Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1870-05-02
FINANCE AND TRADE.
OFFICE OF THE DAILY APPEAL,
MEMPHIS, April so, 1870.
FINANCE.
FINANCE.

E1NANOE.
There is no change to note in lOca
finance. Exchange is steady, both buyinI
and selling, and the supply is about equa
TO the demand. City and county Scrip
are quiet at our quotations of yesterday
and Tennessee money is unchanged.
Business men should remember that
after to-day, they viii be required to dis
pense with the use of the " ribbon stamp
Tor eanceling stamps, and either canoe
them with pen and ink, or use either o
the following machines, recommended b.
the Revenue Department: Hollis self
linking canceloF; f.. d. Chamberlain cut
ting and dating stamp; HIS patent rev
enue csnceling machine; or Wheeler
patent cancelor.
Under a decision recently made bv Oh,
Commissioner of Internal ReYenue, farm
ers will hereafter be required to make re
turn, and pay taxes upon all produce sold
within the year. 1t has also been decided
by the commissioners that the farmer whC
puts mp his pork, or any part of it
must take Out q manufacturers license
A1 ~ - sAAa 4AEa - a BADAAAlul
and manufacturer
II this decision is sustained, and there
is no appeal from it, everything which the
farmer raises and sells will be taxed.
This is the most Ubiquitous decision Of
Columbus DelsnO.
The rim OF the new Mexican silver dol
lars. coined since the middle OF last year
with new dies, is more perfect than that
of the old dollars. The eagle varies some
what, and on the reverse there is added to
the cap Of liberty a balance containing q
book Of laws. The new dollars sent to
Europe are quoted st only 5 s7-1OO francs,
whilst the old ines are quoted at 5 $500.
Last year SI4,OOO,OOO in silver we're ex-
ported from Mexico to Europe, and now,
10 send that much in the new doll q
would entail q loss upon Mexican export
ers hrst, and upon the people next, of
Sl67 So. Under the circumstances, the
new dollars are no longer wanted in Mex
SEQ, and q return 70 the old dies viii be
the result.
The st. Louis Democrat saws. should
the Treasury in the next two months turn
$85,OO0,OO0 or S4O,00O,O 900 of its gold and
currency balances into United States 20's,
which We believe 20 be highly probable,
II viii add largely TO the prevailing ease
in money, besides furnishing a CORES
pendent amoun of capital, now idle, in
the shape Of gold in the Treasury, for
employment on the Stock Exchange, and
m the adjustment of the foreign ex-
changes. Should the latter seem to re-
quire gold for shipment through Nav,
I.Hma Cd Ill 81 A,H--.-l Ia -
est payments from the Treasury will be
both timely and entirely convenient.
Upon this q question the New York Times
argues as follows:
1t is no matter or surprise that the
funds should approach more closely the
price of gold. The Treasury is rich in
gold, and growing rich In currency, and
there is no reasonable question that the
Secretary Of the Treasury will sensibly
increase his purchases OF United States
6-20's in May, and in a considerable meas
ure increase his sales of gold through the
same month. We believe it will be the
policy Of the administration, for several
months to come, to utilize q large share Of
the present enormous and useless gold
balances in the Treasury by conversion
United States 5-20's, saving not only
o per cent. per annum interest, but reali-
Zing the difference in the exchange, now
amounting to about 5 per cent. We make
no prediction for b LEI month as to
the Use or tail ia gold, but have reason to
look for q much closer approximation
al present OF the price of 5-2O's TO
the price of gold, and to large purchases
Of SOS before h close of the fiscal year
ending June 30, for Treasury account.
This calculation is outside the question
the Funding bill before Congress,
which, If determined at all this session of
Congress, will take the simplest and least
disturbing form, but il is based upon the
point Of practical economy in reducing
the in-terest-besring funded dent BY the
vigorous application of the gold and cur
Tsncy balances in the Treasury 10 this OBJ
ject. The total OF United States 5-20's
purchased since the present administra-
lion came into once, fourteen months
ago, is now now over SIlO,O go 600. By the
30th Of June the moun should, and We
will, be increased to Sl50, GG0,000.