Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1867-12-06
FINANCIAL AND COMMERCIAL.
OFFICE or THE DAILY APPEL

The Exchange market was active to-day,
Large amounts were offered and the deman
has been much better than usual. Eastern
sight Is taken at Ac discount on an points out.
side Of New York, and on that city - &c dis
change, one OF our banks hsvinE taken enough
90 cover 800 bales OF cotton, AZ sza34c on, Tie
current checking rates Oh all poiatsFsmain ~
par, and but few exceptions are made 70 ms
cold opened in New York Al ISAc, and at
noon had declined 20. Brokers buy AZ SOS
light Transactions
Silver nominal at I&Gl2o buying.
city scrip is about The same IS yesteTday.
Dealers take all offered at SgS5c, and sell al 81
@Ac =
pieces. Large ones are taken az &c, while small
ones command 6sa7Oc. The former sell al Tic,
and the latter at 72a75c.
VI learu mat Mr.. Latham, who has been ap-
poinJed Register in bankruptcy FOR this ds-
Lrict viii open his Once 10 this city within b
few days.
Anew York merchant IN a lengthy letter to
Ben Butler upon our National finances, gives
his views, from which we make the following
Absolute taking away Of the secretarys
power Of contracting the currency. II we are
70 have contraction which, however, at pres
ent Is simply financial suicide1. let 10 go On,
absolutely and iniexibly under an act OF Com
greSs that everybody may know IL beforehand
and comprehend its extent and consequences
We nave had enough OF the discretion Of q
HHANA W. AZ H4AAAAaN HNANH hAEA &c AAh ~ -
or and goes on when he ought 10 stop
The discretionary power as 20 the amount
or me balances In the treasury should oe Jahsn
rem tne Secretary Witan tne Last zen
The currency balance IN the treasury nasnueiu-
ated between SNOuO0O and &sluu0.Ugl. The
coin balances have shown the same mequenl
and bewildering fluctuations. We are even
now In the midst OF a quasi money
panic. caused by the unexpected. and
TO all appearances, unnecessary locking up
OF about sl0.0oO,Ug Of legal tenders IL
the sub-treasUry within the past two OF three
weeks. The evil OF thus accommodating large
sums IN The Treasury is two-gOld First. the
money thus horded is practically taken out %
circulation, and produces stringency, and, per-
hapsr IN some quarters panlei WhAte ne hoaLu-
ing of benefits no one And second, the peo-
pie are taxed 20 pay the interest on the amount
thus boarded. An examination Of the Treas-
ury reports for the past two years VIII think,
develop the fact that the average balances de-
ducing the coin % currency), have heen nearly
sufficient for All practical purpose sofhat mere
Is RsinUls item OF 8.e0Q.OU interest on idle ana
The proper mode Of remedying tins eFn SINE
one suggested BY you tie O.her day VIZ. mas
ing q Imperative upon the secretary 70 s
surplus coin over aud above a certain
amount, and also compelling him 10 invest us
curreucy balances. a. they neyoll4
q certain fixed sum. in the purchase or GOLD
bearing bonds for cancellation. ms WoulQ
enectuaHy remove the great ougDear Of EocA-
Ing up greenhacES and would releNe uae
banks and merchants OF the suspense and ahN-
tety which the vagar.es OF me secretary lLA
respect have cau-cd thsm.
A me outstanding EumnEuuQ AlIeF6AE ADtter
As they audue. should be paid in g~r6enbacks
issued for the purpose, instead Of being replaced
by the clearing house three per cent ceruh-
cstes- The issuing or these c~srtncales pracl-
cally allows The banks 20 draw interest ON
their reserve as well As upon their circulation
aad Is one OF the numerous frauds by which
these institutions enrich themselvss a. the ex-
pense OF the taL-Faylng communlry. these
certificates would never have been issued niAI
&C not been that M McCuil0chis insane drepd
Of expanding the currency ledhlmJ % sdoPt
the Ingenious and economical ~ device Of pay
ing interest upon the certificates, which being
a portion OF The legHhZsd reserve OF the nanEs,
were in their very nature currency and thus
at an expense to the people OF three per cert
per auuum, eyading the charge Of having IS
4 me bushes Interests OF the country
demand a weekly publication Of the exact con
dil0n Of the Treasury Department, similar to
the weekly publication ofthe New York banks.
The Secretary should be compelled 70 makes
statement. in detail, over his own signature, OF
the preceding weeks business, somewhat as fol-
l. state balance on hand at the commence
ment Of the weeks business IN coin and cur
IT. state ne receipts Of coin and currency
respectively during the week. with the respee-
tive resources from which they are derived.
III state The amount Of payments OF coin
and currency respectively. With the respective
objects for which such payments have been
" STATE the balances on hand in coin aud
currency separately A. he time Of making de
The present made by the depart
meut only serve In many instances TO misleai,
g. they do not partlculzrlZe, and do not even
separate the coin and currency Transactions ]
The foregoing points I conceive 20 De the mot ]
important ones relating 70 the details Of the
management OF the Trea-ury Department. As
20 the general Questsous OF the tariff. taxation I
and currency, I will not 20 into detail, further
Than 70 state in general terms thst the tariff
should be laid with a view 20 Obtaining the
greatest amount Of revenue with the least
burden upon the people that taa1on
should be simpided and restricted as much
a. possible, and that the revenues should be so ]
adjusted a. 70 yield a msderate surpiu[. annu-
aLv. over and above the interest % the debt /
a. d Expenditures OF the government. 10 be de- /
voted exclusively 70 the purchasing aud can
collation. 0f the Understanding debt As 10 I
currency. 7 consider the greenbaczs the best
currency in the world for a Nation that Is IN 4
de0L- 50 good. indeed, that would permit no I
other circulation TO interfere or compete with /
I--Iay Cooke to the contrary notwithstanding ]
Yours, etc,