Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1862-01-29
FINANCIAL mATTERs IN THE
NORTH.

From the Chicago Times Of the 22dl
The demand for money outside Of operation,
in pork continues very light, and we have to re.
port a continued dull state Of financial matters
The c~loseness of currency, although the market
is somewhat easier than at the close Of the week.
eircumscribes business The bankers are doing
CON Dsratively little III the line of discounts, al
though their means, we are assured, are ample,
but they are holding back for the action of Con
gress and until such a time as the currency OF
the country can have a more uniform value.
Treasury notes and eastern currency now form
about the only circulating medium we have, and
these do not ye5 supply the deficiency created by
the withdrawal Of Indiana, Ohio and Iowa notes,
which have pretty mach ali been gathered in and
sent home for eden ption.
The market for exchange still rules quiet aud
steady at par buying, and premium selling,
with, however, q little more inquiry to-day. The
supply and demand were about equal.
Gold IS extremely dull, and the bankers refuse
to buy at ar thing under II premium, and sell
readily at2 premium, while some Of the larger
houses, who have a supply on hand, offered TO
sell at 2024 premium. The demand is quite
light.
The Cincinnati papers intimate that the sus-
pension of the Ohio banks has not yet been de-
cided upon. and there IS some doubts, notwith-
standing a bill has passed both branches of the
Legislature legalizing a suspension, whether the
banks viii accent the terms proposed in the bill.
We think the banks will suspend-sme. Gold
may soon rule at a nominal premium, and the
b-nks. perhsps, for q time, would experience no
difficulty in maintaining specie payments; but
if this war is to continue for any length of time,
and paper money in large volume should be re-
sorted to by the government, gold will 90 I'D
with a bound, and the banks viii find themselves
swamped in their efforts to keep up the payment
Of specie. The non-suspensiOn party would d.
we'll to give in.
The foreign exchange market has collapsed
almost as suddenly as it became Inflated. This
is owing to the belief in financial circles at New
York that Congress has determined to adopt a
sound financial policy, by which the redemption
of all treasury notes issued viii be guaranteed
The World, Of Saturday, reports the market
" thoroughly demoraiizea, :" with rates unsettled
and tending d~ownwards. 1t says
"Prime sixty day sterling commercial bills are
offered at 109l. and buyers are not willing to pay
that price. The foreign banking firm quote ll24s
but it is a nominal rate, for the purpose of selling
credits on remittances of dividends there are no
cash purchasers at an such price. On Paris they
quote 4.95 to 5I0.p
The results of the various conferences held at
Washington by representatives from boards of
trade, chamber of commerce, and banking insti-
tons, among themselves, and with the Secretary
OF Liz lAtdoNhJ , MAJ W AAAAAC up Ac lJlHulfo . ]
1. The general views of the Secretary of the
Treasury are assented to.
,. The banks viii receive and pay out the
United States notes freely, and sustain in all pro-
per ways their credit.
3. The Secretary will, within the next two
weeks, in addition TO the current daily payment
of 81 1905 900 in United States notes, pay the
further sum Of az least S20.000,0 900 in 80 bonds
to such public creditors as desire to relieve the
existing pressure upon the community.
4. The issue of United States demand notes
not TO be increased beyond the $500 900 now
authorized; but it is desired that Congress will
extend the provisions of the existing loan acts,
70 as to enable the Secretary to issue in exchange
or United States demand notes, or in payment
% creditors, notes payable in one year, bearing
and xty-ive-hundredths per cent iutere I,
sad convertible into seven and thiTty-hundredths
hree years bonds, or to borrow, under the exist
ug provisions, to the amount Of two hundred
md fifty or three hundred and fifty or three hun
lTed millions Of dollars.
5. It is thought desirable that Congress shoRid ,
,nact a general law relating to currency and l
associations, embracing the general