Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1872-03-26

For the week in review but little has
trsnspired OF special interest. This gen
eral trade hss been light compared Will
previous weeks Of the winter. The cotton
market, though somewhat depressed in
feeling and price, YVES moderately sctive
here, there having been fair sales each
day except Friday. The number of bales
sold for the week was about 1900. Rs
ceipts have been remarkably light. There
hsve been but few changes to report In
any branch Of business, as commercial and
financial sffairs have been moving along
evenly. Money has been easy Endin good
supply. The demsnd has been light and
rates are unchanged at 1OGI2 per cent. per
snnum, with b exception Ofinstsnces Of
accommodation paper. Merchants from
the interior have not been in the market
30 numerously IS LAST week, as spring puf-
chsses were mostly made previously,
Plsnters are busily engaged in making
preparations to plant. These are the res
sons why trade has been moderate during
tbs psst week.
Exchange is in active demand
Rates are par to 3 diHcOunt buying, and =
premium selling, on eastern cities. New
Orleans rates are Is discount buying and
par selling.
Gold was in demand and wanted at
to 1899,
In the local stock and bond market the
movement has been light, and character
izsd with but little interest. There is 8
disposition to invest in certain stocks and
bonds as sOon as money becomes more
plenty, and the movement of the staple
less. With the exception Of city sscud-
ties, there has been no effort to buy low:
however, in these there have been few
transactions at the bids made, while the
asking pr!cs is only about one cent lower
than at the last review. On Saturday
there was q dealers purchase Of 5000 Mis-
sissippl Valley insurance stock ST 3lEe.
Memphis and Charleston railroad stock
was offered a. SO, nj IS was the best
bid offered, City securities sre dull,
At 5HG54Z for the long date, cur
rency issue. Gold issue, 62@6Sc. County
warrants, S9990c, and sold as 92493c.
Street railroad stock is40G42c. Arkansas
levee bonds are nOminally 2lHB. Bank
OF Tennessee money, old is bought
at $50, and sold at S7GSSc. First mort
railroad are s5&S6c, and second bonds, "a
@79c, Memphis snd Charleston first
mortgage, SIC.
According to Mr.. ShermRn's resume, the
government needs this year, in round
numbers, 1928, OOO, 600, and he estimates
will need next year $273, 0O0, GOETHE sink
ing fund and other extraordinary expen-
ses being left out of view. To meet this
requirement, the receipts Of this year will
not be far from 1855, 600. coo, and those of
next year 1878, 100000. The latter bid fair
to be fourteen millions in excess Of The
secretary Of the t~ressury's estimate; in
deed, the receipts during the present year
have steadily exceeded the secretsry's es-
innate. Our foreign commerce has great
ly increased during the last three years,
though still not 90 much IS q internal
commerce. II will be seen at once, there
fore, that another and 8 great reduction of
taxation in some form OF other is the
immediate duty Of our legislators.
Even Senator Sherman, formerly so |
strenuous for high taxation, has
became an advocate Of reduction, though
his method Of applying the legislative
pruning-knife is not in sll respects quite /
satisfactory. He is for dispensing with
the whole system Of Internal taxes, ex-
cspt those on tobacco, whiskey and beer
although he throws out the, az we think.
mistaken notion that the country viii Ill
timstely return to some form Of an in
tax, which he thinks is the requi-
site OF impartial Justice. " g sre in 9 fair
OF having one hundred millions of
surplus next yeEr, and Mr.. Sherman pro-
poses to cut it all of, relying IN the elias
ITCHY Of b reyeRu to make the process
safe. The house repeal of the duties on
tea and. cChee, coal and salt, would take
of tWenty-ons millions; but Mr.. Sher-
lie opposed 10 that course. He pro-
poses, therefore, TO cut down, in
stesd Of repesling these duties, and
to extend the reduction to the
duties on lumber, rice, lead and other ar
ticlss, taking OF ten per cen OF most tex
lie fabric, and largely extending the free
list. Thus, he thinks that the proposed
changes In the internal taxes would effect
} reduction OF S29 600 900, and in the tariff
Of over S2l, 900, 900, leaving short Of So, co.,
100 for sinking tand purposes.
The treasury department desires to re-
the present issUs Oflegsl tenders, and
10 substitute for them as g circulating me-
iium the United States notes of the series
Of 1859, and Treasurer Spinner bas issued
.he necessary regulations for the redemp-
lion of one and the issuing of the other
class Of currency.