Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1865-12-12

items from the few remaining stale
banks were as follows:
Deposits. individual and Govern
10 which should be added
Investments in United
states bonds and other
United states seCurlues.. A-l,ial.dlp -
These figures are a history in them
selves. exhibiting not only the past and
Ilre-ent condition of the country, in mat
tiers of exceeding interest, but indicating
fnerringlv the dangerous direction IN
which the financial current IS sweeping.
On the first of January of the memOra-
be wear eighteen hundred and thirty
seven. the bank note circulauon oil the
United States was Sli9,lS5f 5f9D5 the de-
.-osits were Sl27, ,397, ,0o0i the loans s225,-
iij,OO0. In January, eighteen hundred
and fny-sevcn, the year oi the next great
crisis, the circulation was S2l4, lio, ~; the
deposits were $3.50, ,35l 900; the loansSbs4l
$4,000. There are no statistics toeNhibt
the amount Of specie actually IN elrGula-
ton in those periods but u Wouia ne q
liberal estimate to put ita so "t',WV Tor
eighteen hundred and tlirty-seven and
$1,000 600 for eighteen hundred and fifty
seven.
effects of which have been already refer
red to-the revulsion ofeighteen hundred
and thirty-scven not only producing great
immediate embarrassment, but pros
tratiou which continued until eighteen
hundred and f0rty-three, at the COM
mencement Ofwhich year the bank note
circulation amounted only 10 5o,564, 900,
Ieposits 10 So, l6s, 600, loans S254, 144, 900,
doIr having declined in New York from
,10 ~ par barrel on the first of January,
eirbteen hundred and thirty-sevenr to
-4Sg ON the first Of January, eighteen
hundred aud forty three, and other aru-
eIes ip about the same prOpOrtisn.
THE reaction Of eighteen hundred and
Gffy- even was severe, but Tor the ga on
before stated, less disastrous and pro-
tractei.
ON the thirtielh Of September last, The
leuo-its Of the national banks alone
apIounted to ssh, ,ldO 19i; their loans
estimating their national securities as 3
loan To the Government To l1,u41,h25
both Of which items must have been m
creased during the month OF Oetooer
while on the thirty-first OF tlat ihoh'i
the circulation, bank and national, mao
reached the estartlingam amount ofupWsrds o
=. 600 600. 90. Nothing beyond TINS state
oent Is required to exhibit the presen'
initiation or to explain the causes oi tll'
current and advancing prices II disaster
allowed the expansions Of eighteen nun
dred and thirty-seven and eighteen nun
dred and fiity-seven, what must DE lh'
csnsequences Of the present expansion
unless speedily checked and redQeed
NJ 4. undoubtedly true that trade IS car
s-ed ON much more largely for cash thar
,t-os ever the case previous 10 eiGhteei
hundred and siXty-one, and that tiieie !
a much greater proper demand for money
( fban there would be, If sales were made
a. heretofore, on credit. Ii Is also trn'
4 fbat tbere is a larger demand Than Ior
merlv for money Oh the partof manuiac
I t,,rers FOR the payment OF operatives
/ Te,,t ,,al-i,tg the most liberal allowances
I for nc increased wholesome deman'
/ arising from these causes, ana irolA ul'
advance of the country in business am
population, it is apparent from 1le 10y ),
going statements, if the adNahee .,1 =
prices did not establish the iacli thas .li
circulating medium OF the country j al
together excessive,
WHY THE CURRENCY SHOULD BIZ hh
DUCED.
Before concluding his remarks upol
this subject, Ii may be proper Iei "a
Secretary, even at the expense OF repeti
ton, TO notice briefly some Of the popula
and plausible objections to reduction 9
the currency
: First. That by reducing prices itwoul
operate lnJuriouslyi If not disastr0usly