Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1871-11-07
FRANCE n TRADE.
OFFICE OF TIKI DAILY APPEAL-
MONDAY, November g lSA- }
nun RENIEW.

MNGDAla AN&NEAAR~A =
OUR WEEKLY BEVIEW.
The great Question in Memphisirst now anu
indeed throughout the State, is reduction OF
taxes" The merchants are conspicuous iorthef
clamors upder THIS head. Weighed down as no
other clsss is, they feel they cannot any longer
bear the burden. They have petite one for re
dress ortbeir edevsuce, and we hope viii sue
coed. The legislature IS hound TO hear them
Rpd - adu tpJs such relief as they ask for.
II Will orsati- 10 say that the bOndhOldeS
are equally elsmOrous for the interest now
pest due. Charity should stways begin at
home In tbs c. e it must As the Columbia
Herald says, our D ople must have relief-not
the relief OF reputation even rom a debt 10
great extent, of doubtful validity, but the
relief OF g reasonable delay. Our creditors
must be patient. They must do IS other cred
itols are compelled to dO-they mrst wait
Our people must have a breathing-spel. They
must have rom the bloafsd b~0ndhOlder Of
many spurious and fzsudulently ond chesply
purchse-d bonds, a little rest-the Indulgence
Of Ittde more tine whereby they may be en-
abled to satisfy the demsuds even for the
pound Of flesh" OF any dem8nd that may
involve the honor sud Integrity OF our state
sud our people. Therefore, let taxes be re-.
duced. The people everywhere demand II.
The public Interest calls aloud for It AND every
body except the heari'eS S~hylock-bond-
holders, expcct end cheerlJVy Yield it. 1hts
can be done-mUSS be done. At most ii IS but
delsyiDg-pcr .Pon' 1G for q brief period the
payment ofsn iudebtC1nC over which the
creiitoIs can well afford TO exercise The chns-
tan yI.ues ola ltt'e patience, when II iscon-
sidevCd how this indebt sdnf sOrig'nsf L Lat
our les SlaiUre be frm IN standing by the
rights and the interests OF the people. AnOther
subject Of anxiety 10 our commercial commu-
nifty IS thatof
NTERES LAW,
which we hope the Lee 's'ature y mot repe@G
or, il rep0aled, Substitute for 1t a law that viii
enable the clpitsIst to do with his money for
interest as he world DO with it in desHng in
cora or cotton. We agree with the Knoxville
p. sPnd He aid that the legislature might as
well attempt TO regulate the pee Of wheat,
chickens or land, as the price which a business
msn shalt pay, who d~-'res 10 borrow a few
thousand oValA or what the owner of the
money shsT charge for rs u for q specified
time. LAWS OF this character can only be
psrily epforc-1 !, end then only to the prejudice
ofthe veIy ella swho the law-makeIs endeavor
10 benefit Money, IKE water, teeEss level.
IfTennessce oD'y allows 8 per ant. for the use
- AAAAN q eAA e-@A-~@ -AANaN - ~. ~ -
cent, II IS very easy TO que swhere the money
would 20. The natural result, then, is that
money b -1m~s s~lrce IN Tenne zee. Tho a
who have it send It to be u d where It viii
pay them be>l. Th' in Ten neF see, who have
~. d for IL N the'r business, c1nnot get hold OF
il, or else they make a bargain, in their ex-
tremfty Ofneed, with some old mlser, IN q derk
corner, aud agree 10 pay him an exto Tomato
prlcs which he y fore Ito exc 4 for fear OTb's
violation oflsw being found out aud subj T.
ing him % heavy penalties, and the borrower
Is fOrred 10 pay, or go 70 financial ruin. In
California there Is no Law regulating the inter
est. IN most Of the Western States the rate Is |
fixed at &c per rent. What IS the r suite All
tho e States, from the bowling wIldelnesses OF
twenty years ago, have become thriving and
prosperous communities. A liberal rate Of in
terest inducrs an influx Of money. Plenty OF
money makes lively business. Mines are
opened; railroads built; manufactures Of all
kinds are creatrd; cities sud towns grow
apace, and everything is prosperous,
THE FINANCIAL SITUATION.
Occasions considerable anxiety IN New York,
Notwithstanding the fact that results show the
Chic 20 merehsu's to have been more solid, |
financially, than they hRd been suppose to
be. The Southern and VI stern merchants are
meeting their obligations promptly, and bust
ness generally IS better than It was the same
time last year. The cause, therefore, must be
looked for elsewhere than In the markets or 1
marts Of trade. Il lies partly with the impO-
little and uustatesmanlike measures OF the
United States, who, contrary to all reason TO
every business principle, boards nearly $780,
Cos DIN coin In the public vaults, which II
set ahOat p II should be would more than |
counterbalance the record from Europe, where |
a financial emb8ln as sment already prevails. |
The Bank Of England has been compelled 70
raise lis rate Of discount to eounteract
the heavy aud steadily increasing
drain upon Il, consequent in great part upon
the payment. OF the Frsnco-9erman subsidy
which has ben so far peid by a loan, most OF
which was taken in England. The embRrraSs-
ment grow ing out Of this Stale OF things Is in
cressing so rapidly that the Court Journal Of
/ Ondon, a paper that is supposed TO have
much OF the cOnhdence OF the government, sug-
gests that;
The only safety for the moment 's,O define
90 Discount the bills Meet nusucial war by
when the buls b. come due, give him bank
notes England must stand IS II behind bat
as our safety sTainst the Prus sisu invader.
who seeks our overthrow through finance.
. II Bismarck selves upon our bullion he
viii have Stven a blow AZ the greatne- OF Eng
lend whicl ye7rs viii not hcJL " We
must open our eyes fully 70 the Impending
danger snd meet Il BOLDLY. Let Us inaugurate
me & the paymeD we have sot liOusly pledg 4
Ourselves to 81 bullion. There Is no such
Flpnce. Al the den, rs in gold P1d silver,
public s7d privaf N EuroDe a America :
lessthau two hund-ed m'Ltops sterling, and
would notbeelut 70 pay b nj the war ndemnl-
" OF Frame aud IarS~a a.
A state Of tbtngs commenting Gpon which has
compelled the Bank Of Eoelsnd 10 advance Its
rate Of discount, the Louisville Ledger says;
"rhe effect Of this Is TO render the none mar
ket more stringent. Speculation, OF course,
will BE- checked, but the legitimate operations
OF trade win be also col respopdingly embar-
raised. Those whose Obligations are due, but
WHO are not able 10 meet their bills on matur-
fty, will be unde- the necessity Of doing 50, II
met at oil on less favorable terms than they
e1ps cied. The relations Of the United States
with Earope, and especially with Great Brit
ain, are 30 intimate that a pre- sure In either
couRtry, Pre- tanto, effects the other likewise.
II the rate OF discount In the Bank OF England
CONTINUES for any length OF time at that TO
which II has been advanced, or should It adj
vance sAu higher, the effect here will be to
embarrays ell tue operations Of exchange
THIS could In some measure be met by relief.
nom the treasury department OF The United
states in the management Of the gold balan-
aness In the treasury; but we sre 50 little &C
customed 10 find accommodation for the public
in movement Of gold undo our present fiscal
control that II would be vain 10 eXpectit now,
unless II could be made clear that some zeai-
Gus administration supporters, whose allegi-
Rnee can be ASSURED and pockets flied, are
likely TO pro7t by the transaction. Should the
pressure, then continue abroad sufficiently
long 20 reach our Shores, It may seriously COM
plicate business relat ons here, especially when
taken in connection with the late disastrous
connagratlon In the Northwest.
INSURANCE.
The session OF the Insurance Convention re-
GENTLY closed. wss one OF the most important
ever held in this country and It's effects should
be felt, In the future, in wiser legislation,
greater restraint upsn Legitimate insurance
and well. conducted enterprises, and far greater
protection to the poicy-hoader. The WORK &C
compiished IS thus summarlzed: The Work
accompltshed al this session has been: ] n
nerfeciion and nual adoption OF uniform
6lanks fOrt the annual returns reqVired by all
the States of Fire, Life, and Marine insurance
comuaules. 2. The adOptiOn OF the uniiOtm
rate 81 fOur-and-a-half per cent interest," and
ne American experience table Immortality, as
ire bsSis Tor calculation Of policy reserves; 3
me agreement upon a hberPl policy toWsrd
compsuiesjn temporarily emDafFSea clrcon
sfsnceS 4. The establishment OF much needed
Dr1eautions Rgaiust bogus Insurance specula-