Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1871-02-02
FINANCE AND TRADE.
OFFICE OF THE DAILY APPEAL,
D.H- nl-H

OFFICE OF THE DAILY APPEAL, ,
MEMPHIS, February 1, 1871.
B%rTUArINOUs COAL TRADE OF 1870.
A dispatch dated Philadelphia,
January ., says: 1.-THE total prOduC-
ton Of bituminOus coal in this COun-
try, in 1870, amounted to fully 1S,-
100000 tons. The bituminOus trade
bids fair to eclipse the anthracite in a
few years. The latter amounted last
year, as far as reported in PeuDsylva-
MIA, to only 16,889, sos tons. In BOs-
ton, in 1870, the anthracite trade fell
oft 49, tons, while the bituminOUs
increased 1900 tons. During the
past year, the Baltimore and Ohio
railroad, with the Chesapeake and
Ohio canal. brought to market ILL.,
Z 5tOns Of Cumberland coal, a decrease
Of 1861 600 tons. The Huntingdon and
Broad Top railroad transported 3d.
so tons. a decrease of 46,Sd0 tons.
The Tyrone and Clearfeld branch Of
the Pennsylvania Central carried 345,-
900 tons Of the Phoenix Vein, while
the Allegheny Mountain mines
shipped 90, OO0 tons, mostly for local
consumption. The BlOssburg and the
TOWanda mines, which largely sup
ply New York State and the lake re-
giOu, supplied, as lear as can be as
certained, 500, 900 tons. Thus, the to-
tai consumption Of bitUminOUs coal,
for iron, steam, and domestic uses,
on the seabOard north Of Cape Henry,
aggregated 10000 600 tons. In addi-
ton, the gas Goals Of Western Penn
sylvania and Virginia gave 100000
tons, of which One-half was brought
eastward by the Pennsylvania Cen.
tral. The statistics Of the Western
bituminOus trade are only approx
mate. 1t is an authenticated fact that
Pittsburg. beside consuming locally
100000 tons, shipped 100000 tons
down the Ohio at two dollars each; |
yet so Inadequate was the supply that
itcOmmanded eight dollars a ton at
Memphis. Cleveland received, for its /
own consumption and for t~ranspOrta-
ton on the lakes, nearly I,000,0 600 /
tons, by the Cleveland and Pittsburg, |
and the Cleveland and MahOning
railroads. The great West and North
west, takingthe statistics of the Pan
handle and the Pittsburg Fort Wayne
and Chicago railroads, consumed an
additional 2,0O0,000 tons. As near as
car be ascertained, the Indiana, Hi
nOis, Michigan and Kentucky mines
yielded nearly 1900, 600 tons; and to
these are to be added the productions
Of the vicinity of Richmond, Va, of
Alabama and Tennessee. In view Of
this great and increasing production,
the strikes of the anthracite miners
will yearly become Of less practical
value. A silent revolution is at work
in the coal trade. Baltimore seems to
be losing the supremacy on the sea-
board once held by the Cumberland
coal, owing to the valuable tracts
opened up in CeaTfeld county, Penn
sylvania, during the last three years;
but by the completion Of the Cum
berland Valley railroad TO the POtO-
mac river, Baltimore retaliates by a ,
sharp competition in the iron manu-
featuring regions Of Central Pennsyl-
vania. And while Philadelphia en-
Joys the benefits Of which Baltimore
had by her Cumberland, this city, in
turn. viii lose command Of the gas ,
coal trade by the completion CT the
Pittsburg and C0nnellsville railroad,
opening up TO Baltimore and the sea
board the rich gas Goals Of the +
YOughiogheny valley. The present
year promises to make some other =
important changes in the coal trade" :
DRIFTING TOWARD A UNITED STATES !
BANK.
Under this caption the New York I
Economist says: ''The tendency Of Z
the Treasury Department to the as :
sumption Of the functions Of a bank 7
ing institution al hardly have es-
capped the attention Of intelligent OBJ {
servers. 1t now regulates the money
market and the rate Of interest with Z
a directness and absOluteness Of au- 81
thOrity that is not assumed even by .
the BankO England. This assumption q
of financial control is UnquestiOned, s
and is accepted as an irrevOCable fact,
Notwithstanding the numerous incOn- z
veuieDces 10 involves. The bill now %
pending in Congress to give the Con- d
Of the Currency authority over /,
the redemption of national bank notes
is calculated TO increase the authority Il
Of the Federal Government over the
financial and commercial interests Of p
the country. In effect, the country e
now experiences all the incOnveni- 4
snces and none Of the advantages of Il
centralized State banking system.
The Bank Of England has not half j.
the monopoly or exclusive privileges ?
now enjoyed by the Federal Govern
ment. The BaukO Of England is man {,
aged by business men for the inter n
ISIS Of the commercial community, "a
Federal finances are managed a
by politicians who are necessarily ig-
lOraut of financial operations, and d.
who openly ignore and disregard the d
and interests Of the financial ~
and industrial classes. 1t is also ap- -
parent that the tendency toward the iu
exercise Of banking functions by the 81
Federal Government is increasing in
place of diminishing. Almost every 1t
plan Of resumption Of specie pay sg
nents strengthens and confirms this "
Jendency. The plain fact is we are Al
asst drifting toward a United States s
Jank; for the public will soon be g
breed 10 demand a separation Of the
or executive business of the .
Federal Government from its fnan- y
.ial operations, and the transfer Of a
he latter to properly qualified bust 3
less men and bankers. Certainly the
present administration of Federal N
finances and banking is eXecrable in
he extreme, and any change must be d
or the better. OF course, political D
viii shrink from the Odium Of n
establishing another United States HI
Jauk, after the experience Of the past.
Bat we have the thing now in effect, F.
{ not in name. It is scarcely q secret 50
hat the formation of a United States y
Bank, and the transfer to il Of the N
over the currency and finances
low exercised by the Treasury De- b,
lartHent, is discussed by thoughtful
leaders Of all parties in
Washington. They do not see any 80
way out Of the present financial diff =
ulties Of the Government by any
.ther means. 1t is significant that all ~
he circumstance that led to the 20
Of a government bank in 81
.ther countries and il our own now be
.Xist. We can only escape from the hl
Inevitable result Of another United d.
states Biddle's Bank by the speedy do
exemption of the demand greenback
Of the Government, and by the
establishment Of free banking sys- pi
EN-. The longer these reforms are q
delayed, the more certain is the fOrma-
Of a United States Bank, not by 81
hOice, but by the necessities Of the N
Government and the people," 81
FINANCIAL. q
There is no material change to re- y