Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1868-12-11
FINANCE AND TRADE.
OFFICE OF THE DAILY APPEAL.l
EEEPHls. December 10, 1853 !
FINANCE.

par 10 Z discount on the North and East,
and st TO I premium on New Orleans.
Money Is comparatively easy, and good
commercial short time paper al be ne
gotiated ct TO per cent at bank upon
the street We rarely hear Of q transaction,
IS borrowers are not at sll numerous.
City Bonds are nomineliy the same Is
yesterday. We heard %; 10 sales, but SIC
seems to be the figure st which buysr
and seller meet. Itmast be remembered
that the January interest goes to the
buyer; in other words, il the sale it Is
not added u the face Of the bond, IS Is
generally the case with scrip bearing in
terest.
County Warrants are very firm and in
demand st 75976e; selling ct T797sc.
City Scrip remains steady at SOC buy
ing. Dealers sell at Sl@,s2: for large
amounts, and a sale was reported at S05e.
In a small wsy SS9S4c is asked.
Police Scrip is firm st S0S92e buying;
selling at $50.
Gold opened in New York st 1854 /;
Exchange, 9l@1O4. At 2:lO pm. Gold
was lSe; Exchange, steady; New York
Central, 1871; Erie, S7l.
Gold transactions in this market light.
Buying at 1853; selling st 1876.
The Gold for cotton " question is be-
ing ably discussed by several Of our
Southern exchanges. TIE, Mobile Reg
iSter in 8 late number winds up an edi-
toriRl on this subject as follows:
Il would stimulate direct trade with
other gold countries, for it would enable
us to deal directly with those countries
il the exchange Of commercial cemmOd-
tiles, ipstesd OF by the roundabout way,
and through the ~huctusting medium OF
paper currency ia New York. 1t would
draw 10 Us the gold OF the North, as well
as Europe. It would give q powerful
impulse to immigration, and q conse-
qUsut appreciation Of the value OF lands
and city property. And 1t would cut the
gOrdien kn0s OF Southern commercial
independence, which has been the dream
of the South fer so many years. The
question bears the most searching scru-
tiny. Intelligent men who secuted the
idea when We first brOSched IL, Sre now
It's most enthusiastic advocates since they
have locked into il, and are amazed that
they did not see Il in ali its fruitful and
vits.iziug bearings before.
The annual report Of the Secretary OF
the Treasury Is full and complete. His
views On the currency OF the country
may be stated In the following extracts
from the document alluded to:
He declares that an unfortunate step
was taken when iTredeemable promises
were issued ss lawful money, which en-
abled debtors to pay their debts in q cur
rency largely inferior to that which was
alone recognized rs money at the time
they were Incurred. This irredeemRble
paper money largely increased the cost
OF the war, sn6 also the expenses Of the
Government since the restoration of
peace; It has caused instability in prices,
uHsteAdiness il trade; il has driven spe-
Gle from circulation; Ii has sent the pro-
duets of cur mines 10 foreign countries,
st s time when our European debt has
been steadily increasing 1t has shaken
the public credit by raising dangerous
questions in regard to the payment OF
the public debt il is an excuse
for protective tariff; II is filling
the Golfers Of the rich, and ere
ates and sustaiEs high prices, which are
intolersble 10 persons oflimited incomes.
at our country is in a Measure prosper
Gus with such an incubus upon IL, il is
because even q debased currency can only
Tetsrd, but not put = stop TO its progress"
The Secretary believes that q reduc-
hADA IA NAG k4ENA NAN1-@AaO- " ~ S1AA
Try until it appreciates 10 the specie stan
dard is ths true solution OF Our financial
problem" But, IS this policy was con-
demEsd by Congress, q lit is o
too late to return 20 il" be recommends
s. the nexJ best thing, the legaiiZR alton
Of gold contracts, suG the passage Of a
law declaring that after January I, 1870,
United States nOtes shall be b legal ten
der in payment Of all private debts sub
~Bequeuty contracted aad that after an
uzry /, ISL, they shall cease 70 be 8 legal
nde on any contract, or for any pur-
pose whatever, except for Government
dues for which they are now receivable.
The .eceipts from customs during the !
past three years rave ranged from Sl64,-
O00, 900 70 Sl.9. 000, OOO; whick indicates ]
that our people sre ~eXtravagaDt, and
purchasing entirely too literally OF
foreign products. Europe now holds
about SS5J, COO OGG Of American securities,
and since 1913 We have sent TO foreign
countries about y, lUO, 100000 Of the pro
ducts Of our mines.
The Secretary regards it as important
that cur evidences % public debt should
be held Ell home, and rs far as possible
equally distributed among the several
States. "Au.e-taX parties will attain
strength early IN those States in which
few bonds are heidi /
In references 10 revenues, the Secretary
favors 4 reduction OF the tariff, and al
increase in excise duties, believing that
less dissatisfaction will be experienced
and 3 more equitable distribution of the
public burdens effected. When the tariff
and revenue laws are made TO harmonic
with each other, the Secretary believes
that a reveBue Of fully s~390,0OO,00O can
be relied upon. And by reducing the
expenses Of The Government to $3.50. OO0,-
90 per anBum-by spportioDiUg but
SO, 900, 900 fer civil service, 49, 0 ,0OC
for the War Department, SO, 0O0, OJ0 for
the Navy, $500 q 600 for pensions and
Indiana, and Sl25, coo, COO for interest on
the public debt-tbe government will be
ia a position to apply $50, 0O0, coo per sn-
mum TO the eXtiuguishment Of the princi-
pal Of the public d sbt, together with any
excess Of revenues which may be re-
ceived. And be asks authority to issue
$500 .OO0, Coz OF five per cent. bonds, inter-
est and principal payable In gold, in some
European city, $50, 000. 900 of which
shall mature annually.
The only important recommendation
concerning taxation is IN increased and
uniform tax OF sales, which the Secre-
tary believes will be readily collected,
and not operate ULequzlly upon different 2
sections Of the country. !
The Secretary Is ia favor Of q read Z
jUstment Of bank note circulation among d.
the States, which he thinks can best be
done by depriying the banks already in
existence OF g portion Of their circulation,
until the circulation shall not be in ex-
cess Of seventy per cent. Of their capital,
and giving this circulation 10 new banks
TO be OIganiZsd ia the West and South.
He is also ia Of prohibiting national
banks from paying interest on deposits
from certifying checks, unless drawn OF
actual deposits already In the custody Of
the bank and OF allowing the Comp
trolleT 10 designate the day On which
quarterly reports shall be made.
COFFON.
Cotton was firm in Liverpool st the
opening to-day; Uplands, l0sd; Orleans,
1ltd and at leo pm. was unchanged
in any respect. At the close it was drm
Uplsnde, on spot, 10g ], to arrive, IO2d.