Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1863-06-20

TIE Richmond DIsPafch, in speaking Of the
actisn Of the banks in Virginia upon The Cd
thrsssury notes, remarks thuss
We are glad TO see that the banks Of Lynch
burg and Petersburg hsve determined TO receive
on deposit a0d pay cut al the notes Of he Con-
tederSts Government, whethsr issued before or
since the 1st Of December, 1862 The banks
here took the contrary course Of .e0-operGdug
with the Government IN the very questionable
(mild term y Measure Of interdictug part Of
its own issues The exDadieut is ab0at 90 pro
ducs au amount Of inc9ovaniaHca to the pHbiie
that the banks IN LFnchhurg and Petersburg
thought too serious 70 Be allowed So isr as thsy
are concerned; and they did right not 80 be 9
measure be seriously 70 ince nnods thu public,
bus very probably 30 impair the value Of The
Confederate money s-ill further in public esiima-
tiou. The money put undsr the bsH is iu at
the c0Unfry-in tho hands o. the psople-in the
hands Of man who have M m1nev t1 lay nc IN
bonds and #ho have no mere rrs0ect Tor enc ~
the eight p-r cent prom ss1ry notes fhau sGr one
which promises nothing hut ifs own amount
They are fsithful 70 the Government snd bird
10 It's currency They seek to purchase seHs-
thing In Richmond and their money g reius5i-
They are not wiss ike the Treasury Ds2srt-
ment They cannot see why 2 note which
thsn a noss which promises no Der eeut They
at oucs conclude thst the distinction is outrage
Gus. Of for no better reason. because tk-y i55o
by i.;l that one is no better than ths other, sad
that al arc to be doubted
Il is well that some Of the bsnks decline 10
assist in the degradation Of part Of that cur-
reuey issued to the people 20 meet The igadoas
Of Government, and the differences in the value
Of which the people never knew, see no reason
for, and c0nld not be msde The losers By
The EEamjHsr says, on the same suhiect,
whatever may be the notion Of orr banks, ws
consider it % be the duty Of the people TO con-
tinue 10 use the old notes as currency, at par.
We are we'll sWare chat there is a deposition In
view Of the action Of the banks. % di7ersit
these nstes, and 60 refuse them except at hea-
W discount. This results from the reasonable
apprehension that al payments VIII ba 'ents-ea
in the discreditsd notes ard that consequently
business men receiving theu- viii have up On
their hands funds which they cannot uss In The
banks This is an sre0uveu.snc which it is
natural they should desira % gusrd agaiast. snd
hence, the disposition is manifested as we hsve
said. to reject these notes alt0gathsr we hone
there Is patriotism enough among tha inaushsi q
men Of the community 30 avert the semi-panic
which this rejection Of 8 large portion Of car
currency viii engsndar-
The leading merchants sh0uld hold q confer
eucs (if the banks sdhsrs 20 their rss0luhlD.)
and after free interchange Of views, dstsrmins
the policy which should be pursued under tie
circumstances. Oar idea is thst they miEhs
agree 10 receive hereafter In paymau. OF al du g
one half Of the unbsnka5l8 notes, snd the other
half Ia bankzbls currency, or such other pro-
portion Of ths two issues ss would seem eLps-
dent and lust. IF shis be done. public conf
denca in ths old n0tes VIII be restored. and they
VIII circulate Isely enough, unll ihs lst ot
August. BY which time the col lection of taa Ezar
tax viii have commenced, and q means of rapid
absorption Afforded There viii also be q larga
demand f0T funding the last week Of July, and
We a1e thus encouraged % believe thst only q
small proportion Of ihs old issue viii remain in
circulation after the 1st Of August.
The amount Of Old issues now aiass IN the
ConfsderzcY does not We believe exceed
SI40,000000. The smouut Of notes s1usd sincs
December 1st. 1862 TO 1st June, IS between 80
and S3000000 000 j. NAV be considered Sc
least double the amount of Oh issues now u err
culatiOn. The proportion Of the new issue adoaz
in this city is larger ihsu me ratio Of It's circu
latiOn in other portions Of the COnfaisracy, 50
this Is the point from which the heaviest dis-
burssmenss from the treasury are made aud put
into circulation; aad ihess disbursements of
course consist Of notes which are faadabl3
during a period Of twelve months. In this view
Of the case our merchants aud trsdesmsn VIII
incur but little risk Of Inconvenience IN agree.
ing TO receive a proportion rot exceeding hisy
per cent Of old irssssTT notes, in the settlement
Of claims, ard We trust they VIII % so a- once
with or without the conference suggested.