Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1870-06-13
FINANCE AND TRADE.
OFFICE OF THE DAILY APPEAL !
MEMPHIS, June IL, 1870. J

AaN 1880
absence of speculation, is farther provoked
DIV a feeling that the glad tidings of great
iov. which a few days since heralded a
''big" crop, were premature n that the
present unpleasant cold, inclement and
very wet weather may tend TO such a re-
duction Of estimates as may give the
crop Of IS6g-7O a precedence over or
achieve for it equality at least IN
number of bales with that yet to
be recorded of ls7O-7I. Our private
advices tally exactly, as to this crop pros
pect, with those which reach us by cor
respondents and from the country press
1t is true the stands of cotton are hlgE,
that until within a week past they prom
ised most bounteously, but since thai
time the grass has sprung up almost TO
"cbokiug strength and beyond the
power Of the limited labor OF planters 10
'sclean out" and the "hce"-worst oil
Egypt's plagues-threaten TO Kill whal
the grass may leave. And this Is not the
worst news that reaches US. As is the
case in all new countries, or countries
K ours. recuperating from war and dis
aster. labor is unreliable. The negroes
have been, in many places, rendered
worse than useless by politics and the
whites imported to take their place have,
no compunctions of conscience in leaving
their benefactors and friends-the men
who have paid their way to comfortable
bomes-aud engaging with others who
offer a slight inducement or trifing
bonus. With labor so uncerta5ea large
crop in the field, and the most miserable
weather ever experienced in this section,
at this season, the planter Is in anything
but the favorable condition with which
the New York Bears invest him, and feels
more as if hs was going to make total
failure than a crop of 100000 bales, such
as has been predicted by northern papers
DESTROYS of dragging cotton To 3 level
with their wishes. There will not be a
4.OOO,OOO crop, and il looks now ash there
will not be a 100000 and that what Of
last wears crop is still on hand may yet
realize for the holder a price commensu-
rate with the labor and anXieties of its
production. This is the truth. 1t is a
fact that cannot be gainsaid by the editors
of ~s'circulars" or those who want to make
a big crop in advance in order to bear the
market and force those who hold 10 sacri-
fee at panic prices. We have telegraphs
and a reliable daily press, and can neither
be frightened nor cajoled into a move
ment wholly in the interest OF those who
have sold to deliver or are among the
shorts OF New York. And this leads Us to
an IDEA we have long desired to give ut
terance to, and that is that New Orleans
and not New York should give tone to
our cotton market, and that in order to
break through a thraldOm detrimental TO
the interests of the South, We should sell
our cotton for gold and leave speculation
in our leading crop to the gamblers Of
New York and Liverpool. But coming
back to our mutton we desire to impress
upon our readers the precariOns condition
of the cotton crop, and to advise that those
who have cotton in hand are as well OF
as those who nave so much gold to their
account in bank. We do not mean TO be
understood as advising planters to with
hold their cotton from market, but we do
advise them not TO be terrorised by the
kilograms, circulars or reports Of those
who have a point to make by the cheap
cry of "big crop and consequent low
prices" Of the funding bill, we learn by
telegraph and from the northern papers
that the measure, as reported by the
House Ways and Means Committee, Is
likely to fail in the Senate. Hence the
distraction of National bank officers and
the "ups and downs" experienced by
Wall street capitalists and brokers'. There
is no doubt that while this finding bill
will perhaps be a fruitful source of profit
to some Jay Cook, it would be beneficial
TO the country at large in the shape Of a
reduction of interest. AS to the policy of
our Legislature in the proposed practical
Reputation Of our railroad bond issue,
there is but one opinion expressed, and
that is that if there is any way by which
that Indebtedness in whole or in part can
be honestly and fairly repudiated, it
ought 60 be lone in the best interests OF a
suffering and tax-ridden people. And
this will doubtless be accomplished not
w-ithstanding the efforts or 3 certain New
York d" corner who, in spite OF the ex-
pressed determination of the Legislature
and the expressed will Of the people Of
Tennessee, are bulling these bonds far be-
yond their value and above any expect
ancv that we have formed for the legiti-
mate issue of our State. Writing Of rail-
road bonds brings us to a subject upon
which we had something TO say yesterday
in this department, viz, the proposed con-
troll of the Mississippi and Tennessee rail-
road by the McCombs Southern railroad
corporation. We learn to-day that
this movement has the sanction Of a Bss-
ioritv Of the Stockholders Ofthe road, and
that it is only part Of a grand scheme
whereby the Tennessee will become a
link in a through road from Faducah and
Cairo to New Orleans, via Memphis.
It is partly in furtherance Of this scheme
that a Union Depot is proposed, and we
understand will shortly be established.
The Navy Yard is the point selected and
the only question now is how it is to be
reached by our present and prospective
lines. This will be settled in a few days,
and before the summer wanes work will
have been commenced on the most inn
portant local public enterprise ever sug-
gested TO our people. These railroad
movements the new buildings in process
OF erection, and the prolongstion Of the
cotton business affect Us Of Memphis IA
vorably, and we are doing better now
than during the same time Of any previous
year. We have prospered in the past two
years and are prospecting now to an extent
that bids US hope ia spite Of the rains and
all the multiplied drawbacks descanted'
upon above. We have the negclsus Of
manufactures in two infant companies
and several foundrys that are and have
been busy. Our retail dealers never Of
fered more or greater attractions, and u
wholesale men are ~conquering in new
fields of the adjacent territory, and have
recovered much If not all of that which in
the confusion Of comm reconstruc-
ton had been lost W
Rates Of exchange are firm, both ways,
and cotton bills offer in very limited
Eastern bills are taken at par,
and. except in one instance, we can learn
of no deviation from = premium selling.
In round amounts one bank checks at 81
per $1,000.
City Scrip is weak. There is no real
buvfSg rate. and dealers wOul not take
any amount of it at over zoe, while az
least one broker to-day would only otfer
&C. IL is sold over the counter to tax
payers at 73g74c.
County Warrants are dull and declin-
ing; 75c was paid by dealers early IN the