Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1861-06-20

there being no quorum present
On motion Of Mr.. Williams Of Hickman,
the house adjourned to ten O'Clock tomorrow
morning.
THE FINANCIAL CONDITION OF
GHE NORTH.
At a time when the Republican adninistra-
ton is undertaking movements on the broadsst
scale of expenditure, it may be interesting to
observe the financial ability Of the section to
meet the immense srmaments. It is very evil
dent already that the Withdrawal Of southern
trade has completely crippled every branch Of
northern industry, and nothing but the war
expenses Of the government, which are easing
the people down, could prevent an immediate
and universal crash.
The following correspondence OF the New
York Times shows at once the state Of affairs,
and the sndeavor to put as good face on the
matter as possible;
Oar citizens have by his time had some op-
portunity Of Judging Of the real effects Of the
national troubles. They are undoubtedly nu-
merous and severe, but far short Of what the
croakeTs had predicted, and bear no comDsri-
son to the Wholesale ruin which has settled
down upon the authors Of these troubles. So
far from The community being insolvent, it is,
in some departments, not only sound 10 the
core, but actually Furnishing. There have
been many extensions called for in mercantile
circles, but the num1er driven to liquidation
has been limited. As one branch Of business
declines new ones springing up in its place.
Thus the chandelier factories, as the demand
for ornamental work fell of, are busy with
vast orders for bras mountiDgs and other fixtures
for The army The saddlers and harness max
ers are occupied in the same way. Southern
nags CONSUME no more northern harness, but
government does, and is certain to pay for Il.
Our wheelrights cone In for large orders for
army wagons. So al G with the cloth facto.
ries. Some here sad in our suburbs are run
ming night and day for the government, and
cannot produce cloth as rapidly as it is called
for. Then there ara thousands Of perzons en-
ployed 10 making this cloth into uniforms. and
other thousands in manufacturing camp equip
age, tents, cartridges, caps and ammunition
generally. The army contract for shot and
she'll is in the hands q North, Chase and
North, near the navy yard. The contract is a
long one, and will require the employment Of
more hands than formerly.
This statement evidently hides the true con-
dition OF thirgs and needs Interpretation,
which is found in The following taken from an
administration Philadelphia paper. Afrsr
speaking of the military preparations ensros
sing public attention to the neglect Of every
thing else, it continues:
OF commercial affairs, but little is said. al
though at no period OF our history have thew
been in a worse condition. The banks
throughout tue country are all either suspend
iDg or breaking. The currency OF the Western
banks is next 70 worthless, owing to the fact
OF it's being based on southern stocks.
Ihroughout the North the country banks are
beginning to succumb to the influences which
are sweeping away ali the establishments that
were trading on a fictitious capital. The
only sound banking institutions in the country
are, IN fact, those Of New York, Philadelphia
and Boston, and they arc only so to The extent
Of their real estate and specie. OF the mer-
camille paper which they hold, It would be
impossible to estiuate the actual value A
large proportion Of it consists OF extensions
secured BY collaterals which have undergone
heavy depreciation. In the present condition
OF things further time will have 10 be granted,
OF a loss will be realized which viii affect
seriously their capital.
b failures among mercantile firms, cOnse- 4
qusnt upon the most universal PARALYSIS of
trade and the refusal Of the South to paw its
debts, exceed in number and magnitude those
Of the darkest periods Of our commercial his
tory. Houses that a few months since were
doing a business Of millions, and that possessed
"a ~ ~ N3NNNLHAH MuhE UtEN UkAElAN ]
ruined. The mills and factories have either
been obliged to work at short time, or to
discharge their hands. But for the
fact that the army absorbs many OF the men
thus thrown out Of employment, and that its
wants create new branches Of occupation for
the females, the suffering would be dreadful.
In short, in none OF the former commercial re-
WILSON'S through which We have passed has The
condition OF the mercantile and operative
ciasses been more distressing and dishearteDiDg
than at present.
The New York Herald says
Such is the prostration CT business that The
failures in New York since April 22d number
two hundred, and such is the quantity OF pro-
tested paper thrown on the banks that thew
now refuse to accommodate. One Of these,
day before yesterday, bad $50, 600 worth Of pa
per protested. Real estate is uusaIeahl, and
rents are gone down, because people a una
bic to pay.
In this condition Of affairs where is the two
hundred and sixty-fve millions Of dollars to
come from that are necessary to support the
war measures OF the administration a single
year? The large capitalists, who are mad
enough to lend their money to the Lincoln gov
eminent, will soon be drained. The Tri5aHe
confesses that an adequate supply Of means
cannot be expected frem this quarter, but
hopes that a loan in small sums Of ten per
cent. interest can be obtained. It really hopes
to get 100000, 900 out Of old stocking legs7
in the North. The probability is the old
stockings viii soon be drained to meet the
daily expenses Of their owners, thrown out Of /
employment. !
THE DEFENsEs OF WAsHrKGroN-A north |
dispatch, Of The 10th, thus refers to the de- ;
Of the capital
The breastworks on The Virginia side, oppo-
this city, are nearly complstea, aud about T
one hundred 32-pouDders are mounted on the 4
different works commanding the approaches TO
Washington for a distance Of about ten miles. =
Alexandra and the chain bridge. as I
accurately laid down on the map entitled aThs o
Seat of War;" published in the Herald Of Sun n
Jay.
This immense ten-mils battery makes WASH
ngton imPTegnable. Another great advantage :.
derived from it is, that a comparatively small y
number of men can defend The position, behird 7
he monster esTlhworks, with such powerful :
Instruments OF death, sweeping as they do the
yhole country within a range Of two miles
them. This fact explains why so
aany troops could be spared from here TO move .
Igainst HarpeF's Ferry, as stated in ny dis
last night. T
REeoEEeITERINe EF BALLsoN AND TzLE- q
iRAFH.-There will be a novel spectacle to-
morrow afternoon, which will puzzle General
3sauTegsrd, and perhaps call out asothsr
PROCLAMATION. Prot. Lowe will make an as I
aension ID bis balloon "Enterprise" from the d
residents grounds. He win ascend to the
Of several hundred feet, where be viii
stationary and take a view Of the -
rebels at o distance a oRlY twenty z.
miles. The BALBOA viii Be anchored to
ae eTognd By q rope Of Sufficient length The
will take up a smsll tslsgraphic in =,
trHment, and an operator, who viii eommuni- y
with the telegraph Office in the war 81
department., BY means Of a hns wire which So
viii follow the rope in lie course. Gen. Scott -
ould easily sit in his room and know thp
loysments Of the enemy at a distance ofnaFf
niles from him, and 20 tas Eams fine direct n
hs movements x die 66h fdrces. Telescopes '
ad marine glasses TO aid The sight will be
aiken up.-Northerb s~Eehaage.
az The New York Ezprsss recommends
iese means 10 end the war speedily: r
As the war Is to be prosecuted, let It be done 1
18th gigantic and Titanic foIcsI Congress, ~
xtra session, ought, foTthWit4s Mt onig to olt
2 HIGH dgty gPsa tea AID coffee, but to 10 pa
reass the ddtyion sugar. Direct taxes must We
ONE, and the quicker the better for the credit (,
z the country. "Loansp will aot long carry -
4 the war, and direct taxes are ineYitaei1
"a aecrstsrY Of he treasury, Ne. Chase.