Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1883-03-21

1a4-pa1Q Wnlkky on ndno July 1, looo- ,<zU
The tax upon the whisky Withdrawn and
consumed prior to July ], 1885, will not be
felt, az the trade receives from the consumer
the value of whisky.
The tax upon the 14,246, 22O gallons on
July l, 1885, at ninety cents per gallon, is
$12,82l ,598. For comparison we state the
following was in the United States:
November Is 1870, tax paid whisky......45 900 00C
May l, 1871, tax paid whisky Al 900, 0OC
May l, 1872, taxpaid whisky 00t
We give the figures in round numbers. Oh
the stocks of fue viii ky upon which the
gallon and special taxes were about seventy
cents per proof gallon, Kentucky furnishes
very large percent sge-more than one-half
There seems TO have been a far larger
amount of money invested in tax-psid
whisky in these years and in subsequent
years down to 1878, when Congress extended
the bonded period from one year to three
than ia now invested or will be invested or
July /, 1885, in all kinds of Kentucky
whisky, both bond and free. If the whisky
trade of the United States could carry with
out serious loss the large stocks OF tax-paid
whisky, as indicated in the above giver
years, there would seem TO be no ground fol
apprehension in handling existing stocks.
This opinion is the more strongly enter.
tanned from the TACT that consumption oil
Kentucky WHISTLES has increased from I, $780,.
600 in 1878 and prior years 10 15,000, 900 al
the present time.
Now, the question occurred to US in max
lug up the final conclusions that the scare
about whisky is without sufficient cause
Will the present lie of consumption OF
Kentucky whisky be maintained? We in.
vestigated this point, and believe it will be
fully maintained and likely increased.
First-Kentucky whiskies, especially 1881
and 1882, are cheaper than they ever have
been. Whistles that sold for seventy five
cents to 81 per gallon in bond in 1859, and
never less than fifty cents, now cell for forty
five and thirty. five cents respectively. Low
prices always induce Increased consump'
ton.
Second-The distribution of Kentucky
whisky was never so wide and extensive al
now. The present stock is owned by the
trade all ever the United States, thus dis
tributing the burden Of carrying both the
bond and free stocks.
Third-The depression in the trade and
the fright produced BY the late failures
greatly augment the efforts of holders TO
market their goods direct to the consumer,
and thus the agencies for the sale of Ken
lucky grades is greatly multiplied and m ads
more active.
Then the further question presents itself
What is the prediction OF 1888 and 1884
likely TO be? For if large crops are made II
t.ese years the consumption of 1881 and
1882 goods would be curtsiled by the substi.
tuition of younger goods; he finds 10 answer
TO this question that the production of 1885
is very limited and not likely to exceed
5000, 900 gallons. The most of that is held
by dealers who are able to carry the good.
until three years old, and who will wait for
the 1881 and 1882 goods TO work off before
Offering in the market. The tax ON the pro.
ducts of 1888 s not due until 1886, so that il
cannot seriously interfere in the existing
stock.
The same conditions that curtailed the
crop of 1888 will operate with greater force
in 1884, and We will naturally expect come
less production in 1884. Nearly all the con-
tracts Tor whisky will expire with the present
year.
The value Of the 100000 gallons OF
whisky in Kentucky will not exceed $685.
600, 600. SO all statements about banks being
overloaded with whisky paper or warehouse
receipts must be grossly exaggerated. In
fact, we find that the banks Of Louisville,
where most OF tie banking is done, hold very
little strictly commercial whisky paper. All
the paper given for 1882 goods is about paid,
anu TIE DaOks VI LDulbfAlic nave lcsr VI iuie
kind of paper than for years. The warehouse
receipts held by the hanks seem TO be for
regular customers who are daily marketing
their goods in their regular and Legitimate
trade.
Oae fact was developed on extensive in
curry among our banks which of itself satis-
fies us that the whole situation is exaggerated.
Not dollar has ever been lost, 90 far as We
could learn, by any bank of this city Of
money loaned on whisky collateral, and the
entire loss on commercial whisky paper last
year will not exceed few thousand dollars.
We have not included in the review the
whisky held in other States. There has been
some increase in production in Pennsylvanis
and Maryland, but we presume correspond
ing increase in consumption. In the States
north Of the river no concern can be felt, as
their product is largely cheap whisky, made
for immediate use, and any surplus stock
can be disposed Of by few weeks susPen-
sion of production.
This lie candid and impartial review OF the
situation of Kentucky whisky, and we are
forced to express an opinion that if the same
conservative action that prevails among our
disillers and dealers is maintained for 1884,
we will have greatly reduced stocks and rela-
atively higher prices.