Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1870-03-09
FINANCIAL AND COMMERCIAL.

THE GOLD TuMBLE.-Ever since the war the
heavy difference between our imports and ex-
ports has been made up by shipments of gold
1T now seems that industry has been so thor
oughly reproduced and reinyigorated that
America pays for extrayagant importations in
agricultural and mechanical products, and the
! demand in Europe for American bonds and
railway securities makes us the creditor and
Europe the debtor. The balance of trade is in
our favor. Europe pays her debts in gold and
silver for countless millions Of United States
bonds and for those of States and corpora
tions. The abundance of gold thus begat the
extraordinary decline in Wall street. The
cause Of the atrocious gambling and frauds
practiced in this maelstrom Of insanity and
knavery, may be found by that line and plum
met which sounds the secrets of the human
heart, and when drawn up is always covered
with the slime and filth of basest selfshness.
This is sad world at best, and Wall street is
the vortex of all its villainies. Cotton and
gold went staggering about yesterday in Wall
street like drunken men. Gold often fell fiat.
1t recovered itself now and then, but is still
weak and nervous TO the last degree. The
telegraph recites the follies of Wall street, and
tells how wealth has been lost and won, and
how singularly true to-day, as two thousand
years ago, the saying that the ''love of money
is the root of all evil" The roots" are
mainly in Wall street, but the wide-spreading
branches of the mighty upas tree overshadow
all this broad land, and society everywhere is
infected by foul contagious breathed forth from
the leaves and branches of the great tree Of
evil, " planted in Paradise and befouling the
air Of heaven through each subsequent age in
all climes and countries.
CRY FINANoEs.-A correspondent of the
LEDGER thus wades into city finances:
The payment of the due city debt during
the current year is utterly impossible. In
fact, we are in no better condition than when
we exchanged one million FIVE hundred thou
sand of bonds for seyenty- ave thousand Of
scrip, leaving the rest of the scrip in the hands
Of those who took the bonds. The bonds are
only useful for their coupons, and are worth
only IS cents, while scrip is SO kept up
by the ring that Taxpayers are ruined. The
million and half trade has doubled the bur
deps of taxpayers and benefited none except
spectators, We must pay or have our proper
ty sold by the Sheriff. Never was city re-
duced by folly that was criminal, even if there
were no corruption, to such pitiable straits
We must pay and be just and honest before we
are generous to ourselves, our children or
others. Can't the public schools be suspended
for timer Win not the railroad ring that
got as, through Barbour Lewis court, for
$4,000, hold up for little while? Can't we
get along with fewer courts, which cost enor-
nous sums--in idleness. whisky, in the mighty
multitude of idle hangers-on. Let the courts
be suspended for a year or two and the COM
munity would be richer by million or more.
We would have the cash system. and public
morals would be promoted by making mems
words their bonds. Since the schools oonsti-
tute an independent evaporation. their sus-
pension may be impossible; but this school
corporation should be fossilized in toto during
the year, and enjoy sort ofsuspended anima- !
ton. that taxpayers may live. We pay twice |
as much as before the ring sobbled the bonds,
and are twice as poor and in twice as bad a
condition. With the ring, however, it is alto |
gether lovely. TX"
In replY to The above. II must be that there /
is a deal Of truth in its statements The bond \
and scrip operation only ruined taxpayers. 4
and benefited the city not at all. It practically
doubled the rate Of taxation and brought not 4
an additional dollar into the treasury. Bonds
we're fixed at one price and scrip at another by
The holders; our foreign credit was ruined,
domestic made valuelsss. and the present city
has a bard road to travel. In an
othor column, some days ago. the LEDeER de-
ined the true policy FOR our municipal mas
.crs, and the sooner the LEDeER's theories are
reduced topraetice, the better fur creditors and
.oF TIE sorpeaticq,
saEEyEfoHf. La, has received s. 20 bales Of
.otton during The present season. This is
several thousand bales above the aggregate
eeeipp Of las; year. The receipts are chieay
rom Texas and the upper Red river country. (