Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1868-11-26
FINANCE AND A
OFFICE OF TRE DAILY APPEALl
MEMPHIS. November >, lseS !
FINANCE

AS III cfAucuIC U khAk II uUllE n bntr
way, we Will state that four buyers have
purchased an aggregate Of nearly 5000
bales within the past day OF two. Others
have also bought largely, snd the de-
msnd for currency IL consequently yery
great. While the market is therefore
close, Il viii be only for q day or two, as
large amounts sre on the way. The &C.
dvity in tbs cotton market has really
caught some of our discount houses nap
ping, but they will be in condition to
take all bills IS o IS the shipments OF
currency alluded to begin TO arrive.
Rates sre again unsettled and Irregular,
ranging from s6sc discount on the East,
and selling at par to 4e discount. New
Orleans bills hesvy at ic discount buy
ing. Selling at par to IL discount,
The City Railroad bonds alluded to
yesterday are still unsold. Holders ask
ing Csc.
There wss some inquiry for City Bonds
to-day, but st lower rates. An offer OF
5O3e for & round lot was refused, the
holder ssking 5l3e. Other bonds and
stocks are dull and nominal.
County Warrants are about al they
we're. A sale of SlIO0 at zoe was report.
ed. Dealers offer 72S73c, and sell at 75
@T5c, as 70 amount.
City Scrip though firm is very quiet.
While holders are asking s3SSSsc for
large lots, buyers are Offering but s2@
S23c, and one broker, it is said, was SELL
ing to tax payers daring the day At S3c.
The party who wanted SIC, 900 3 few days
sgo, succeeded in buying 5000 at S5e,
deliverable, We believe, on Monday
next.
We have no change to report in Police
Scrip.
The value OF the pound sterling, CT
English sovereign, expressed in Federal
money, is 81 II in England and 81 IS IN
the United States. Therefore, when ex-
change or London is apparently 9l per
cent premium in New York, il is really
par. This Il not exactly correct, but it is
nearly 20.
The price Of United States $50 bonds
(of the issues of 1862 is about "a cents on
the dollar In London Ia gold, and shout
ZOE Ia New York in currency. These
prices sre nearly equivalents. Thus, to
"A Ia gold 10 London, add for exchange
being 81 per cent-aDd We have 81,
the value OF the bonds IN coin IN New
York. To 81 sdd 2S-being 81 per cent
premium on gold-znd We have I09 IS
the currency value OF the bonds In New
York.
Now suppose Congress should author
ize s new issue OF 5 per cent bonds, the
principal payable az the pleasure Of the
Government after ten wears, equal in
amount to the entire public debt, green
backs inclusive, such new bonds TO he
expressly payable, principal and inter-
est, Ia coin or its equivsle1t-fTee fran
all tax and without sbatsment-Snd per-
uniting any holder Of any outstanding
United States debt, greenbscks inclu-
sive, to exchange the ssms, dollar Tor
dollar, for such new bOnds-wOuld these
Lea bonds sell al 50 in the London mag.
ket ? Would all outstanding United
Ststes debts, greenbscBs inclusive, fol-
low, and Ihus be worth 80 In the London
market ? And q SO, how would il work
in New York? As 80 in coin in London
ia equal 20 about 95i in New York,
bonds would, Of course, he worth 9Sl in
coin here instead Of 81, sc row. How,
then, about greenb2cks? With gold at
81, they are worth about IS cents on the
dollar il coin but greenbacks, being
equivalent to bonds, must advance to
98s. or, in other words, We should be
substantially ST the specie basis with cur
curreney-national bank notes following
the greenbacgs.
The New York money market has
been very much relieved within the last
ten days. On one dsy last week the
Bank OF the Commonwealth paid out
$40, 800, 900 in currency, representing dis
burssments by the Erie Clique. This
money appears TO have since remained
in circulation, and has, Of course, con-
tributed very materially TO the relief Of
the market. The last bank statement
showed an increase Of 81, 250,O00 il legal
tenders, and a gain CT about IS ,000,G00 in
the reserve and it Is to be expected that
the release from hoard OF the $40, 800. 600
above alluded to viii Cause : very
marked Improvement liz the bank re-
turn to be made up to-day. The reveal
lions ia court Of the doings Of the Erie
clique show that they have been holdi.g
out of circulation $4,000. 900 Of money;
and it would seem that, at present, the
whole Of this amount is again il oircuis-
ton. This addition TO the loanable re.
sources of the banks has caused an entire
cessation OF usurious rates for money. On
this subject the Economist says From
all We have passed through within the
last four weeks, il is much to be hoped
that the banks and the financial and
eommercIslintsrests generally will see
the necessity Of making az imperative
demand upon Congress for an early mod
incstlon Of the national banking laws, |
so as to provide adequate elasticity for
the currency. We need, SIS recommend
ed in the forthcoming report OF the
Comptroller Of the Currency, the institu-
ton Of sn arrangement facilitating the /
redemption Of bank notes 81 q common
center, New York, 50 hat the volume OF
circulation msy contract when money is
over abundant, and the banks have q
fund Of their own notes for issue when Il
is In special demand. We need slso the
removal Of the restrictions o0niBinE the
volume Of bank issues TO 500, 0O0, O0O, /
and the authorization OF issues to any ex-
tent, provided that they be covered by
the deposit Of bonds 81 Washington, ss
are the present Issues. ~ no Otber way
81 we be saved from the constant ex-
posure to artificial tamperiDg with the
money market, and 10 the perpetual re-
currence OF the small psnlcs we have ex-
perienced for the last two or three years.
Gold opened IN New York st l34lc snd
closed ct iS5ge. New York Central
opened st 24ts, and at noon was 23sc
Erie opened st Ssio and fell TO sac by
noon.
Gold 10 this market was bought at
New York quotations. Selling st an adj
vance ofl@2e.
OSEEoG.
The Liverpool market opened with 3
good demand and prices tending up
wards; Uplsnds, lIfi Orleans, ll4d;
and at leo pm. YVES frn and unchanged.
1900 bales. In New York al the