Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1864-06-23
WEDNESDAY, MORNIAasssS = aa - l. s.T z=.=
z eilauls.iOn, onil.iag factions aadsr tsns

Q Notes OF state banks. Tfu fo0 "a
Notes Of New National banks (est). 4o009 Be
kfaeiiona currsHeY Y.----........-....... 2960O 0a
0et.ssEding- COO co
Mr. Chase has suthorisy to issas $500 600.
0VV mora. The news National banks, a eoutrs
vance OF his by which the funded public dsbs il
cnnvarted again inkO currency are Hmitsd 4
$500 GOO 000-thst is, have power 10 put oai
SSoOO0O,o00 more. Ths Ssts banks, ualess
suppressed BY the legislation now lsVeled a
them IN Congress, may issue stil frrthef Sf00-
700 600 Thsre is, therefore, IN addition to the
SsoO OO0,000 OF euTrsueY actually aA1st = ca
pseisy to put fsrth $3.50 O00 600 more making
altogether an bridesmaids paper ejaculation q
81 440 O00 600 of incouvertible paper. IT, ae-
eordiDg 70 Mr. Chass's proiees now before Cea-
gressr the State bank circulation should be taxed
o1t OF existence to make place for the new is
SUES OF the favored nsiionsl Institutions. thsrs
| viii still remain paper capacity Of inhatiou
! without check or eonvertibilify, Amounting 10
| $i,IS0 000lO coo There is nothing ia the ccndi-
ton Of the country which gives assurance that
i viii not DO exercised in full After the failure
OF al the secTetsry's predictions and promises
made n December, no faith Is attached 10 his
ASSURANCES tAat this yolans will be reduced, or
30 his capacity to devise any means by which it
viii be reduced. Inaeed, Ihars Is no obvious
way By which be can CARY on the Government
ct al, except By the further use of paper Issues
% sn amount which it Is impossible for him 20
define
He coruaenesd the session By estisuating. FOR
the II as be asked Of Congress TO carry on gbe
Gov -Gmsnt. that the expenditures would ox-
esed the reyenus 30 the extent that the dsSs
wouid be, on tue Ist Of July next, 81, $50 00O.-
600. They have oatrun his estimate shat ths
debt Is now April I2sh) 81 62S 00O 600, With
two months snd half before him Of the heavi
est expenditure Of the year, in addition to the
conceded fact that there srsa more than a hun
dred millions Of audited accounts waiting for
payment, and huge amount of temporary ac-
commodat0ns and suspended claims which
ought to be settled and paid. Ia May the sx-
peaelsuEes tor sas army viii Be Vsry large, 50
thEt It is rot Al unreasonable estimate 10 e the
adjusted debt on July llth at 81 O00, ,000 O0O. l
instead Of Dir. Chsse's estimate Of 81 CSC 0OO.- |
GOO. His estimate wa made for December Isl. |
and he has accordingly, by understanding his
expenses, made an error Of about $47 ,0Q0, 600 |
month, or more thsn Sl50O000 a asy.
The elements for calculating the acsusf ex I
pendituTe CT the GcVsrumsnt are very imDer- /
feet; bat the shrewdest observer Ia the political
lhserest Of the Government put it down az not
less than $1,000 600 900 for the year, sud do /
net see in the condition of public Affairs any /
ground for cAlculatings1pOn reduction
This was the financial condition in April |
vast paper issue, constantly expanding; q debt |
growing beyond Mr.. Chass's own eoncapti6n
no re9en9s and no preparation for taxing, and |
gold at l75. Mr. Chase had fancied 4 large nsrt
of this riss in gold to be due TO the specaisi9us
OF gold gamblers in the msrksss, and obtained |
hom Congress the bill he ssked for, enabling L
him, as he thought, 70 20 into tbe market with 4
tbs Government reserves Of gold, and beat doWa |
the speeulstoTs. He tried the gold certificate
pedient-seling Government certificates ct
prices below tbs market Tage5 70 imporssrs, re-
eeiTing than back at the eustomhouss for Rold.
The experiment cost MIN several millions o. /
dollEIs and great deal Of odium before it was /
abandoned IS failure A few merchants in q /
Single city realized large profit by obtaining 4
from tho government the means of paving the /
duties as lsFgs discount rom the prevailing /
markst rates Tor gold bat the market rate was 1
ReVeF reduced 10 tho Government rate, and the 4
attempt was given up IS hopeless and nov /
other ezPedient8 are projected.
Under these perplaxisies and fixtures Mr.. |
Chass esrae TO New York last week for money
he wanted to sell his bonds-ths 10 40's-aDd /
ne wanted TO support hls credit b. reducing 81
premium on gold-Ewo things nzuifessy iGeoa !
pahble unless he pus his rate CT interest SO IN II
as to compensate lenders for the incre ased value
of the medium in which they made their ad- I
vances to him. A low interest would require /
an easy market, and 10 hOst such loan tie ex-
psnsion must continue. He got some sa5gerip-
sous and some Oihsr help, bul il was because il |
was telt that the expansion must 90 on, IS the 4
tenacious maintenance Of the gold prices dur i
ing all tbsSs troubles sufficiently demonstrates
The violent measures ne took il bis attack apon /
gcld-selliDg large Governmsns stocks and |
large smouBts OF exebange--had such damsg- /
ing effect on the markets "a 10 make il probable
that 10 such sxperimsHts viii be repeated. To
secure the taxing of his loan, the m5naT market
must be kept easy, and no e5ntrseti0n VAL be
directly encouraged BY the Secretary In-
creased papeT snd paper mouey ara hi5 only re-
sources against stoppage Of payEIsat.
The sale OF shsse bonds Is increasing, bat is
not st all adequate 30 the daily necessities of /
lbs Government, even 10 She keeping dowa Of i
paper emissions for circulation. II the whole i
sInodnt be taken, of which be has authorized /
the sale, and 50 much of the currency be there
oy converted into tixed dsbt. payable IN gold, /
Fith five per cent. interest in gold, hundred |
dollars for htty-nne dollars IN hand. the sum OBJ
sained viii not check ihs expansion Of gresn-
backs for more than ninety days. Mr. Chase /
sees this, and has called upon Congress 20 give !
him temporary relief, in his present diff suites
ny two moro acts OF legislation, which, ia ask-
ing for them, be eonfesses- 20 be merely pslia- |
sivsss 0slsr people ptonounee then 70 be 40 /
sggd and mischievOuB nostrUms. But ona
-s--a-la-1a., rz-..i fh7 nTs-, vo-E- -sp-a !
has sxcissd at Washington * 20 incfos96 M Z
Chase's poEsr4e Get WhalsVaf legislation BE- I
asks for. Congress IS psTpisTsi and frightened 4
into abandoning tbs waals question % financial |
administration 10 the discretion of ths Secretary
without asking questions. Oaly a few days /
sgc, the House Of Represents lives, after long /
debate, rejected projsct which he bad siaho- 1
rately urged upoa them foreomps.ling she State /
bsnks to withdraw their circulation in favor Of /
the new national banks The scheme is now 4
suddenly revived, and passes through the same /
House without material changes By large ma
jority.
Some time ago an eecensrie Senator from i
Kansas iRtp lucsd into the Senate 8 bill 20 re- \
strain the faffie IN geld, Whiel was shslvsd |
away IA 4 body. and laughed At cut Of Il for
Its grotef fue sbsUrdity. Ms. Chsse has revived
it almost in lhe Identical terms, and recon-
mends that dealings in gold, or ia toFeign ex-
change, on tine, or for credit, or otherwise shsn
fer cash and by actual owners dealing for-them-
selves, payment IN currency actually passing It
the time by manual delivery, and az the actual L
place Of business Of sbe dealer, hall be . mis-
dsneanor. punishable By fms and imprisonment
Notwithstanding the efsde novelty Of this
measure, the Senate grsRfsG hiR By sassine thsI
bill, although several Of the Senators voting for
it stated that they had scr1ple3 about its eousfi
tutonAlity, and did not beisVeis would 10 shy
good but gave Ia to the secretary because he
asked for it, and they th5ughs he ought to have
all be asked for IN tAsss times Of nRsiansi Diff
Guilty. t. not just possible hat some of shsus
were altogether willing oges rid of personal
by beaping i al on him, with
the preyideni thought that tbs time may rot Be
far off when It will be a responsibility fer some
thing which will have happened, from any share
in which every public man viii be anxious to
clear himsslfl
Mr. Chssa himself is not without big own PEE
cautions. Nothing less than q thorough con-
viesion of impending disaster, from which be
sess no method Of escape; could impsl tho
finance minister OF a Goyerumant A war 30
make the svowzl Of impending BANKRUPTCY, Ia
language like that which Mr. Chase eaassd 10
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