Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1870-06-29
FINANCE AND TRADE.
AzrHnnwu Tnnn - XII.

MEMPHIS, June Is, 1870.
The report of the Joint Committee of
Conference in the Currency Bill as given
by telegraph on yesterdays APPEAL, is
ANYTHING but satisfactory. 1t is a com
promise between the Senate and the
House ideas on the currency, a con-
cession to the National Bank interest
and is as far from satisfying the wants of
commerce or needs Of the people as any
measure that has vet been suggested.
In the 9th section it repeats the $780,
ODOyOOO in the currency act but in the first
provides for S45, 100000 in addition to the
$780, OO, 600 already issued. 1t also a.
tempts to provide for al equitable dis
tribution Of ths currency but as we think
absurdly, as that is something which can
not be taken away from the control OF the
s'ringp who have so long held the balance
of power in that particular. If our teie-
graphic report is correct, this last meas
ure will prove, with others, equally IN
satisfactory to all sections of the country
IL more thar over proves he necessity
that exists for taking this question oil
currency out of the hands OF
Legislators and reposing il in.thoseo OF per
sons whose interests center in
and who, knowing what is wanted, VIII
attempt to satisfy that want under a Tree
banking system which is now gener-
aliv believed to be. the only psnaoea. for
our monetary ills. Had Mr.. Garfield IN
sisted upon such. a measure, and, as rep
r~esenting the interests of the people and
in their name emandadit, he might have
succeedad, at least he would have Sc
rcd for himself the same amount of
credit for sincerity as q servant OF the
people as that which now is accorded him
As servant OF the giant monopoly that
centres the money interests Of the
country in Wall street, New York. What
"a want is not a currency bill bPLa free
banking bill that will be operated under
the stimulus of the laws of trade and not
be susceptible Of manipulation by Con
yress or a clique like that which is so
cormorant under ths National Bank
law.
1t gives us real pleasure 70 note in
this department of the APPEAL the
promputude that characterized
Chamber Of Commerce in the matter Of
direct trade sith Mobile. We have
nothing 10 lose bHt much to gain by IVA
riety of outlets to the sea. Norfolk is h
natural port for our European trade,
Mobile for our West India and New
Orleans for that with Mexico and South
America. We learn from a gentleman
familiar with the trade affairs of the
"Gulf City," that the State Of Alabama
is about to expend S2.6O6.SO0 in the m
proyement Of the otherwise magnificent
harbor of Mobile, and that only this is
wanting TO set such movements on foot
as will insurs 10 her a higher place in the
list of s~ea-ports of the United States.
Under these circumstances, direct and
unrestricted intercourse with Mobile be-
comes almost as desirable to Memphis as
that with Norfolk.
A movement has been made in the
United States Senate in regard to the in
come tax, which as telegraphed to the
APPEAL, yesterday is simply incOmpre-
hensible. In ths report OF Mondays pro-
ceedings Of the. Senate we are told
Sen ator Sherman said that upon consul
tatiou il was agreed, 20 let al iHeOage
t1res 90 as q substitute" for what il not
stated. Farther down we are informed
that ssthe INCOME tar section t0aS stricken
out sCithout diUisi0H," and then we have
the following as a new section to the in
ternal revenue tax on corporations and
salaries during this year, which was
amended and agreed to:
THAT sections 40, l2l, l22 aud l23, act
of June 80, 1864, and amended by the
acts of July -, 1866, and March ?, 1861,
shall be construed to impose the taxes
therein mentioned, being the taxes on
the dividend of the corporations and sal
ary OF Government officers for and dur
ing the year 1870, and that all such taxes
shall be 60 lectsd in the manner now
hereafter PEsvidsd by law.