Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1872-06-29
FINANCE AND TRADE.


a.GA 49,
FINANCIAL.
oEFrox o. TIE DAILY APyEAL,l
~ FHfDAr, june q. lS2. s
Sahara i'm its solitude, with scarcely a
breeze to ripple the sands of the vast
waste, gives a fair idea of Madison
street quietude to-day. Exchange was
close, but a little was done between
banks at 81 SOAP 90. Money sufficient
for wants but some of the banks were
restricting loans, as they ere making
out their accounts for the first of July.
This caused an active demand for
money on the street, where it was to be
had on paper with good names, or ON
uneXceptionable eollaterals, at l4G2 per
cent. per month. Exchange owe the
counter at the standing rate-par buy
ing, I per cent. premium selling. Scarce
~ anything was doing in gold at 112f
bnying and 1l2l selling. In city bonds
two ''shert' los of $4,000 each were
delivered yesterday one at 554 the other
at So. Alot of Charleston railroad stocks
was offered at 81, butt no takers had been
found for it when we left the market.
OF Arkansas levee bonds we could hear
no mention; Treasurer Pages bucket Of
cold water has lowered their vitality.
There is a good demand for Mississippi
~levees, and Treasurer Home advertises
that the coupons, due July LIST, will be
paid at the National Bank, New York,
and at the First National Bank, Mem
phis. Some Of the bonds, without the
coupon, eanoGntfng to $4,000, were
offering at 40, and q negotiation was on
foot TO purchase them.
From Almy's New York Financial
Record of June %, we cOndense as fol-
lows respecting those '.puZzlepegs" of
the day, Arkansas levee bonds: On the
18th of September, 1850, Congress do
mated to Arkansas the unsold swamp
lands of the State, the proceeds to be
applied to levees and drains for those
lands. On March 10Th, 1869, the Ar
kansas Legislature passed a law, which
was amended April 18th. 1869, for the
constructors and repair Of the levees.
When the war came all proceedings
were suspended, and afterward the Com
missioner of Public Works was author
lied TO construct levees OF application
from 1andiIaiderss swamp land war
rants ef from $50 TO $1,000, bearing in
terestthirfy days from date, We're TO be
issued FOR The payment OF the work, at
the rate Of eight per cent. The seventh
section of the act provided that the in
terest due should be collected upon b
land owners benefited. On the 23d Of
March, lS7l, the law was again amend
ed, the Auditor and the Treasurer Of
the State weret to fund the old levee war
rants, with accrued interest, and the
new warrants, called arkansas State
Levee Bonds" seven per cent. annual
interest, was TO be paid in New York
each January and July; and the whole
issue TO be within three million dollars,
and these warrants were to be received
in payment for swamp lands. The
ninth section requires that-thirty years
after the passage of the act-the
rants shall be payable in current
money and so be redeemed by the
Treasurer. The receipts from the sale
of swamp lands are made y sinking
fund to pay the warrants and interest,
as follows: First balances of interest
for which the tax collected is INSULT
Gent 10 Lay. Second, to paw warrants
as they Become due. The remainder to
be made a "Levee Fund" to pay the
warrants at maturity, but, between the
lst and 3st of July each year the
Treasurer must invest the surplus sink
ing fund remaining, in warrants at their
market price. The constitution of Ar
kansas does net allow the State to lend
its credit without the peoples consent.
Some persdns have thought the levee
bonds incOisistent with this provision,
but it Is geterally considered that these
warrants ndm0re involve q loan of the
credit Of thlState than do the issues of
the Treasures certificates for payment
of the State eXpenses. The Congress
grant sieqViTH the building of the
levees; the Safe does the work and
pays for il in lvee warrants. The con-
dngent fund vas not adequate for this
payment, aDdthe T~7easurer's certii-
Gates, receivabltfOr State taxes, would
have-beena undty swelled by issuing
them for the pup0se. The Legislature
therefore createdhe "Levee Improve
ment Fund" mae up by a special tax.
From the funds asing out of the sale
Of internal improvement lands and the
ABSORPTION OF the BIDS IN the exchange
for swamp landsA large quantity of
which was recenf confirmed to the
State by the Unkd States General
Land office-these Nrrants will be can
celed. They r nd counted as a part
of the State debt, S they are special
paper created for a skcial purpose by a
special act, and paynlnt provided for in
a especial manner Quite OF other State
obligations. The c~etfcates have the
effect of an Auditor starrant upon the
Treasurer, with interf, and the bonds
not absorbed as proved for by law,
will, at the ~expirationt thirty years, be
paid by the State TrSury in current
money.
Arkansas Levee binds, 23925.
County scrip, 96@964. barbour Lewis,
certified, SSG90. GayosGas Company
stock, gnominally 80. Memphis and
Tennessee railroad LIST nrtgaee. 81: ID
mortgage, ia. Memphl city railroad,
465 Bank of Tennessee mney, $685. for
old issue; new issue, b637. Ten
nessee COmp5roller's warnts, SO. Lit
tie Rock railroad first mtgage bonds,
80. Memphis city gold bonds, ex-
coupon, 60; currency bids, 5SI654.
Memphis past due eouponSS. For new
Mississippi leyee s perent. bonds
43944. Mississippi new, IL, warrants
"a Mississippi Central raoad stock,
Is. Second mortgage Amphis and
Ohio bonds at so.
M