Daily union appeal. (Memphis, Tenn.) 1862-186?, 1862-08-28
| sAUCY ARTICLE FROM THE BRITISH
G0vEREMENT ORGAN.
RidleuIlng our Currency.


From the Londsn Morning Post, July ISL
In very few months all the money circa-
lating in the Federal States win be tho pro-
duce of. printing machines. Gold, silver, nay.
even copper, viii have flown to other lands,
ana the pockets Of the wealthy merchant ard
of tie toiling artisan Will be filed with nothing
but promises to pay. The condition Of trade
in the various cities Of the Uaion is at the
present moment eminently ludierous. A man
with his purse full of bank notes iuds it utter
" impossible TO make tri1ing purchases If
he buys pair of gloves worth half crown he
must not expect to receive one and sixpeneo
change out of bis dollar note. La the first
place the note is not worth it apparent value
of four shillings, and in the second place the
tradesman has no silver or copper to return in
! change, evon after de6action made for the
1 depreciation of the paper. The customer is
consequently obliged to take some other article
to make up his dollars worth, or pocket the
tradesmans l y Z for the balance If he rides
/ in cab he must content himself with the
! drivers promise to place his cab at bis 3f5-
/ possl on future occasions, until the difference
between the bill and the treasury nete is
cleared off. If he dimes at an eating house he
may as well eat and drink the value of his
note for otherwise he must call in again and
| "take out" in refreshments the balance whicl,
may be due. The inability of tbs State
! 10 meet its engagements with specie
payments has entailei s,n1ilar disability
Z Inon eveEv member of tbe sauGity. The
j government in their distress have lad re-
1 course TO an ineonvertibe paper currency,
and the people, not to be behind hand il fo.-
| lowing SO gesd an example, have issued their
"shinplasters.p Every citizen in the Federal
States, from the Secretary of the Treasury
| down to the smallest shop keeper, is now
busily engaged in contributing his share &c
this novel species of currency, which, in the
New World, is to replace the gold the silver
and the copper which the effete nations Of the
east still love to employ and purchase with
| avidity-
i A twelve month since political economist;
| Of this side Of the Atlantic predicted thai
sooner or later The Federal States would b
drained of their specie currency. 1t was not
difficult to demonstrate that Treasury notes
payable at no definite period. must be les
Valusble. The North was, however, deaf t,
arguments. The confidence of the people il
the solvency Of the State was unbounded 81
it was idle to suppose that any persons eoul(
be found so unpatriotie as to hint doubt il
the soundness of Mr.. Chase's finance by open
" exhibiting preference for specie payments
To all suggestions that premium on gold az,
silver would lead its possessors to sendit to th
best market, instead Of exchanging it 70
paper, The ready and conclusive reply was q
once offered, that no citizens in the Northerl
States could be found so base or so disleyal 4
thus to play into the hands of theirepponents
i TIE event, however, has shown that the temp
tation of driving good bargain has prcYe'
too much Tor the patriotism of people VIII
; pride themselves upon being the smartest i
tscreation." M
The Goyernment of the United States hav
advanced so far on the road to ruin that the
cannot Row retraee their steps; and, howeve
thoroughly convinced they nsay have becom
, of the roltenness of their financial system
they are now atterIy debarred from adoptin
any other. SO