Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1872-01-26
FRANCE AND Trade
0EFTCH OF rHE DAILY AFFEALt
TUESDAY, January p ls2 !

TUESDAY, January p Ls2
FIRAKUIAL-
According to the decision by the su-
irene court Of the United States, on
Monday last, says the New York Ship
ping List, Affirming the con ~tutionAltty
Of the legal tender set c-ngress has the
risht TO establish q currency OF such q ma
turs as IL may deem necessary or eXpedi-
ant, and to make all existing dsbts due
from one msn to another payable in the
currency so established; for ther etrosc
i've clsuse Of the act Il declared 70 be IS
constitutional as any other part oft. The
main ground on which this Interpretation
~ tbs constitution Is made 70 rest Is that
of necessity. Congress, It is declared,
must have the right TO do whsteTer ts
. necessary for the preservation OF the
government, The retroactive application
81 such an set 70 debts already contracted
IL regarded by the court s. merely an In
ojdsnt to the exercise OF 3 great con-
stItutiousl power. But tEerS are q great
many people who regard Il ss immoral
sud wrong, however constitutional ts
NAV be IL is q permission to the debtor
10 psy mis- creditor 3 part 1nFtead OF the
whols Of what he owes him. Taken by it
sell. u Is not probable that this would be
justified by any court, but when placed
in connection with & general provision or
law growing out of the necessities Of the
country in 3 time of civil war, 9 msi0rity
of the justices have united IN covering IL
with the shield Of their Judicial sanction,
It Is doubtful, however, whistler this
part Of their opinion VIII ever fully COM
mend itself TO the moral sense OF the
American people.
Thelocal money market was easy. Rates
Of discount were ssssdy st 10 per cent. per
spuuu1.
Exchange was making freely. Rates
are steady at 10 discount buying, q
selling at psr N all points.
Gold was il fair demand, ard but httle
Offering. Dsslers paying for smsl lots
1855
In local stocks, securities. etc, the mar
ket wss quiet OF course there was much
talk about Tom Scott and the lease, he
and his party having lett this city last
night without accepting the ratification
Of the Lessee, with the amendments; but
from what we learn there was an under
standing between Colonel Scott and the
directory, and the matter viii be submit
ted 70 the stockholders 81 4 called meeting
20 De held in this city on The 2lst OF Feb
ruEry. This msy be considered quite
awhile, bat Es believe the stockholders
MIST be DotikeG thirty days before
to saw Bhst the proposition VIII be
accepted Uy tEe stockholders. tbts
condition OF snairs had the ten
tsrdsncy to wesksa the stock, and par
ties Who were Offering yesterday morning
3. 400 cher to-day st $50, but We hesrG OF
no bid In fact, We discover no market.
Whatever may be- Oh the msrket are small
amounts and probably "shorJ." sals
Of 10000 in Arkansas levee bonds vas
made yesterday evening, 81 Z5cs 70 3
party, TO- the purpose OF paying taxes
We Understand that the whole OF the IS
100000 in bonds bsv neen issued. City
securities are held 81 b9Hc for the eurren.
cy bonds, and Csc Tor the gold issue.
County Wsrrsnts are strong q SzGB4c,
buying snd sealing. Sslms railroao scrip
"a sold a. $50 IAanessse money Is bought
at S5&S6c for ID I'D, and S83 for the new
issue, and is sold respectively ct S6SSTe.