Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1870-03-13
THE FUNDING BILL.
II Passes the Senste---Its Influence Upen
the Gold Market.
acknowledgements Of tie Staple Watched
Closely.
Sub Treasury Reoeipts---GeneraI Trade
Review.

WASHINGTON, March y. - Last
night the Senate, after a most pro-
tracted discussion of nine hours and
the defeat of numerous amendments,
finally passed the bill to fund the pub
lie debt by vote of 80 to 10. Not
withstanding all the preparations to
modify the measure, and the struggle
of the National Bank interest in that
direction, the bill passed almost as it
originally came from the Finance
Committee.
NEW YORK, March I2.-The ITi-
6ltae of this morning speaking editori-
ally of the passage of the Funding
bill, says: The bill is part of the
financial policy fully resolved upon by
the people; that only the merest mat
ters of detail remain for discussion,
and these must not be dwelt on un-
necessarily in the body when the pre-
vious question can be ordered, the
members recognizing the importance
of the early adoption of the measure.
During the debate on the bill gold, in
fiuenced by the indications OF its pass
age, dropped, dropped, dropped, until
the premium is comparatively inSig-
nificant, and this viii be still further
reduced by the passage of the bill by
the Senate and its uuheSitating adOp-
ton by the House. AS it comes in a
matured shape from the other body, it
will largely tend to the permanent es-
tablishment of gold at a low and rea-
sonable premium, and thus put an
end to the speculations which have for
a long time past unsettled trade.
4 fhn rra1rlrnf nT1h y tho
banks, insurance and brokers' offices,
the leading subject of discussion has
been the funding bill, which is gen.
orally unpopular. 1t is confidently
expected, however, that it will be ma
terially modified or defeated in the
House. Public opinion favOrs uni
form loan in the length of time and
rate of interest, viz: a long four per
cent. bond, the principal and interest
payable at home and no commission
for negotiation. Such a bill, it is said,
and one more cotton crop would make
funding comparatively easy, while
the present bill, it is claimed, will ruin
legitimate traders and delay specie
payment. The disposition is to await
developments in the House. Private
dispatches say several Senators, Op-
posed to the bill, voted for it as a COM
pliment to the committee, and under
the belief that it would fail in the
House. This is said to be true of
COnkIing, while Cameron is alleged to
have lodged the vote. The c0ntTac-
tiOn clause encounters much hostility
from the Western members. The
movements of cotton are watched
with great interest.
The total receipts at all the United
States ports since the first of Septem-
ber reach 2, ,258, ,S25 hales-an increase
Of 5l6, T9l over the corresponding pc
riOd last year. The crop is now esti-
mated at 3,000,0 900 bales. The weekly
receipts will soon begin to fall off, and
a larger stock is likely to be carried
over than last year, as the holders
generally are opposed to selling at the
present prices. The exports to date
are / ,305, ,255 bales, against 90i ,4l6 bales
last year. Stock 553, ,S94 bales, in ex-
cess over last year OF 152, 600, but q
considerable portion thereof Is await
ing shipment, and the bills against il
sold. In this market there is very
| large short interest in the staple both
llOAC anu III l44N Ci llOblY Aitltl
operated to sustain this market
The foreign commerce of this
port has been very heavy thi,
week. The imports aggregated ST..
l65, ,245, and exports S3,624,92S. The
sub-Treasury has received 81, ,731, ,S0t
in gold for customs, and sold 81 ,000, ,00t
in gold, and paid out S502, ,389 coin in
terest. Money is easy at 4C66 per cent
on call. Prime business notes 7E9G
! per cent. Sterling dull at S@Sg. Gold
tirmer and higher; it opened at H.
fell to III, and q6psed at rs. The ear.
rying rates wen 592 per cent. TO fat
Clearanees, 81 0OO, 900, presenting an
enormous business Of yesterday. Gov,
ernments declined in the forenoon but
closed strong with an upward tenden,
cy at full recovery from the decline
State securities firm. Old Tennessees
go; New, 5OI,