Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1857-11-25

Fer ne Esu-his Ap7eall
MEssEs. EDIToRs Ia the APPEAL Of tie 4h
instant, / fad a long article over The signature
Of S. on the subject Of banks. ] have perused
said article more than once, and with some at
~tsntion. The conclusion at which I have ar
rived il that the author is q stoekholder. and
spprehsnds that the source Of bis gains, NAY in
these squslly times, possibly drift away, or
that the subject has not been mstured. He fire.
qusntly asserts OF iasinuates that it would be
ruinoas to to wind ~ The banks
and gives as bis reasons that there would not
be a sufficient amount Of coin to supply the
place Ct the paper currency, and that coin is
TOO ungFieldy to be used In the Of
the country. Nov all these speeious argu-
msnts are oTerhrO9n By the last sentence in
bis article. Speaking Of small notes, he says:
g L is those which Gil the ordinary and main
channels Of currency which displsee or sxpel
from common circulation, gold and silver CON-
Prohibit the issue sad circulation Of mail notes
and the coin Inevitably lows back among Us
and fllstle onno chsnnsls Of currency and
keeps with Us a plentiful supply Of gold CT
silver" Permit me here 70 ash If the Trobibi-
tioa Of the Issue and circulation Of small notes
wiH cause their place to be supplied with golo
and silver, why viii rot the prohibition Of
large bills, yea, Ct al bank bills, be followed
By the ss1srssult2 It might BE objected that
after the Tzcaen, occasionea BY the withdraw
al Of small bills from circulation, was filed.
that there H0aid not be specie LETT in the vaults
70 supply the vacancy caused By the withdrawal
Of tie large bills. IL this is the true coalition
Of Affairs, I d0-.not hesitate to say hat banks
are swindIing concerns. They certainly are
acting unjnstly and frsudulsntly 10 Issue i've
or ten dollars for one, receive interest OF II
by discounts and bills without the probability
81 its REDEMPTION shen required. It is swind-
ling the community al an nsudersb.e rate.
The private property Ct al stockholders should
be made iisbis for TIE bank issgss ,ihea they
would be more cautious, their breaking and
suspensions less frequent. I know that II is
insinuated that there is not q sufseiency Of
gold sr6 silyes FOR the demands Of trade. Now
TASK, Who ever heard or thought Of an Eastern
debt being paid m Tennessee bank paper ?
Eiae-t1nths Of the Eastern debts are paid by
checks, and these are not necessarily dependent
on banking institutions. Whst is TIE part per-
formed by the banks IN sisposing Of our crops?
It is said that the issue is greater az that time,
and hat after the crops are bought and sent
Of. that it returns to the banks. Do not She
banks require a percentage or interest on the
paper currency whIch they furnish and who
pays his eventually but TIE farmer and how
is the redundant paper called IA? A portion
Of II is returned TO pay fOT exchange, at a re-
muaersevs percentage 10 the banks, By The
merchant who has received it Of the farmer al
depreeisted currency, TO cover which, The nsT-
rhsut has previousi7 added a few eenis on Ii,
urice Of merchsndise, The farmer pays that
TAX also. oe The paper currency may BE- ad.
vsnced By the bank toths us sr IN Memphis
aus he required 10 neet ths . New Orleans
there gold and silser, or 3 Equivalent, is h.
ony ei-calatng nsai-p and exchange. The
est objeesofo or tssrchsuts IS attained By th'
bsnksaod furnished to them at a heavy per
esss. 80 tb<g receive all the profits and tbs
ssrner suffers alp theJoss- Now as all th'
sr-eneylefszmongst Us in the sumner Is ths
6ssrpIas II our indsbtednsss, / desire to have
shat IA 8eads which I an not afraid to oEn fo'