Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1862-10-18
AFmAsorAL psssKDowNIN THE

- AANAAN&AA1
The rapid and extraordinary advance in gold
in New York, betokens q speedy Hnanci4l break
down in the North By reference to our dis
patches this evening i win be seen that ii has
gone sp to IS3. andis stil 9 On the rise, 1t is
now no longer seurrency, but q merchantabls
article, and win soon disappear from public
view altogether, This is death to the CONNER
cial interests Of The North.
Commenting upon this gold question, the
Cbicsgo Timas, Of the 18Th inst, says that i
is but a few days since that nearly all the ope-
rstOrs N gold were sn1iously watching the pre-
MUM 10 touch lbs That was the ultima thule
Of their calculations, and when the premium
had reached Chat figure they were ready to sell,
and in fact quite q number Of our brokers did
sell At that price in New York, having pre-
yiously forwarded their sPeeis to that point to
be exchanged fer paper money. But gold has
BOW touched q higher figure. It's flight upward
has been sudden, and the market is unsettled
and irregular, with each days report, The turn
Of I25, however, has been passed .I2s; was
reached to-day at the Second Board, and now
tssfhckers in this filthy lucTe,' have set their
prices q little higher, and some Of them report
that they win sell at I40. Perhaps they viii
Il was said that at I25 there would be over
s.. 00o, coo in gold thrown upon the New York
market for sale, but we imagine that the great
desire Of holders TO get little more than this
caused them TO withdraw a considerable amount
from the market. The New York Express re-
marks: =" Foreign importations continue upon a
scale which promise to call for large exports of
gold. The exports of produce are upon a lib
eraI scale, but not enough to pay for the costly
goods consumed by the people Of the North,
full Of paper money, the representative of the
hundreds of millions expended by the general
government
The tendency Of currency is always in one
direction, the poorest has the widest circulation,
and where paper money is brought in legal com
petition with gold, the latter fnds it's way to
countries where gold is used as currency. Gold
is now twenty-five per cent. premium, and there
are many who suppose this is The very top
but such men do not resd the history Of paper
moneys, and they may as well, therefore, cease
taking about the top Of anything until they
ses some indications Of a return to specie re-
demptOu.
"Ths more war expenses the more paper
there viii be, and the wider viii be the differ
ersuce between gold, currency and property
The difference in values up to the present time
is thus
PRICES OF GoLD AND STOCKS.
Richmond, New York,
IN Rebel currency. in legal tender nOeG
virginia 6s-------I09 81
ola---------------21 I25 /
The cuIrencies Of the tive sections are tie
same in kind, but different in degree. Thus far
the paper issues Of the loyal States Of the Fede-
al government have only suficed to produce a
use in a few commercial channels, but the rain
> not over, and harmless as the Eve per cent
'aPsT drops seem, and tempting as thes $4,000
are, they are 3 Dangerous element, and are
teadily becoming masters Of the financial situa-
What many call speculation in stocks, is not
peculsdon in the ordinary meaning of the term
Is only He increment Of currency into fred
commenced by prudent, cautious men,
no ioressw the end from the beginning Their
NamPie has been followed BY an alarmed crowd
nd . host Of sPeculatOrs, and they are now en-
aged 10 the hopeless task Of getting hundreds
f millions Of paper into a limited amount of
Old and stocks. Where prices are to stop. none :
IA say; where they have got TO in New York !.
ID Richmond the table above shows" :