Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1861-09-19
THE SUSP ENSE0N OF SPECIE PAY
NJ ERT.

the state, IN the 6dhks OF Jne ctiJs 70 nee
the exigeneies Cf fhe times, SHOULD make
temporary suspension of specie payments, wal
met yesterday with the utmost promptness b.
them all. The necessity Of tuis measure, al
is well stated in the Governors proclamation
is based upon the nest patriotic motives; L
facilitate the supply Of the means provided b,
! the Legislature Of the Confederate States fo
/ carrying on the war waged against MS by oul
northern foe.
The banks Of New Orleans, proverbially tn.
| best and most solvent in the world were nevei
in a sounder OF more solvent condition thar
they are at the present moment And while
the resolution at which hey came yesterday
eviRces the patriotic disposition Of those who
! direct them, It Is no impeachment whatever Ol
I their credit and their character that they have
come forward to AID in making the notesissueG
/ by the Confederate government a currency
/ which will meet all the wants OF the public
The reasons given by the Governor for the
| proposition, so unanimously agreed to by the
/ banks, and which will be found very clearly
set forth in his proclamation, are ample and
conclusive. Nor would the banks have wsited
! for the suggestion at his bsnds, had it not been
/ that by suspsnding, they would incur the rick
/ Of forfeiting their charters, from which
neither the Executive nor the Legislature Of
I the state could relieve them. But in the docu-
msnt alluded 20, the suggestion is made that
I the whole sBbJect NAV be confidently left 20
| the Legislature to be referred 20 the people OF
1 the State, at such time as, in its wisdom, il
may thins proper; and that the people, In
convention assembled, may decide whether,
under the eXigsnt circumstances OF the case,
the forfeiture Of the charters shall be exscted
or relinquished.
As the banks, as we have already said, are
nov in condition to pay all their liabilities,
as rapidly as they ere due, they can, even with
The suspension Of specie payments, that they
have nov adopted, maintain position 50
strong that when he period for resumption
shall arrive they will not be embarrassed, or
incnnveniencea oy paying every dollar in coin ;
while, iD the reception, on deposit snd in pay
ment Of debts due them, of the Confederate
States notes, aud ia the payment Of them at
their counters, they subssrve the best interests
Of the nation, at period Of most critical i'm.
portance.
A good deal of inquiry has been made, since
this step was determined on, as to what, under
the new system, is to be done for email change,
needed 90 the ordinary transaction Of business
To meet the necessity arising from the alb
sence OF a specie circulation, we understand
thet it is proposed that one or more Of the
banks, 10 whose charters there is no prohibit
tion OF such course, shall Issue notes Of de-
nominations below i've collars.
This would, Of course, 90 far to meet the
emergency. But still there would be difR-
Guilty remaining, in the lack Of the means Of
making smaller change than a dollar, which
would be felt by the community in ordinary
tr1nsac ions, such as marketing and the pur-
chase OF the common neeessaries Of life. We
have heard several plans suggested, among
which is one, that individuals, upon their own
credit, shall Issue checks representing sums
less than dollar, redeemable BY them 10 Con
faHa-aka Ckakau e., 4Fra
dollars. This plan, however, does not, strike
US fsvorably, operating, as It would do. to the
creation Of flood Of small psper money in
the shape OF ''shinp asters,o much OF which
would, OF necessity, be worthless.
And besides, that plan is, it we do not mis-
take, forbidden BY The laws Of our State. We
say this upon the suggestion OF others, not
having at the moment the means Of verifying
the fact. at all events, there are obvious ob-
iectiOns to It, which viii, we think, strike
every one.
A more feasible way, as T. seems to us, Of
providing against the difficulty, is for the mu-
nieipsl authorities to take this kind of action.
We are not aware Of any iegal objection to
such a course on their part. Notes OF less
value than dollar, issued upon the credit Of
the city, and signed by its Treasurer, would
at once obtain currency, and would doubtless
answer the desired purpose.
We but throw out the suggestion, upon the
hint and at the desire Of others, leaving tfe
matter to the decision OF those better versed
than we can pretend to be in such matters.
LATER FROM TEXAS.
We have tie Galveston NeiDs to the 81 inst. |
rom which we gather the following intelli- !
yeBee;
Abundant rains have fallen in the Gusda-
upe valley. Cotton picking is going on brisk |
y on the plantations, and the yield promises |
o be very abundant The grain crop is i'm |
nense. Grass excellent and cattle fat. Rain |
las fallen slso in TIE central counties
Judge Gregg's regiment is to be furnished /
yith arms at Marshall, from San Antonio, ere |
eaving for COrintb, Tennessee. The order |
or 1,000 muskets, With sccoutrements, has |
zone to Gen. Van Dorm.
Col. Wm. H. PdTson's mounted regiment, |
aised principally by bis own exertions, under 1
he Presidents call for 600 men, were to be l
mustered into the service last week, a. WaXa 1
lstcbie, and thence TO march to Missouri.
TIE heavy rains we have experienced here |
Ippesr to have visited the country also, and /
{ is feared that the cotton, much Of which |
vas open, will be injured. The worm is at |
york also in many places. The sugar cane /
:rop and potatoes will be benefited by the |
aims.
A fne company, Of some eighty men, arrived I
light before last. They are part Of ths reg-
nent ordered here, subject to Col. MOore's i'm
Mediate command.
The schooner Anna Rysn, burned on Sun
lay night by the blocksder, belonged to Capt.
J. Ryan, Of Calcasieu, Louisiana. She was
leariy new, cost about $1,000, and was almost |
III the captain possessed. She was q lumber
yessel, and was captured, with load Of lum-
8eT, good distance out at sea, when on her |
Vay, not for this biocksdsd port, bat for IHdi-
inols. Capt. r. was taken with her, and
rshkly stated his position to Capt. Alden and
hat the loss Of this vessel would be heavy
,low to him. TO which the other replied that
ie would see about ii, or words to that effect.
The mounted regiment raised by MessFs.
Terry and Lubbock, is now gather ng at its
endezvous, near Houston. Commissioners
we're issued to picked men in all parts Of the
tate to raise eomDsnies, and the men of the
companies were required to be the ne pias
IRA Of the Texan ranger. Col. Terry was
etermined that the regiment should be the
est Of its kind in the Confederate army, and
" have no doubt be has obtained has wish.
'hs first company, we see by the Telegraph,
rriYed at Houston last Wednesday, under
APT. Louis NJ. Strobe, a native Of South
,srolina, but raised in Texas. He received a
Military education. His lieUtenants are ".
!. Jarmon, and P. and ". Tate. The men are
=
nth doubie-barrel shot gun, a six sh3oter, /.
nd bowie kaife, double edged two feet long,
nd weighing three pounds. Every man is a
erfect horseman and a splendid shot. II this
egiment does not MAKE its mark on the Lin
olnites, there is no virtue in strength, c0ur-
ge, patriotism and thorough knowledge Of
le use Of horses and arms.
The Dallas Herald states that Col. NJ. T.
ohnson has been authorized by the Secretary
{ War to raise a regiment Of men for imme-
late service. The commission was ordered ,
18th the express sanction and approval of the
resident, who remembered the gallant beha- :
or Of Col. Johnson during the campaign in
Iexico.
1t appears by proclamation Issued by Gov
lark that Texas has been called on for three
lousand more troops. Two thousand are to ,
, into camp, and ten companies Of infantry
i'd four of artillery to 20 on the coast and
10 GraDde.
The Houston Telegraph, of the 5th, pub
shes the following summary Of the election
Total vote heard from, 47O11. Vote to be {
ard from, 8OOO Lubbock's majority so far,
10. ;
Fr0m Pensacola.
A letter to the Columbus Sun, dated Pen {
cola September7 Z SAYS: