Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1863-09-21

I eiODal shot ~ some passing boat IN me narD0r
l agsiD remained silent yesterday iOTco was
/ Observed at work on Battery Wagner. a shsli
from BsttsJy Smllins lhrowu At Battery Gregg,
| exploded sud took effect upon some Yankees
/ apparently mounting q gun. T"o Of ibree
OF thcir number were Essn 10 lall, and were car
/ Tied sWay ny thsir comrades. None were seen
after this affair at Bl.tsTY Gregg fos the balance
I of tho day. One monitor came round Cum,
ming's point yesterday afternoon and steamed
toward sumter. After moving round iittle
time, without filing, sho returned and anchored
off Battery Gregg.
Fort M0ultTie aud Battery Bee on Sullivsn's
island, sad Bssesries SiInpkius, Chsves and
/ Haskell, continued 10 keep Up q steady and
effective fire on Morris island. They succeed in
driving the working parties at Battery Wagner
under cover nearly every Eve minutes, and st
BstteIy Gregg the eneny's operations are sus-
pended during The day time. During the night
ttey have been busy in the erection Of another
b3mbpToof at Battery Gregg. Oaour own side,
al our works axe progressing vigorously, and
give good promise Of Che most fsvOfsbls results.
Proposal for a SJonfssieraio Crodis aEabiIIer.
Fro8, ihe Richmond Dlspsigh
When the register Of tie treasury, MS. Robert
Tyler, said that eur finances Wcro the weak
point Of our deieHses, hs spoke a very painful
but very apparent, ard, lot is add, a very use
tul truth. Siocs an officer 90 high in the esteem
Of ihe Government has not hositatei to pro-
claim such fact, and to prove it By statistics,
Ee prCsums tiist ne espspers will no lsnger be
charged with desire 70 render ihs public dis.
,rastfll-0f the currency, when they venture TO
hint Shat lt is somewhat radBBdant snd ought TO
be euTt&ied. II tret We caa see neithsr sense
nor policy ia attempting TO conceal q truth
which is obvious 10 the whole worlds
defect which csu se cured Only by con
centrstiDg public thoEght upon it. That
the circulation OF the C0nfedeTscy reached al
oue tins S524 0000 600; that il is still within .
fraction OF $500 100000, and that the SseTe
I lary's sstjmzJ5 of its capacity Of ensuTeDcs Is
i;iI Ebove tl,e msIk, are truths which ought to
be kDewn 70 the whole country When the
crash of I537-the greatest and most extensive
that the world had witnessed since the expl0-
sion of LAWS Mississippi scheme in France, and
The South Sea bubble ia England took plaes,
the circulation Of the whole c0aRtIy-gold,
silver ard notes-siihOugh the population was
over % GOO 900, was only $gl4 100000 and Q
traction. Yet it was tbs redundancy Of the
currency that oecssioned the explosions Any
yuSu, therefore, VINO has a grain Of common
sense must sea tbs danger Of a country, number
iug SIX OF seven millions of inhabitants, in
which q circulation three times as large as that
which produced this great calamity is in exist
euUa, and ye cannot see the object to be gained
By yeirHiniug 10 comment upen it. The whole
country already knows all about il, and per
fecly understands the consequences, unless a
stop be Fut 10 further issues, and the volEHee of
the outstanding notes be reduced to a third Of its
present bulk.
The great question is, How is this to be donei
The tax wll do much; but Mr.. MemmingeT's
renerseless printing press threatens to. Heutrsl-
ize al the benefit that otherwise might be eX
uectfd from IT, While it is estimsied that the
tax viii call IN old Issuss, or prevent new ones,
to the amount Of $500 600 O0O Mr. Memmiu-
ger 3 assiguets arc pouring iorth from his fatal
machine at the rate of $50 00DG00 q month
Unless If can be stopped, vs see no good TO be
derived from either the tax OF the sale of the
cotton loan bonds. Doubtless some steps will
be aiken 70 that end by Congress unless We are
to be overwhelmed by these assignsts Il it,
can possibly he arrested, than, re think, the tex
and The cslion loan might be n msDsged ~ to
cause eduUtion eUrs-i .ae demands Of the
country
Whsz Napoleon III, upon getting possession
of The hI0ue found the finances OF France in
al embarrassed condition, and no money in tie
treasury, hs conceived the idea Of relieving the
national uecssNtias by means of That be termed
the cTCdn nObiieT-that is, q national loan, in
which every individual Of Franoe zhoujd par
h ke. The loan was adveItsed-the Emperor
msdo a strong appeal TO the peoplo--uearly
every man, woman and child in France took
a share-aDd il was al taken. Every per-
son was allowed TO subscribe according to
bis or her ability. Some took a whole share
soma a bsf, some third, some 3 qubT.
ter, and 20 on. Now, psoplo may say what
they please OF JEFF Davis, and We ourselves
sometimes CyhCisa his acts pretty froolG f He
has made many mistakes, OF course, for he is
mau and subject 70 the natural laws that Teeu
late tbs human mind. To say that be occasion
ally biundeIs, is but 10 say that he is human
Nevertheless, he is one Of the most remarkable
men of this or any other age, aud the people at
large know It, as we'll a. the Yankees and
Europeans. They are conscious that he has
made as few mistakes as any man probably
could have made in his situation, and thst
with the snslest means ever placed in
the hSnds Of a revolutionary lesdeT, lie
has eoutnvsd to carry on war more tremendous
than any ever wsged against BonApsTte. They
see sll this, and their confidence in him is I'M
bounded. If ke viii issue a proclamation aP-
peslng to the whole people to come forward and
tako this cotton loan, 10 the way ths loan of Na-
poieon III wac taken, our word for it, il will all
be taken N q month. We hope be viii try it;
and if no feels dfident Of his infusnee, Let him
recollect the nanneF IN which the people ksvo
responded to every proclamation he has issued