Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1870-03-17
FINANCIAL AND COMMERCIAL.

premium of about ten per cent. Whenever
gold and greenbacks exactly coincide, there
will burst forth from countless unknown prison
places three hundred millions Of the filthy
lucre. Its yellow splendor has blinded the
moral vision of weak humankind from the
days of King Phillip, of Macedon. who said
he could capture any stronghold, whose gate
way was broad enough to admit mule laden
with gold; from the days of Iscariot; from
the days of Mithridates. of Pontus, who es-
capped conquering Roman legions by scattering
gold along the pathway of his fight; from the
days of the golden calf" now grown to be
"bull /" in Wall street. Whenever this ne
romancer-gold- worth no more than green
backs. and both this currency and gold pass
into general circulation, there will be a pie
thora of currency, an extraordinary revival Of
business, rapid accumulations of profits and
unprecedented activity in the exchange of
commodities. Real estate, if the deadly hand
of CHASTITY Radicalism be removed, will appre-
ciate rapidly in value, and the whole country
enjoy degree Of prosperity almost as corrupt
ing as war to Eastern communities enriched
as we were impoverished. Most satisfactory.
too, is the reflection that this prosperity thus
begotten, will rest upon sound basis; not
upon artificial valuations, but upon solid
substratum of gold Think, too, that the Old
World shares our prosperity. See how money
abounds in Europe; how our bonds are alb
sorbed how capital is furnished Fremont to
build road, when one like it was deemed not
long ago herculean task for New York, Bos
ton and the Federal Union. Europe sends
L.
populations, and thus the wealth of America
is rapidly augmented. If thousand millions
of American securities pass into the Golfers of
European holders, thousand millions of iron
or goods, or gold take the place of all this pa
per- American progress makes more than six
per cont, and this is all we pay for
the loan. Europe may make money by
our Indebtedness, but we make more
than Europe. Reflect that not only Europe
contributes more rapidly than ever before to
our ACKNOWLEDGMENT in gold and population,
but mighty stream of opulence, another Gulf
stream, river of the sea, flows across the Pa
cifc and gilds with gold, to give splendor and
glory to our setting sun-States growing into
empires on the shores of the Western ocean.
Europe and Asia are brought face to face by
American energy, genius and enterprise. The
Old World of Augustus, Caesar, Charlemagne
and Napoleon, and that older world of Cyrus.
Genghis, Khan, Mahomet and Confucius, from
opposite directions, reach the eliminating
point of human energy, action, progress and
intelligence in America. This is a magnificent
country of ours, and as visions of its coming
splendor and glory pass before our vision, we
may well weep because we cannot survive the
current century. to witness wonders in Amer
lea that will be wrought by gold.
CoTroS.-The market yesterday was almost
frozen to " Stiffness" and It was said to be
"bare," at least, Of good eottons. Twelve
hundred and forty-fve bales were sold at our
quotations of yesterday. Ordinary stained and
clean, l6gl7; low ordinary, 1212@l5 middling,
21@2l1S. Holders anticipate better prices, and
the best cotton is kept off the market. The
purchases are mainly for direct expectation on
European account. Our special kilograms by
Taylor's line tell of the condition of the New
York markets up to noon to-day. There has
been received at this point up to date, 2S4, 2S6
bales of cotton, and shipped 2ll,T6 bales.
Stock on hand. 2255 bales.
MONEY MARKEr.-Eastern exchange is still
very scarce, and banks were buying at an
eighth premium. Cotton bills were sold this
morning at par, and New York checks are at
4 premium. Currency may be borrowed on
No. collateral at 10 per cent. Gold, as shown
by our kilograms. fuctuates somewhat. and
our brokers adhere to New York quotations.
Scrips still have downward tendency. Petit
tions to support Prescott's resolutions are
coming in. and though the Mayors excellent
message is sustained. scrip spectators are
little shaky. City and County scrips are sold
at 76c. and if large lot were thrown on the
market. it would go atlower figures. Tennes
see money continues to decline. The bulls
working at Tennessee bonds and Memphis Sc
curities in Wall street have suspended their
operations. Perhaps they have sold out.