Daily union appeal. (Memphis, Tenn.) 1862-186?, 1862-08-12
Communicated I


As citizen of this great metropolis and
somewhat Interested "a one man interest," in
its commercial prosperity and future great
ness, l present few more thoughts on cur
rency. l have the right to offer these sugges-
tions, and the reader has the right to reject or
combat them. THE WAR is an excuse for all
most every evil or grievance, yet, it does not
| affect in the remotest degree the currency Of
| the great corn-growing and pork-producing
! State of Tennessee, of its great mart of
| trade-Memphis. Neither has Tennessee Go-
ney any influence on the war. Onothing how
ever is certain, we have in Memphis ttoo car
| reneies, one of which is wholly monopolzed
| by very small number, but otherwise, very
| respectable class of citizens, known as cotton
and sugar sellers and street brokers, the other
for the balance of the people, composing about
nineteen-twentieths of the whole community.
1T is very striking and singular fact, that this
first class Of people, instead Of controlling cir
cumstsnces, are themselves Tor seem 10 be,)
controlled by circumstances. Some of them
have been unfortunate enough to have 6orro,ced
gold, and they have to sell for gold to make
their word and obligation good, others, that
are good Union men, are determined to sell
for nothing but gold or green backs, just for
spite" because, forsooth, the dealers who came
here on the opening of the blockade, sold their
goods for gold and Northern funds. Another
class want gold because they are going South,
and still another class, and, by far the larger
portion of these afflicted people, want good
money because they are going North, they do
not wish to ship their cotton aid sugar North
for sale, OIL no; they viii sell it here for less
than Northern prices, so they can take their
good money with them. OF course, every man
has right to choice of funds in elfecting
sales, but it is disputed point whether they
have the right to share Tennessee bank notes
and pass them again at par, at the same
time raising ga hue and cry" against mer-
chants for discounting Tennessee money, or for
charging enormous profits. One man can pull
down more brick wall in day than forty men
could build, SO can one man, who sells for an
exclusive currency, or, makes livelihood by
shaving his neighbor's money, do more injury
to the currency than twenty merchants who
have license to sell "at one place" could coun-
tersct- Again, commission merchants, who
pay from 500 to $3.50 license, and are taxed
FIVE per cent. a month extra, are confined to
one place, while dozens of people are Pedd,i1s
sugar and cotton about town without license
and consequently without law, utterly reject
ing Tennessee bank notes. thereby making an
insidious war upon our own money.
Inseperably connected with the subject, the
D close observer need not be told that fer month:
A the New England banks have been forcing
their circulation westward, and while western
editors have time and again cautioned theil
patrons against the circulation of the small
bills of eastern banks, / have yet to see tbs
first editorial of the kind in Memphis paper
: As merchant, am forced before the public
in self-defense, and in defense of currency
in which every Memphian is interested in up
holding. Eastern bank notes derive thei
credit from the fact that they viii buy article
not manufactured or produced in sufieien
T. quantities in Tennessee. They are however
: of nominal and uncertain value, for, by recen
statements, the New England banks have onl.
about one dollar in specie for every twelve o
their circulation-some of them whose pape
d passes freely have but one dollar to sixteen
$, Reader. have question to put just here
,n Dare any sane man say that our banks are i
any such ix9 IF not why is the attemp
rs made TO discredit them at home except 70
sinister motises2 Again: the Treasury not
~ paper will soon force the circulation OF th
ty New England banks home, and then look on
for the ineyitable result Of an expanded banA