Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1870-06-19

savings bAlh OF AAelApuA5rFr-s--"' ~
City 49,
Memphis Life and GenI Ins. Co. 42,0ol
Jackson Insurance o. lo5,-tu
Manhattan ttvau
DeSOtO 4ts'Fos
Citizsns' Union Bank. .----.---..- s,ot9
Fmmet Gloss
$685. s4
From the above it viii be seen that the
total of active capital amounts to SILL
Oh. and the deposits to $3.50 "a. We
have not the data at hand TO institute a
comparison between the above and the
figures furnished by our banks before the
war, but as well as we can recollect, the
present banking capital tails below that
employed in 1860 nearly $500, 0O9-tR sto-
tai Of that year footing up IN round num-
bers $, 200, 900. OF h line Of deposits we
cannot with so much accuracy speak.
Rut what we are short of banking capital
Is more than made up TO US by the active
" employed capital Of our home fire M
life insurance o0mpanies-the two latter
-aggregating assets of Sl,6OO,000, and the
I'VE former perhaps enough 10 make a
total Of S2,OO0,OOO OF course this insur-
ance capital is not employed in the gem
eral routine or interests Of trade; but 1t
Is in WAYS that relieve the banks from a
pressure they could not satisfy, and that
would render an expansion Of banking
capltal more OF a necessity than under
these circumstances it can be felt. Taken
altogether, our exhibit is one that we have
10 be proud OF, for, except the First Ma
tional Bank perhaps we ought TO include
much of its cspitsl), the major portion Of
the capital and deposits above represent
the savings Of our people since the war
savings that are independent Of the vast
amount invested in business Of all de-
scriptsons. in railroads and steamboats,,
and in real estate in and out of the city.
Yet, proud as we ought 70 be and are,
this banking and insurance capital does
not satisfy the wants Of an increasing
business community and the large plant
ing community dependent upon us.
Twice the amount would lind employ
ment and ample remuneration. We need
capital. More than ever, we ant
mo9ey-mOney for all branches Of trade;
money to encourage mechanical indus
tries; money TO build railroads; money
for CITY improvements, and money to
build public buildings such as we must
have before we can be said to have put
of the village for the city style.
A gratifying result is shown in the Ia
bles Just sent out by the Bureau Of Sta
tistics at Washington, by which itappears
that in the present fiscal year ending with
this month, except the last quarter, the
exports from the United States, reduced
90 gold value, rave actually exceeded the
imports into the country 10y two million
dollars; whereas in the like period Of the
preceding year, the imports exceeded the
exports by So, ll3,3 Is; and this, notwith-
standing the fact hat few United States
bonds comparatively have been sent
abroad in the nine mouths, while the az
gregate of cur railway aud other secHri-
ties, sold in Europe meantime, is ineoE-
siderable in accounting for the change.
The Southern and Atlantic Telegraph
Company have extended their lines to
Charleston, ). c., Wkers they have an
office, and are doing a paying business.
Contracts have been given for an extern
sion of the HUes 20 Augusta, Ga, and
Columbia, ;. c..
The New York IrJU1le unesrJhs a fact,
that IN many cases capitalists and bust
ness men pay double income taxes, and
instances a case where A pays B $1,000,
part of q debt due hiH. On this sum A
has to pay income tax as part Of the over
plus remaining after the isgfui deduc-
lions were made, and B has to pay also
upon the same amount under the head Of
81 debts collected, previously supposed to
be LOST" The truth is, this income tax is
y gross injustice upon the people, and
should be abolished or modified.
Every day inquiry is made Of Us as TO
the progress of work on the Little Rock
Railroad, and as TO when it viii be I'm
ished. We regret to say that from pres
ent appearances the latter is a contiugen-
CIV a. remote as a. any time this two years.
Some weeks siuoe we found a bill to in
-orporate the Southern Express Company
published in the Augusta Ga C~hrORsete,
and which has passed Congress. Until
today. we have not been able TO discuss
its n~ovisions. So far as we are able TO
Judge. we are prepared to indorse this
measure as one that, while it will UNI
doubtedIv benefit the company, will also
benefit the people Of the South who have
occasion to avail themselves Of the South
ern Express. The first three sections are
general in their character, comforting title
10 LH - n--AL
and privileges Of business in allthe South
srn States and the Indian Territory; the
fourth section binds the compaDyto carry
and give a preference in carrying the
freights Of the United States, specifies
penalties for ~obstructing the passage Of
trains on railroads yer which the tx
press may travel. and gives 70 the Courts
of the United states the power and au-
thority TO try all such cases; also 10 try
and punish all persons, employees or
others,w who commit, or attempt to commit
a robbery. larceny, embezzlement, or
breach OF trust upon the Company. The
other sections are like The first three,
general IN character. The fourth is the
section with which we have to deal, and
in which we hnd SO much heartily
10 commend. It will enable the
compapv 10 punish without unnecessary
DELAY ali persons who commit robbery
upon it, and also enable it to carry cut the
contracts made with its patrons, and at
Abe same time protect the railroad lines.
As the law of the States was enforced, the
Southern Express Company was sub
iected to q great deal Of trouble in the
prosecution of those who betrayed the
confidence reposed ia thom as employees,
and the result WIS that not only the com
NAVY bst the public lost by delays that
were generally csptious and without Ioun-
dation Of right, or eyen possibility OF
e-espe from punishment on the part Of the
naa6ders. Another annoyance under the
.s5e Of the states was change OF venue,
which always operated in favor Of the
party prosecuted, and was never extended
tothe Company. This operation Of law was
found not only yexstious, but only ended
in the escape Of the offenders whose
proper places were cells in the peniten-
tiary. This law will save the Company
and the public from all such contingencies
in future, and will increase the sense Of
security Of the managers Of the Company
and the confidence of thepublic in an in.
~stituti0n so necessary to commerce.
We have conflicting reports to-day re
-Qarding exchange. At several banks w
could learn Of no especial demand, whil
Al another we were assured the call wa
large. and sales up to noon amounted q
ann ana Tho arrv,rF- - --.1-.rT,