Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1867-10-22
FINANCIAL AND COMMERCIAL.
OFFICE OF THE DAILY APPEAL,
MKMPHIs. October q. 1857. Z

OFFICE OF THE DAILY APPEAL,l
/ MEMPHIS. October %, 1857.
AS an illustration OF the closeness OF GU
money market. We can. do no better than T.
state that enc of our national hankst is reported
to have borrowed recently the SUM OF tloi00O
for which IL pays ? per cent per month NJ
better evidence could be addued Of a stringent
state Of finances in our community. The cot
ton bills offered are only taken from regular
CustOmers, and rates are nrm nj &c on in al
eases-selllng 70 customers and outsiders at PAL
Gold opened in New York at l44c, and CLOSED
at 1896, The buying rate in this market Wal
l42gl421zc, but sales We're very small.
silver Ia nominal at 329S3c buying
The market for Scrip is dull, with little offer
ing, while dealers are well supplied. SEINE
small lots changed hands to-day at 4Oc-selhne
County warrants are not in demard. We
quote them nomtnally 75c buying, selling at =
@s2c.
Police Scrip has been very quiet for some
days Dealers offer 75c, and sell at S0@s2c.
Persons travelling about the country as the
agents OF manufacturer or dealers. seeing or
ders for goods, as agents Of one person or firm
only, and who are paid a salary but receive nc
commission whatever should not be required
70 pay tax as produce or commercial brokers.
Section 3, No. 4, page a. II such a person Is
paid by commission, or acts for more than one
person, nLms company Cr corpOtAnOh' ne "
liable 70 taxation. h foregoing exemption
applies only TO salaried agents or persons who
have paid special taxes as dealers or manufac-
turers.
h Cuban Cable company received 5000 the
hrst day the cable was open to the public.
Letters are being constantly received at the
Or1ce Of The Comptroller OF the Currency from
country banks, asking II the three per cent.
certificates can be used by them in place OF le-
gal tenders as n reserve in bank. This cannot
be lone, the law authorizing the issue OF the
three per cent. certificates providing that not
Less than twO-hfths Of the entire reserve OF such
bank she'll consist OF lawful money OF the
United states"
The Crisis says that Mt. McCuloch's whole
course since his appointment has been marked
by his subEerYiency TO the bond holding aris-
t0crscy-as a kind OF a~ppendage 10 Mr.. Chase
and Jay Cookies broker shops. Either nom
weakness and imbecility or rom downright
corruption he lost 70 The Treasury by one tran
saCtion in the sale Of gold, through a Mr.. Van
Dyke, a membe OF his family, some thirty or
fOttv millions Of gold, all 20 the interests OF the
few avOritcs who " bought" the gold. He has
issued tens Of millions or Six per cent gold in
terest bonds in exchange for paper for which
the government was paying no interest-and
he has within the past six months exchanged
gold interest bonds for greenback interest
bonds, and paid a premium for the latter to the
extent Of hundreds OF millions; tnat, too,
while gold was At a premium OF from forty to
fifty per cent. -
he promised that IN a brief space he Wsuld re-
store the county TO a specie currency. And
what are the facLsP He has so CurtHIled the
currency by keeping S4O,G0O,0CO in the treasury
for the use OF pet banks or for private gain that
with a nomina circulating medium Of seven
the actual business before the war when we
had but sZ9l,0O0 none was never E%carceI, nor
did the banker anu brokers ever extract
higher rates OF interest from the producing
approximation 10 specie payments, gold rules
IS high on the average now as at any time
since the surrender OF Assi