Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1871-10-28

OFFICE OF THE DAuY APPEAL,
EnrnAE nafCnar 81 tegl


OFFICE OF THE dairy APPEAL.l
FRIDAY, October q, 81
We banks operating about the same as
on yesterday, there having o~curred no change
worthy Of note. Money Is in good supply n
no stringency is experienced. Prime paper is
readily taken at l0t y per cent per annum;
month The receipts OF exchange are liberal,
and, as usual, the demand active, as the late
heavy movement OF this staple would indicate.
Rates are the same a. reported yesterday. be-
inR &c discount buying on New York. and re
on Boston for demand bills. and &c for sight
bills Commercial bills on New Orleans and
northern and eastern cities are &c discount for
buying and par selling.
Cold is unsteady and bought at Il0% to ii0<.
But little was doing In stocks and securities.
and was sold at $50. Bank of Tennessee sold
at Sc, and was dull, caused by heavy sales in
Nashville, by narties who purchased some
time ago. ana was forced to sell at the best bid
they could get City currency and bonds, 5iH
20 Sc are what bankers are Offering and %
asked Parties holding past due coupons ask
see, but only realize soc; 75c was bid his morn
ing for 5000 State comptroller's warrants. 1t
is reported that some t2OO.0N IN levee
bonds are offered in this market, which causes
considerable uneastness IN this particular.
THE CONVENTIONAL n%NTEREs LAW
Upon this subject now dividing the attention
of the legislature, we copy the following able,
fudfeious and timely article from the Gallatin
We regret to note that a bill has
been introduced into one house Of the legisla-
ture repeating the conventional interest law,
hut trust that il may be defeated, If for no
other reason than that II has not had a fair
trial. IL has been IN operation but a very short
time, and tn Il during an unusual season of de-
preston in every department of business. We
believe, however, that IL has worked no dis
advantage. but, on the contrary has brought
into our state large amounts OF capital that
otherwise would have been kept in other
States, where investments are more profitable.
In the Northern states money Is very abund-
ant, and II our legislature VIII have the wis
dom to let the present law remain in force, the
tide viii, after awhile,tend this way, and every
branch OF industry VIII De aided: IN the great
lions have been prevented by statute from in
vesting their surplus funds beyond the State,
and the consequence is that millions of dollars
are lying idle, or at a very low rate ofinterest.
The legislature there will this winter remove
this restriction, n then their capitalists viii
seek other points of investments. The mem
bers of our legislature should remember that
of money are Just as anxious to loan as /
the borrower may be TO borrow, and II the
present lSN is permitted to remain undisturbed, |
we venture 70 affirm hat foreign capital will |
into our State and course through every
vein and artery of business. We pretermit the |
ton at all upon the right OF a person to make |
any contract he chooses. As an original
question, we favor the entire liberation OF /
It should be as free as the air, and /
a charter as wide; and the sooner our law /
makers relieve their minds Of their unreason-
Ing adherence TO q supposed binding require
OF the old Judaic law, the better. Ifthey
would be consistent, they should not indulge 4
a ham and eggs,or any other ofthe prohibited
AA.AAA9 VI WV Ag3oA@ @1Aa -aS gALAl Nln n
Of il, too, Is that, while ostensibly trying to
obey the Rabbinical regulation Of money mat
sight is lost of the fact that any charge at
All for Interest was uStt7y, and that one per
cent. or six per cent. would have been JUS as
1~surious as ten or fifty per cent. The Israelites
we're at liberty to charge interest to strangers, |
put not to their own race. They could shave a
TO the bone and not break the law. We
rust that the day may come when our law
makers will be able 10 relieve themselves Of
he fetters of old-time prejudicss, and sweep
every restriction that interferes With the
Of Money should be as
as cotton or tobacco, or horses and mules.
contracts for money should be treated as con-
racts about anything else. Money Is an article
# commerce, and just as subject to the great
avs Of supply and dema-d as any other ar
icle of traffic. When will some statesman
rise in this country who viii be able TO edu-
the minds OF our people and of our legls-
atures to an understanding Of the great prfn-
iples of free trade? He who does Il VIII be a
,enefactor, for free trade will sweep away all
the cunniDgly-devised schemes of prOtec-
ion that steal away the substance OF the peO-
lie and enrich the pockets Of millionaires,an
'ut every man0pon an equal footing In the
OF life.
Railroad Shares I'm New York.
NEW YORK, October q, pm I'll market
) steady aud rather better in some In