Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1865-12-19
FINANCIAL.


ONA AeNtE
We might occasionally be at a loss for the ma.
terials OF our weekly inaugural, did Rot She
Chamber OF Commerce Kindly furnish US with
themes. That admirable, Dutmelancholy insti
tuition, is capable OF doing so many things
which it does not do, that W are never lacking
in topics for a Tuesdays article.
The first thing which strike us, upon inspect.
ing its record for the past week, IS the heavy
amount ofits daily income. Mr.. McCulloch Ii
invited to consider our Chamber Of Commerce
He may deduce from it an unsupported lesson
in Finance. Heretofore, we have been taught
TO consider, that a cheerful monetary condition
could only arise from a general s~oundness OF the
body polite. To our Chamber however, we are
Indebted for a novel development in economic
science. From its history we learn, that it is
practicable for an organization to flourish upon
its own misfortunes. Paradoxical asst may ap-
pear, the Chamber OF Commerce is accumula-
ing riches from It's verv poverty. It is feeding
aat upon Its own ~leanness. In the neglect ofits
members, IL has unseaied a perennial fountain
of%revenue.
standing majority Of the famous fifty, who
pledged themselves under penalty, to a regular
attendance, have nobly forfeited their daily
lollar, and thus the thirsty Golfers OF the Cham
Der, drink in an average income Of about thirty
dollars per diem. This handsome eonductuPon
he part Of the fifty, should be suitably &C.
Snowledged by the rest, who derive such profit
rom this undutiful generosity. By their con
tant magnanimity, in falling 70 carry ont theii
lwn resolution, they contribute the imposing
Der annum, Of min thousand three hundred
md ninety dollars.
The Chamber Of Commerce Is thus put firmly
Ipon its pins. It enjoys the independence, and
nay shortly aspire to the dignity Of an endow-
red institution. It's officers need indulge in nc
apprehension in regard to their salaries; the
soncern Is se-lf-supporting. Looked at nakedly
IS a Financial proposition, this is highly graft
wing; regarded from more comprehensive
tand points, it is matter for fearful ~cogltaton.
nasmuch as We see it in these latter " lamps,
We weep.
There are on the rolls OF this society, seven
hundred nominal members. Out Of this nam
ler. we have the satisfaction TO declare, that an
verage of twenty-five, attend daily. Seven
hundred announce that they ought TO attend
iny declare that they 1o7Battend, six hundred
nd fifty imply they can't attend, and twenty
I've do attend. From the gross result, we are
nus enabled to select, twenty-five, whose con
ciences applaud them; fifty, whose scruples
lake them uneasy and six hundred and more
those consciences never disturb them at all.
Let not Pharisees turn up their captious noses.
We all cannot be CBsar-nor yet C@sar's WIFE
Tho by a venerable heton Of history, was sup
-osed 20 be above suspicion. Very few Of us are
ualifed to cast the first stone. Most of US have
ct sins. Some OF us offend in a spiritual, and
Jme in a spirituous direction. Others Of us
gain, are peaceable, by limiting our conform
3 to the Divine injunction 10 love our neigh
,or-as my Lord Byron Is said to have done-by
lereIy loving our neighbours vile. We are thus
Nhorted to charity, and margin enough is So
cited, for a humane discount Of our wayward
x hundred and City. :.
In the meantime, what actual operations OF
iommerce, does the Secretary OF the Chamber
lvite us to estimate?
On Monday the nth inst, the records inform
IS, that sales were made Of six hundred and
vanty-Eve sacks Of corn, cue hundred sacks Of
ITS, and thirty-fve barrels Of potatoes. Con
Iered Independently, this does not count for
iuch; considered relatively, ib is encouraging
On Tuesday the 18th inst, only twenty-five
,rrels Of flour were disposed Of This on the
hole does not look promising; but it should be
lrne in mind, that a trade, so coy as that Of
he Chamber, cannot acquire growth, undiver-
ded by notable huctuations.
On Wednesday the 18Th, a gallant r~eactionary
IOvement is observed, in the sale of two hum
red and seventy-oue sacks OF corn, forty-fOur
lcks ofOats, three thousand ribs and sides, and
venuy barrels Of meal. This was extremely
ratifying; but symptoms olits being over ira
ing, were, wer regret to sag, exhibited in the
Ies Of the following day, which only embraced
70 hogsheads Of sugar, and fifteen barrels OF
our. The energy OF this melancholy reaction
7as more signally illustrated, on the l4th and
til insts, when, we are sorry to relate, not
lngle transaction occurred.
On behalf Of the twenty-five however, We
aust beg TO suggest, that human virtue has its
mutations. For four days, they had borne
nth heroic fortitude, the onus of their excep-
.onal performance Of duty. But the specific
ravtty of the six hundred and seventy-dve.
naIly weighed them down. and as martyrs in
good cause, we accord them orr respectful ad-
l~iratiOu.
Exchange.
Inso far as the general market IS concerned,
here is but little relaxation in the scarcity.
which distinguished the supply Of New York
ight on Saturday last. A single operation, in
-olving the purchase ofs3),000 worth, is reported
0 US, at the reduced discount Of = per cent
his is tobe explained however, by the large
mount involved, and motive Of a personal ma
ure, which actuated the buyer. In the main
be current business Of last week is nos en-
arged, and the rates may be still quoted at 4
liscount buying, and a premium selling. New
)rleans sight remains about stationary. The
upply offering is very moderate, and demand.
,arely reaches to its level. The movement
therefore, Is inactive, at former quotations
luyinga at 4 per cent. discount, and selling at
ar.
Time Bills.
since our last report of New York Time, its
slauons would seem to have changed places.
ONE demanG manifests itself to-day, but is
My responded to by an inadequate supply. Its
inactivity is consequently preserved, with its
1rmer rates. Five-day bills are taken at z OF
'en-days at F~ifeen-days' at per cent; and
'hirty-days' al IL per cent. of. New Orleans
lime sustains its improved tone, but the un-
teadlness of the Cotton market embarrasses its
movement, and reduces its transactions to in
considerable amounts. Five-day bills remain
It 1 per cent. discount Teu-days' at "a; Fiji
een-days' at II; and Thirty-days' at 2per cent.
discount.
Loans.
The relaxed demand for money, observed on
,aturday, constitutes a feature of to-days mar
leL The Importantly Of borrowers, appears 10
ave expended itself in the eager inquiry, no.
iced in the early part Of last week, and the
ianks are no longer in a state Ofsiege. Former
quotations are renewed. Prime Five-days' pa
Ferris discounted at = Ten-days' at Fifteen
lays at = and Thirty-days' at per cent.
city Scrip.
Not a single operation is reported to-day in
Ity Scrip, and we continue the previous quo
tsions, nominally, at 50 buying, and 30 selling.
Stocks.
One sale of Seven-thirties, new series, Is re-
ported to-day, at. $50, with accrued interest.
me recent advance upon them In New York
aas slightly improved their tone at this place.
We place their buying rate at IS to 95E, with ac-
,rued interest.
Gold and silver.
A brisk inquiry is noticed to-day in Gold, but
10 ripened into no considerable transaction
Pisces however are firm, aud slightly advanced.
3 nall operations are reported, at 45@ buying,
nd az selling. Silver is remarkably dull, at
9 buying, and 20 selling.
Uncurrent Funds.
As rule. the market for Southern money is
Inactive. AS an exception 10 this, We are ad-
vised ofthe sale Of $4,000 Of the Central Bank Of
Alabama, on the basis Of he improved rate al
-esdy adverted TO. South Carolina money has
declined, from to 4 cents on the dollar. This
lecIine, is based upen a reported action Of the
Legislature now in session. By the old law, on
which the South Carolina Banks We're organ
lied, stockholders were held liable in double
The amount OF their capital stock. The recent
legislation, referred to, is said TO cOnstrue this