Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1870-01-18
FINANCE AND TRADE.
FINANCE.
OFFICE OF THE DAILY APPEAL,
MEMPHIS, January II, 1870.

OEEAEE OF THE DAALI AFfEAL
MEMPHIS, January II, 1870.
The money market during the week has
been rather easy, and closes today with.
out material change. Fer all business
purposes our banks are amply supplied
with currency, but they are doing very
little outside the movement Of cotton,
No. l paper, with a short time to run, is
taken, though reluctantly, as any active
movement in the staple would again tax
their abilities to the utmost, and past ex-
p~erience has taught them not to be IN
prepared. Exchange is not in large sup
ply, and rates are steady on all points.
Eastern bills are taken at %@H discount,
and checking at par9I discount. New
Orleans bills are in demand at unchanged
rates.
The result Of our recent municipal cleo
ton is being felt in the whole range OF
our city securities and holders are full Of
confidence. a sale Of $4,000 City Bonds
was reported to-day at 46]zc. The inquiry
for bonds is improving, though few are
held in this market.
Civ Scrip is firm. Brokers buy at 76G
&c. and sell at sOGS2 to taxpayers. 4
round lot could no doubt be bought at 7Sc.
County Warrants are in demand and
taken by dealers al 75@76c, with few Of
fering. The selling rate ranges from 10
soc. as to amount.
Tennessee money is quiet. Our quota
lions are nominal at zoe buying. Selling
at 79675c.
According to the annual circular Of the
Mercantile Agency, Just published, there
were in the United States during the last
wear two thousand w hundred and
ninety-nine failures in business, involv-
ing liabilities 70 the amount OF seventy
Eve millions and hfy-four thousand dol
lars. For the year 1865 there were two
thousand six hundred and eight failures,
involving sixty-three millions seven hun
dred and seventy-four thousand dollars
Of liabilities. The amount of failures the
LAST wear was more than eleven millions
over that of the year before.
Taking New England, Pennsylvania
the State Of New York and the city Of
New York, we find the amount for the
two years stood as follows;
IS6S. 1869.
New Englsnd-.--.s z.55s,OOO SII,9O3.OoO
Pennsylvania--.-. 3,Ss4,OO 7~,SS4,0OO
y. Y. state city and
Brooklyn not incldl 100000 7~,lS5,0O0
New York city and
BrookIvn--.-... SI,654OOO 2l.S70,OOO
While the failures in Eew England
Pennsylvania and the interior Of New
York for 1s69 largely exceeded in amount
those for 1868, Il was about one-third, or
over ten millions, less in the city Of New
York. This is conclusive evidence OF tee
stability and progress of trade in the great
COMMERCIAL metropolis Of the country.
Bat though the result OF the last years
trade throughout the country generally
not on she whole 50 satisfactory, the
were as great as many sntici-
pated and caused no general suffering. 1
lEdeed. considering the trials and strain
upon he country in consequence OF the
tremendous war we had just passed
through, the h~Silures and disturbances in
trade have been remarkably small. The
Southern States have shown a wonderful
cooperative power sincs the war, and
have contributed in no small degree to
he general trade and interests OF the
country. On the whole this circular prop
sriy concludes that the prospect for bust
hess is favorable, that the republic IS max
ng vast strides in progress and wealth,
that the difficulties Of the present
nay be easily met and conquered.
Southern men are watching withintense
interest the cotton tax case, now pending
before the Supreme Court of the United
States, on appeal from the United States
District Court for the Western District of
tennessee. It IS not so much the amount f,
n-Vlved in the claim for reimbursement I
or the taxes which have been paid under I
he former act OF Congress, as to settle :
or the future the powers Of the Federal }
Government 70 impose a tax upon a GER
raw product Of some Of the States, (
which gives such great interest TO this Z
,ase. II, argue the people OF the South, 4,
,otton, the product Of eleyen States, can
,e thus taxed, and not corn, wheat, hay,
II oats, the products Of the other twenty
TX States, then are these eleven States
,laeed outside Of the pale of constitution F;
il equality, and their citizens subjected to ]
he most g~riegous wrong and injustice, ,
nd exposed to constant peril of confsca-
end ruin? This is a strong position,
nd the tax party viii find it hard to over
ome.