Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1873-10-27

over the liabilities, and six per cent. re-
serves of S741,7 1853, and as the
company is allowed to do business in
/ the sole States on six per cent. reserve,
it is claimed and asserted by the board
that the company Is perfectly inselvent.
An address by the board, taking this
ground, has been issued, and viii be
sent to all the policy-holders. The
Suits against the company by E. A.
| Whitcomb, and the suit against Whit
comb &c Co., have been mutually with
drawn, and the suit against the COM
pany by William Selby, late State
superintendent of insurance, has been
laid over by Judge Madill, to the cir
cult court till General Blair, successor
to William Selby, has been gratihed,
/ and is installed in Office, when it can be
taken up on motion.
Adjournment OF she National Board OF
Trade.
| CHICAGO, October 25.-The commit
| tee on transportation submitted the fol-
| lowing report:
First-That congress may prevent un-
| just State restrictions upon interests te
commerce, but that protection for the
people of the States should be secured
( by the Legislatures and courts.
| Second-Rejoicing at the improve
ments in the Welland and st. Lawrence
canals by Canada, and in the New York
canals, and favoriug the Mississippi river
improvement.
Third-Referring the question of a
dOuble-traek railway from the east to the
west, and all questions germain, to the
executive council for future eonsidera-
ton.
Mr.. HoltOn, of Milwaukee, offered a
substitute for the first proposition declar-
ing that the States have the right to reg
ulate railways.
Mr.. WethereIl, of Pennsylvania, fa-
vOred congressional regulation.
Mr.Able, of St. Louis, opposed sanction
| ing congressional control of railways, or
anything looking to the Capitalization of
powers of government, and favored
Holton's amendment.
Mr.Burwell, of New Orleans, took the
same ground.
Mr.. Kenzie and Woody, of Cincinnati,
Allen, of Philadelphia, and Crocker, of
Boston, favored the amended report.
Mr.. Wright, of Chicago, offered substi-
tute, providing that the subject of trans
pOrtition be treated by the general
government and legislature, and gov
erned by the same general laws govern
ing other industries, and that il should
not be the p licy of the general govern
ment to assume the business of the
people, either in transportation by rail
or water, or in the construction of such
routes, and recommending legislatures
to protect the people against wrongs by
commentaries.
Mr.. Hawley, of Detroit, favored the
report.
Mr.. Bromberg opposed it, and the de-
bate having involved to some extent
the question of States rights, the re-
port was so amended as to ask congress
to exercise such power as the constitu-
ton authorized for the regulation of
Interstate commerce. The vote on the
first proposition stood, yeas, 26; nays,
IS. Defeated for want of two-thirds
vote. s
The second and third proposition was
unanimously adopted.
A resolution thanking the Chicago
board of trade, Chicago and her news
papers was unanimously adopted.
Resolutions were adopted favoring the
reciprocal trade relations with the Span
ish colonies.
AIr. B A.GanO introduced a resolution,
which was adopted, asking the banks
and clearinghouse to consider some
plan for obviating the necessity of large
transfers of currency between business
centers.
Resolutions were adopted thanking
the officers of the board.
The board adjourned to meet in Balti-
more on the second Tuesday in January
next.
New York Chronicles.
NEW YORK, October 26.-The pro-
posed resumption of silver payments by
the treasury caused many applications,
yesterday, at the sub treasury, for CONVEX
sion of legal-tenders and fractional cur
rency into silver coin. But the assist
ant-treasurer has not yet received in
structions from Washington. A prom
inent officer in the sub-treasury said
that one hundred thousand ounces of
fine silver were purchased in this city
early in the week, and had
been forwarded to the mint
at Philadelphia. This amount
would furnish about one hundred and
twenty-fOur thousand dollars difference,
Occasioned by one-tenth alloy, saving
to offset the cost Of coinage, and making
the value of the coins to the govern
ment no greater than that of green
backs. with which silver was purchased
The superintendent of the assay-office,
on the contrary, said, that he was
unaware of the purchase of silver, and
did not think it could have taken place
without his knowledge. From these
several statements some think it looks
very much as if this resumption of sill.
ver- payments might turn out to be as
great farce as President Grants letter
to Mr.. Williams.
In view of the depression in " all
street yesterday the announcement is
gratifying that the well-known dry goods
firm of Peak, Opdyke & Co., who sus-
pended Just three weeks ago, at the
time of the panic, will resume business
on tomorrow. The event will doubt
less contribute greatly to the restoration
of business confidence.
Jasper j. Shaw, one of the directors
of the New Jersey Southern railroad,
who brought suit against the company
for seventy thousand dollars, having
made call loans to the road amounting
to one hundred thousand dollars, says
he intends to take no further steps in
prosecuting, being convinced that the
road can be made to meet all liabilities
and become profitable enterprise.
The EUeni1tg MdH says that several of
the directors of the Hoboken Savings
bank have, during the last three or four
days, made an extensive transfer of the
property. In view of their action, the
county clerk, Mr.. Kennedy, who has
eight thousand dollars on deposit in the
bank, made a preremptory demand for
his money. He did not get it, and will,
it is said, throw the bank into hquida-
ton.
The effects of the late panic are very
apparent in the dullness of several Orna-
mental trades, some of the manufacture
ers employing their men but eight hours
day, and paying them only q per cent
age of wages. Employers, however, are
daily expecting an improved state of af-
airs, and will not discharge their men
unless business becomes really unprofit-
able. Builders assert that the outlook
for abundance of work is not very prom
ising, and say they are absolutely COM
PEELED to reduce wages in order to
carry on their business and reapa decent
profit. Master masOns announce that after
November lst, next, they will pay
mason and bricklayers three dollars and
fifty cents day and laborers two dol
lars. The men have not taken any ac-
ton on the proposed reduction. The
bricklayer's and mason's union of this
city is very powerful institution whose
members had time and again dictated
laws to master-masons. The prevailing
sentiment among mechanics of all
classes seems in favor of settlement of
sill questions of wages by arbitration,
rather than by strikes and kindred agi-
tations.
Mrs. Captain Samuel M. Smith, to
whom it is alleged poison was admins
tered by her husband, lies in critical
condition, and her physician says her
recovery is extremely doubtful. The
investigation begins tomorrow.
A dispatch from Cohoes, n. Y. saws