Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1870-06-17
FINANCE AND TRADE.
OFFICE OF THE DAILY APPEAL,
MEMPEIs. June l6. 1870.

ssry by the present depleted condition Ol
the city treasury and in view Of any pos
sible contingencies growing out Of failurC
in tax receipts. We understand that
Mayor johnson, with characteristic en-
ergy, has already arranged for the whole
amount, and upon easy and reasonable
terms.
Another measure, one 70 which we allu-
ded in our paper of Tuesday, has been
presented to the Council and Aldermen
by Mayor johnson and appropriately re-
ferred. 1t is that OF issuing 100000 in
gOld-bearing bonds for the purpose OF
funding the due and past due debt Of the
city. Experience iB other quarters at
tests the wisdom Of this suggestion Of she
Mayor. In order that we may 60 intotbe
markets Of the world upon a basis OF
equality with other corporations, we must
be prepared to tender a security hat viii
afford an interest equal to that guaranteed
with the best bonds now offered. All tho
later railroad bonds have been made gold
bearing. The United States government
has made this obligatory by reason Of her
~gold-bearing bonds, at present regarded
as among the safest investments in the
world. The bonds of one or more OF the
Virgiuiaand those of the South and North
railroad Of Alabama are gOld-bearing and
on that account have been rapidly nego-
tlated, most Of them, as we learn, being
taken in Europe On account. In tender
ing to the capitalists Of New York or OF
Europe our lev bonds, we must make
them. in 50 far as We can, equal to any
now Offering from any quarter and 8Fal
70 the best that have lately been Eeg0ti-
ated. Mr.. JOhusOn's proposition, if car
ried cut, will meet the demand Of the
times and insure Us a price Tor our paper
somewhere near its value. With the
o realized from these bonds and the
taxes now due tand we hope shortly to
be paid, together with a continuance Of
the stringent economy that is st present
a conspicuous trait OF oUr city govern
ment, We have hopes that our financial
affairs will be put in a condition so nearly
approaching absolute soIven9y e to leave
nothing more to be desired BY the BsOst
eEacang. We hope the committee to
whom this gold-bearing bono business
has been referred, will act upon it
promptly, and that their decision, based
upon an intelligent understanding of the
reasons we nave given, viii be favorable
TO the Immediate issuance of the bonds in
amount and character as suggested by
the Mayor.
Our attention has been called TO the
want in Memphis of community pride
and community effort in great enter
prises. In New York, in Cincinnati, Chi
cago. st. Louis, and indeed all the cities of
she Union, it is so that whenever any
c-omnlsndable and honest enterprise is
proposed by one or more of the citizens
Of those places, instead Of exciting jeaI-
ousy and enmity against it, ali unite in
its praise and all urge It. In those cities
one does not bear Of cliques OF meaning
less opposition, as Is too often the case
here. The only questions asked by aciti-
zsn Of New York or Chicago is, is the
proposed enterprise justified by necessity
and Will it be benehoisl TO the commU-
nifty. II answered in the Affirmative il
never enters bis head to oppose it pa the
grounds that Smith, Jones and Robinson
are gc3Dg to make money out Of it. He
takes it for granted that these gentlemen
are n that they know what they sre
doing, and do not propose 70 embark IN
d scheme, however good in itself or
however beneficial, unless it will "pay."
The fact that Smith, Jones and Robinson
20 into anything argues to your true New
Yorker thst it pays, and pays yell He
is glad to know that they ave the enter
prise TO project and the ability to carry
out a scheme that. while it makes money
f5r them, it viii inure bsnehciaIly to the
citv. They know what we must learn,
that every enterprise, no matter Of what
character, while it may enrich one or
contributes to the pockets Of al.
While we are building splendid private
blocks we are wanting in public build
ings: while we are extending trade by
individual effort, we are doing nothing
compared to what we ought, through our
Of Commerce, which, except for
the energy Of its officers, is a dead insti-
tuition. We have literally no public en-
terprise. We seem TO be actuated by the
grab game, by the Law Of sell, by a desire,
sometimes to build ourselves up by
pulling our neighbor down. This should
be, and must not if ever we are to
reach The dignity of a rich commercial
emporium, whence surrounding towns
and cities may copy examples not only Of
fair dealing but Of generous, liberal feel
ing to be made apparent in our hearty
- option Of capitalists, come rom where
bev may, in our hearty good wishes FOR
ali man ufacturing enterprises however
humble; 10 our hearty support OF every
and legitimate enterprise that viii
add 10 our dignity rs 3 community, CON
to our convenience or comfort or
increase our capacity or ability for trade.
The Chamber Of Commerce and the re-
Gently established Board OF Cotton Bro
kers and the Mechanics Institute should
become the arbiters in all our commercial,
siness or mechanical differences As well
u a~,aiculties. and a public opinion that
/. now ,9yided enthusiastically and is often
ontrolla5 by interested parties 70 the
..tri,,e,+ nj The community, should IN
hose two places be united and given to
he world as hnaI upon az questions in
There was more ease ia she exchange
to-day and the buylng rate was
iardlv so irregular. ShlPuiehLs o. cur
.ency to Louisville have been quite he&Fy
the past few days, ana in TINS way our
have obtained eastern exchange on
terms. Cotton bills are baken
It par, checking at = premium. b.
Currency is growing scarce and the de-
for 1t is active from nearly every
of trade.
We today publish the statements, As
'equired by law, Of our two prominent
National Banks. II Will be seen that
here is a large falling of in deposits, in
l~icaJing, as we before said, a~clOser money
That they have done a Profitable
business since the last statement appeared
s evident, aud the stockholders nave ea-
.On TO congratulate themselves on the
prosperity enjoyed under the able man
sgement OF the respective officers Of both
Institutions.
The demand for city bonds continues
at 49c. There are several orders on
he market at that figure but no sellers.
lot of $4,000 nav bonds were offered
Al CSC, but were uusOld az last report.
City scrip, county warrants and Ten
money are quiet at our quotations
Of yesterday.
Governments closed irregular, a. fol-
Bonds of l8Sl.---."-.."-"...ll6 @
so Bonds Of 1862 ...........~..ll2HQ-
J-29 " 1S64.--.--~.--.El%@-
500 +" 1S65-------.--...lll%g- I
800 {" 1856. new....~...1l3Z9-
! On q 1877 - INALfn-