Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1862-01-18
FINANoIAL ooyDlTsoN or rHE


The New York Herald oG the 6th inst con.
taius The following
Whilst Congress is wasting the precious hours
OF the session in the discussion of questions
which belong to the executive business of the
War Department, end the agitation Of which can
be OF no sort of benef. at the present time, the
financial affairs Of the country are in a condition
which excItes the utmost anxiety andalarm. In
another week the Treasury will be without a cent
and IN financial and commercial business of
every kind the prospect is fast precipitating mat
tiers toward a panic. Those who have ANYTHING
to dispose Of, and who can realize IT, are invest
ing the proceeds in gold OF in foreign exchanges.
80 as to be prepared for what seems inevitable.
1t is evident that, unless Congress acts speedily
and energetically, not only will we be oYertaken
by a financial r~evUlsi0n severer than any we
have o. vet enceUutered, but the credit Of the
government will be destroyed, and our army,
which is being brought into such fine condition,
utterly demOraliZed. The issue of irredeemable
paper money, SO Tar from helping to e~xtricate us
from our endorsements, viii On'y render them
less easy of solution
4 nation that has recourse to such expedients
is bent on suicide. In taxation alone can we
End the means Of providing for the burdens that
war imposes upon us. Every article OF luxury,
every deed or paper relating to the transfer Of
real or personal property, promissory notes and
bills Of eIchange-everything, in short, that is
susceptible of being thus charged-shOuld bear
its proportion of them, in the form either Of direct
taxes or stamp duties. In this way e revenue Of
a couple of hundred millions could be raised to
secure the interest on the heavy war debt that
we are mourning, and to leave a large surplus to
assist in providing for the wants Of the govern
ment. If Congress is animated By the least
sense of patriotism, and is DESTROYS to spare the
country the humiliation Of sn annihilated public
debt, as well as the disgrace attending the tn
umph Of tie rebellion, it Will at oncs apply itself
to the adjustment Of the taxation necessary 70
accomplish these objects. The country was
never in a better condition 70 respond to the calls
that will be thus made upon it, and will the more
cheerfully meet them, from the conviction now
generally entertained, that they provide the only
safe and legitimate remedy for the difficulties
that are now crowding upon Us.
FINANCIAL AND COMMERCIAL.
TUESDAY, January Z, 6 p. M.-We have rea-
son to believe that Congress has at last walked
up 70 d sense Of its duty to the country, and that
a measure has already been or VIII 1t once be-
reported by the committee Of ways and means to
the House, authorizing Mr.. Chase to issue one
hundred millions of Treasury notes in addition
to those authorized at last session declaring
these notes, rs well as the demand notes, author
lied in July, a legal tender for all debts as well
to the government as TO individuals: directing
that they may be funded in twenty year stock Of
the United States at par, at fixed periods. or re-
deemed in coin, at the pleasure Of government
and, for the security of their redemption and of
tie due payment Of the interest and principal
of the bonds into which they may be converted
imposing z direct tax which is calculated TO yield
an annual revenue of one hundred and fifty mil
lions of dollars. We have no hesitation in say
ing that such u measure as it is Will be s~atisiac-
tory 20 the public credit.
The new Treasury notes will pass everywhere
rs money if their redemption is properly secured
by direct taxes, and none Of the evils which, in
other countries, under less careful systems of
finance, have attended heavy issues Of paper
money, need be apprehended on this occasion.
Much anxiety and loss would have been avoided
if Congress had adopted this course a month
ago, when It was FIRST recommended in this
column.
The speculation in exchange continues Ster-
ling must be quoted Il49Il45, aud gold 3807
The government has been discussing heavily
within the past day or two, and people are in
yesting their money in gold sud exchange in
consequence Of the non action Of Congress UPON
the subject Of taxation Gold Is held for much
higher premiums by the spectators.
The stock market opened vigorously This
morning, with a large amount Of orders from the
public but, as the day advanced, the street
spectators began TO realize profits, and the mar
ket was not strong enough to take the stock
thrown upon it. Hence the afternoon prices of
many Of the speculative shares show a decline,
as compared with the closing prices of last even
ing. Thus, Rock Island lost to-day Z per cent,
Burlington and Gu ncy I, Toledo /, Galena g.,
Illinois Central Il. Michigan Central Z southern
old guaranteed Reading 4. The excep-
H. Ill. 49,. Vr-r&r4 EFurw- - .rhr~kr
advanced :, and dill rot ian back Erie, which
closed better than yesterday; Missouri's Ten
nesSee'5 and Virgin has, each Of which gained !
to-day. and Pacific mail, which advanced per
cent. The market closed very firm, with a gen
eral disposition to buy.