Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1861-09-04
MONETARY AND FINANCIAL.

q
closed by the monetary and financial operations of the
year. We gave Che recds Of OF uuexampled pros
rerity The county had fully re- vss-I from the dsas
trous eect- Of h great financial panic Of 1857, and our
young city hsd made vorssGa gigantic strides in her
uarchto 5novn. The Exchange dealings
Of eur banker gued aggregate for the year Of over
seventy millions Of dollars Tie year com nencing
on the st Of September, 1850, opened brightly Every
material Of city in the highest degree
urosperous and the business transactions of that month
and the sueceeding month Of October scale q
magnitude and grandeur, which betokened future Of
greater re us than had been reazsdin prcvi n
hist r.. Money in good Tplv. Exchange on all
1oiuts easy at the lowest rates Of fpremumlengst
par on New York and half per cent. premium on New
Orleans The cotton crop forward early the prices
belng ghIy reuun rativs. Holders willing 70 meet
the market and bills drawn against shipments were readi
Iy Negotiated up TO tie close ofOctober.
As the Presidential election approached disposition
was manifested 10 hold of, until the result should be
known Transactions were entered into with less conf
denoe ard m re scrutiny given to the drawers and
daweas Of bills thar had been the case heretofore With
the election Of Abraham Lincoln the 9Th Of ofNovembe
came disaster ana trouble. The terrible Effects Of the
iumph cf the Abolition candidate were Immediately
fsIt The life blood Of commercial trsnsacrons-con-
fleuoe-was gone. The accspanres Of the largest and
IN st esl by houses 10 New Orleans became Immediately
unstable at ay price, and dstrust suspicion and loss Of
credit ruled ths hour panic took possession Of the
people: deposits hurrisdy called for Our banks
were de eted their coin and rapidly did trouble
tread upon the heels Of another thst the 25h day OF
November the banks Of this State Suspended specie pay
euts This measure wss adopted in this city, not
much fom necessity in obedience the de-
mauds Of the commercial and business community. The
-uspenson did not, however, produce in medstey the
good effects which we're looked for by IN who urged it
For time the great staple unstable; the price de-
eIined TO eight per pound. and lie bold
who dared 10 take 6 bill based upon a shipment 10 any
Lsuse however high ts previous sanding. Many Of The
largest commission houses in New Orleans suspended be-
fore the end Noyember and It Is believed that over
thr nul6red thousand dollars Of the banking capital
our city involved in these suspensions As time wore
on and the necessities commerce pressed upon the pso
rle coupled with the conviction that the Admnistra
ou could nos come power for four months TO
small sales of cotton were made, the price Of tie ssp
adualy recovered sud during the balance Of the s-a
SOD or Up to the lst of april the usual amount of bust
nsss was DONE and, upon The whole satisfactory price
to all couoerned with the nonth f April, The "a
proclamation Of hs Lincoln Government. Then quickly
followed the flight Of those who had resided among
having Northern connections and procllyites.
War pith all its attendant evils is now upon r.. An
commercial iutorcourse N enemy hss ceased,
becomes us to look our troubles square in the face and
70 rut forth all cur energies 10 tustain Government
aud carry is riumphautly through the struggles in wns
We are now engaged The operations Of cur Government
while he war continues, must from the nature OF tn
case have ling indu upon the commercial
and business transactions Of the country. Ths wise
sta-esmauke policy has been adopted, ct not selling
bale coeuu to any person nan outside of he south
81 hoo o IA
States is akuowled.,d by the nation or people wbng to
| trade with us Whether the policy which tse Govern
mont is supposed favor and entertain buying o The
cotton tobacco ETC. and issuing their Treasury notes in
payment for the Is what the exigenoies OF the
copnr AZ this m1ent demand canno perhaps be atis-
ftf demonstrated short OF the Of experiment and
/ trial Tor the Government 10 become fsctor upon
ma nifcent scale, wi her huud els OF brokers and
AGENTS interfering greatextent with the regular pur
spitg Of our commission merchants would seem to be Tia
-. 10 many ofjec.ions but while ports are closed
sust the export Of products, what can be done to
is the money with which to csrry the war, and at
he se time best serve the wants and interests Of the
DIss This is the question which presents Itself for
,n In pescefll times, the basis Of our foreign
~ Is Cation This great S, uhern staple has for year.
furnished our Northern enemies the foundation Of four
sf,bs Of all their vast Exchange opeTat0ns. 50 dep 'udsl
have our Southern cities been upon the market Of Wall
street tht the price Of cotton tobacco, etc. has been
elevated or depressed according 70 the ability Of New
ork 10 take exchange Europe. Let Us now hope that
this sate o. seidJm and Tassaags abolished forever
ard that IN the future means and resources ha
be entrel, aud fu, adequate to necessities. When
the fight is and peace restored, shall readily find
new customers and sources for the supply of our
wants Uat that lime arrives, must depend entirely
upon ourselves and make good Of the within
our reach In order 10 make great staples available
70 rs in time Of war and furnish safe and always rea
bic foundation for the red mption Of Issues based upon
them it is proposed that the Government purchase and
store convenient points, distant from he seaboard sut
ent Of the products Of the Confederate States to meet
the yearly expenses Of the vsTay hundrod aad ty
Iions Of doars-ous- half this amount to be paid in
Treasury notes without interest the other half TO be
paid year Bonds hearing eight Per interest
Tho mere pos eion OF the cotton etc. would be Of no
immediate advantage to the Government nor would it
en- bic her discharge her obligations contracted in
carrying tho war; but it is argued that by putting
foat seventy i've millions in Treasury notes. thus fur.
nishiuR a currency which would be uniform IA value
throughout the CJnederscy il would make money plen
ty Of kind which would be gladly received by all
peops and enable them to take in turn the Government
fAa rsTor ha mis-