Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1870-03-07

and Harrodsburg railroad, 100000 for
debts incurred last year and nothing to
pay them with; 100000 school bonds and
SI5O.OO 0 more to clean out the snags in the
Kentucky river, making last year sl,SOO,-
600 of new debt1 and the propositions
that will be before the Council for the
next sixty days for, say, two to three mil
lions more for air-lines. The city now
owes the sinking fund $50, 600, the Eliza
BEETHOVEN and Paducah railroad $4,000,
and the House of Refuge $4,000 out Of
last wears taxes, and what has she to pay
them with but delinquent tax receipts.
The New York Journal of Commerce
publishes an extract from a private letter,
written by a gentleman in London to a
friend in New York, under date of jan
uary %, in which he says: $50 far 1870
does not look well; there is coming great
troubles, as there has long been indeed, TO
one very important British interest-the
sailing-ship owners are done. Screw
steamers are driving them out. This fact
explains as much as the war the ~decadence
Of American shipping, for you do not
build cheap steamers. The Suez Canal
will presently make things worse for sail
ing ships. 1 saw, yesterday, a French
man who had come here to buy a steamer
for use on the east coast of Africa, through
the canal, and numberless such schemes
are talked of. So far as this country is
the native land OF screw steamers it looks
well for us; but our ship owners have a
aaurGis quart d'heure to get through.
A dispatch from ottawa, (Cansda), Of
the ID inst, says: In the House of Com
mons to-day, Sir Francis Hincles submit
ted a new banking scheme. All bank
notes under four dollars are to be called
in, and government greenbscks issued to
take their places, and half OF the entire
resources of all the banks, held by them
for the redemption of their liabilities to
customers and the public, is to consist Of
government greenbacks. The scheme
neutrality-suspicious. for giving greater Sc
eurity to the creditors of the banks. The
suspension of specie payments for ninety
days win involve the forfeiture of the
banks charter. All banks shall receive
their own notes at par for debts, but viii
only pay out specie for their notes at the
place where they are made payable. The
government shall have the right to issue
seven millions Of dollars in Dominion
notes, four millions Of which shall be on
security Of debentures, and the balance in
reserve gold.
A Washington dispatch says that, as
the prospect Of the passage of the bill in
creases 10 fund the public debt at a lower
Of interest, and compel the National
banks TO exchange the bonds held by
them on the proposed new loan, a very
general inquiry has been made to the
Treasury Department by the banks, to
know in what way the proposed exchange
is 20 be made. The pending bill in the
senate is almost silent in this particular.
If the exchange is to be made at the Treas
the banks want 70 know II the mar
ket difference between the old and new
bonds is to be paid by the Government.
II the banks are to have the privilege Of
their bonds in the open market,
then it is agreed that there Will be such a
vast amour forced for sale in the time
named in the bill as to seriously depre-
their value. The friends of the bill
do not agree on this, but maintain that
will be no dinculty if the banks
are required to pay gold for the par value
Of the new bonds. 1t may be added here
that the impression gains ground that the
iDrar1st in faa nav hill will altar all he
liked at the uniform rate Of five per cent.