Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1870-03-15
FINANCE AND TRADE.
OFFIoE OF THE DAILY APPEAL
MEMPHIS, March Il, 1870. }


The duIlness of the cotton market
during the week has caused some APP
Drehensious on the part of Our banks
lest thew should be compelled to ship
currency Eastward to keep up bal
ances, and in consequence rates have
stiffeued up quite Sensibly. The de
mand for exchange has been in excess
of the supply, and only by a sort OF
mutual accommodation from n to
another has il been met. To-day cot
ON was more active, and at one or
two banks engagements have been
entered into which will keep up a
supply of exchange for some days to
come, but it is hoped that the staple
will move more rapidly in future, and
that all our discount houses may be
amply supplied. The buying rate
ranges from par to / discount, Just as
the necessities of the case demand.
Checking on all points East mt pre-
MUM. New Orleans cotton bills are
offering and are taken at discount;
selling at par.
heretofore, and the demand is falling
of. though some taxpayers fear a
penalty may be attached after the LIST
prox., and are inQuiring what they
can do in the way of purchasing.
Gaalers are amply supplied, though
no~o hold any large amount, and sell
at 74a75c. New Tennessee Bank notes
are in daman,l by speculatoIs at l5a
zoe.
City Scrip is weak a, '9e, DuyIng'
selling at 76a7Sc. Our buylL quOea-
ton is for coupons only, as the ny
notes which are out are generally in I
large amounts, and are not available !
by taxpayers. County Warrants are
in some demand, but not better. Deal
ers are well supplied and sell st 76s7Sc
as to amount.
The Gold market continues crotch
ETY., and dealers buy at New York
rates. The selling rate also varies
with each dispatch, but there was q
fair demand from outsiders to-day at
l|12}a1l3. Transactions were light.
There j. a serious misrepresentation
in the public mind in relation to the
income tax. Petitions are being sent
to Washington for the repeal of the
law. 1t should be distinctly under
stood that the income tax law was re-
peaIed by limitation on the 3Ist day
Of December, 1863. The tax now be-
ing assessed is for the year 1859. AZ
ter il il paid no other income tax can
be collected or assessed without the
enactment of an entirely new law,
which is not likely to be brought
about. The repeal of the old law is
final and unconditional. IL takes eff
feet as soon as the tax for 1863 is paid.
A bill passed the House under the
previous question gag-rule a lew days
ago, providing for the assessment and
collection of an income tax for one
wear only QS70), but it met with dis
astrous defeat in the Senate. 1t is not
At all likely that Congress will put
such q needless burden upon the peO-
Die again in face of the unanimous
protest of the entire press Of the cOun-
try. The occasion that called for it
has passed away forever, Let US have
no more income tax laws, {
Something over twO-ffths of the en-
tire national debt, in the shape Of
United States securities, is now in the
hands of European capitalists. The
foreign demand Is constantly mcreas-
ing, and European buyers are free
purchasers of Government bonds.
In addition to Government securi-
ties. foreign creditors hold about $685.
600, 600 OF cur railway stocks, and
something above $4,000 1000 Of secu-
rites of the several States, making our
total indebtedness abroad nearly tif I
teen hundred millions of dollars {
sum equal to three-tifths Of our. total
national debt. The annual interest {
drayr by our creditors across the Wa
al the present time, is about
slI3. 10000. During the past year the
debt has decreased SlO5,9l9,OO6 {
and gold has declined zoe. !
The passage Of the funding bill Is s
unpopular in Eastern financial circles. {
1t is expected that it viii be greatly {
modified, or defeated in the lower
The prevailing opinion "a {
vOrs a uniform loan, both In length Of ]
time and interest, viz: A long four /
Der cent. bond principal, and interest {
aVable at home, and no commissions I
ior negotiation. Such q bill, il Is said, I
and one more cotton crop, would [
make the FINDING bill comparatively 5
aasv. while the present bill, it is {
will ruin legitimate traders q
and delay specie payments. The con- $
clause encounters much nos 1
-ility from Western merchants. C
Old Tennessee bonds were quoted I
in New York tO-daya at 6Gc; New, 1899. 3
A marked advance since our last. a
Governments closed dull and lower: 9
N