Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1870-07-10

AENNEooEh bOhNo JhoN AOh ONNhPg
large share of the attention of the
stock gamblers of New York. They
are one day up, up, up, and another
day down, down, down, just as the
interests of the "corner" who controls
them suggests. The reported daily
rise and fall of our State securities has
no other significance. The inquiry is
speculative, made so by a fictitious
demand stimulated by parties whose
interest il is to make money at
the expense Of the fools
from afar who in great
part support the New York
stock exchange. There is no good
reason why it should be otherwise.
There is nothing in Tennessee bonds
to make them valuable, nothing TO
recommend them. They have been
increased inordinately, beyond the
possibility or viii of the people to pay,
and for some years even the in
terest accruing upon them has
not been paid. The Radical
party under BrownIow stretched
the rubber band that bound credit
until it snapped, and would hold no
longer. They gave up the control
of the State only after they had in
creased its debt three fold, had taken
the last cent from the treasury and
had killed our credit by refusing to
pay interest on our debt for three
years. In 80 far as they could do so,
the present Legislature has sought to
repair the mischief thus wrought by
a practical Reputation Of misapplied
and misapprOpriated bonds, but with
out any but a remote promise that the
past due and accruing interest on what
they recognized as valid bonds viii be
paid. A declaration of this sort
would alone authorize or afford a
basis for the speculation in old and
new Tennessees, of which the tele-
graph every day apprizes US. In the
absence of this or anything like it, we
are constrained to believe and to ex-
press that belief in warning lines, that
the furore in Wall street is simply
speculative, without foundation in
anything like the law of supply and
demand. Some shfewd ones will
doubtless cite the fact that it is
legitimately a result of the pur-
chase by certain railroads of
new bonds wherewith to satisfy
their Indebtedness to the State. Per-
haps it is, and perhaps it isn't. The
whole amount so far purchased viii
not make a difference of $4,000, 900
one way or the other; and we are adj
vised that this has ceased since it has
been mooted that it is possible the
bOndholders in possession of the
bonds originally issued to these non
railroads may yet be able to
force such roads to a full responsible
ty for the past due interest already
paid by them to the State, and in
robber-like style misapplied by
our Radical authorities. But this OPP
pOrtunity to pay is to come to an end,
the Legislature having determined to
its privilege TO railroads to
pay in new bonds. Even with this
fact staring them in the face, it is not
TO be supposed non is it expected the
street ''cOrner'f now interested
in Tennessees will foregO their deter
mination to clean out all who may be
by their chat. OF course they
viii cOninue to speculate, no matter
who is hurt. We are sorry 10 record
his condition of our financial affairs,
but it is our duty as public journalists
10 explain in plain terms what seems
10 be a puzzle TO all who are no, in
the secret Of the corner ring,
)r whatever else you may
please to call the combination now
bearing and bulling as suits them on
securities. The truth is
-hat our Legislature has done nothing
to enhance our bonds, and the Oppor-
offered to our railroads to pay
their State indebtedness in new bonds
has not been availed of to any extent
and cannot be in future. There
lore there is no cause or occasion for
The excitement in our bonds, which
promises to catch not a few Of our
r-ennesseeans before it is over.