Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1872-07-03
FINANCE AND TRADE.

ofsIsH o. 1nLn DAILY A.rE.nAL.l

FINANCIAL
pFF1cE OF THE DAILY ApPEAL.1
TNEsDAY, July ? lS72.
The first answer we met on asking.
about financial matters this morning.
was the question: What financial news
do you expect of city that does not pay
the interest on its debt when due? The,
January Interest was not paid, and now
the July interest is passed by-shall
these things be, and pass US like a sum-
mer's cloud, without our special won
der?' 1t il not 50 long ago since the city
of Memphis stood immaculate in her
credit-where is she nOw2 She got
among the rocks. An old pilOt-Mc-
Davitt-wss called upon to steer her
through the dashing surf. He was pro-
nounceG supsys .TNUeted, out Of date, fos-
sllized. Mex 5ICUt was got. Johnson
was the Moses to Goliver the host from
It's peTils. Old fogyism was TO expire;
smartness and CiBl were to be in the
ascendant. So johnson was put at the
helm. Difficulties were before him and
dangers around him. That he would
steer triumphantly through them all was
deemed likely, hut whether he DID or
not, N thing was deemed certain-he
would tel the people plainly, openly, as
man to man, what was the condition Of
the clty's affairs. To be at sea short Of
provisions, and in danger of sinking, il
a fearful position, and in that position it
IS at least expected that the captain shall
explain how far be is from land, and
what provisions he has on board. The
interest on the debt of Memphis is not
paid-that is a proclamation Of distress.
Now b u-nfOrtunates aboard the Mem
phls ask the captain-the brave and sa-
gaciOus pilot, J~OhnsOn-hOw far from
land? That means, if we cannot pay
now, when shall We pay9 What is left
IN the locker That is, if you cannot
pay 100 cents on the dollar, how much
could yOu pay? How much nearer are
you paying the interest in July than
you We're in January? How much near
er VIII you be in January than you are
IN July2 You went into office to show
o much smartness and go-ahead pro-
gress e beyond McDavitt and old
IogyIsm-how much, this July, 1872, are
you ahead2 Mr.. J~OhnsOn-the January
interest on the city's debt was not paid
the July interest is not paid-this, it is
possible, cannot be helped, for the CITY
has heavy burdens To bear, and the peO-
~ an y oa ~ w representatives.
But the people do ask and expect n
thing from "a, and if YOU refuse il YOU.
no IL at the peril of your financial repu-
tatiOn-they ask what is the precise
financial condition of the city? How
Tar have YOU improved that condition
since you became Mayor? If-when
January came-yOu had not money
enough 70 pay the interest, how much
was in the treasury available for that
purpose2 Was il so cents on the dollar
20 cents-25 cents? At the LIST of this
month how much had you in hand
toward paying the INTEREST," Was it
more than you had toward paying the
January interest? Shall YOU have
enough remaining Over-that shc1ld
nave gone toward paying the January
interest and this July interest, to paw
the interest next January? We think,
Mr.. Johnson, YOU viii consult your own
interest, and that Of the citizens of
Memphis, If you will, under your own
signature, frankly, freely, openly and
decidedly express yourself on these
points. They are not VOUF private bust
ness, they are what every citizen of
Memphis has a right TO know. Our city
Is ~dishOnOred by the nOn-performance of
IJs obligations That may be a misfOr-
tune impossible to avoid, but every cir
cumstance that led to The disgrace, and
every result flowing from it, and every
incident connected with il, the citizens
whose public faith is c0ncerned-have
a right to be informed OF, and, if you are
a. wise, fOre-seeing, and reliant upon
your fellOw-citizens a. you were sup
posed to be when elected, you will let
them know without delay. The County
GH.1TlE~-- - - - - L. --.-gL &
ers-the result does not constitute ahap-
py omen. Mr.. Johnson. the people want
Light upon the financial affairs of their
city. They are patient, but they are per-
severiug. The light they ask they lCiR
have in-the long run. All that you do
not lay openly before the people is hid
den and covered up at your 70 risk and
gespOHSi6iify.
Exchange was scanty in supply. We
heard of no transactions between hank
ers; over the counter the rate still is par
buying and premium selling. Money
Il close, amt there is an increased appli-
cation TO street operators at l2GlS per
cent. Gold was as quiet as an unmatched
chicken, at ll3. City coupons were anX-
iOusiy offered at SO, and no takers. Of
the National Bank, % shares were sold
at 80. We heard of no transactions in
Charleston railroad stock, but it appears
to be considered worth "a; first mortgage
bonds OF that road were inquired for, but
could not bee found. Arkansas Leyee
bonds are scarcely spoken OF, estimated
to be worth "a Mississippi Levees
quiet, no inquiries for them.
The New York Chronicle of Saturday,
June 18th, has the following quotation:
Arkansas Levee bends advanced b, %.
Arkansas Levee bonds, 224G23.
County scrip, SSG9S4. Barbour Lewis,
certified, Ssag0. GayOso Gas Company
stock, nominally 50. Memphis and
railroad LIST mortgage, 81; d
mortgage, 7l1. Memphis city railroad,
46z Bank Of Tennessee money, 1895 for
old issue; new issue, 35G37. Ten
nessee Comptroller's warrants, SO. Lit
tie Rock railroad first mortgage bonds,
80. Memphis city gold bonds, ex-
coupon, 60; currency bonds, 53k654.
Memphis past due coupons, SO. For new
Mississippi levee s per cent. bonds
43la44. Mississippi new, 1872, warrants
Mississippi Centsal railroad stock,
l3. Second mortgage Memphis and
Ohio bonds at so.