Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1870-06-27

gA4AAAA HN 81 - NAp 1870 -AH -
mands that We be permitted to return to
our old institutions. "Let, p says this able
contemporary, 'let Congress enact that
there shal be no greater tax levied on
any OF the franchises of any State bank
than is imposed on the National Banks"
This Is justice, his is equity N only
fair dealing. The New-Orleans PicHytaae
on the alert for the great commercial
community it represents, cBaraeteriZes
8ardeld's $50, 600, 900 scheme as only an
other Of the many Congressional lodges
70 keep the South and West in financial
vassalsge 10 New England, New York
and Pennsylvania and enable tnOse
States to maintain q supremacy
that Ecan only be broken through
by a -eturu 70 the old free banking sys-
tenn. The Pieaguse says it is apparent
that this bia OF Garfeld's is especially
designed TO deprive the s0Hthsrn States
of their " fair share OF currency, to be
managed by their residents; secondly, 20
Secure the aid Of the transferred capital
and currency. in maintainingth he existing
system Of commercial and financial yas-
sslage Of the south and West to New
England, New York and -PeBnsylvsnia,
Tor they (tbe proposed new National
Banksj will unquestionabIy be welded
solely for the oeaI interests Of those
States, ms not for those Of the eoplmumi-
ties into which they have bsen aans-
ported. The places OF banking opera
lions wiIl be changed, but not the policy
OF those who direct those operations.''
This thing will no longer suit the people
of the West and South. They know their
rights and their wants, and having borne
the burden of vassalage so long, it has
become intolerable, and they are deter
mined 10 throw it off at the earliest
possible moment. The vove in
Congress On the question of
State representation, a day or two since,
shows how the South and West will act
where their interests are Identical. They
are waking up under the stimulus Of self
interest. The people begin 10 reason that
all the New England agitation Of twenty
years has been but with one end in view
tha That traders Of tha5 section might
gain some approach to the trade and bank
ing monopoly which it has enjoyed, /
almost ~unoPposed since 1861. Here
after the question to be asked of Congress-
men viii be, Are you FOR free banking
and free trader" And when advertis-
ing for representatives The West will
say, mo Yankees need apply" We
want a free and unrestricted commerce.,
we want money to move our crops, we
want TO have the surveillance OF the ia
vorei section removed, we want a
forced and restrictive system Of currency
broken up, and We wan freedom 10 issue
State promises TO pay" based upon reai
estate or other solvent security, and in
abundance sufficient to satisfy the indus
tries Of two sections ttAe most important
Of the country, which supply the bulk'of
the gram and all the hemp, tobacco, rice,
sugar and cotton that The United States
produces, not to speak Of tar and ~turpen-
line, ship stores and timbers. In the
words Of the New York Bulletin, "The
people consider that they have still some
ability 10 judge for themselves as to how
much currency their banks shOBld circu-
late; and they do not want TO have elete
English law quoted in the United States
Congress as a standard by which their /
operations should be regulated. II Con-
gress refuses 10 change thelimiss imposed
Under the banking system of which
It has assumed the special guardi-
snship, the people ask that at
least they bs allowed TO satisfy their
under the Old State systems which
were found to answer their purposes salts
fsetorily in by-gone times" They are
disposed to encourage any special
hostility against the national bank sys-
tenn, but TO cooperate with it so long as
is made effectively subssrvient to their
wanna; but IF Congress contrivest to make
a stereotyped monopoly and sn en-
barge upon business, they may be ex-
pected to combine for its overthrow,
although in 30 doing they may sacrifice
good to get rid OF one wrong. !
Our cotton dispatches from New York,
yesterday, indicated a duh and heavy ]
market on a basis OF Die for Middling ; i
those from New Orleans, duh and nomi- 5
on a basis OF 1870; aud those OF Liv- J
irregular and dull al 1881. for Up ,
On the same day last week the
New York market was telegraphed dun !
and lower at 2JHc for Mlddlings the
New Orleans as quiet sndsteady, Uplands I
~ 920Lc, and The Liverpool quiet al lO3zd /
for Uplands. This does not show any
great change, not more tban aR aggregate L
Of &c which we do NOT doubt viii be L
LaOre than fully recoveredswhen the news
of the continued rains oftbe past three
weeks and the Widespread injury
of the crops shall have OBJ
tanned abroad the same publicity a
Is ia the South. Here SELLERS" are q
posted and refuse 70 meet the de- d
nands Of buyers and our market is very q
ike that OF New York a. skis described by :
.he BuIjetia, which says thai IL Is dif3oult q
20 draw out any movement beyond the ne p
Of the hour, or the most positive ?
orders. The same paper describing the n
Of sellers in the New York 8
Of Wednesday, says, most ofthem ;
we're inclined to withdraw samples in =
rev Of the possibility Of a good trade yet
before The season closes. We are not 81
eft in doubt as to what is the basis or d
expectancy. There are certain indi-
,ations Of a possible upward turn in Liy- b
irpOOL. Manchester shows a fair posi-
ON manufactured goods with a light 3
accumulation Of raw material. Add 10 {.
our continued news of disaster 10
he crop in the ground, and we think the Q
.ellers Of Memphis fully justified in their "
t~ubb0rnness and persistent refusal to ID
meet the views Of buyers. This posi-
ion is still further strengthened by an p
Of the Beueha Of the same T.
that New York prices had run down
Osuch a comparatively low figure that 9
is likely at any moment TO be a !.
udden reaction, particularly as the mar
.et is much more susceptible % eurreng a. a
than tsGt for goods or ue spot Il
In an article Of last Tuesdays New j
York Express, that paper admits that it /
5 claimed by many Of the more conserva- =
i've houses Of that city that this" future" 5
. a growing evil; yet, it is seri- s.
'usly proposed by these same co~nserYa- =
ives TO ~perpetaate this future" bust !,
less for the benefit Of a ring, surround
ng il with safeguards to protect its AZ
members against loss and for the 70
EXCLUSION Of irresponsible parties and g
adventurers. This ring have al
name Of the " Cotton Association Of 81
York" is 20 take the place Of the
M