Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1870-03-03

In February more cotton was shipped south
by steamers than in any other month this sea-
son. There has been shipped south by the
Mississippi and Tennessee road this season
1880 bales.
REAL EsTATB.-The depreciation Of real es-
tate is much more palpsble in Northern and
Western than in Southern States and cities.
In very many districts Of the South there is
little or no diminution of values, while basil
ness, almost everywhere, save in Southern
trade centers, is wonderfully depressed, it
necessarily results that real estate loses
value. If there be any retrogression in Mem
phis, it is simply due to the equalization Of
gold and greenbacks. Our people owe less
than ever before, while we see it stated in il
lustration of the condition of Northern States
is under mortgage. The Sheriff, in Northwes-
tern States, is wonderfully active in making
sales; collections are otherwise impossible,
and there is little or no money in circulation.
New York and Brooklyn papers are filed with
advertisements of foreclosures of mortgages I;
there are many houses on Broadway labeled
''for rent" and rents and real estate are re-
duced forty per cent. No such statements are
pertinent to Memphis. On the contrary, rents
have steadily advanced during the past three
months; and countless houses on Main and
Second streets, tenantless through the last
year, are now occupied by busy tradespeople.
OF all property, real estate, like its owners, is
most conservative. Real estate yielded most
slowly to the imitation of prices after the influx
of irredeemable currency; but, having reached
fancy paper values, it recedes most slowly.
Wages declined long ago. and went down
steadily with the price Of gold, and IL is an ex-
traordinary fact that Memphis real estate is
hardly lessened in value. We state these facts
and make these suggestions, not that they may
have an improper influence upon those who
assess city and county property for taxation.
GoLD.-The recent extraordinary decline is
to be ascribed to the large supply in New York,
not less than 500. 600, 900 being held by the
banks, four times as much us at any time be-
fore the war. Government bonds have adj
vanced in this country and in Europe, and
thus gold and bonds approximate each other
in value. The Federal debt was reduced last
year 500, 900, 900, which fact gives confidence
to holders Of American securities, The re-
ceipts of cotton at Southern markets is TWEEN
ty-fve per cent, greater than last year, adding
at least sixty millions to the gold cotton is
gold in the country. In view of these facts,
none need wonder that abundance makes
cheapness, and that gold loses value as I. be-
comes plentiful, and Government securities
less abundant and more esteemed.
BoSDs.-Bonds issued prior to 1865 fall with
A. al
of the United States Supreme Court, and all
such, many hundred millions, must be paid in
specie. Southern railroads especially must
suffer, slnee this decision adds from ff,een to
twenty per cent. to the amount of their debt
The city of New Orleans will lose some one or
two millions by this decision, and Memphis. If
she pay, and our local railroads must suffer no
small loss,