Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1865-12-03
FINANCIAL.
OFFICE MEMPHIS DAILY APPEAL,l
Uecemher 3. 1856.

On Change
Very few practical propositions are more
clearly demonstrable than that the commercial
possibilities Of Memphis repose upon the wis
expansion OF her railway system. Fighting
against st. Louis in the West, with IFS enter
prise, It's unseathed resources, and its domin-
ating site In conflict with the metropolitan
Briareus Of the East, which, with It's despotlsm
OF accumulated capital, and its hundred iron
hands, grapples the furthest projection Of the
Republic eontending against New Orleans for
the gigantic tributes OF the Southwest, and In
open rivalry with Mobile for the agricultural
Offspring OF Alabama and Eastern Mississippi,
Memphis is surely admonished TO invoke every
artificial suceor which may contribute 20
equalize the contest. The Mississippi river it.
self, grand almoner OF as IL is,
threatens TO dwarf the statue of Memphis, by
wooing TO itself too exclusive a reliance upon
its princely ~largesse. great highway Of water,
however valuable, is yet liable TO be arrogated
into a Fictitious pre-eminence. This Is an age
in which art not only disclaims an unreason-
ing fealty 10 nature, but unfrequently repudi-
ates her most obvious dognas and successfully
maintains a code OF Its own Legislation. a sig
nal illustration OF this appears for our instrue-
ton In the New York current Of trade which
the Cotton OF Memphis has, for r long while, so
lAetitH1Ag DDtltu- I We ~ asa AlAdt
emphatic philosophy which teaches, by exam
pies. we may deduee from this, and similar in
stances OF speculative aud successful enterprise,
pracepts OF Immediate application.
The general theme Of these remarks has al
ready attracted some attention from the Press
81 Memphis, and cogent appeals have been ad-
dressed TO that great community Of interests SO
largely involved in this matter. These appeals
have embraced all the essential data upon which
their injunctiOns are founded. The ambitious
propaganda Of st. Louis, which contemplate
nothing less than the compercial absorption Of
the trans-Misslssippi the threatening activity
which begins 10 exhibit itself in New Orleans,
united with certain ~collusive appearances in
New York, which impart 10 the New Orleans
movement a more dangerous significance, have
all been eloquently adverted to. Nothing new
is here suggested but this, we beg to allege, is
not Of itself discreditable. Iteration, however
So damnable" according to a high authority In
matters Of literature, is yet, In questions OF in
dustry and morals, a most efficient instrument
Of reform. We shall therefore continue 20 urge
general considerations, however familiar, and
in a subsequent paper, shall take the liberty OF
debating a specific plan, flowing from the gen
eral argument.
Exchange.
Sight Checks upon New Orleans have igno-
Ininiously receded from the eomplacent atd-
tude they have recently maintained. This.
most Of our monetary fluctuations, is refer
able 70 a vaciliation Of the great staple, the
legitimate exodus Of cotton in the direction OF
New Orleans, which has been steadily brewing
some days past, Is finally on foot, aud one
Of its immediate consequences is a partial revo-
luton in Exchange. Under the stimulus OF the
new cotton movement, a heavy amount Of New
Orleans sight was placed upon the market, and
This, being greeted by no accession 10 the De
Of yesterday, has resulted in a marked
depreciation. We Therefore quote Sight Checks
On New Orleans to-day at l per cent discount
No similar influence accruing to disturb New
York Exchange, we continue the quotation
IF yesterday buying = per cent discount, sell
ng \ per cent premium.
Time Bills.
Time Bills upon New Orleans have sustained
IN analogous depreciation with its sight tx
.hange. As in the latter offers have increased,
demand has preserved an imperturbable
tata quo. Oar quotations are therefore altered
o reflect the changed condition. Five-day
Bills on New Orleans are discounted at IL per
,ent, Ten and Fifeen-day Bills at IL, and
rhirty-day Bills at . per cent. Similar tx
.hange upon New York maintains its yester-
rates. Five-day Bills are taken At = per
Discount, Ten and Fifteen-day Bills at
nd Thirty-day Bills at IL per cent
Loans
The same influences above discussed, a. actu-
the movement I'm Exchange, penetrated
o the %populous fraternity Of borrowers, and
considerably augmented the applications for
.oans. Some increase In consequence is re
over yesterday s transactions.
The inexorabIe policy which the banks main
OF restricting their discount operations
-ithin the circle Of their customary patrons d
reduces an apparent contradiction OF condi- /
en-. Money in Memphis is at once easy, and d
ct, so far as the outside world is concerned, 2
is a practical stringency Of market. Quo 9
lions do not vary from yesterday. Prime
ive-days' Paper is received at C Of; Ten ana i
if~teen-days' Paper at and &c respectively,
I'D Thirty-days' Paper at per cent. OF. ,
City Scrip. d
City Scrip preserves its habituaI inactivity, I
nd its yesterdays q~uotations-S5c buying, and 2
C selling. y
Nothing new 10 report in the movement OF r
OF the only species Of Government Secu-
~ which now circulates in our market 1
transactions in the Sev~en-thirties, for trifine Il
mounts, are still reported, at from $50 to csc.
it'll accrued Interest. 81
NHuAuu 8
We have 10 request that the readers Of the
peal will accept our humble apology for an 81
.ebriste slip Of the pen, which, on yesterday
orning, led US 10 quote the premium ON Colo 81
81 and 9Sc. 1t was as gross a departure from
lie actual, and recently prevailing rates, tina, o
e are persuaded to hope it practlced no decep-
On on our readers. While on a matter 50 q
Irely personal, we beg further 70 submit, that 81
e expression, inebriate slip OF the pen,
Ould do gross violence 10 the austerity OF the d
riter's morals, should it be accepted as imply
g that he ever addicts himself 10 the intern r,
rate employment Of ardent spirits.
No change TO report in the dullness Of yester- a
market, but a decline In rates is observed s.
e amend our quotations To suit Buying ne.
Id selling 4c premium. F
Uneurrenf Funds.
active demand Of yesterday stin coutin-
IS, but has resulted la no quotable nuctua- e
on. Demand for the issue Of the Bank O,
est Tennessee is great, and even importunate. @;
it is announced as the opinion Of a saga Il
rs banker OF the city, that the hills Of this al
INK, If presented in any considerable amount
q cents on the dollar. 81
-@~-- $500 -~- q