Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1867-10-05
FINANCIAL AND COMMERCIAL,
OFFICE OF rHE DAILY APPEA4l

AAEL CANtAEA H ~ }
Gold opened in New York to-day at 4c and
closed al - 4S14c was the ruling rate during
the day in this market for small lots, but large
ones would bring 44e readily. There Is no local
demand for coin ofsny kind save Tor shipment
and the smEH amounts presented do not al
present offer much inducement TO dealers.
Silver in lots OF $40 10 So are taken At Sc, bat
amounts over $50 would be taken at3ia
City scrip is weak and offerings large. Deal
erE to day decline buying at over As 70 Soc, and
County warrants are not in as much demand
as they were a Few days ago; Soc is the buying
Police scrip is weak with but q small de-
mand; buying at Soc in small amounts; selling
at sc.
9Th OF the month, and although 1t was selling
over the cOunter at q premium, bankers were
unable 70 buy from each other al par, and in
many cases was paid. Cotton bills are taken
Letters hy the Scotia alude to United States
bonds in rather a responding tone. They give
details OF the excitement produced in EUOpe
by the agitation here OF the payment Of bonds
In legal lender notes, and Eay the project was
viewed as the hrst step towards Republication.
The Commercial advertiser says: Among
some foreign bankers there is some apprehen-
siODs that embarraSsmeHts may occur in the
continental money markets from the critical
condition OF the Credit MObilier Of Paris
The latest nail adyices represent that II
Was doubtful whether the MObiier
would Erect the proposed loan with the
bank OF France, owing to the sindispO-
sition OF the directors to give their own per-
sOnRl security, Is they had in the first instance
proposed. It Is considered impossible that the
Institution should Stanu Without the support
from the bank OF France asked Tor, and in tie
event OF its failure, the financial disaster not
only in Paris, but IN Italy aud Germany, must
~Phil5deiph'a papers say that it has been
as0ertatned that the destruction to glass alone
In that city by the bail storm on the 18th nit,
amounts 10 the large sum Of S25G,OOO. There was
more glass broken thsn could be replaced by
all the stores and factories in the city. The de-
wVnnl IN FfaE ntaEr mFfaF Fha Eraahnra aww
the entire demand for The two preceding
years.
Gen. Blair, in a recent speech. 5sfers to our
finances iu this wise oar debJ IL heavier, or
rather draws a heavier interest than thar Of
Great Britain or any other country, by mo g
than slOO,CO0,OgQ annually, and cur means Of
paving is impaired by an enormous customs
duty, far exceeding that Of any other nation
in its OppressiveneSs upon every branch OF IN
dustry. Oar industry is thus Slapped at Inc
foundation, and consequently lAe product Of
our direct tax is rapidly diminishing. and it Is
apparent to every one that We must have a re-
auction OF expenditures az once, and wiser
financial management or Republication Radi-
callsm requires great standing armies to main
tain the supremacy Of the negro Oyerthe white
men In the southern states, and prudigate eX.
.peDditnTe and bounty-2tgtng tariffs al the
north 70 carry enough Of these states to main
tain its power. Thus there can be no reduction
Of Expenditure under radicalism. kepudistion
Is, therefore, inevitable IL that party is con-
tiuusdi u power. The democracy IS the ecOno-
uaicial aUd d~ebt-paytng party. Twice already
49,
auspices The enornity OF the debt is dus
TO radical management 4 Chase
10 make ptper money = Lanlsh specie a.
uOtvit ~hstanotng our Own soil is
80 prolific Of il, and a stanton 70 eNpend e,
would soon bankrupt any country. One or au-
best Illustrations Of this finance sys EN- gfas
lately given BY Gen. Butter, who is an unqres-
,iOnable authority an Ong radicals. He admits
squaIely that the radical system Of finance
must be abandoned or the radical party will lie
But TO the iiustgstiSn Under the
-Rgse bsnk1uS aysisn, with s9O'tW IN greee-
1aCks you eau get United states bonds for that
These bonds are deposited in the
.Ieasury, and they not Oulv pay six per cent. a
year in god on them. but they viii return you
IN gr~eenbackS-au but 1900 Of your
.oney-tO carry on a bank with. But tie
does not stop here. Butler says
nose VINO are in favor ian get the pub
lie deposits put ia their banks also, and he
bank in Boston where somz parties, /
Vith & bank OF 10000 capital, for which, by
he process above described, the government
5ets only the use OF S3g,00, nave n million Of
ioilRrs on deposit constantly, n they sctu-
invest these deposits IN government bonds
ina get six Per cent a year on them fsOm the /
government 80 that, by the use OF $4,000
.hess men make, first six per cent. on S3eO CO.
In gold, worth ABOUT 81 900 IN green
then $4,000 in gold tor interest on tue
)ubic deposits, equal TO so coo ia g~reenbackz. |
lhusr without counting any pFahls On he loans
u the g~reenbackS hsued TO them on
their bonds, they make SI47.BOO q /
-ezT. without q risk or trouble, for the uss by /
he gOvernment Of ssO,OUp. Was ever govern
nentheeced III Such & name befOrss There
Fili be no resumption Of specie payments un-
such 3 system.