Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1867-12-11
FINANCIAL AND COMMERCIAL.
OFFICE or THE DAILY APPEL


Gold opened for the week IN New foIAH
lSl3ss and has declined steadily, closing stLS
lhere rs a lair counter demand Whlcn
a4 oHeted- Brokers bought upoA ~ a.
ABOUT lc on New York quotations. anu soA
New York rates
Exchange on All points East is held IN aoun-
dance al our banks. and the demand lslth'
Der merchants remit as fast aslneg
Tency. Buying rates are 1stES ~ and 70 ie
di-count on New Orleans. Cheehlhg 1psLon
AL points. no
comfy warrants are dull. Buying at 65965e
Selling 81 7Os75c, with some sales
Police scrip is scarce and firm al sc buying.
f5esI dnaScss are stu tight, as may be Wit
messed daily upcn our streets in the numerous
FIRMS who are closing ont at cost : OF hair
price OF vi Thin thirty days The cause
Or the present distress is excessive i'm
purtatiOnS, not meaning, indeed, that the
imnorfg exceed what they ought 10 be
in times OF prosperity, but ~intending 20 say,
that according 70 the desires and policy OF the
people, there has not been sufficient attention
% the spirit OF economy which IS uniNeISel
The high prices Of the war, and those when
succeeded have mrde the people cautious ABOUT
iucurring~ expenditures which might by care oe
avoided The spirit Of extravaganza % IeekL
in what are called "goCd times, has beeA
curbed, and instructed that 1t must be Var
and that IL cannot be indulged "a hEersuo1y
anticipated that there must be a fail IN price,
aud As 10 cannot be known how lei TINS WI go
every one is vii ing 70 walt until me loves
mis- general disposition among the people,
some deal Is have either rashly, or without
rejection cnutemned IL, and have so gone on
in their affairs that they ind that they nave
bougbt zoo largely. and that with debts press
ing on them for the articles bought uponcred L,
rhev have DOT the means. TO pay except Dy
seUiugat q great sacrifice, or attempting 10
b1-row al a Time when all ~conndtnce Is gene
whoever has conducted business upon TINS
plsu must suffer. The attempt 10 hold on In
hone OF realizing prices that VIII not be paid,
0nfv contributes 70 tue dullness OF bushes,
fsr when those who would sell ask more tnan
fhoss who would buy are wiling 70 give,
nusinesS must come TO a stand We md
that the consequence Of over stock and bold
ing on" is that there is universal glOsm, losses
and prospects Of bankruptcy are increasing
with every day. Those. therefore. who are H.
voIvad see : wretched future before them Lhsl
ave holding out with no hope, unless tnete
should be a turn in the tide. That turn, II ls
much 70 be feared, cannot come, until the
financial policy OF the country-noW mlcn
agstated by the reckless proposnlons OF leno-
rant politicians, who pretend 70 oe sLte
meu-shEl be settled, nor llLEs lnLi
The anomalous condition OF the SoulneIn
states IS rectlned by r~eco1srucuon. WINE
tie Community is waiting no Other Eolcy
can ba successful but a close one, which VIII
rufla merchants in the determination u pug
n more than can Zoe sold within reasonape
ffue and al g profit, and 70 make no more
man is ordered or viii be taken in the usual
c1u-Se OF business. arising upon ordinary con-
sumption and renewal