Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1874-08-30
LETTERS FROM THE PEOPLE



EDITORS APPEAL-I notice in your
issue Of August 25th, where your board
of commerce have, or intend to take
action in regard to freights from the
east, mentioning the tariff from Mem
phis to Fort Smith, also from st. Louis
to Fort Smith, being almost the same.
Being a former citizen OF Memphis and
one that would be glad TO see it prosper,
l would advise through your paper that
your chamber of commerce direct their
attention to this section of country as
well as others. Memphis has up to the
present time received the greater por-
tion Of the trade from this place, but it
is lOOsing its stronghold very rapidly,
and the only cause is high freights. Is
it not out Of all reason when we can get
freights from st. Louis to this place for
less than We can from Memphis, and
the distance fIom st. Louis being
double? Memphis deserves to loose the
trade Of this country unless We are pro-
tected aud if Memphis does not do her
duty soon she will get her deserts so far
as this place is concerned. This is not
wild and idle talk, but positive facts.
For instance, We are compelled to pay
for bagging and ties from Memphis
eighty-siX cents per one hundred pounds
in carload lots, while we only pay
eighty cents per one hundred pounds
from St.LOuis in small shipments. This,
gentlemen, Is very important ques-
dOn, and ! hope your board will take
inSmediate action and give this matter
thel,~ prompt attention. SUBSCRIBER.
Kos, rJDsKO, Miss, August 9TH.
answers 10 WhItwOrah.
EDIToRs APPEAL-A correspondent
in your colUmus over the signature of
WWbitworth," in attempting to assign
the causes OF the present depression in
Memphis and the remedies, among sew
ersl good suggestions exhibits some
chronic follies. In the first place it is
ridiculous to talk about memphis being
al the present time au exception to other
American cities in the matter Of finan-
cial embarrassment. Nor Is it true that
she alone of American cities expert
ences depreciation in real estate values,
OF is the only sufferer in the ready COM
mercial convertibility Of that kind Of
property. There is not q business man
having any correspondence with New
YORK, Boston, Philadelphia, Cincinnati,
Louisville, st. Louis or Chicago, who
will not inform "Whitworth" that real
estate has in each OF those
cities a black eye. In other
words, real estate has ''gone down" in
all American cjties. Speculation in zeal
estate everywhere, unless by some rail-
road ring in a I2iiroad town, has de-
Clined fearfully. l am one of those who
do not believe that it will ever resume
again its former proportions. Her day
for rapid and large profits IN real estate
investments has passed. Heneeforth
the advance IN real estate in America
will be at the sober and steady pace Of
Europe. The causes for this decline in
real estate values, and their withdrawal
from merely speculative operations, seem
to me very apparent. Investments will
not be made where parties may have to
"hold" for profit, unless money is re-
dundant, and is seeking instead OF be-
ing sought. America hal a certain
amount Of capital over and above what
was necessary to conduct the current
business Of the country. 1t wal
this surplus that conducted spec
ulation in lands, railroads, etc.
OF this surplus the extraordinary
extent Of railways built within the last
ten or fifteen years far IN advance Of the
population and business Of the country,
and therefor the present making no re-
turn Of the capital borrowed to build
them, has consumed and now holds for
the present by a permanent investment
an undue proportion. The United States
bonds have likewise consumed, and now
keep almost in allegiance another large
and undue pTopOTtiOneof this surplus
capital. OF the capital thus indicated
so far as the active business of life is
concerned, commercial, manufacturing,
agricultural and real estate investment
it may be said that it has substantially
disappeared. OF course real estate suffers
more than the other departments. But
commerce lRnguishes for the want of
! capital At is notorious fact that Mem
! nhls has more business offered her than