Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1867-02-02
FINANCIAL.
OFFICE OF THE DAILY APPEAL
MEMPHIS FqnrurV J. lS6T.

H ?
Congress is progressing slowly Will
Q financial matters, but as the session /;
t drawing to a close there will, doubtless,
/, be some action in a very few weeks
r Until such a course as they may adopt
! becomes known, we can look for but lit.
I tie change in Our money market. 1t is
: thought, however, that the secretary's
5 policy will not be interferred with.
Gold has again advanced. Brokers buy
at SAC.
, Silver has undergone a slight advance,
r also. Buying at 25c.
There is a better demand for city scrip,
; and brokers pay fully PC more than on
yesterday. We quote buying at re
selling at 75e.
County warrants are in good demand
at 80 to 92c buying, and selling at IS to
SIC.
Exchange is steady at to off, buy
ing. Our banks sell at par.
In government securities we learn of
no transactions. Few invest in them,
owing to better rates being easily obtain
able for currency in other ways.
Uneurrent money is unchanged.
There is q fair demand by broker for
Tennessee money at u quotations.
Banks of other states are declining 4:
Bank of Tennessee, 55c Bank of Chat
tanOoga, Is; Bank of West Tennessee,
IS Union Bank, so; Planters Bank, so /;
Bank of Memphis, par Bank of Middle
Tennessee, 80; City Bank of Nashville,
50 Merchants Bank, IS; Ocoee, 20 ;
Bank OF S~helbyville, 50; Traders Bank,
50 Southern, 20.
BONDs.-State of Tennessee 6's, long
loan, 92e; Memphis city bonds, with
coupons for 1851, zoe; Interest coupons,
45c; Memphis and Charleston railroad
bonds, 75c Mobile and Ohio railroad
bonds, SOC; Mississippi and Tennessee
railroad bonds. Soc.
NEW YORK, February l, 10 a.m.-Gold
opened at 1855.
Il a.m.-The Cotton smarket is dull /;
middling uplands, 33te; Orleans, SIC.
Gold, 1855 exchange, 50.
1890 p.m.-Cotton dull and quotations
nominal middling uplsnds, 33lc Or
leans 34c. Gold, 1853 exchange, 81.
2:l5 p.m.-COtton dull middling up
lands, 3Sc Orleans, 34c sales 300 bales.
Gold, 1855.
4p.m.-Gold closes at 1855.
Many people find it difficult to account
for the fact that money is scaree-Or
rather the rate of interest is Highland
vet many borrowers feel and know that
money is difficult to obtain except on
the most substantial security. Those
who hold government loans can borrow
any reasonable amounts of money of the
banks at bank rates of interest. There
is no scarcity Of money. The amount
issued by the government in greenbacks,
the compound interest notes held in lieu
OF ~greenbacks, and the postal currency
and the national bank notes, exceed ten
hundred milliSps of dollars. 1t is not
possible that Il Ere can be any scarcity of
money with such a volume of currency
as this. The trouble is not a want of
money, but a want of credit. There is a
general distrust throughout the country,
and those who hold property are indis-
posed to let go their hold of it without a
reliable consideration. Few are willing
to trust the future, believing that almost
all prices are on the decline, and that
they will not stop in their downward
course until they touch a point as far be-
low real values as they have recently
been above them. And the very appre-
hensiot Nf this foregone conclusion helps
to hurrS us on to the final catastrophe,
and would dos were the volume of cur
rency twice in amount what it is. 1t
matters little that money is plenty and
cheap in its exchangeable value as those
owning it will not let 1t go until the haZ-
I dln VI ~ ~ = AoAAl 0ONCAC0 W lEAAobAC
| security, What the business of the eoun-
! try most needs is the confidence in the
/ future. When a good, substantial con-
| viction possesses mems minds that low
est prices have been touched, and that
thereafter they will steadily advance,
the want of currency will be no bar to
enterprise. If congress will leave off
talking and drop three-fourths of their
schemes to cure that which is not in
their power to control, the more favOra-
bic change hoped for will the more earlier
come. But so long as public ~eredulity is
| fiattered with the idea that business may
be rendered active by a simple enact
ment that the currency Of the country
shall be more or less, or of n kind or
another, Just so long is wholesome re-
form and regeneration of trade delayed.
Such ideas are but stumbling blocks in
the way Of reaching earliest the bottom
and the steady rise thereafter. 1t is not
a pleasant thing to come down in prices,
to work more and to live lower, but it
must be done. The confidence that will
prompt production for future consump-
ton, can come in no other way. Money
is a convenient adjunct to business, and
it may be more or less valuable as such,
as it commands confidence in its stability
and integrity but however plenty It
may be, those who have it will clutch it
until the occasion comes when it may be
used safely and profitably. Much of the
talk about the currency, about resump-
/ ton, and about the payment Of the ma
| tional debt, in connection with an early
revival of business, is INSTRUCTED. La
Dor, universal laber, is the true remedy ;
and the sooner that can be invited, and
the further it can be thrown into the
future, the more active and prosperous
will business be.-PhaddeLphid Ledger.
For the week ending the 18th ult., ma
/ tiOnal bank currency to the amount of
| lO4. 275 dollars was issued by the acting
comptroller. The total circulation issued
up to date is 800, 907, 500 dollars actual
circulation, 29S, 74S, 1854 dollars, for which
securities are held as follows For circu-
lation, $40, $4,000 dollars and for de-
posits. 80. 76l $50 dollars. Total securi-
ties held, 1892 $50.
The disbursements of the treasury IN
account of the war, navy, and interior
departments for the week endingOn the
18th ult. were as follows War, Sl4, sos
dollars navy, 2,943, s76 dollars; interior,
oil SOP dollars total, 4,970,SS8 dollars.
The following receipts from customs,
from the principal ports Of the United
States, have been reported to the COM
missioner from new AOEhf IuilAuSl-
phia, Boston and Baltimore, respectively,
1890, 40 80, 172,673 81, 169,s99 10, 1881
8O4 Al. dollars. At New Orleans, from
January 5th to 18th, l29, 986 IS dollars
was received from this source, and at
San Francisco, from December 18th to
ODD. IO7.5 SO dollars. The receipts
from all these ports, with the exception
of Boston, have greatly increased within
the mast few weeks.
4O7, 900 dollars in fractional currency
was issued by the printing division of
the treasury department last week.
During the same period the following
shipments were made To New York,
Philadelphia and Boston each 10000
dollars to the United States depository
at Baltimore, 10000 dollars to the
United States depository at Chicago,
$4,000 dollars, and to national banks,
l50, I0l 81 dollars.
The receipts from internal revenue on
Saturday fast we're SOS, 1856 Is dollars,
making the total amount received during
the week, s,400, 776 35 dollars.
The expensesof assessing internal rev.
euue for the last fiscal year, 955,079 dol
lars amount paid internal revenue in
s~pectors for salary and travelling ex-