Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1857-10-24

Such an immense falling of shsws that other
causes, beside TIE stacking Of foreign demsnd,
" ire at work. Tbs main cause I take to be
that redundancy Of currency which destroyed
the relative exehangeabls value between specie
and commodities, aud caused the cheap article
specie, to be exported in preference to the dear
ostes, wheat, -four, meats, Sc.
IL bank expansions have their evils. stin
mere 50 do coutrsetions and suspensions.
Money betng rife, and the speculative fever
high. numerous money engagements are made
that wOuld not have been thought Of in ordina-
~ timssi and il the times had preserved the
same status, there would have been DO difficult
y in meeting those engagements; but bank
e%ontractions throw all plans and calculations,
however prudent they may Be, sky high. Let
present experience iiiustrate the truth Of this
remark; a few months ago we had aush times
the banks were even seeking borrowers to
get out their circulation. Dry goods mer-
chats were tempted to extend their credits 10
meet the increased demand for merchandise
caused by the Righteousness Of money.
Commission merchants to extend their busi-
ne IS made large and widely extended accept
anees. The spectator went in debt for city
lots and Wild, Wproductise lands, agreeing to
pay the most extrsVagsnt prices.
Now, how is 1t with them? The dry goods
merchant, on account Of the s'rlbgeney Of the
money market, cannot collect his debts, AMI Of
course cannot pay his own.
II, b. means of brokers and shavers, he can
born " enough at sxorbitant rates Of interest
70 meet his engagements, be still mus, suffer
Protest and dishOnor by his inability to buy
! speeie or eastern exchange ; and be goes by the
board, carving, perhaps, bis eastern creditor
with him.
Commission merchant looks about in vain
for msshs TO meet his bank accsDtanees fast
falling due. He cannot resort to the bank, for
self-Pressrvaiion requires the bank TO cease
discountirg. The very time be most needs the
service Of the bank is the time he cannot get
it. He can realize nothing from his advances
to his country customers, for under bahk con-
traction produce has fallen so low in price that
his country customers will not allow it to "a
sold He too is driven to tie saoTt lived and
NAFOheAfN NAPtNACuA u bt1ptL uullOWllk-
The Spectator who bought property at five
thousand dollars, finds to bis sorrow that al
the maturity Of his notes be has to sell proper
ty or Commodities which rated at double the
amount at the tine Of ln~curring his debt to
pay it.
Banks break and throw thousands Of worth
less money on the hands Of tue laborers and
farmers. Banks suspend, and people are com
PEELED to take at par a currency depreeisted
fifteen or twenty per cent below the value Of
specie.
Business is partially suspended, msnufac-
tories closed, and thousands Of destitute ope-
%ratives thrown out Of employment. Gloon
and distress, and suffering perEaae the entire
land. Beggary and want look boldly into tn,
faces of muIdtndes. Such are a few OF the
evils Of bank expansions, eOntrsetiOus and
suspensions all incident to the system cOnsti-
tuted as it is over these United States. v.