Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1870-08-20

~ W
notes. which will incorporate the dihere At
sections of the act providing for the re
demption of the three per cent. certih-
Gates and for the increase of national
hank notes, approved July IL, 1870, hay
iurr reference te the subject, besides other
General instructions relating there
To The circular states that national
banks for the issue of gold notes can be
established, and would probably be sue
cessful and profitable at any point where,
direct trade with foreign Countries is car
ried on to an extent sufficient to furnish
employment TO the capital and means Of
the bank, and in those cities and States
where business is transacted chiefly on a.
coin basis. But in the small interior
towns of the Atlantic or Western States
Il is not at all probable that such institu-
lions would be profitable or satisfactory
TO the stockholders. Banks for the issue
of gold notes are to be organized As pro
yided in the original law on the subject.
First. the parties subscribing the capital
stock. not less in number than five,
should execute articles of association,
after which organization certificates
should be prepared, forms for both OF
which are included in Ia circular. A
certified o OF the articles Of association
and the original OF he organization eerti-
foats should be filed with the Comptroller
of the Currency. The cash paid must
not be less than City per e of the en-
tire capital subscribed. The amount OF.
bonds to be deposited must never be less
than $4,000, nor less b Oue-third of
the paid up capital OF The bank. When
fnv per cent. of the capital is paid in a
certificate to the officers and directors of
the bank in the form provided by h cir
cular is 10 be filed. Before taking any
decided steps for the organization Of
banks. parties are requested to cores
pond with the Comptroller Of the Cur
rency. Application may be made by let
ter. and should state the locality where
the bank is required, naming the city or
town, she population, a general estimate
OF the kind and amount of business, the
names Of the principal parties who pro-
pose to organize the bank, with informa-
tion as to their character and pecunisry
abilities. The minimOm capital with
which a bank can be organized under the
general provisions Of the act is 100000.
TOUCHING lNvEsrxESrs IN CONFEDERATE
MONEY.
Chief Justice Chase has recently pro-
mulgated a decision in s. North Carolina
case, touching investments made by ad-
ministrstiye guardians. IL is that where
an administrator purchased such securi-
ties directly from the insurgent govern
ment, through one o fits officers, with the
funds of his beneficiary, he must be held
responsible for the amour so invested
such a transaction, directly furnishing
money to the insurgents 20 carry on the
war against the United States, would not
be recognized by the courts Of the United
States. The Chief Justice intimated no
opinion as to what would be the law in
csse s person, acting in fduciary capacity,
invested trust funds bona fds in COnfed-
arate securities purchased, not from The
Confederate Governments but in open
market, without any intent to aid Che re-
beuion.
COUNTERFEIT FRACTIONAL CURRENCY.
The New York Herdtd'S Washington
correspondent says, upon authority of
Treasurer Spinner, that the counterfeit
is not on the new issue OF fifty cent notes,
as reported, bat on the old issue, having
the vignette of Lincoln, and which old
issue the Treasurer is now calling in. The
new issue bears the likeness OF Stanton.
The Treasurer says he viii give i've dol
lars Tor the first counterfeit note of this
class. The paper on which the new notes
of sll denominations are printed, is man
ufsetured under the supervision of the
government officers near Philadelphia.
The . contains colored silk fibre, and
Congress had declared its manufacture by
any other parties a felony.
TENNESSEE AID THE III EY NORTH
x JOURNALIST.
A correspondent of the Pittsburg Post,
who has been travelling through ourState,
thus pictures our advantages: He says
/" b attention OF Northern men is now
more given to Tennessee, perhaps, than
auv other part of the South, nOtwith-
standing the many attractive features Of
AnE OkueE EclAADA1a hANA tnI
location for heavy iron business, occupy
ing a more intermediate position than
Alabama. TENNESSEE is nearer the markets
OF The north and east, where so much Of
the southern products find q sale. Nearly
all that is manufactured in the south finds
,-a&dy sale in its own section, including
cotton fabrics, etc, and this, as a matter
III --aas-v-a vw#s1 a 4nnrnfnn
Dopulstjon Of industrious people shall
nroduec more than they consume, which
Is not at present the case. The south al
prssent uses all the iron that is produced
in its own section and buys largely from
the north, but this must and soon viii
cease. for it is not to be supposed that
with coal, iron, limestone, lead, zinc etc,
within its own boundary the south viii
he satisfied with the position Of a mere
bspgsr-on 70 States actually less favored"
THE CROPS ~ EUROPE.
The Chamber Of AgrieaIhtre Journal dis
eussss the probable yield of wheat in
this wears harvest. 1t says: Until full
and detailed reports are before us-which
can only be the result of an elaborate
collection Of opinions from the growers
themseIves-we anticipate something Ike
an average yield Of wheat as the due
effect Of a glorious season upon a defec-
tive plant. And when we say an "aver-
aRe,3 We mean sO-the term signifying a
moderate crop, half way between the fun
Weld OF some years and the failing pro-
duce Of others; and not the very nice
crop. Just short of being excessive, which
some farmers call an average" Barley,
we fear. is Ia much the SAINT case as wheat.
Ozfs. we expect. viii be considerably be-
low an average. Pess may be an average;
beans must Be very much under 40 aver
age. The principal deduction from the
history Of the crop and the season is that
we are respiDg in England q moderate
Weld Of wheat. France, we learn, n IN the
sgme predicament. Harvesting is well
forward, and thresbin2 is busily proceed
ing in the principal corR-growing districts
ofthat country. In portions Of The south
west, on the Swiss frontier, in the basin
Of the Garonne, in parts Of Normandy,
Beauee, Brie. and other northern depart
meuts, the wheat Is abundant n OF fine
quality. Bot in the remainder Of France,
excepting favorable spots, the harvest is
deficient, and 8 bad yield partly eOmpen-
stated for by good quality. AS Italy,
Spain, Belgium, Holland, North and
South Germany. Poland, the Dannbian
provinces and Russia have also suffered,
though in varying degrees, from the same
causes which have afflicted England and
France, il s. not surprising that IA reports
OF the harvest arrive from those coun.
tries. And when in tie face of an evident
European deficiency, we receive the ON
cial estimate Of a short wheat crop in th'
United States, we take for granted tina
cur home farmens should be in no hurry
10 market their new wheat. fOF prices