Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1868-10-21
FINANCE AND TRADE.
FINANCE.
OFFICE OF THE DAILY APPEALl
MEMPHIS, October 20. 1855.

OFFICE OF THE DAILY APPEALsA
MEMPHIS, October %. 1855. 5
The money market was moderately
active to-day, though offers of cotton
bills were not as large as they would
have been had the market been frmer
or the day more propitiops. Some indi-
cations Of sellers giving way caused
buyers to hold off until late Ia the dsy
when the rain set in heavily and less was
done than was anticipated. Rates of ex.
change are the same As yesterday, except
in the case Of offerings on Fall River,
which is taken at discount. We have
only q light demand to report and fair
receipts Of currency.
Gold opened in New York to-day at
1879, and at noon had declined tc. We
quote lS5, buying.
In bonds or stocks there was little
doing to-day. A sale of 5000 City Bonds
was reported at 52e.
City Scrip is firm and tendency up
wards. Buyers offered 77@7Se to-day.
Selling at SO9S5c, as to smount.
County Warrants are firm. Buying st
60@62c; selling at s3G65c.
Police and School Scrip are firm and
unchanged.
A writer in the Chicago Times has
shown why the National Bank interest
is so powerful in the present political
contest, snG how their capital might be
proftably invested. We quote from the
article:
1t seems that the Democratic papers Of the
country, while closely and fully discussing
other branches OF the great financial questions,
are now almost as sttl as death about the mon
strous swindle known as the National Bank
system 1 have recently made some caleuia-
Is Atkinson, asto the amount OF money
that can be made out of it BY the bankers. I
have invested an imaginary capital ofSSQ,mO of
greenbscksin 30 bonds. Ideposit those bonds
IN the Treasury Department, organize NY bank,
and am furnished with an issue OF $1,000 In.
other 90 bonds, and deposit theuain like man
uer. and draw an issue OF S2i3,O0 OF national
currency. again with that amount buy other
bonds, and deposit that samein ike manner as
the hrst, and draw an issue Of sZlS,T 100 Of D~afio1aI
currency. And SO on until I nave 30 90 ne-
uonal currency left 10 operate my bank with
besides, the deposits OF customers. And, hay,
ing only invested SSl0,0o0 OF greznbseks, L am
yet the owner OF S2,44.4z3 OF United States so
bonds, and draw an annual interest in gold Of
Sl52.665 80; and in greeubrRcks, aJsI 90, IL would
be S2l3,63l 50 Remember I nave only S5O0.G8O
Of sexual capital invested. and thar in green
backs; and I draw an annual interest on that
investment OF nesrly SA0a. / might still far
Their continue the calculaiiOB- uatN HAD only
5000 LEFT and then I would draw sn annual
interest on my $4,000 capital OF S2fTll6 That
is, nearly n HUNDRKD PER GENE en- the capt.
tel invested.
Henry, Clews & Co., of New York, in
their circular of the 14th, says:
The South row requires a much larger retail
circulation than at any Previous period. Tae
cotton crop is no Longer raised upon credit and
in settlement OF credits, without the
Intervention of money. The croPof this year
has been raised principally upon the planters
own means; ana when he realizes upon II. ne
viii, for the most part, inquire cash in pSynent.
negroes sre not, as formerly, fed and
clothed with commodities obtained On credit
aud ultimately paif Tor X cotton they receive
wages FOR taeE labor. and like the working4
population OF the North, are constantly circu-
iaiing currency. This changed condiiios OF
things creates q necessity for a large increase IN
the supply OF circulation at the south; and as
there are few local banks 10 supply il by their
Is ues, the want must be met by drawn upcn ]
the circulation OF othsr sections. Ia is impossi.
az " AAANo0 AANsAAAAIL1 III II AEAlAEEH .
for circulation without perceiving tie
OF the restrictions upon bank issues i'm
posed by the National Bank Act and the neces-
sity Of measures giving elasticity TO The circuIs-
ion. Il would appear Inevitable that the great
Inconvenience grOEiog cut Of this
must early elicit a puolic demand
hist there shall be 10 bother restriction upon TIE
1ank circulation than what may arise from the
equirements Of aud a reasonable
for protecting The note holder.
On "Wednesday last the new system OF selling
5Overnmeat gold by open tender was fairly IN
,Ugurated in New Hors. Toe Assistant Treas
received bids fer a sum OF S50U,eUJ. Bids
we're received rom nineteen firms sggTega'ing
Sl&o-UO at prices ranging fsom 1856 10 1867. The
uccsssfUl bids were for 10000 at 1857 and 500
70 al 1880 A noticeable feature oftne tenders
their close relation 70 the selling pr.ces OF
'old IN the open market The lowest quota
ions on Wednesday were 1857, and the highest
STs- THIS sympathy between the tenders and
ne market rates is rendered sae more rsmRr-
table rom the obvious contingency Of auctu-
ions II not excitement In Consequences Of tie
lection news The sales OF gold will continue
very day in the same manner until a sum
1 SOo0@Dsnall have been sold. OF course the
Ales are for Immediate delivery.