Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1870-06-12
FINANCE AND TRADE.
OFFIoE OF THE DAILY APPEAL, I
MEMPHIS, June IL, 1870. J

by a feeling that the glad tidings Of great
JOY. which a few days since heralded a
"big" crop, were premature and that the
present unpleasant cold, Indictment and
very wet weather may tend to sue a re-
duction of estimates as may give the
crop Of IS69-7O a precedence over or
achieve for it equality at least in
number OF bales with that yet to
be recorded Of 1901. onr private
adviees tally exactly, as 70 this crop pros
pect, with those which reach us by cor
respondents and from the country press.
Il is true the stands Of cotton are high,
that until within a week past they prom
ised most bounteOusly, but since that
time the grass has sprung up almost to
Choking strength" and beyond the
power of the limited labor Of planters to
''clean out" and the "lice'-worst Of
Egypt's plsgues-threaten to kill b
the grass may leave. And this is not the
worst news that reaches us. As is the
case in all new countries, or countries
like ours, recuperating from war and dis
aster, labor is unreliable. The negroes
nave b~Eus III many PANIAaf @NA-N-N-
worse than useless by politics and the
whites imported to take their place have,
no computations of conscience in leaving
their benefactOrs and friends-the men
who have paid their way 10 comfortable
homes-and engaging with others who
offer a slight inducement or trifing
bonus. With labor so uncertain, a large
crop in the field, and the most m~iseTghe
weather ever experienced in this section,
at this season, the planter is in anything
but the favorable condition with which
the New York Bears invest him, and feels
more as if he was going to make a total
failure than a crop Of 100000 bales, such
as has been predicted by northern papers
DESTROYS Of dragging cotton to a level
with their wishes. There will not be a
4,OOO,O 600 crop, and it looks now as if there
will not be a 100000 and that what Of
last years crop is still on hand may yet
realize for the holder a price commeDsU-
rate with the labor and anxieties Of its
production. This is the truth. It is a
fact that cannot be gainsaid by the editors
OF circulars" or those who want to make
a big crop in advance in order to bear the
market and force those who hold to sacri-
fee at panic prices. We have telegraphs
and a reliable daily press, and can neither
be frightened nor csjoled into a move
ment wholly in the interest of those who
have sold to deliver or are among the
shorts of New York. And this leads US to
an idea we have long desired to give ut
Dersnce to, and that is that New Orleans
and not New York should give tone TO
our cotton market, and that in order 10
break through a thraldom detrimental to
the interests of the South, we should sell
our cotton for gold and leave speculation
in our leading crop to the gamblers of
New York and Liverpool. But coming
back to our mutton we desire to impress
upon our readers the p~recarious condition
of the cotton crop, aud to advise that those
who have cotton in hand are a. well of
as those who have so much gold to their
account in bank. We do not mean to be
understood as advising planters to with
hold their cotton from market, bat we do
advise them not to be terrOrised by the
kilograms, circulars or reports Of those
who have a point to make by the cheap
cry of big crop and consequent low
prices" Of the funding bill, we learn by
telegraph and from the northern papers
that the measure, as reported by the
House WAYS and Means Committee, is
likely to fail in the Senate. Hence the
distraction of National bank officers and
the "ups and DOWNS experienced by
Wall street capitalists and brokers. There
is no doubt that while this funding bill
will perhaps be a fruitful source of profit
20 some Jay Cook, it would be beneficial
20 the country at large in the shape Of a
reduction of interest. As to the policy Of
our Legislature in the proposed practical
Reputation of our railroad bond Issue,
there is but one opinion expressed, and
tina is that if there is any way 10y which
that indebtedness in whole or in part can
be honestly and fairly repudisted, it
ought to be done in the best interests of a
suffering and tax-ridden people. And
this will doubtless be accomplished not
wi~thstanding the efforts of a certain New
York " corner who, in spite Of the ex-
pressed determination of the Legislature
and the expressed Will of the people Of
Tennessee, are buIling these bonds far be-
vond their value and above any expect
ancy that we have formed tor the legiti-
mate issue of our State. Writing Of rail-
road bonds brings US to a subject upon
which we had something to say yesterday
i. his department, viz, the proposed con
troll OF the Mississippi and Tennessee rail-
road by the McCoGabs Southern railroad
corporation. We learn to-day that
this movement has the sanction Of ma
jority OF the stock holders of the road, ana
that it is only part of a grand scheme
the Tennessee will become a
link in a through road from Paducah and
Cairo to New Orleans, via Memphis.
1t is partly in furtherance of this scheme
that a Union Depot is proposed, and we
understand will shortly be established.
The Navy Yard is the point selected, and
the only question noT is how it is to be
reached by our present aud prospective
lines. This will be settled in a few days.
and before the summer wanes work will
been commenced on the most i'm
portant local public enterprise ever sug-
gested to our people. These railroad
movements, the new buildings ia process
OF erection, and the p~rolongation Of the
cotton business affect US of Memphis IA
vorsbly, and we are doing better now
than during the same time Of any previous
year. We have prospered in the past two
,vaars and are prosnering now to an extent 1
that bids Us hope ia spite Of the rains and
aII the multiplied drawbacks descanted
upon above. We have the neucleus Of
manufactures in two infant companies
and several fOuudrys that are and have
been busy. Our retail dealers never Of
fered more or greater attractions, and our
wholesale men srs c~onquering in new
fields Of the adjacent territory, and have
recovered much if not all Of that which ia
the confusion OF commercial reconstruc-
ton had been lost to them.
Rates Of exchange are firm, both ways,
and cotton bills offer in very limited
Eastern bills are taken at par,
and, except in one instance, we can learn
Of no deviation from = premium selling.
10 round noun q bank checks at =
per $1,000.
City Scrip is weak. There ia no real
buying rate, and dealers would not a
any amount Of il at oyer zoe, while at
least one broker to-day would only offer
Csc. 10 is sold over the counter 10 tax
payers at 73974c.
County Warrants are dull and declin-
ing; 75c was paid by dealers early in tho
day, but the liberal offerings broke down
the market. which closed weak at 73N74c: /