Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1870-06-16
FINANCE AND TRADE.
OFFICE OF THE DAILY APPEAL, I
MEMPHIS, June IA, 1870. J

the present holders, and that since they
have passed into second hands it will be
impossible to reach them. To this we
have to respond that although that argu-
ment was advanced TO protect the inter
ests Of the people who held the ls6l-2
issues Of the Bank of Tennessee, yet the
Federal Government, acting upon inior-
nation at second hands, and that is known
to US TO be untrue, has forced our Legis-
lature to q reputation that has brought
beggary to many cultured homes. In
this case we propose to repudiate hat
which can only affect those who were in
the rings or in the interest Of the rings
which secured the issuance of these
bonds. Poor men and women cannot be
hurt by the refusal Of the State to pay
bonds that have been secured undo
fraudulent ~pretenses, and that have never
been applied 10 the uses for which they
were intended. Such a course can only
reach those who have shared in the profits
or those who have purchased for profit.
We therefore urge upon the Legislature
the repudiation of every railroad bond
issued since 1860 hat has not been
used for the legitimate purpose Of their
issue. Our ~bond-holders can cas- er bear
with this trial than the widows and or
phans Of the Southern soldiers could the
repudiation Of the Tennessee money lett
TO them as the only legacy and the sole
source of support in what has proven so
far a trying future. The telegram pub
Iished by US from New York yesterday,
setting forth that the Tennessee railroads
were buying these bonds with a view to a
big speculation We cannot believe true,
Those who control our existing raLoad
corporations are men Of at least ordinary
shrewdness, and certainly viii not tamper
with these securities until their value is
better defined. At present they are as
mix"
In a paragraph Of yesterday, wherein
We called attention to the growth of fire
and life insurance in Memphis, we failed
in our enumeration of fire companies TO
mention the Mississippi Valley, of which
our old and esteemed friend ". B. Wal
dram has recently been elected Secretary.
Mr.. Waldran is well known in financial
circles, and is appreciated as one Of the
most cautious, shrewd and successful
hnanciers in our section. His long con-
nsction with our railroad interests secured
for him a prestige and character (and
Justly, too that must be shared by the
company with which he is now connected,
and for which we predict a telling success
in the future.
The news comes to US, "a We regret TO
publish it as a fact, that Col. Sam Tate,
one Of the foremost railroad men Of the
South. a gentleman Of pre-eminent abil-
ity. lies on a bed Of pain and suffering
aud so low that his life is despaired Of.
". can i'll afford to lose Col. Tate al this
time. He is needed now more than ever.
We are but entering upon the career Of
railroad pros perity predicted by him and
for which he has labored so long. We are
but lust beginning and need his services
a a guide upon q oad with which he Is
familiar, and where, with Wieks a
Greeulsw and Forrest and Boyd, he can
lead this community to success. We
hone for letter news of Col. Tate to-mOr-
row, and will be glad to publish the fact
Of his rapid recovery.
Our attention has been called to an evil
that Is difficult Of remedy, and to which
we must, in the performance Of our duty,
cali the attention of our planters, the
mercantile community, unfortunately for
themselves, being already too familiar
with il. 1t is that much cotton has been
received in his market falsely aud fraud
ulently packed, the bales filled in with
trash Of all sorts, and sometimes water
packed. We learn that a OF our lead
ing cotton houses has had TO allow several
rebates on their Liverpool bills on account
of stones and mud taken from the heart
of bales of cotton packed in the Missis-
sippi Valley, and sold with a purpose 70
rob the spinner. or EFst cOnhdlng pur-
chaser. 1t so happens that In all the in
stances under our knowledge, Sh0 Mem
phis purchaser has had TO suffer ana ca
dure this robbsry and refund 70 the spin
ner in proportion 20 its amount. The
honor Of the planting community IS at
stake in this matter, and We hope our
auBeal will reach every member thab ms
thing Of fraud be stopped, be suppressed,
il in no other way by local associaJions
formed for the maintenance OF the creult
and good name ola class who heretofore
have stood high. as beyond any posi-
bihJy Of reach by the cOrrupting ln1iu-
enceS Of the dav. And while the planters
are redressing this grievance, IL would be
we'll for them to take into consideration
another that threatens TO grow aad
ASSUME dangerous proportions; that -
the putting up cotton in small
NJ bales. and the use Of unnecessary guam
titles OF baling and rope. sooner
or later We are bound to hear from the
Northern 2Rd European customer on Inns
head and to hSge trouble. The recOll Is
sure 70 come. and when It does, u VIII
be sweeping in measures for tne preven-
tion of all such p~enny-Nlse and pound
foolish schemes. 1t Is as necessary 20
maintain mercantile character a. mer-
camille credit. Indeed, the one argues
the other. II is therefore 20 the interests
of all engaged in GOtJOn-pnoducer and
seIIer-that It should reach the
tursr clean, free from trash, carefully and
honestIy lacked and with 2s little bag
gipg and rope as may be necessary for
n safe carriage and conveyance TO mar
ket. Memphis has a good name aDrosu,
sba must preserve it. 20 DO so she relies
and must rely VpOn the Ptspters who
make this their market Tor sac OF
their cotton crop. 1t is in the cotton a.
in all other business" Honesty istne
East policv." To illustrate this,
we will tell 4 story that is vouched for 10
MS As being true in every particular; Be
fore the war, in the vicinity OF 3 pretty
little town in a neighbOring state, net DIV
miles from Memphis, a well-Jo-do planter
hacked in the middle Of a bale Of hne cot
Tou an old and very larze grindstOne, hal
had done good service in It's time, and had
hqs-n thrown aside. He sold this bale TO a
~rchaHt Of the town alluded 10, who IN
n, ~old DC 70 A merchant Of MOGlle, ana
oerchaut of Liverpool. The LILY
~ 70 liant sold it TO a French man
on opening the bale, found
the Old stone on ~hieh the pIHn1oI :
groes had whetted L 'eit Am9 ~
and he Immediately re.. - - M~biIa
pool, whence it was ship $500
and FROM there TO the little o. sn+er
il foundi its way 70 the yard Of tn, 80
to the astonishment and amazemenJ
negroes, who could not believe hat b
stone they had packed under the direc-
ton of their master had been 10 France
and back in so short a time. 1t is need
less 70 say thai all the parties were reim-
bursed. The neighbOrs Of the unfOrtu-
nate man made ~ a purse and paid the
amount of the fund, and then tarred and
featbered him previous to driving him
from them ia disgrace. This severe pun
ishment served as an example for a long
time. We hope it will moi have 10 be re-
peated in order that the honor and credit
Of the planters Of the Sonth may be up
held.
The money market begins to show signs
Of an early era Of scarcity, which, so far
As Indications 20, bids fair TO be as strin-
gent as it was last season. Already more
than one bank reports currency close,
with a demand In excess Of their ability
70 supply. We must, however, add that
this is not generally the case, as other IN
stitutions nave ample means on hand at
present TO discount such paper as they
look upon a. desirable, and are At the
same time well fixed in the way OF bal
ances cash. There is little or no exchange
Offering, aud the demand for it is fair,
some banks Offering to a cotton bills
al = premium, though the rate is par as a