand from taxpayers continues
active. Dealers buy at soc, and sell at S2c
City Scrip is weak at 7S@7S15c for cou.
pons. City notes are in light demand a
74Ac from taxpayers. The note of $500
referred TO by US as sold yesterday at zoe
was not sold until to-day, when a taN-pay.
er took it al 745zc. We believe the city
has again concluded to let dealers deposit
such notes and checks against them a
needed. Few of These city notes arr
available in my other way, and we can't
see that any interest of the city is jeopar'
dised by the privilege.
Tennessee money is quiet at 725zc buy
ing; selling at 731kG74c.
The assessments of revenue tax of last
year, on individuals, was 81, 80, 900, and
on corporations, $3.50, $50, being a total OF
S37.0I6, 7S6. To reduce the rate from 8 per
cent. to 3 per cent. would, on the basis OF
last year, cause a reduction in receipts OF
SI4, SOC, ia. To raise the exemption from
$1,000 10 $500, would cause q loss of about
SII, 900, 600, and if the rate were reduced
and the exemption increased as proposed,
the income tax then, On the basis of last
wear, would yield but Stout 81, 200, 600,
but it should be remembered, in this con-
nection that the revenue receipts this
year Will be larger han heretofore. The
Increase for the first eight months is over
SIS. 900, 900, and for the whole year il will
he SO, 600, 900 at least, some part OF Ba- :
will come from the income AK.
The validity Of a gambling check was
again decided in the Cincinnati supreme
Count in the case offs. P. Thomas vs.. VIM.
Wisweu ct al, administrator of Hick-
man. deceased. This was an action
brought upon a check made payable to
the bearer. The defendant alleges the
check was given for a gambling contract
bv the deceased. The plaintiff replies
that he took the check for a valuable con-
sideration, and was an innocent purchaser,
and without notice. The defendants de-
muir. The error was predicted on the
sustaining Of this demurrer.
Judge Murdoch decided the demurrer,
holding that the statutes make a check,
note or other obligation gwen, for money
lost or won on a game Of chance, not void
able "a absolutely void, and the transfer
of it n an innocent party cannot give it
life.
Judgment of the Court below sustained.
On the subject of Internal Revenue, the
New York EBeHiHg Post says:
So far as eau be inferred from the care
which has been given 20 the Internal Rev
suue bill by the Committee Of Ways and
Means, from the increased intelligence
with which its parts have been discussed,
and from the limitations which have
been made by members of the committee
as to their intentions, there is reason to
hope for q substantial Improvement in
this branc of our revenue Laws; ana
Ne trust that no such useless and aimless
attempts al legislation az the House tariff
and the Senate funding bill viii be per
mitted longer TO block its way.
If this Congress cannot give us a mature
policy for restoring specie payments. nor
4 real relief from the crushing burden Of
Our present tariff, let us at least make a
Thorough reform of the internal revenue
laws. and the business of the country
all thankfully accept this little piece Of
real legislative work: will diligently
achieve what prosperity it can unde it
and will hopefully await the choice of a
more efficient body At the next election.