Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1862-07-28
Nertl.e.n Ffnanelal rEallers.

The ST. Louis Democrat. Of the evening Of the
DIST inst, disesurses thus with reference to
financial matters up north
Tho money market opened dull as usual to-
dSy, and there was no movement except in gold.
Exchange remains abundant and unchanged.
There il more aCcumula5iDg than there is use
for ia the legitimate line of business The trans
actions IN gold were light, and prices varied
from Is to 20 per cent. premium. Holders are
clinging to it with the tenacity Of dying
grasp, even at these rates. Aud it shows the
infatuation that causeless panic, OF mania
rather, viii produce in the minds of sensible
men. The rise ard fall of gold IS not pTedica-
ted upon the depreciation of government secu-
rifles, as some contend, but upon the opinions
Of gambling stock jObbeTs, who 60 into the mar
ket as jOcky goes to horse race, and set up a
betting list. One says, win 60 10 10 So on the
COniederacy. Another says, III go one cent
higher. Another, will raise that last bet q half
cont And so the game goes on-one betting
i5, snotAcr IS, aud another i or IS cents
against the residue Of the l00 perhaps, tina! the
government viii not win in the war. Their
bets are IA proportion 10 their confidence in the
ability Of the government 70 put down the re-
bellon, and each days proceedings Of the army
strengthens or weakens the disposition to bet
And these operations go forth to the world as
tLs transactions Of the money Market and make
a tremendous stir, baseless and caUSeless as the
whole thing really is.
The market is reduced to a complete system
Of gambling, and the games Of brag and bluff
bear prominent part in il. You ask man.
however well posted in finance, to give you 2
substantial reason for the fuctua;ion Of the price
Of gold for the last six weeks, aud he cannot DO
il 20 save his his. Yet he sees ii, and psrtici-
pstes In the game perhaps But if lie is truly
loval man, Le feels belitted by the operation
for be must know that the only hope of the sink
inc ConfederacY is in the destruction Of the con
fdencc Of the people in the government by Just
such gambling operations as these. The price
of gold cannot depend upon commerce and
trade now, fer it has nothing to do with il only
to the extent of balancing foreign exchanges
In our informal commerce gold cuts no figure, as
q basis IF exchanges and, but for the use of it
for shipment, 10 make up for the deficit of other
articles Of export, It would actually be drug in
the market Now, it is easy to see that there is
e limit to lis use even IN this respect; fsr our
imports are rapidly falling of, while our exports
of produce, elc, are rapidly increasing; and
soon there will be large balances in our favor
The sagaciOus andUnscTupUlous operators of the
eastt see this, and hence move heaven and earth
TO run gold up SO that they can make a eOmpe-
tence while The excitement lasts.
It is well known that the lying dispatches of
Federal reysTsCs in the West-as, for instance,
the capturing of 500 Federals at Baton Rouge;
the defeat Of Curtis, by Hindman, and the cross
ing of the Mississippi river, with large force,
by Pnce-are al gotten up TO order, to inhu-
! euce the stock market And, armed with one of
these dispatches, New York stock gambler will
walk into the market and make his thousands
at a single sitting Of the board Bat it may be
asked, where is the military consCrship over the
dispatches, that such things are allowed TO be
| telegTaphed TO the detriment Of our cause Yes!
where is it Like ell other humbugs it must
have its run; aud then sink away into hated OBJ
security, as the giant folly Of its time. 1t has &C
complished nothing up to this time but distract
| the cause Of the Union, and play into the hands
Of traitors As long as such management con-
! tnues, so long will we have rebel raids.