Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1870-06-14
FINANCE AND TRADE.
OFFICE or THE DAILY APPEAL,
MEMPHIS, June Is, 1870.


The Investigations of our railroad bond
issue are exciting a great deal OF attention
in New York, and not a little apprehen-
sion in quarters not yet known TO the
public. The efforts Of the Tennessee cor
ner IN Wall street to keep alive the col
age of holders by the declaration of a nc
titious value for what will certainly be
repudiated, fools none but b ignorant
gudgeons who will ever be found in
greater or less numbers floating about in
the troubled waters Of our monetary cess
pool. The people Of Tennessee cannot be
caught in the meshes of the Wall street
fishermen. They are alive to the imPor-
lance Of a movement by their represent
atives that has only for its aim their re-
lief from burdens imposed by the Radical
party when it was supreme in Tennessee
burdens unjustly, and as we believe, lille
gally imposed by q Legislature controlled,
as has been shown in the School Fund
and other Investigations, entirely in the
interest of selfish and INSCRIPTIONS poll
ficiaus. These bonds were scattered
broadcast and with a reckless prodigality
always a characteristic Of those who adj
minister upon the estates of their richer
aud more opulent neighbOrs. They were
given away, or rather thrown away. No
aud pro quo was given. As in the distri-
button of the School Fund it was only
necessary that the parties to share in the
pluuder we're of the simOn-pure Radical
stripe to insure them all they desired OF
the States promises to pay, over her broad
seal. always provided tGat in the asking
there was the show of a purpose on the
mart Of the donees to build a railroad
somewbere within the limits of the State.
The benefeiaries were never troubled
with questions as to the feasibility OF or
necessity for their projects. They pre-
sented their bills and they passed-altGhe
more readily il the party or parties be-
longed to the ring which, in East Tennes-
see. run the State machine. Is it not too
much. under these circumstances, to ask
"a people to pay these bonds2 Is then
anv good reason why we may not repudi-
ate them as an indebtedness made with
~ @~A-
out our consent, by usnrping agents OF
b people and therefore fraudulently? II
it can be shown, as we think 1t can, thai
even the pslury conditions OF their lssu-
auce have not been complied with, we
think so. Where it can be shown, as in
the case of the Mineral Home and the
Southwestern railroads, that these bonds
have not been expended as our internal
Improvement law commands, or that they
were issued and expended fOrthe persona
ACKNOWLEDGEMENT of the leaders in these so,
called railroad corporations and notin the
construction of railroad lines, WI think
there is sufficient grounds and justihca-
ton for their reputation. This is a hard
word to use. We dislike the alternative
as much as the tern-but to this com
pIexion have we come at last. II were a
sound logic to argue that a merchant
should pay the fraudulent drafts OF hl'
agent as that the people should be mad
to paw the fraudulently issued bonds o
their agents. These bonds must be repu'
dated. Wall street may as well take the
hint. The a'cOrner" may as well retire anC
leave Brownlow's railroad bonds, as they
must hereafter be known, to take care Of
themselves. They are not worth Gle, moi
even the 45c at which many Of them were
negotiated. They are little better now
and must, in the long run, be less than
worth the good bank paper on which they
are printed.
Schenek's bill for the reduction Of taxa
ton promises relief in many respects but
not approach the standard of free.
trade which the Democratic party may
vet be enabled to enforce, and which it il
TO the best interests of the South should
be the policy Of the government. Wher
ever It is possible to make discrimination
in favor Of the North and Northern man
uf~acturers, Schenck has secured it. anc
wherever, on the contrary, it was posi-
bic to iDjuriously affect the interests O.
the South, true TO his party and per
sonal record, be has lone it. So conscious
were the Democratic members of Congress
that this was the object and purport Of the
bill, they voted against it in solid phalan1
presenting a protest that in time will tel
favorably for the Democratic party.
The conduct of Fisk and Gould in water
ing Erie stock has affected unfavorably
American securities upon the European
markets. The London Tines, in uttel
ignorance of American party politics
allies these W worthless with the Demo.
cratic party, and says that in consequence
and because Of the possibility that tn
Democratic party may any day come int
power, such confidence as may have beef
entertained in the safety Of United State
obligations must also be greatly weak
eued. Under these circumstances, say.
the nThunderer," the assumption seem
warranted that the rate Of importation o
Europeau goods must forthwith be dis
missed or that gold Tor its equivalent
cottonl must be sent 10 pay so far as the.
are taken in excess. For the present tn
latter result seems to be considered tn
most probable.
The Funding Bill and the act for ia
extension Of National Bank capital, bot
drag their slow length along. Both ar
opposed by existing corporations, the frs
because it may, as it passes the Senate
force all National Banks to deposit tn
proposed 4 per ct. instead of the 8 per Ct
gold bonds now deposited by them a
guarantee for circulation. The latter j
opposed because it suits the New Englan.
-, srests TO mOnOpOlize and control thu
curre. ,cy, and realize from the people
tvo-fold tribute-frst, in the interest o.
honds den. sited, amounting in the tota
To SIS 600 GOO Ter year; and, secondly, i
the interest realized by the employment
of their capital in tie movements OF tn
crops Of the west and south.
Exchange is making very slowly q
cotton moves sluggishly, ana though I'd
demand fer il is not large. il is IN eGces
of the offerings. One a was con
strained TO ship currency to-day, anu III
short time others will follow suit II IN
STAPLE vet on hand is not sold more freel,
than at present. Rates are generally
firm at par buying, and = premium
checking; but some variation Is made
For instance, one bank would sell at y
per SIOOO-anOther would buy At = pre-
MUM; but the rate is as quoted above
Local SOCKS and bonds are very quiet
There is a brisk demand for city bonds
and sales have occurred at 4Sg4SH, bu
only a scattering bond can here and b
be found. Memphis aud Charleston Rail
road stock is nominal az 4094lc, with N
demand, and Mississippi and Tennessee
Railroad stock has sold at 1c during tn
week.
County Warrants are dull. Jurors hav
been paid of and the offerings are ian
Dealers buy at 7O97lc and sell at so
CITY Scrip Is dull; zoe would be an out
side buving quotation, while taxpayer
can get all they want at 73G75c.
tennessee money is dull at 659b9c buy
ing. Selling at 70G72c.
Gold has declined from ll4I, at who
IL opeued on Tuesday last, 10 ll2A, u
.ltu -.eo IN Nav York tO-daV BrOkel