Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1867-01-31

OFFICE OF THE DAILY APPEAL,
30. 1877.

OFFICE OF THE DAILY APPEAL,
MEMPHIS, January 80, 1857. J
Gold has advanced slightly in New
York, and brokers acre bought during
the day at SO to 33lc. But few large sale:
have been reported for several days.
There is very little silver offered at the
counter for sale. Buying at p to 25ci
and selling at q to soc.
City scrip has declined to zoe buying
and selling at 70 to 75c.
The market is well supplied with ex-
change. Our banks buy at to of, and
sell at par to of.
County warrants are firm at 90 to 95c
selling.
Uncurrent money is unchanged.
There is a fair demand by brokers for
/ Tennessee money at our quotations.
Banks Of other states are declining
Bank of Tennessee, 55c Bank Of Chat
tanooga, Is; Bank OF West Tennessee,
As; Union Bank, 50; Planters Bank, 81 ;
Bank of Memphis, par Bank Of Middle
Tennessee, so; City Bank of Nashville
so; Merchants Bank, IS; OCOee, 20 ;
Bank OF Shelbyville, 50 Traders Bank,
50; Southern, 20.
RoNDs.-State Of Tennessee SIS, long
loan, &c; Memphis city bonds, with
coupons for 1861, zoe Interest coupons,
45c: Memphis and Charleston railroad
bonds, 75c; Mobile and Ohio railroad
bonds, COS; Mississippi and Tennessee
railroad bonds. zoe,
Government 20's are now quoted OIL
ciaIly for the first time on the Paris
bourse. Heretofore the French market
has been closed to legal transactions in
American securities, and U minister
and citizens have applied in vain to NJ.
Fould to authorize their introduction.
1t is said the house of Van den Brock,
which is largely engaged in American
banking, has been successful in accom-
| plishiug this really important result.
1t would seem from recent indications
that the friends of the proposition now
before IA TO retire the national
bank notes by redeeming them in legal
tender notes at the United States treas
ury, will not be permitted to have every
thing their own way. The friends OF the
banks are beginning to show fight. Toe
Philadelphia North american (radical)
concludes o discussion of the subject by
saying.
In the meantime let us regard as enc
mics to the prosperity of the republic all
who would destroy the national banking
system, no matter by what means they
BAODO5C " w =
Again, a correspondent of the Phila-
delphia Ace, on the same subject, thus
discOurses in opposition to the radical
scheme:
It seems impossible that one fatal OBJ
lection to this scheme can have been
considered by its friends
It lies hsrei When the $500, 600 900 of
new legal-tenders shall have performed
their work of abolishiDg the same
amount of national bank currency, by
whom and how are they to be redeemed ?
By the United States, of course, which
will thus have $3.50, o ,O00 of paper to
redeem OF fund, when We are now told
that two or three years more are too
short o time to effect the redemption or
funding of the $3.50, 600, 900 now in circu-
lation. When could we hope for specie
payments and q return to sound business
if the new amount be thus superadded >
But this is only a minor difficulty to
be seen in contemplating the case from
this point of view. The grand, and as 1t
seems TO US, insuperable objection Is
brought to light by the question, What
is to form a circulating medium for the
use of the people, after the redemption
or funding Of these leg9l-t5ndeTs shaL
have taken pIace9n Surely, there IS no
mar in the country wbo contemplates
permanent use of An unconstitutional
paper money emitted as legal-tenders by
the general government.
The state bank currency is redeemed,
and cannot be reissued. The national
bank currency will have been all alb
sorbed by the new "legal-tenders. " The
old ~greenbacks will have been redeemed
and the new one funded.
In the name of all the hnancieTs of the
civilized world, where are the people to
obtain a currency with which to transact
their business? Until this question shall
be answered, no further objection need
be urged. But We might add that il
seems an unusual anomaly to propose
anything so Objectionable to constitu-
tional men as the continuance M eX-
pansion Of the unconstitutional legal
tender paper money system. All true
constitutiOnalists are looking eagerly to
the day when the supreme court can
safely announce the uncOnstitutlOnality
of the attempt Of the late congress 10
make lawful money out of paper. That
this will be done at some future day,
when the absorption or redemption of the
~greenbacks shall have placed h condi-
lion of our finance so as TO admit thereof
without risk to the country, We cannot
doubt.
Never having been q friend to the Ma
tional banks, it scarcely lies in Our
mouth to urge the gross injustice that
would be d5ne them by thus taking away
n Of their chartered privileges under
the law. But there should be honor
thieves. and we ara always told
that even loud CiOutien should have
his due. Such 8 departure from the
common principles of Justice would, If
possible, disgrace even this congress.
No state can pass = law violating q con-
tract, and the United States has hereto
fore avoided so doing, and always ought
so to avoid it.