Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1868-11-24
FINANCE AND Trade.
OFFICE OF TBE DAILY APPEAL.O
NEAPEIs. November ., 1875. !


let go OF currency, even upon the best OF
collateral, when within an hour the cot
ton market may become active, our
banks have, as s general thing, let their
capital lie idle, and only to-day has a
change set in, and the demand for cur
rency become sctlve. This upward
movement In cotton hiss improved the
offerings of Eastern bills very nasteri-
ally, sGd il is probable that all ouE dis
count houses will be amply supplied with
exchange within the next two or three
days. Bills upon New York are taken
st discount, and upon outside points at
discount. Selling at par, with only
rare exceptions. Sight bills on New Or
leans taken at discount. Selling at par
TO discount.
Gold has been firm during the week,
clOsingi in New York TO day at 1S4s. Elk
change steady. Gold in this market is
in good counter demand, with dealers
buying az New York rates, aud selling
at an advance ofl@2c.
Stocks and bonds are not moving, and
quotations are nOminsl. A sale of $1,000
city tplsinl bonds at sac was reported,
but there is no especial inquiry for them,
and the feeling seems to be weak. 1t is
lntimated that Is soon as they reach soc
large orders will be filed.
There Is an active demand for Bank Of
Tennessee notes, snd SlO0, eco would find
ready purchasers at 500, but holders srt
not disposed to sell.
The demand for county warrants does
not improve. AS il is more than proba;
bic thst the penalty for non-psyment Of
taxes will De taken of until the Let OF
January by the Legislature, taxpayers,
therefore, show no disposition to buy,
and the only operations We hear Of take
plRce between dealers. Some CT them
declare that they are not in tbs market
st 7Oe, while Others more ~ssnguine OF
perhaps holding a fair amount declare
they will buy sI offered at 72!97Sc,
Selling st 75977c.
City scrip is fra. A taxpayer who
wants $4,000 TO be delivered by the 18th
prox. was feeling the market, and the
best he could do, We learn was sac
Dealers, however, would not buy at BET.
ter than S24@S33c. Small amounts e
Taxpayers sell at S5GSSc.
Police scrip is scarce 1t zoe buying
Selling st 95c.
We learn that money never was tighter
than at present in Cincinnati, where :
per cent per month Is freely paid OF
good psper.
The New York money market for the
week has been unsettled, bat currency
has been easier in consequence of many
OF those who had been engaged in the
locking up" process taking advantage
OF the depression Of prices for stocks and
gold, and gone over TO the 81 bull - cliqus
Of operators, thus setting loose s large
amount Of capital. The railway ana
miscellaneous speculative stocks have
been very irregular, Erie most especially.
the transactions have bsen largely on
foreign account, snd the spectators
have made Whist is called in Wall street
2 clean sweep"
The total receipts OF the United States
Treasury from sill sources, for the quar-
ter ending September so, have been
inside up st the department, and they
resch the aggregate Of nearly 9 5000,
OOO-R considerable increase over the
estimates Of the Secretary and the Spe.
cIal Commissioner. Reducing the gold
TO currency, this is considerably in ex-
cess Of S400, 000, coo per snnum.
The question OK = return 10 specie pay
ment 30 far Is the South is concerned is
taking definite shape. There is no res-
son why We should not regulate U own
currency, now that our people are out OF
debt, and have in their hands g gold pro.
ducing crop. The banks Of Mobile have.
ia reply 10 q question from the Chamber
Of Commerce, stated that they would
take gold on deposit and pay it out on
checks; and = writer in the New Or
leans Times says on this gold question
It is very important for the general in
tereEts OF ouT business community that
gold should be made the basis Of ali com.
meTcialtrsDsactiOns, and this can readily
be brought about next September by
unity OF action On the part of all, espec!-
ally the cotton factors.
Were the value OF gold dependent upon
the supply and demand, the currency
would have more stability, but il is noto-
TiOus that Il depends upon the mischiev-
\ gambling in the gold room in New
1DtE1 a htI ~ TIE uGCEItaiu ana law
less interference OF the Secretary Of the
Treasury, 90 that it Is quite impossible
for s merchant 70 make any certain esti-
mate from one hour 70 smother.
With economy on the p3rtof the cot
ton plsnterE, aud prudence on the part of
fsco0rs in Gisc0ursgiBg the pernicious
system q making advances, the South
ern planters, with the cooperation Of
the factors in all the seaport towns, will
be masters of the financial situation, and
thus give 3 stability to all values, which
would invite and beyond doubt, largely
increase our import trade.
This subject IL Of vital Importance TO
New Orleans and all the Southern sea-
ports, snd it is 10 be hoped the press will
take hold Of it, so that the best CONNER
Ga minds 10 the country may reflect
Upon IL, and If practicable, come to some
definite action, so that specie may be
made the circulating medium through
cut the country, within as brief a period
as possible. Parties who are in the habit
OF purchasing cotton and other expOrtR-
bic articles, would then prepare them
selves for tie change, and IN time for the
beginning Of the next commercial year
on the 18Th, 1869. FACTOR.
NEw ORLEAEB, November Ie, 1865