Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1870-07-26
FINANCE AND TRADE.
OFFTuE OF THE DAILY APPEAL
ArHpura Ju1v 25- 1870,

AhN0b 0Ch A0u4 III
anything but suggestive of commercial
growth or enterprise in Memphis. We
refer. of course, 20 the proposed sale or
the steamers c. B. Church and M. j.
Wicks. which, after running for a season
between this city and st. Louis, have
been laid up, the company that built them
confsssing it impossible 10 compete with
st. Louis capital and the indifference Of
Memphis merchants. This is a sad and a
humiliating confession; n that suggests
most pointedly the secondary character
of our status among the commercial
cities of the Mississippi Valley and the
content of our merchants to remain in
thraldom rather than by combined effort
TO obtain and maintain their independ-
ence. This is the conclusion forced upon
us. and It is the only conclusion that can
be reached. 1t is dIscreditable, and
should at once be counteracted by 8
movement for the purchase of the boats
named, together with the Liberty, which
has lust undergone $1,000 worth of repairs,
for the purpose Of forming a packet line
to Vicksburg, with which city we en-
loved before the war q large and lucra-
tive trade. Any person at all conversant
with the status of the great cities Of the
old world will confess that along with h
money value OF their trade their tonnage
is always included as a test Of standing
and growth. In our own country the
same rule holds good. New York is
mainly in the lead of all the Atlantic
ports, because she owns n controls q
tonnage greater almost than all the Others
combined. On the lakes we have Buffalo,
Chicago and Milwaukee, of which the
second enjoys an OyershadOwing pre-emi-
nence because of her superior investment
in sloops and barks and propellers. On
our Western rivers we have Pittsburg,
Cincinnati and st. Louis, all Of them pre-
eminent as common carriers, and all OF
them indebted to that fact for much of
their wealth and the rapid growth of their
manufacturing enterprises. Louisville,
with all its advantages, is but second in
the scale, and very little in advance Of
Memphis. Cincinnati owns the best
packets thai ply to her leyee; and Gin
einnati, if she does not own, enjoys the
chief benefits Of her admirably managed
and organized Short Line Railroad. The
merchants of Louisville, hke those OF
nearly all Southern cities, until a few
months ago, lacked organization. They
were in the aggregate without object or
purpose, and only accomplished b
they did of growth as a community by
-. - ~ buraNInn IT
was every man for himself, and the devil
AXE the hindmost. Out of this crude,
rough, uncouth state they are gradually
emerging. They are coming to recognize
the virtue, as we must, OF the motto,
United we stand, divided we fall. They
are coming 20 understand, as we must,
that a Chamber of Commerce must be
sustained, and that it must be more than
a body for monthly meetings and desul-
tory eonfabs. That it must plan and de-
wise for growth and success, for extension
of trade, for extension of influence, and
for extension Of good name and CONNER
cial character. That it must sustain what
there is OF commerce, and point out the
new channels in which more may be had.
Hence it is that Louisville is now so rap
idly extending her railroad ines and
stretching her itching palm over Mem
phis into the rich country OF the Red
river in competition with st. Louis; and
hence comes the strong antagonism that
refused to Cincinnati a line Of o that
would have brought that splendid city
within a few hours of Esst Tennessee,
Southern Virginia, North sud South
Carolina, Georgia and Alabama. Can we
not initiate a good example, even so late
4 one as this Of Louisville? Can we not
wake up 10 the Importance Of controlling
our own railroads and packet lines, and
10y faithful, earnest efforts, second the en-
terprise of uch companies, sustaining
them, if necessary, by an exclusive pat
ronsge9 We ought 10 own a packet line
10 Vicksburg, another to New Orleans,
and Que each to st. Louis aid Cincinnati.
Whsn we do, we will be able to entirely
control our own trade and direct an intel
ligent competition. Until then, never.
THE wEEK-MoNEY WANTED.
50 far we have no reason to complain of
the wsr. 1t has brought US no particular
or special disturbance of trade; on the
contrary, while it enhanced the bread
stuffs and provisions for which our plant
ers should not and would not, if they
were only Is prOvident as they should
bel make any unusual demand, it has
also favorsbly affected cotton, combining
with the now generally received opinion
Of 4 small crop to enhance prices and
stihen the back-bones of holders. The
cotton market during the week has been
characterized by frmness, and prices
have been fully sustained, the last two
days witnessing al advance Of a &c both
here and in New York, which, under the
circumstance of the decline Of Id in
Liverpool, reported on Thursday, is
extraordinary. To-day is no
ception to the generally pleasing
outlook, and We sugur fsvorably
for the week ensuing. Trade
generally has been dull, a. becomes this
season Of the year, except in bread-stufs
and provisions, which, following the tone
of the markets elsewhere, advanced. But
there WAS no untOwsTd movement even
in these. Money is yet scarce and DIM
cult 10 be had, even for the legitimate
purposes Of trade, and will be until we
nave two or three, or even the whole four
and a-hslf million of capital which is
promised to Tennessee under the new
National Bank law. And this brings rs
TO the expression of q hope that an OPP
portunity SO promising to Memphis will
not be allowed to pass without an effort
TO avail us of some of its benefits. We
have not the capital ourselves to en-
bark in any more banking enterprises,
bHt if We bestir ourselves, We may in
duenee all we need from abroad.
Proper representations to capitalists
at the East, of the value Of money here,
of the earnings and dividends Of Our
banks, and the average current rates Of
interest will be sure to work in u favor,
perhaps to the fullest extent we have
mentioned. The present over-stEained
condition of our credit and the emptiness
OF u Golfers should be strong and ire
sistsble arguments with influential mer-
chants and business men, urging upon
them the e~xpediency of securing, as we
suggest, more capital. We want more
money.
THE COTTON OUTLOOK.
Cotton is the basis of our trade and
commerce. 1t must ever, therefore, Occu-
py the first place in our estimate Of the
future. We believe in its pre-eminence,
ane for that reason regard a survey of the
cotton field as essential to an understand
in Of the prospect. So far it promises
well, If price is 10 be preferred to guam
tity. We are convinced the yield
min MT ha znvtbfn. TFb.a xYbas fua