Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1871-11-05
FRANCE AND TRADE.
OFFICE OF THE DAILY APgEAL, I
THURSDAY, November 4, iS7L }
FTEANaIAV.

I n the local money market there was q fai
degree OF activity. No new feature however
the same condition as reported yesterday
Money is in good supply, and continues N Isl
demand Paper falling due the nrst and tnlrt
OF the month has been met promptly, and onIl
IN a few cases have extensions been asked
Rates are unchanged and steady al O9L pc
cent per annum in bank; ana lO14Sx% per cen
per month. Regular customers are readily
There Is stiii a fair demand for exchange
Rates on New York are H9x; also on oihel
eastern and northern cities. On New Orleans
Adiscount Is the rate. Rate for selling Is par
The gold market was inactive. Dealers pay
TSsre xere no transactions In stocks or seen.
rites. The market Is very quiet N AfAh.s1s
leyee bonds, sc was DIG tCt s6SoS9ntv warrspts
are bought al &C ana solo =
Memphis aud Charleston ralIroaa ssIe &C.,,
- 10 - 10 slc. Gry bonds are buying Al Doc
and SO selling. Memphis and Little Rock raj
resd shares are nominal al 20 nc, Isl mort
- bonds q 10 SO. Arkansas state war
ants, IS to Soc. Mississippi Central nal1rosd
shares at Is 70 i6c; for list moEt&age 9on9s'
5esiers report 81 10 Sc as the buying and sell
ms rstes: d DO, Y TO 80. Mississippi and Ten
nsssee n.aroad shares are % 70 Nc do lstmort-
gage BONDS, - 70 sc; oo%as s%
The rem Per cent Law.
We clip the following from the rankn
Tennessee Review. The view thus taken Is a
1atr and sensible one, and We nope that lne
bin now peldiug will be defeAteds underline
provisions OF the new eonsllIutlons me So
Ventlonl ten per cent. interest law was lnau-
gurafed Isst wear. We are sorry 70 know ina
a bill repeating the act OF the Last lessiaeIlSi
Is now pending in the general assembly,. ~
believe 70 repeal the act would be a very III
wise and in1ud lciOus act. II NoUiu nOt ol4s
be doing injustice 10 individuals, bul No1u
initiate materially against Ins ~ eveIv r.
tersSts OF Tennessee. Il Is p4tenL - 800 Re
nsctlug mind thai II would drlNe cApliaL MSm
our midst. Al the North money Is premium
and commands but = small pei cent say tMIee
81 = halt fouF and ukE. hElGH GaPAA4AAoAo
are looking out for the most laNofaDte LOSAA-
lies 70 make investments in. suppose tne
leguslature repeats the act, them IN TINS St4te,
sfT Der cent Is the highes pnce LnaA money
Will bdug though business men mlsht De
willing, and even anxious, 70 pay. zen. Ane
legal raie IN our nelghbOr state q heHtlcAs
~ we believe, eight per cent lsll not rational
10 suppose that the capitalist VIII 50 70 buat
state 10 put out his money, raIhe. Lnan ~
Teutesses. where he can realize but SIX even
Ifthe contract specified that he should receive
ten Ofau the states IN the union, tennessee
al present, can least anora oHIlNs
her borders; and legislation tend4ns 70 40 80
ought 70 De carefully guarded against. II Is
evident 10 our mind that II would Dc a wiser
step 70 enact q law not restricting the raIe OF
,nfsrsSf aral but let any per cent. agreed upon
By Inc contractors be legA. VI course We
mean II il could be done under the eonsutu-
ton The demand ioT every Gr1e4s snoul9
rule the pdce OF il, Money, ike cotton and
tobacco, IS worth more at one time tnan al
another. and the borrower, governed BY a
knowledge ofthts fact, knows exactly Wnat ne
al wfIinS and able to pay for the use Of IL. II
an Investment Will not justify him in borrow
ing Al ten per cent, il Is his misfortune, and
hs must let the matter pass. II IS certainly
NOT lust to compel another man 70 let Nun
have IL al les than ten, simply because lne
Investment will not pay at that rate. Inc IN
teIiect thai dictates 70 a merchant hatne can
afford 10 pay lor domestic, should also olctaIe
to him what he can afford 70 pay Tor the use OF
money. The bill Is evidently unclured VIII
demRgoguism, and Is intended as a oloH az
TIE moneyed men OF the country. But the
ugssage OF the Dii would defeat the very ENDS
Tor which il was designed. The capllanst can
90 elsewhere and invest, taking his money, out
ofthe state, or buy United states bones, while
the borrowed. the class for whose benent u Is
Intended. is len 70 " hold the bag suppose
The general assembly could pass an act max
inc ne rate OF interest q matter OF Opuon De-
tween the contractors The consequence
would be. that, for awhile, the eaplLausts
would reap a harvest The rate would run up
TO nfUeen or eighteen per cent Ihis very iact
would Induce capitalists in every quarter ~
once 70 send money here for investment ana
Il would soon be in such abundance that COM
petition would reduce the rate, as 4 has done
In some ofthe northern States, 10 SIX, or per
hRps, four per cent We trust thai the pend
ing bill, and al Others Of like import Wui Dc
defeated, and, so doing, We believe We are
wishing for the welfare OF the people al large
Bonds I'm New YORK..
n04n= N ., Euuarn-