Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1872-01-23

Inc crops AOI the dDOhc gSaAs WdAO ~ ~
/ Year--. ISL. 1870. 1859. 1856
Crop 4,S52,SH S,SS,s0 2Y45O,0
FHAECIAEs
There was nothing Of special interest i
| financial circles during banking hours
Money is still reported easy, with rate
unchanged at 10 per cent. The demsnl
Was only moderate. The movement o
the staple was also light, but prospect
are coed FOR an interesting market th
balances CT the week.
Exchange wEs stssdy a. -. GilCCun
buying snd par selling on al points.
Gold in New York to-day was 1C9% ,s1I
here lOS5s.
The local stock snd security msrks
was entirely unchanged. There Wgs bu
I E.tls inquiry ard few transactions Ctr
securities are held firmly ct 6Oc. for th,
/ currency bonds sud 64s Toy the gold issue
/ $40 600 Of the former were upon the mar
kst to-day st the rate quoted. County
warrants are strong st 81 G9ic. buying ana
selling Selma railroad SCRIP IS sold G.
CSC. The remaining portion Of the scrip
uGsOld, viii BE- withdrawn from the mar,
kst on the first pT0XimO. Memphis arC
Charleston rsilrOsd stock Is held Et from
80 10 45G, Tennessee money is quiss at SO
for the old issus. New issue is sold st $50
Arkansas leye3 bonds are firm, holders q
small amounts asking 26G27o.
The following correspondence explains
Itself:
LITTLE Rock. ARK. January Is. IsT2.
Hon. Henry Page, State Treasurer:
Dear Sir-Wiuy cu feel authorized, IN
der existing laws, TO rscsiVs leYss bond
coupons, due July, 1872, snd January,
1873, IN payment OF the levss tax, nov b3-
ing collecled7 II SO, Il viii, in my opin,
ion, be 2 great relief to people paying
levss tsx. Very respectfully,
BENJAMIN THOMAS,
Commissioners Public Works and Internal
Improvements,
TREASURY OF tbs STATE or ARKANSAS,
Little Rock, Ark, January 10, ls72.
hon. BENJAMIN Thomas, Commissioners Pub
lie Works
In reply OyCur communication regard
ing levee tax, / would state thst, II my
opinion, The lax levied to meet the cOu-
poHs on legee bonds under a strict inter
probation Of existing laws, is only T0cGiv-
able in banksbls funds, it being S part OF
the public debt; but eli funds collected
to inset interest, being set aPErt solely for
ssiC purpose, end it being OF no bsIeHt 70
the SJst6 L hold the funds on hand uatu
lla@ G0LNNaAa N0rs I GE4AEHh IL AraG NuaH
tice 70 Lh8 tax payers that tha coupons,
for which said tax is collected, should be
received therefor,
] viii receive, ia settlement with this
Ofhca, coupons dus July, 1872, and Jsuua-
1873, on account OF the leYss tax now
being eGijscae ed. Verv respectfully,
HENRY PAGE. State Treasurer,
The APPEAL hes rot said much lately
Inc question Of g resumption Ofsreci5
r-n-v~aH-Ea -. Hhn $1,000 aRna aE-F ~-----
of the public mind has not seemed 20 de-
maHd resumption with that urgency snd
persistency likely 10 effect 3 result so de-
There Bre plenty of proiscts
started, however, 5Or eECctiDg It. Free
Clark las introduced & pil in con-
gress providing for specie pBy msuts, ~
he believes. without contraction Of the
currency. It directs the president, 81 any
time he shall deem ~exp5dienJ during tho
present gear, 70 redeem, sfier thirty yGsrs'
notice, the legsi-teuder not 3 in coin al
par 81 the Sab-TEessury So New York, or
othsr appointed places, National bsLks
srs slsa required 20 redeem their notes 90
par IA New York, those outside of lhs city
appointing banks in the city OF agents for
The purpose. National banks shall con-
time 70 bold the amount Of reserved
funds prescr bed D7 ths present law. in
20 th6 coin OF hand, until the lst
III 11lsEAAl0CEa 1910 AnE ILAEL4 kLE4A-u OF
Inc bill s-u5hOuz5s q bank OF redemption
1t New York, In which national banks
nsy hold STOCK to the amount cg one per
ISN'T. OF their capital, The hfth exsmpts
from tsXatlOn the average amount OF de,
posts kept by national backs for pUr-
poses OF redemption, and the sixth Es.
luines the EecT5tsry Of the treasury 70
Keep q hundred millions Of coin 90
land, provided that he msy uss tho pro
leeds Ot the sales OF bOrds in redemption
Il other outstanding bonds. Du les on
imports will continue 70 b0 psid in coin.
The bill goes 10 he committee On bank
.Bg ard currency, spd ia believed to meet
he views OF M. Hooper, the chairman Il
las been The subject OF much discussion,
differing very widely s. C as
merits, but the prevailing opinion Bgeuls
o DO that the schems Is impraoticabla.
No n looks for sp5cie payments by leg
station, and but few OF cur bankers o.
merchants are impatient or likely to be
Exercised on the subject ia any way. Il
nay be e fact to be lsmented, but &c Is GER
sinly true hat the country At large is
quslly Indifferent.
The Helena lark J Clarion, slludirE to /
he stste A9nds of Arkansas, says:
"Among u numerous misstGiemsnts
which have been made by the Little
Rock Gazette, for the purpose Of mis-
eg3ipR ths public in reference 20 the d
Of AFkansss, ie ono which recently 1
.ppssred in that paper implying that the 4
ltsts hsd not received an equivalent for
,onds Issued In aid OF the construction 70
silrceds. This statement has been repsst-
DIV dsui5d, but We are prepared TO
uish evidence TO cOnVi8c6 any far
person thst the State has received
-asfly more thsn an equivalent for the
,ouds loaned to the respective rosdaE
ooursao Of construction.
The Memphis and Little RORd road re-
from the State q, 10000 in bonds,
the negotiation of which they real
zsd the sumsof shout $700,0G0
Toe Little Rock. Pine Bluff end New
and The Mississippi, OuschiTa
cd Red River railroads. have received
200 900 Ia bonds, the prcc5eds Of TIA
gOiiatiOn of which smonnted 70 about
500 COO, and these companies hsve *
ended on their works shout 81 eco, 600.
Toe Arkansas Central hes received
800, 600 in BONDS, which hsYe realized 10
he company less than $4,000, and there
as been expended In construction Ct
cad and purchase of iron sud rolling
took q sum exceeding S350,0e0 Il w1lls
herefOre, be sasn that while tbs Ststs
as issued to the several companies only
5 GOO, 900 in bonds, from which they have
called less than &, 900, 900 in cash, these
cmpsnles rave expended over &, SOC, Gee
The total number of miles Of rsilroad
7hicb have bsen completed since the
ward Of State aid, VIII exceed v hum
red. and az a valuation Of S25. 600 per
lille they would be worth 5000. 900.
TO be more explicit In our statements
f these facts, the State Of Arkansas has
sued So Coz, 900 In bonds 70 tho shove
AIMED railroad companies, and the com
eufes themselves have expended shout
900 in the construction OF roads, snd
-ith Che exception Of the Little Rock sud
'ort Smith railroad they hsve promptly
aid 10 the State the Interest on these
as required by tha State aid lazy.
There should not be any question az to
be security of the hsn which tbs State
dds on these reads, when their property
worth, at a low estimste, ever tl,5ee coo
lore than ths Rmonnt OF tbs lien.
The abstract Of reports made 70 the
l~n.psroIar OF currency, showing the con-
Of national banks in the United
tsfss at the close CT business 0nthe 18Th
Z last month, contains the following
ems.
RESOURCES,
and eSlT,f72,740
nited states 5Jui1teU
from bank and oankefs..--.- l34stN554
hecks ana other cash ltenS~-a.- LILIES
xohsnges for clearing HOUSE, ll494
ius 81 44l
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