Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1867-01-27
FINANCIAL.
OFFICE OF THE DAILY APPEAL

OFFICE OF THE DAILY APPEAL
MEMPHIS, January %, 1851. !
There is no change to report in the
general features of our money market,
Capital is IN active demand, and bnf.
rowers do not meet with as much diff
Guilty in supplying their want on first
class security as heretofore. Gold has
advanced slightly. Our brokers buy at
1873.
Our banks have reduced their buying
rate of exchange to of, and check al
par to discount.
We learned of no large sales OF silver.
Buying at % to Csc, and selling at q to
CSC.
There is a steady demand for city scrip,
and it is enhancing in value daily.
Brokers bought to-day at zoe. Selling at
County warrants are firm at SO to CSC
selling.
In uncurrent money there is but little
demand for banks Of any state those Of
Tennessee, however, are firm at OuF
quotations: Bank of Tennessee, 55c /;
Bank Of Chattanooga, Is; Bank
OF West Tennessee, 45 Union
Bank, so Planters Bank, 50
Bank of Memphis, par Bank OLMiddle
Tennessee, 80; City Bank of Nashville,
so Merchants Bank, IS; OcOee, 20;
Bank OF Shelbyville, 80 Traders Bank,
50; Southern, 20.
RoNDs.-Stste Of Tennessee eis, long
losn, &c; Memphis city bonds, with
coupons for 1861, 0c; Interest coupons,
45c; Memphis and Charleston railroad
bonds, soc Mobile and Ohio railroad
bonds, 64e; Mississippi and Tennessee
railroad bonds. Csc.
NEW YORK, January IS, 10 A.m.-GOld
opened at lS4{.
II a.m.-Cotton inactive, at 343835c.
Gold, 34s exchange, 81.
1850, p.m.-Cotton quiet and steady,
335(G35c. Gold, lS4s.
2:l5 p.m.-Cotton dull, with a deelin-
ing tendency, aS4934c; sales, 400 bales.
Gold, 1874.
3p.m.-Gold closed at 1344.
LIVERPOOL, January %, p.m.-Market
unchanged in every respect. Sales $40
bales middling uplsnds, l4sd. 6-20s,
Y2i.
Mr.. Morrill, gave some interesting
statements in the house on Thursday
last. He showed that with the present
paper currency amounting to nine huE-
dred and sixty-three millions actually
less business il done than vas doing six
years ago with less than oGe-fOurth the
entire amount. In Great Britain in
1855 Ii was hardly forty millions sterling,
while her trade and commerce exceed
that Of our own or any other nation.
Our " highest bank note circulation
before the war was $2l4, US, 822. He
also argued that gold was the cheapest
thing We had to sell. The government
REQUIRES gold to be paid at the custom
house. 1t pays out an equal amount at
the sub-treasnry. This is the inhexible
and perpetual measure Of our wants. So
long as this continues we are maintain
ing the paper system TO the great disad
vantage Of forsign nations and our own
Ioss. While il continues We shall be the
subjects Of foreign plumber and sport Of
gold spectators. Every mans property
Is at tue mercy of the wild waves Of an
inflated currency. 1t Is often said that
the United States, If legal tender issues
were withdrawn, Toula be loser hy the
amount II increased Interest. The com
mercial health of the country Is of ten
fold more value than t~wenty-four mil
lions 10 the government. With incon-
vertible paper financial health is limos
sible, but with health we could nego.
tiate all loans for ole-sixth loss interest
The three hundred million National
bank currency itself would be
ible, being oyer fifty per cent, more than
We had. While We have already en-
tirely extinglishsd, or propose to extin-
guish the circulation Of state banks, We