Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1866-01-20
FINANCIAL.

The New York Tribune Of the 18th, referring
TO the recent fluctuations in tie Gold market
says:
The decline in Gold Is mainly attributed 90
the measures proposed by Secretary McCulIoch,
introduced In Congress. These measures con-
TEN plate the issue Of bonds bearing respectively
interest at and 9 Per cent, both principal and
Interest payable 10 coin. The interest on bonds
al 5 per cent is payable in Europe, and both
issues are 20 fund the floating debt Of the Tai-
ted States. The intention OF The Secretary Is
undoubtedly to dispose of the 5 per cent bonds
On Europe for coin, at a price which Will realize
par in currency, and u IS this very practicable
idea which disturbs the Gold spectators. such
F. loan, principal and interest payable In coin,
would be very attractive in Europe, and IT'S sue
cesSfUl negotiation 10 the extent OF a few hun
dred millions would do more toward reducing
tire valuation Of Gold in this country than any
thing which has been projected since the ter
m!natiOu Of our civil war. II Is highly proba-
bic that the Secretary could obtain a very large
amount Of European capital in this way, aud it
b., safe 70 predict that success IN such Il dlrec-
lion would quickly bring Gold down to III
with coin OF its equivalent 10 be drawn from
Europe ut the option Of the Secretary, who
would be bold enough 70 speculate against the
NAAAEAAE aAA AAA@ 1tHA A- AaN ~ AA eA AAN
table declinee With the reduced valuation Of
coin effected by the success Of such a measure,
the Secretary takes a long stride toward su
early resumption Of specie payments, and At
tie same time coInpels a lower valuation OF ar
tlcles Of consumption, much % the relief OF the
masses Of the people. some disturbance may
be occadoued among the spectators In Beef
Pork, Flour and Grain, and some reduction
may be made IN the dividends Of manuiaetur-
ing companies. Possibly, too, we may have
lower prices in the stock market. but the aggre-
gate advantages are so much greater TO the peo-
PIE than a continuance u present valuations,
not to say extortions, that we should heartily
welcomed the promised relief"
And speaking Of the same the Tunes says.
The recent heavy decline in Railway ana Mis-
c~elaneous stocks has led 10 The suspension Of a
number Of The operators OF The Ball interest
and involved several others in eubarraSamsnts
more or less serious.
Exchange.
There was little G0lngin Exchange yesterday
We continue 10 quote New York Sight drafts at
Z OF and selling al par, and New Orleans 81 par
and selling at = per cent premium. The de-
msud for the latter being in excess Of that on
New York.
Gold and Silver.
Inc ADsl ma. ArL as lu4lt Al-FAlt-A WIN Jul
few transactions al the former rates, VIZ. buy
Ing s., selling so, although We heard Of one lot
Of $3.50 being sold At 80. 10 Silver tire trauszc-
tons were very numerous and quotations
raised, ranging from 2s 10 80; the usual rates of
buying, however. iur small lots belug 30, and
selling rates So, an outside figure perhaps. one
purchase Of S3O, al halves, is reported at 81,
and a sale Of $50 mixed IL 80.
Currency.
Currency for l-sy54ng'a purposes we are
assured 10y the baukers-is ia abundance. but
In an ccommodaJiou uae. to quote the same
authority, Is tight, vegy tight, as the bankers DO
not want Paper a. e per cent. when they can
realize II per cent per month on Cotton Bonds
and this will doubtless continue until The law,
icgulating Interest is changed.
City Scrip.
There Is but little or no demand for city
Paper at the banks, who sJii offer 81 and de-
mand ., but we are assured by the Assistant
Comptroller that these figures are roo low. as
every dollar will bring the amount called lor
upon las face.
Uncurrenf Funds.
The holders OF Uneurreut Funds continue TO
hold them forau advance rather than put them
upon the market at the present rates, which the
bankers 90 not seem willing 10 meet, cousU-
4uenuy there Is nothing worthy OF mention
doing In that line. We continue 10 quote