Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1870-07-12

perity of the country depends, can be in
ffuenced bv such prophecies as the Ayr
cultural Report, and 10y the presumption
Judgment Of those who know nothing G
the planting, cultivation and productio
of the crop, or what circumstances infu
ence its yield.n Another Journal, speak
ing OF the diseouraging prospect, says
The repeated heavy rains %preventin.
work on the low grounds, the grass an
weeds have got such a start that il hs
been found Impossible 10 subdue them
and we hear of several farmers who VII
probably be compelled to abandon por
tions Of their crops to enable them T.
save the balance. But not alone are on
home papers " coming down" in their Is
Inmates. A Northern correspondent O
H~erapat'hs lLondon) R1iLacGy Journal es
Inmates the cotton crop now maturing al
3,GOo,O 600 bales, a falling OF of 10000 from
first estimates; and the New York Tri5unl
puts its figures al 3,5O0,O 900 a falling of OF
100000 from first estimates in New XOrE
city, by the help of which, and the igRO-
rantly stupid statistics from the Agri'
cultural Bureau, certain rings have beer
able TO " bear the staple, aud attempt tC
dictate future prices by selling 70 deliver
in.October at 1S5Ec. for middling. We dc
not pretend to estimate the coming crop,
That cannot be done with even approx
mate certainty, bet we DO insist that the
danger to cotton has been such as will
eondne it within the limits OF the figures
for lS59-7O. While upon the subject, we
think it pertinent to give an extract from
the New York Tribune, that enfOrces in
clear, vigorous English q view often ex-
pressed in these columns, and which has
be5n advocated by a majority Of the
Southern press. II is in reference to the
frenzy for cotton which again has pos
session Of our agrieUlturists, to the ex-
cIusion of other as valuable crops in a
local point Of view. The Tribune says:
in the cotton belt the old fallacy Of the
~omnipotenee Of the staple has come back
and possesses the minds of men now as it
did in 1860. 4 90 not raise hogs says
one, because it pays better to put all my
place to cotton and buy my pork Others
dtdAlAApA AtlA NNSAH an NAAIp0N ~ tNElAAA
on a Western natbost. And 50 the curse
of mon5tony in production, of industry
never diversified, of the surface given up
10 crops that enrich England and beEgar
the field hand, of a rotation by which the
fairness of the South passes over seas and
blooms in Lowell and Manchester and
Boston snd Liverpool, Of a method that
" H. i'll "a .-L- O.. Ill
the laborer while it degrades him, the of
spring Of an economical system ayerse to
ours, and contriSed by the hereditary
enemies of American growth and great
ness-this false system is creeping back
upon the south, and an unusually large
crop at low figures would this tall rivet
her letters and complete her subjection. -
The currency bill recently passed Sc
cures TO Tennessee an addition of Z, H.
759 Of banking capital, much Of which it
is expected will DE appropriated by Mem
phis, the commercial emporium OF the
state. Besides this amount, we may also
have a further expansion under the free
banking clause on a gold basis, il having
been provided that upon the deposit Of
any gold interest-beSring bonds OF the
Treasurer Of the United States in the
manner prescribed in the 10Th and Goth
sections OF the National currency act, it
shall be lawful for the Comptroller to
issue to the bank making Ia deposit, cir
culating notes Of different denominations,
not less than s., not exceeding in amount
eighty per cent. Of the par value OF the
bonds deposited, which notes shall bear
upon their face the promise of the assO-
citation to which they are issued 10 pay
them upon presentation at the Office of
the association in gold coin Of the United
States, and shall be redeemable upon
such presentation in such coin. The capt.
tai OF any inch banking association is
limited to Sl,OO0,O 900. Banks organized
under the preceding sections are required
TO keep on hand at AL times not less than
twenty-five per cent. of their circulation
IN coin, and shall receive at par, in pay
ment Of debts, the gold notes OF every
other such bank which is at the time re-
Ceeming its notes in coin. The increase
OF capital that may be avsiled of by the
people of Memphis under the terms above
will all be needed, and we think the bill,
50 far as we are concerned, a very oppor-
tune measure though far from what we
wish), inasmuch as we should begin to
prepare for the vast increase in our staple
receipts which are certain to accrue upon
the completion of the Selma, the Missis-
sippi River, the Little Rock and the Kan
sas railroads..
The st. Louis Journal Of Commerce of
the 9Th inst, in a well digssted article,
shows that competition has diverted a
large amount OF Western trade from the
city Of New York. Ia 1866 the grain re-
ceipts at Buffalo were 81, $50, SI2, and they
gradually declined to g, 428, l3l bushelsin
1869. But what New York has lost other
localities have gained. For instance, the
grain receipts al Erie, Pa, in 1869, hadin
creased 10 2,4Il,s79 bushels against only
1880 bushels in ISG6. In 1866 the re-
at Ogdensburg were only sl9,23s
bushels. Al Montreal the grain receipts
in 1896 were GO5,6SG bushels; in 1863 they
rose 10 s,0S3, 1872 bushels. The grain re-
ceipts in Philadelphia in 1869 amounted
=
20 1885, us bushels, against 4~,S35,zS5 in
1866. In Montreal the receipts of wheat
the commencement of the present
year were l,720,O55 bushels, against 1O0,-
43l bushels in 1863. This shows that the
grain trade between Chicago and Mon
tresl is steadily increasing. In the course
a few years there will be additional
outlets TO the Atlantic sea-board, for the
grain and provisions Of the West. The
route to Norfolk, Va, is claiming much
attention, and it is quite evident that as
the wheat fields OF the States OF Missouri,
Southern Kansas, Arkansas and the In
dian Territory increase, as they certainly
will, and that, too, rapidly, the Norfolk
route will become a formidable Oun
in the business Of moving the sur
plus products Of this trnly Egyptian
District" And 50 far as the route via New
Orleans is concerned, all doubts have been
dissipated by practical tests; and from
this time forward the volume OF grain
that will seek Eastern and foreign mar
kets thitherward will year by year in
crease.
The New York DAILY Bulletin of she |
9TH, in an iteresting and sensibly written
article upon the proposed Southern and
a. /