New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1862-03-17

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bearing conduct Of our troops or the hope Of prof
by trade with The Yankee soldiers thst brought abou
ihis improvement an nr0blo to say.
-S---
Monetary sireiss-C Concerning tho Rc-umr
tion OF Trade viii, she NortIs-h warn
iug 70 Northern Bsrsinsss Ifen-Heo!dmeH
al 6cbel Narnudcrs-Fsx pioits Of Nor
Ean's md Scott's Rebel Cayniry--hnd!
johnson end iho gecessionisss.
From Ous Special Correspondent
NAsHyr r. March 10, 1862
/ Ifthere bad been any doubt in my mind o. TO thC
blasting effect of Secession upon The commercial rela
tons Of tie rebelious States previous to ny advent
in This city, the contemplation Of the extreme
tary strai under which all classes Of the inhabsnt'
are aboring would have readily removed il. II j.
difficult TO see how any kind Of business could be
carried a in the confused, inflated, and deprecated
state Of tie currency that Afforded was rather IL
tended to afford, the cole means oil trade 10 this
munity duriD; tie last six monthf. Not one in
twenty Of the residents bas seen or possessed any
amount of gold or silver since las, Fall. The
bills Of the banks Of the different seeded States,
Confederate Treasury Notes, fifty, twenty-five,
ten, and fve-cent checks Of the State Bank
of Iennessee-printed on common paper, aud
shiDplas,ers in the widest sense--were ALSO
lutely tie only description Of money the
people have had to get along with all Winter. Re
long Confederate authority prevailed, things went
along amoohly enough. There were no other repre-
sentative values, and the ultimate crash was post
poned by universal necessity and consent to receive
and give out the paper trash, until the change Of the
political status took place. But now the crisis has
arrived. Northern bank bills, aud treasury notes.
and specie commence 10 circulate, and Southern cur
rency cannot float with them in The business current
II is already snbingi and, as with the gradual reduc
ton OF the rebellion, the improbability Of tie re-
dempon Of the promises 10 pay Of any Of the South
em banks proporionstely increases. IT is bound TO
60 to the boliom of depreciation. Then the penalty
Of the reasonable recklesuess Of their section will
he raid by Southern tmdesmen and manufacturers.
They cannot escape ruin. Whatever their past
profits may have been, they viii be quickly swal-
lowed mp by the gulf Of depreciation. Their cash
capital is mostly represented by Southern funds.
These cannot now be converted into specie here on
any terms, and will idly undergo gradual Ioss of
value. Their stocks Of mercantile goods and manu-
iacures can only be cold for the same currency, tie
people hereabout having no other means OF buying.
Thus they will not only be unable to use their cap-
tai bat also render their bankruptcy the more certain
by continuing business Such are some Of the COM
mercial anomalies following the greatest political
anomaly known in history.
The yexations to which the total absence Of silver
change is suljeotng both the old residents and tie
Northern newcomers, are extremely provoking One
goes 10 q store TO make Il small purchase and offers
a Northern bin in payment. The seller. in nine
eases ont Of ten, hes either change q, all or only
tie change cheeks OF tie Safe bank, 60 that one has
take out the whole value of one bill in tho required
article, or 90 without e. One owes ho.el.bil. |
The landlord can give only Tennessee notes in |
,tsnge Of the T9e NoreD ,6h III. yqg s9 ,asey or
leave his b'igations undischsrged. The other day
had TO take 80 ceuts worth Of checks IN change oil
half dollar Of silver. When first came here Tie
uevsbovs sold papers for 10 cents in ehinpiasiers
each. Now they have ehut down 90 the latter, and
fen only for silver, Of which they find plenty in the
Union camps end care no longer for the city ,in-
rlaster custom / actually spent III hour tins AFTER
noon in futeas attempts 10 convert dollar bil mo
silver. in order 70 DC able 20 buy q newspaper The
reafest trtuaton existed at ihe post flee after iis
reopening under Union auspices. The agent Of the
DEPARTMENT came urpfoyidcd with either stamps or
syer-chauge, and large amount Of correspondence
WAS not sent forward, owing ~ the almost genera!
inability % prepay in silver.
A. rresent the cbst pe-checks still have certain
,onge Of circulation. Few business men remain ibat
AXE them Willingly; but most receive them in Wy
s-nt of dues when the debtor has no other money.
They viii be entirely yalu,ess as room Us the Rebels
are fully and permanently driven out Of the STATE.
IrDon the herra Of the StateOiicers the books and
fpnls were removed, add are now IN Memphis undor
he control If the most reckless and desperate rng-
leaders Of Seoe ssonism. They will never be allowed
DIV kim Harr,s and foil wen 10 fall into The hands
II The Unioiita. The probability Oft ultimate re-
Genrton Of tie paper change is therefore, very re-
mole. and from tAc moment the people viii under
stand tlis. ;ts circulation viii come to dead stop
The final loss win OF course, be felt most severely
bv tie uidalc and lower cmses.
am informed Jy Union residents that, notwiil-
standing tic total disappearance OF specie from the
different channels Of bus'0ess life, there isyet eood
deal ofjoth gold aud siiyer boarded Up in the city
and country by people, that, although mostly SYM
patbizing viii Secession, yet never acquired inI
faith in tho stability Of tue Government Of their own
choice.
perceive from late Northern papers, that the
merchants and mauufaomrsrs Of several Eastern
cias entertain sapsune hopes Of he speedy reoren-
ing Of extensive and lucrative business relations
with tie conquered OF iberatcd, whatever you may
30 pleased 70 call IT., Of lhi6 State have even read
os proposed ventures in The thape Of large shipments
Of wares for sale or exchange along the Tennessee
and Cumberland Rivers. Now Lave 10 means Of
judgiug Of tie degree Of s1ccesa similar enterprise,