Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1870-09-22
FINANCE AND TRADE.
OFFICE OF TEE DAILY APPEAL,
MEMPHIS. September 81, 1870.


Our country is growing at such q rapid
rate thai its hardest financial problems
would soon solve themselves II only the
minimum of legislative trammeling were
imposed upon it. Between the LIST of
July, 1870, and LIST of July, 1871, its popu-
latiOn will increase l.200,000. The Gov
ernment is now deriving $40 of revenue
from each inhRbitant of the Union, white
and black, male and female, adult and
minor. Thus the increased revenue from
the mere growth of population viii ex-
coed SI2, 600, 900, while the tightening of
the public burden of So, 00O,O 900 will give
such a stimulus to enterprise and produc-
tiOn as will produce twice $4,000, 900 from
the remaining sources of revenue.
IMPORTANT DECISION.
In the New York Court of Common
Pleas, Friday afternoon, at special term,
Judge Daily gave an important decision in
the suit of Catherine n. Horton against
the Equitable Life Assurance Society, of
that city. The husband of the plaintiff
fell from q wagon and sustained fatal
injuries, while in a state of intoxication.
and she sued the company for the pay
ment of a policy of 5000, issued by the
defendants, upon his life. The company,
in their answer, allege that the insured,
when he look the policy, gave q written
warranty that he was not addicted to the
use of spurious liquors. The warrant, |
LnbH urge WdH bNlltuLlN AdA5Cr anu as 1
they would not have insured s man who /
was habitusllY Incorporate, they were
not bound to fulfil their part of the con-
tract. Judge Daily decided that the war
ranty given by the insured was sfirma-
tory, not promissOry, and that it bore
reference only to the time when it was
made. He therefore granted tho motion
of the plaintiff to strike out the sllega-
ton in the answer of the company relat-
ing TO the manner in which the insured
came 70 his death.
CoTTON PROSPECT.
Smith, Edwards & Co, of Liverpool, in
cir September circular, say of the pros
ects:
Turning to the supply of cotton avail
able for this year, the position of the mar
ket appears sound, even with the cOntinu-
ance Of war. We annex a statement Civ
ing an estimate ofsupply for Great Britain
to 3lst December, as compared with last
year, and il seems that we haY scarcely
so much cotton to work upon; the total
supply is l,620,0 600 bales, against I,76I, 900
last year. Allowing the consumption, as
supplied from Liverpool and London, to
be s., 700 bales per week till the end of the
year, against $1,000 bales same time last
year, and the export to be 1900 bales,
against Il, 500 bales last year, we are left
with a total stock in both ports of $50, 600
bales, against 100000 bales last year.
When we consider that tbs average
price Of middling Orleans in the last four
months of 1869 was l23kd per pound, and
Of fair DhOllerah e7d per pound, our
present values of 9Zd and 7Ld appear
moderate. OF course circumstances in
other respects are very different. We
had then profound peace and no fear Of
war; now we haye a terrible confsgrs-
tiOn going on almost within sight Of our
GhnraE Than va hQn no fdaa that A mas {
lea could grow so much cotton. The IA
vOrite estimate at this time last year was
:, 5000 0 bales, but we know the result
was about 3, lO0,0O0 bales, and the general
expectation is that next crop will ex-
coed the last. We think these circum-
quite account for this reduction ]
in price, but they do not justify any fur ]
Their fall, for we cannot in n case have J
more han a moderate supply TO the end Z
Of this year, and if there should be an !
early peace u supply would scarcely be !
sufficient. Our stock of American cot q
in particular, must run very low, [
and 1t is probable that during October
and November spinners will find it very
to supply themselves with the 1
grades. Z
Looking further ahead into next year. {
however, the prospect again changes. We 1
continue to receive very favorable ac- q
counts Of the progress of the wi
up IL AA4IAAAeH eA@ PAb-AI 1ELL4OA III -
hat country is settling Town upon 81 I
as probable for next year. Of P
course, this PresuppOses a favorable pick p
season, and the prospect may be much
for the worse if bad weather oc- o
,urs; still the general outlook for mex =
is one Of abundant cotton supply, y
should this unhappy war continue j
England will receive much more than her 8
share Of the crop, tor the require d
Of the continent will be muc b less. ;
indeed, it might easily happen that we L
lad a glut Of cotton, as in large crop years Z
JefOre the American war.
Should peace be speedily restored, this Il
would be somewhat altered, but
ven then the trade and consuming poW- Z
r of the continent would be crippled, es- y
that Of France, for we fear that y
nuch internal trouble il in store for that oO
oUntry before the corruption of the en- n
is swept away With this lookout
head il will be unsafe for our market to U
dvance much during the next few o.
and it seems more likely that q
'rices will remain about their present d.
sveL.