Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1870-08-06

an ascertsined fact, 1t was their duty, in
their own and the interest Of the stock
holders, so soon as the Nashville and st.
Louis combination effected its purpose
and forced the paying freights in another
direction by a competing line, to avail
themselves CT the next best thing that
offered and running the boats between st.
Louis and New Orleans to secure all, per-
haps more than was at first contemplated
or thought possible. We are forced to the
conclusion that this letter affords a most
melancholy exhibit-but one that may
yet be of service as pointing out a chan
mel for profitable Investment, as the boats
may be bought in time to be put in the
trade Captain MoMsnus suggests, at the
beginning of the commercial year.
R GOLD NOTES.
The first national bank to issue gold
notes as per provisions or the recent act
Of Congress, will be established in Bos-
ton, on application of the banking house
Of Messrs. Kidder, Peabody d Go. They
viii have a capital of SSOO,OOO. The nee
essary papers In the premises will be
issued by the Comptroller of the Currency
as soon as the matter can be reached.
REDEMPTION OF COIN.
The Treasury Department, in answer TO
many letters, answers that the nickel
cent coins issued under act of February
2I, 1867, are not a legal tender for any
amount, but are exchsngable at the
mint of the United States for three and
hve oent nickel pieces. The one and two
cent pieces authorized by act of April
p, 1864, which comprise the chief portion
of the cent coinage In circulation, are a
legal tender for any payment not exceed
ing -four cents in amount. The three cent
nickel pieces are a legal tender for sixty
cents, and the five cent pieces for one
dollar. There is no provision of law au-
thorizing the redemption of one and two
cent pieces, but a circular issued by the
Secretary of the Treasury directs the re-
demption Of the five cent pieces by the
Treasurer and Assistant Treasurers. when |
presented in sums of not less than one
hundred dollars.
THE FIRST NATIONAL BANK OF NEW OR
LEANS.
The English High Court of Appeals has
just made a decision that simplifies mat
tiers with reference to the settlement
Of the affairs of the First Ma
tional Bank of New Orleans, which broke
down three years ago last spring. A short
time prior to its suspension 1t drew on a
bank at Liverpool for three hundred
thousand dollars. This draft went to
protest. Parties interested have been try
ing to get their claim on the preferred
list, so as to receive the full amount. The
decision is against them, and the money
at stake, therefore, goes into the general
assets for pro rata distribution. The New
Orleans bank is in the hands of a Re
ceiver, and will probably pay about fifty
cents on the dollar. No dividend has yet
been declared, and none is likely to be
declared at present. Questions are pend
ing in the Supreme Court, viz: whether
the Government shall be a preferred cred
itOr-about a certified check for a large
amount hat came into the hands Of the
Receiver, and about Beauregard's rail-
roads turned over as part of the assets OF
the bank. 1t cannot be wound up till
these are settled. The Receiver is Colonel
Case.
BOSTON DOT AND SHOE TRADE.
The Boston Advertiser of Monday says
the boot and shoe trade of Boston is now
active, and the leather trade, 80
connected with 1t, is starting up,
with a gradual hardening of prices, under
influence of the large sales of manu-
goods. Last week the sales OF
boots and shoes amounted to 42,432 cases,
value of which was about 81, 697, $50,
INT taking into account the shipments
made direct from factories, which do not
in u record, the business of the
week will probably amount to Over two
of dollars.
LIE CLOTHING TRADE IN NEW YORK FOR
JULY.
A New York exchange says: In the
Wholesale branch of the trade there has
been only a moderate business consum
During the early part of the
month there was considerable call from
he city and nearby retail trade for liner
md alpaca goods, and the season closes
With stocks of such fabrics comparatively
light in first hands. The market for light
was not so active as during the
corresponding month last year, nor was
t to be expected, since the trade had been
20 largely drawn upon for such goods
EARLIER in the season. Most dealers have
heir stock Of fall goods about made up.
md axe placing them for the examination
their customers, in anticipation of 2
business when the season opens.
Notwithstanding the war in Europe has
had the effect to %stiffen, and in some cases
the prices of wooden fabrics, il
without effect in the price OF
clothing, the goods having been mostly
purchased previous to the development
IF the France Prussian Goodness"