Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1867-09-28
FINANCIAL AND COMMERCIAL.
OFFICE OF THE DAILY APPEAL,

MzaPHIs. september 2. 1851. !
Gold opened in New York at sc, II was
unchanged at moon, and closed at 33Hc. There
was very little sold here during the day where
42c was the prevailing rate.
We have no sales in silver 70 report, We
quote IL at 81 to BE, but the latter figure could
only be realized on a iair 4zed lot
kxonange is scarcer to-day, and 10 some IN
stances our banks bought At 81 premium on the
n0C0, but we quote IL at par buying for No.
bills. St Louis sight is taken al 70 OF, and
sellt at premium Eastern sells at pre-
City scrip is steady at zoe buying. Selling at
,0univ warrants are firm and scarce. Dealers
onzr from - 70 soc, but are unable TO purchase
holding by brokers at g 10 SIC while one
small lot was sold by a broker at Sic.
We have no sales Of Police scup 10 record.
S5ct is the Offering rates selling AZ IS TO gQc.
The growing stringeney ofthe New York mar
ke4. rOmise TO be the source Of grave embar-
at the West, where there il an insuf-
hciency Of capital 70 move the heavy gram
crop. Heretofore grain from these points has
been altogether moved on SIGHT bills. But for
the fact that sight bills were made, the banks
could NOT have supplied sufficient capital 70
move a tenth part OF the grain they have sue
ceeded in moving during the past six weeks,
Money, although rather scarce here, says the
Chicago Times, has, until within the last few
DAYS. been easy and abundant in New York,
and By making sight bills The banks have made
the east carry the grain while In transit and
have been able TO accommodate nearly all ap-
plicatiOns for assistance. At New York, stght
bills are now almost impossible TO negotiate,
and probably in a few days more they can only
be nego lated ia exceptional instances. And
The grain shippers here viii soon be under the
necessity OF craving time paper, or drawing
none az all. Whenever the condition OF the
New York market becomes such TIA no sight
bills can be negotiated, or banks Wul he uUder
the necessity OF taking tine paper. This Will
greatly restrict their ability 10 accommodate
their customers, and assist in the grain move
ment, because their entire lOanaole capital Will
be tied mp in a day or two, and cannot be re-
leased ard turned over under ten days or two
weeks. The falling en- IN the shipments Of
Erain and produce, commencing win last FRI
dav. was. 10 all probability, eccasiOned by this
stale of affdrs. as the dearth IN orders tG-dsy
was certainly Que TO this cause.
The LOndOn Star says: One OF the many u
acts OF the laTe u~1TBcuor- Of the London, Bugh-
ton and south Coast railway was actually 10
throw away Ei00O00 paid 20 the Commissioners
OF Inland revenue on the supposed prCuJs ans
ing from the undertaking. when in reality the
corrected accounts show a positive loss. At the
meeting on Friday last Mr.. MaicCm asked II
any steps would be taken TO obtain a repay
ment OF this El0O,0OJ from government; out Mr..
Llsing thOught IL could not be recovered.
Ths report of the secretary Of the Urea ury
for the mouth OF September will not proba-
biz show much. II any, increase in government
obligations. There ara good reasons Tor beifev-
ing that there will be a slight reduction In the
month az October. but the payment OF twenty
i've millions coin interest Of Ftve-tWentes due
on the first Of November, must Of course pro
duce a different showing Of the face Of the
accounts IN the statement OF DEBT for that
Upon the whole, It is found by actual facts,
thus far t~ranspired, and by fair and safe estI-
mates for the coming two months and eight
DAYS, that the representations OF secretary
McCulloch. about the hnapcial results ~ the
summer and fall months, as set forth In his let
ter TO the Boston merchants, are likely to be
substantially verified, with q reasonable pros
pect that the actual showing by the first Of De-
may be very much I4ole favorable than
Mr.. McCulOch predicted
According 70 official reports, the revenue OF
British india IN lS5l-6WaS as B3,20-au in
crease over the previous year OF E5--s2,o2a The
expenditure wss E46. Ieq. l52, an Increase from the
previous year Of E32 73L me surplus was g.
766. O6S. The previous year there was q deficit.
Various reforms have been effected Ia the rev
enue system. The hnaucialyanr viii end here
after on the 3Ist OF March. There are now cur
rency notes 70 the value OF ci0UlGO0 Ia CiTcu-
latiOn. The mOuey-Qrter system is becoming
uOpulaF. The new excise regulations have SEN
siblv Improved morals Of some section. There
is talk Of Introducing postal savings banks,