Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1868-12-13
TIE CRoAKERs.
Is Going Ahead.-Tbe
Failure of our City.
Edltors Memphis Appeal

Editors Memphis Appeal:
What do the "croskersn now say
who said 3 few months ago, that Mem.
phis was dead, and near being buried
| assert thst, Notwithstanding her Losses
LOT the last two years, and the financial
pressure through which she has passed,
there Is not 8 city In the Southern States
which is more prosperous and has more
real money in hand, or in the hands OF
the people trading thereto, than Our own
city Of Memphis. Our merchants were
for a time embarrassed in consequence OF
the short crop and low prices OF our great
staple last year.. At the beginning OF
this year, planters had almost no
money, and no credit by which they
| could raise II, even II our merchants had
it. What was the result The planters
a. put their shoulders to the wheel, y
| and by economy, good judgment and
perseverance they have been largely re.
Harded. Then they could not buy dry
I goods, nor groceries, and the result was
that dealers had but little to do, and had
the " blues, " and some honestly thought
Memphis was dead. Was such q change
ever seen in any country in regard to its
financial condition, as this mas under
gone in the last three months? On the
first OF September il the country had
been "raked over with q fine tooth
combn 8 g~reenbsck could hardly have
been found. Since then Memphis has
receive 105 900 bales of cotton, OF which,
perhaps, 5000 remain unsold. The BAL
snoe has brought fully, or over q hum
bred dollars per bale or ten million dollars.
OF that, perhaps, one-half has remained
ia Memphis, In payment OF debts or for
supplies purchased. The plRnteq trading
to Memphis now have but lAkle debt
against them, aud have yet q hand t9'
be sent to our market hundred and
fifty to two hundred thousand bales Of
cotton, which will surely bring them SIS
much per bale IS the cotton already sold.
II 60, they can buy all the goods and all
the supplies they want for next year.,
and have at least twelve or fifteen mil.
lions left In their pockets. Look at Main
street and see the activity and prosperity
of our dry goods merchants, who can
hardly get goods fast enough to supply
the demand. Then go to Front street,
and see our groeers turning out supplies
almost by the steamboat load, and every
salesman 10 the house sc busy that you
can hardly be waited ~. And all these
goods and groceries are sold for cash
dOWa. Our planters have got
the money, and don't want TO buy
on a credit as heretofore. Our banks
have not been able to get money for the
last month, In bills less than one thou
sand, fast enough to supply the demand
caused by sale OF crops. Wall street has
felt the drain OF currency to the South,
and will feel it more, before the season
is passed. Oar people have got the game
in their own hands, If they only adopt
the same economy and industry, for the
next year, as they have for the present.
II they do, another year will make Wall
street, and the whole North feel our CON-
merclsl power. Our planters have plenty
Of corn on hand, to supply them for more
than q year. 1t is cheap In every neigh
borhood. They have q third, and per
hsps half enough meat to supply them,
and in another year they will
have q full supply Of their own
no part of the United States will be
more prosperous than the region contig-
uous 10 Memphis. She has shared the
adverse fortunes Of the people, and
helped them all she could, even to deny
ing herself, and now the people Of the
country are not forgetting her, In their
days Of independence and prosperity.
VINO says Memphis is desd, or even
sleeping? He who so says, Is asleep
himself, or takes a narrow and incorrect
view Of passing events. We have three
great through lines Of railroads, in pros
porous working. Another line, pointing
to the West, partially eomplsted, and
soon will be finished. Three other great
lines, for which stock is now being
raised, with almost a certainty OF sue
cess. The Southern Pacific Road
is attracting the attention of the
whole country, and the necessity
of its building Is admitted by
every intelligent man. When built,
Memphis must, by her geographical po-
be on the main line from the Pa
cific to the Atlantic seaboard. Who
says Memphis is dead or likely to die?
LIST all such go to a Doctor and get cured
of dyspepsia or hyposondria. HhGt we
greatly need is more capital smongst us.
We want st least two banks with a
Of q million each. Such an
opening, for a safe and profitable
business, was W seen In this
done here as in any city in the
United States. II is a matter OF sston-
that our banks here are able to
SO large Sa smognt Of produce, !
when il Is remembered that sltogether
they have 8 cspitsl Of shout ne million
dollars. Memphis sells twenty-five or
thirty million dollars worth Of cotton, |
besides other products Of our soil,
and imports more than ten millions
of merchandise. All this IL moved with
8 capital OF one million. Our banks are
solvent, and liberal in their dealings, but
the amount or business offerings 60 far
exceeds their means that they can't
resist the temptation Of doing 9 broker
age, instead Of a banking business. As
for disccunting q note TO help > manu-
f~sctuTe-, however prompt and solvent he
rsy be, is not thought of. Hence the
manufacturers Is thrown on the street to
raise bis money il hs needs any, and
pays Two or three per cent 8 aontn, and
the result IL, he stops his machinery or
reduces his business. Gjv5 as mere cap
RdZ, and Memphis DH shOlJ herself a
{" giant - IN q very fen gears and prop
erty will be worth ~thEeesfold, 8aeh an
opportunity for q profitable aRd safe in
vestment Of capital Is not presented in
the United States. q. H,