, 1862-07-07
LETTER FROM MEMPHIS
MEMPHIS, Tenn: June p, 1852.
Editors Chicago Tribune:

LETTER FROM MEMPHIS
MEMPus, TEss.. June q, 1862.
Editors Chicago Tribune:
As there is among yonr more particularly Hnan- |
cial readers great deal If Interest taken i'll the
financial condition Of Meuzahis. venture to w7te
a few lines to inform youthat Memphis is d4:d
The resident ne7chantso of this city haye mad. |
blockade, and more particlafly during the latter
bs1s bare q made ID lots lots s. soy money. 'D''' '
= the dry goods line arrthing in the shape Of
cloth, linen cotton, ct II be made up into army
menr contractors, aud the ash planked do IN, t.e
confederate Ecr1p, or as tits known down here
confectionery money. I have heard of Instances
where army contractors csme into clothing stores
here, and looking at p1eof coats neatly arranged
upon shelves, but varying IN fabric from llnen to
Wopd fef oee pce tie e
Famed the contractor would pay-ln confederate
scrip. Thus do hcar Of q case Of this Kind where
prominent merchant sold 9 lot Of linen coats ut
$l3 apiece-in confederate money.
The merchants have bought at New Orleans
and when the market vas short, rs 1t of(en WIS,
they wonld scnd runners eut into the country and
bny Of retail dealers. So great the scarcity Of
goods that az much as possible they were kept out
Of sight, lnlike Your ncrthern merchants they
were not at all anxious to sell. strange nix
ture Of affairs, but which was easy to be under
stood when one Iemcmbess that everything was
pay nblc in confederate mtney-
CallCos sold here at Is ccItts per yard ftencn
calico at lbs; jeans at IS cents; cotton thread
from IS to 50 ee9ts per spool; lem2ns sold II iron
irom ssvt0 to Is %; 9sini1e, S3o 90 to 5000
per ounce, and everything else in pIoportion-for
Confederate money.
ern people that formerly had Intercourse with the
| South, how the Southern people. who were once
E1Sh stIong spscs Psople conld have gaSen susn
| find that when white money (another name 10
confederate scrip frstwas issued, it comnande
| J1fsyS ia af11fU 3} ia At E8r
There is computed to be s5o1, 10000 Of ii aaoat.
@
for Els cotton When burned, and, in shorf, ii Is
snf If f. csd al bg2e Vas under the
sion that should lind the currency here mostly In
southern hank i:sucs but Has mistaken There
vilie he currency was all in southern baak bills
when the fedcsalarmy came there. Here it is dif-
ferent.
cnee: The answer il plain. Every day tho
sonthern eonfede1acy becomes more and more
bankrupt. Every day this bankruptcy Il palmer
| to be Ecen The bankers and other careful people
make las1e to convert their spare fand7 into in
dlvidual bank issnes. The bauhe OF Issue draw
il their circulation and The result is thut the
confederate scrip Tie longer Tie war lasts tie
will confederate currency drive ont the other
currency for II Il vel EioWn rue that the pao1-
clasE. ....
As the federal army advauccs and Occupies more
territory, the confederate money Will be d:iSen
| further South, or the confederate money VII Al
concentrate lisei II Q center, Already the con'
ftderatc government has lost Kentucky, Tenne5
See, part ct sirg5n1a asd y a1aeonri, Sorth Care
| INA, Georgia, hlAnanaa And LOUISIANA. IN othel
words. from every State tiey nave loss q portion.
and as this portion grows larger for the fedora
Hence the result is plain
1Aal patt oi t1S Soulaela Iou!e1EEie} Hnlcn Il