Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1870-06-08
FINANCE AND TRADE,
OFFIcR OF THE DAILY APPEAL, I
MEMPHIS, June z, 1870. J
FNANCE


The weather is very seasonsble. and TIN
crop prospects are excellent, not only II
our own Immediate section, but so far a
we can learn from Our exchanges
thrOugout the whole South. As the out
look brightens, the demand for money in.
creases, and business men who at thi'
season usually have q good balance {
their credit in bank, are now upon tht
market as borrowers to help out their Gus
toners, who are rejoicing in the eNpec'
fancy OF a good yield of cotton. We wisl
we could add corn also. The latter. how
ever, has been generally neglected. Cot
ton sells slowly and there Is, cOnse-
qaently, but little exchange making
while the demand for il is good. The
banks as a rule are buying at par, but one
institution was anxious to buy At a pre-.
mium of q per $1,000. Checking rates
range from 81 90 20 &c premium, witt
bat n bank, however, selling at the IN
side rate.
Stocks, bonds, Tennessee money, city
scrip and county warrants are quiet at
unchanged quotations.
Gold IS offered in very limited sums,
aud buVing rates remain at A6Elc under
Nb0se Of New York. Ii is stated that the
congressional Ways and Means Commit
tee will s0au report in favor of levying a
tax upou sales Of goid-the object being
20 break up specula, Ton, Which IL 8ssureu-
D. viii do III the report is -'ffect,
Treasurer Spinner is out i'm ST.. "hN'hgi
letter on the national banks and the nj
ing Of the debt, in which he says that the
question now really is, Shall the banks
be permitted to have their own circula-
ting notes secured by United states
stocks bearing q low rate of interest, or
shall the Government issue its own notes
and have as funds the $500, 900, 600 nov IS
sued TO the banks, thereby saving the III
terest, which ven at four per cent. would
amount to Si2, OO0.0 600 per auuum? Per
sons who know of what Ihey assert, he
saws. are c~onhdeRt4that q four per cent.
bond for $1,000 900, 600 can-be placed in
Europe. is IL proposed, he inquiries, mn
der such circumstances, that the people
will consent that the banks shall continue
10 receive six per cent. on their United
States bonds, and receive interest on the
loans made by them Of the notes tur-
1ished them on their bonds deposiS&
here7 Besides, is there not great danger
shat the answer OF the people would be:
Let the banks withdraw their stocks by a
deposit Of the money wherewith 10 re-
deem their circulating notes, and let the
Government issue S5g0 0OO, 900 of its own
notes instead. and save thereby 20 the
DeoDie SIS OO.O 900 of taxation annually.
The receipts Of internal evenue for the
month OF Nay were 81, l22,2i8 l3; for the
corresponding month in 1869, they were
So, Ga. Isl. or a gain in favor of May, 1870,
OF S479.g39 Is. The aggregate receipts for
she fiscal year ending June 30, 1870, are
nov estimated al Sis, DOC, 900.
New York dispatch of to-day SAYS
lis reported thaC the New York Central
and Erie war il about 10 be renewed.
Vanderbilt threw down the gauntlet yes
terdav by notifying President Gould that
all arrangements hitherto existing be-
tween The two roads be considered null
and void.