Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1870-04-14
FINANCE AND TRADE.
OFFICE OF THE DAILY APPEAL,
MEMPHIS, April Is, 1870.

tlNANCE-
Exchange is gradually becoming scarcer
and Eastern balances are decreasing daily.
every little exchange Offering" is the
universal reply at all our discount houses,
''and rates are firm" The demand con-
tinues moderately active. We quote New
York and Boston bills at par buying;
checking at = premium.
Tennessee money is some frmer. Deal
ers buy at 72G7S and sell at 7S@75 as to
amount. One of our national banks,
which holds a round lot, has been supply
ing dealers at 72973 for a day or two
back, but it advanced its selling rate TO 70
to-day.
County warrants are also some irmer
with light offerings. Dealers buy at 759
49, selling at 77@7s.
City scrip is weak and unchanged.
There is a good counter demand for
gold, and brokers find no difficulty in
selling all they can get. They buy al
II26u2L and sell at II3@llSH.
There is nothing doing in city bonds. A
dealer holds a small order and would fill
at 40, but none are offered,
The bill which, at the instance of MI.
sherman, has just passed the Senate, pro-
vides for the continuance during 1870 Of
the tax of i've per cent. on incomes de-
r,-ed from the following sources, to-wit:
Di,ia 7uds of banks, trust companies,
s.,j,-, Institutions and insurance COM
NAMES. div bends and interest on the
bon5s of intern-l improvement compa-
MES. and salaries o. persons IN me CIVIL
military naval or OF ser employment OF
the United States. The Cther sections OF
the law which imposes a taAol H'e per
cent. on the gains, profits and u
every citizen, have been postpol.eu ioI
consideration, WIEN the general revenue
law comes up before Congress for action.
There should be no more tinkering with
this odious and unequal "Income Taxi
It should be abolished altogether.
General Butler has leveled a bill against
the Southern railroad corporations, pro-
vidiug that they shall cease to persecute
the United States with their claims for
damages, services, etc, and that the Gov
eminent shall draw a line across any en-
gagements, promises, or grants made to
them before the rebellion.
Argument in the legal tender cases in
the Supreme Court has been postponed
till next Monday.
The National banks Of Chicago have en-
ployed counsel and will contest the assess
ment Of their stock for State and county
taxes, on the ground that they are IN
equal and excessive, being more than
three times as large as on other personal
property.
Treasurer Spinner is preparing a reply
"a q com munication from bank presidents
relative to the funding bill, in which he
will show by November first that $780,
100000 of the 5-26 bonds will have ma
1ured. and that the Government can re-
call them al without compuisiOn.
a Tenuessee correspondent OF the New
TX EUeaiag Post says of u State
The, q is no pros rect of paying the inter
- IN fine State debt Tor some time 90
The decision of the Supreme
'ourt, oh usying the State 20 receive Ine
totes of she ola Bank OF IenhST9e'
mounting 70 over No millions o.
n payment of taxes. will make u e1-
remelv diff cult to me. 1t the current eE-
lenses of the State Cover. 7nisIt- VI oou
cry little money will be I ~slfed a.
IS for the present. 1t is I'M SASShe y
the present State Cove NHIenL ITI
llthess financial embarrassment NS'tIouka
he Legislature by no means dio SA$H
Ould TO restore the state credit.
The London Economist, of March 70
avs Of the United States /:
Some Of the Americans nave said that :
{ is the mission Of their country to give [
he world lessons in a new political Y
economy; but the truth is that it is their .
mission to give most wonderful and sur :
rising illustrations of Old political econ :
my. The size of their country makes I
III phenomena so large h a everybody 5
see them, and that everybody is in
crested about them. In the last six |
months there has been a rise of about 10
.er cent. in the value of their incOnvert-
paper currency as compared with y
old. SO large and so quick a change is =
lneNampled, so far p we know, in siEi- @
ar phenomena. The fall in the gold pre- (
is ascribed to the diminished eX- E
Of gold, and there is no doubt =
the export Of gold has largely di- T
We received from the United ;
'tates in 1866, Gl0,2 $50, and in 1869, is
=, 93s, 433. 7