Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1872-08-15
FINANCE AND TRADE.
OFFTCF or TIE DAILY APPEAL,l
WEDNESDAY,, August a, lS2



We are now deep in the "dead sea-
SOM Banks are terrifying themselves
in preparation for the adventOf new cot
ton. Many new business men cOntem-
plate establishing themselves, and still
more who are in business, are DESTROYS
of extending their operations. These
parties see in the larger amount OF cot
ton and other products that will arrive
in our market during the approaching
season, opportunity for doing a sound
business on a larger scale than during
the season now closing. But the posi-
ton of the banks does not at this
moment, permit them to offer accom-
mediation prOportiOnate to the needs OF
business. While pointing out this fact
il viii not We think, be out of place 10
observe that a very strong company Of
European and American capitalists,
fully alive 70 the import of these facts,
have come to the conclusion that they
can secure a better return for their cap
ltal than is Obtainable in their own
business centres by placing it at the
service of enterprising men who kaOw
how to tsseize the flood thar leads TO
fortune" These parties have authorized
the firm Of TOOf, Phillips & Co, of this
NALNH ~ ACAEANE 4ANAAA4NAAAA1 " al
and We have no doubt the result Of this
enterprise on the part Of the company in
question viii be immensely advan-
tageOUs to themselves and to such
shrewd, experienced, persevering opera
tors as may avail themselves Of an op-
pOrtunity often sighed for in Memphis,
and at length within reach. Our re-
sources in Memphis are immense, capi-
tai has been the thing wanted for their
development, and o capital is here in
abundance, and within the reach of all
who are entitled to monetary aid in a
legitimate way. Exchange is very
scarce: some passed between banks at
y ., at the counter the rate is strictly
premium. VERY little exchange IS
held on New Orleans, the rate for il is +
discount buying, sellingat par. Brokers
are paying l "a for gold, but parties
wanting il for their WI use were giving
! 1Aa1 Ia according to the size Of lots.
Charleston railroads were discussed but
we heard Of no transaction; 81 firm was
the quotation. City coupons were +" the
objects of interest . of the morning. In
the first place because they have not
materially fallen in value. They now
quote at 50, az which rate a prominent
broker says he viii take all that Is
offered; We heard Of a considerable
amount in negotiation at 6lfa61A, but
the operation was not concluded. Sec
0nd, the city coupons are objects Of in
terest in an especial manner just now
because an important portion Of the tax
payers are determined 70 make them
available in paying their taxes. Last
wear the mOneyed men Of the city were
appealed 10 to pay their city taxes in
cash. Many Ofthem, after paying their
taxes at the rate of one hundred cents on
the dollar, found that some of their
ueighbOrs had been allowed TO pay in
city coupons at eighty cents on the dol
lar. They, and Others acquainted with
the fact we now mention, have resolved
that for the future they viii not pay
twenty per cent. more than other tax
payers who have no more claim TO in
diligence than themselves. This was
not all, however; after paying cash with
q desire to sustain the credit Of the city,
the modification of many citizens was
extreme on discovering that extensive
and expensive Improvements were made
in various parts Of the outskirts of the
city: which Improvements they believed
might have been postponed, and while
the city's interest which they regarded
~ Of the last Importance to be made
pumctually, was postponed, mourning
new expenses for objects admitting of
delay; these, citizens view as bad in
principle and faulty in policy, while the
payment of the interest on debts due
was passed over, TO the wretched dis
credit Of the city, and to the injurious
depreciation OF its securities. So view
ing the position Of our monetary affairs,
"a considerable and increasing number Of
our business citizens have resolved,
when called upon to pay what they owe
the city, 70 present unpaid coupons as a
set-off, thus cancelling the debt ON one
side by surrendering the evidences Of
debt on the other. If the coupons are
refused by the city authorities, as it Is
asserted they win be,ssthen the law will
be appealed to to compel the city TO az
cept a debt due by her in payment OF a
debt due 10 her.