Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1870-03-26
FINANCIAL AND COMMERCIAL.

RICHES REORGANIZATION official re-
ports Just published it appears that the total
tonnage of the United States, external and in
ternal. is IA. $40. The tonnage of steam yes
sells. 1,1O3, sos; of Western rivers. 276.5O7; and
of the lakes, 49, 1886. The aggregate tonnage
of the Atlantic and Gulf coasts is, 2,S95,T7O;
and Of Western rivers, 392,90l. Commerce
and power still sit enthroned on the Atlantic
coast, and internal opulence Is oyershadowed
by glittering gold. gilded by sunbeams. long
before they ilumine the great river Of the
West. The tonnage of the seaboard is doubly
greater than that of all the States. There are
30 ,957 barges. Iron, it is thought, will be
hereafter mainly used in constructing the hulls
of these barges. Should not the frail. per-
ishable river craft, steamers ahd barges be
supplanted by iron vessels of the same ca
pacity? The number of barges annually built
is constantly greater, and the Mississippi and
its tributaries become nothing more than great
canals, used In the cheap transfer of freights.
while the locomotion of impatient man is eff
fected by railways. viii not the time come
when this whole valley will be crossed and
drained in every direction by canals, and what
will be its limitless wealth and productive
ness? The fabulous wealth of the Egyptian
Memphis, which was begotten by floods and
canals of another father Of floods, will be
deemed triAing contrasted with the splendor
and opulence which must make this great val
ley the richest portion of the globe.
COMING ISDUsTRIAL REvoLUTIoN.-Th road
ster engines, velocipedes of three wheels, pro-
PEELED by small steam engine, are run over
the ordinary roads and streets everywhere in
and about Edinbgrg.. Scotland. Numbers of
these machines have been in common use for
many months. One has been making six trips
a day, hauling heavy burdens six miles in and
out of Edinburg, over the toughest highways,
and making ascents and descents of one foot
in eight, The wheels have thick, broad tires
of gutta percha, protected by elastic steel
bands. The traetile power of these engines is
enormous. They pillow fields. and subserve
nearly all purposes Of horses and mules. The
introduction ofttlA iron roadster" into the
South is eminently desirable. 1t was once the
opinion of Brownlow, when calmer, more
dispsssionate man than to-day, that the mule
and Sambo were akin, and that the two races
would live and die together. The roadster "
knocks the mule out of existence, and it may
follow that Sambo becomes extinct. II the
roadster" be not suffered to vote, and may
not take advantage of the Civil Rights act,
and force itself into our dining-hal and bed
chambers, we would be pleased to have II
supplant the long-eared asinus, its thick
skulled master.
THE FUNDING BILL-WHAr Is Ir?-The term
- al "a ha
ton of floating debt, giving it such shape
that the pressure Of immediate demands is
obviated. Sherman's funding bill. of which
we hear so much and know so little, actually
creates new debt, issues a vast amount OF
bonds TO be sold. and the proceeds applied to
TO the absolute payment Of debt already
funded, Ifpeonle may be found who will buy
bonds issued under Sherman's bill at par, pay
ing gold for them. these bonds only bearing
s, ~ and per cent. interest lthe longer they
run the lower the INTEREST,", then sherman's
plan is successful. II Il p9thipg more than
the exchange OF securities having longer time
TO run. and at lower rate of interest for bonds
having shorter periods Of existence and bear
ing higher interest. In this country Sherman
and Boutwell, can buy the outstanding six per
cents for gold, but the sellers will invest in
railroads and local securities II Europe Sher-
.aaais scheme Will work well. Several years
viii be FespiEed 70 finish the task proposed.
CorroS AMP MoSKY.-The cotton market
needs sadly a dose Of tauFlefaai. u stupidity
dull. HaldeFs, damn as is the weather-are
stiH. Lutte IS esered, and buyers are slow-to
take. About four hundred bales were sold
yesterday. and the sales viii probably be less
to-day. Low middlinrs sold at 3oe; good or
binary. 1s,zc; mixed. lisl6c.
Good bills are taken at par. Exchange Is |
scarce. and J. premium is the checking rate.
Tennessee money. city scrip and county war
rants are al very duh and steadily declining.
The holders should get together. and put up
abe price. Tennessee State bonds are deeiin-
Inc in New YorE-old At si1a5e; new, SOC.
Liverpool Cotton Market.
Rv s. p. and A. telegraph