Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1868-12-17
FIKANCE AND TgADE.
OFFICE OFTHE DAILY APPEAL.l
GEEPEg. December l6, 1855. I

&ELPEnB. December To- 1873. J
FINANCE.
The money market to-day was without
any marked change from our Last report.
There is some falling eff noticeable il
the amount Of cotton bills offered, but it
is owing principally to the short stock Of
the staple on hand AID the utter impos-
sibility Of filling such orders as ars held
by buyers. AN bills offered are taken at
TO Z discount on New York, and dis
count on outside points in New England.
New Orlesns sight buying at So to SS 50
per $1,000 discount. Selling at to pre-
MUM.
Geld in New York opened 1851. New
York Central, 1851. Eie, 39!c. Gold
closed at 1855.
We have very lltt,e 10 say of coin in
this market. a bank purchased $1,000
over the counter st I34l;. The demand
is for shipment slmost exclusively. Ex-
change was higher st the opening to-
day. The 10 a.m. dispatch quoted al
9s6I0s
City Bonds are firm but inactive. The
denRnd ID very good. but few holders are
disposed to sell until after the January
interest is psid. There is soma differ.
ence noticeable in the value OF Plain
and Paving Bonds, out we do not see
Why the former should be pre- ferred.
There is actually no difference, or II any,
it is in favor of the Paving Bond, IS ad-
ditional safeguards have been ineorpora-
ted In the bill ordering their issue by the
city.
City Scrip Is somewhat irregular.
Scrip proper would fud buyers at SOC,
while Ledger Balances are notin demand
at c 7Se. An active demand is looked
for from taxpayers Curing the latter
psTt Of the month, and brokers are, en-
orally, not at al anxious to sell.
County Warrants are stesdy. Several
small sales sggregati1g probably $4,000,
occurred last evening st zoe to dealers,
but outsiders are unable to buy q. less
than - to SOC.
Police Scrip IS scarce and firm. Buy
ing at 81; selling at 969sSc, in g small
way.
The New York money markets active
under g heavy demand from the West
and South. The Commercial Bulletin
OF Saturday says: Q1ite unexpectedly.
the banks, for the last day or two, have
had to send currency to Chicago and Nil
waukie, and sre daily shipping freely to
the centers Of the pork trade, and to the
Southern cities. As this tflIx of chr
rercy hardly appears TO have reached |
tis climax, there is an expectation in
some quarters that the movement msv
produce q partial stringency before the
close Of the year. This ANTICIPATION.
however, has EttIa effect upon business
movements, IS it is felt that, after the
January settlements, we must have the
usual winter abundance Of money.
The same paper says:
Foreign exchange continues very firm.
especially sight drafts on London, which
are selling above sixty dsys' ngper.
This unusual differences, equal 10 81 mar
cent. Interest st London, is due mainly
TO the fact that large amounts OF ex-
cnauge We're borrowed upon stock colIat-
erals during the late stringeney In
money. n contracts mature at vsri.
oUs dates within the next twenty days,
aud as the exchange has to be returned
IN sight bills the demand is especislIy
urgent AID may become even more so.
jhere IS still q scarcity Of cotton bills,
10 some extent, perhaps, to their
being he'd of<he market.
The action Of the National Board Of
Irsde held recently in Cincinnati upon
the gold question, has met vita ap-
ProvEl almost universally, and the press
both North aud South hes inGorsed the
sentiments OF the men assembled. An
Ohio exchange thiDSs il is significant Of
lie sentiments Of the shrewd business
Of the country, when three.fourths
the members OF the Board OF Trade.
composed Is j. is Of men Of ell political .
parties, thus unsqUiv0cally declare their
opinions on ths subject ofIegaIizirg gold
contracts.
There is but one opinion In regard 10
the duty Of Congress IN the premises.
among men who have given this subject
To do business with that me-
1um Of exchange aud measure Of value, !
which IS acknowledged the world over F,
to be- the hest, is unlawful in the United s
For men % keep their accounts
aud regulate tEeir commercial trapsac- ]
tons by the proper standard Of velue, is
the sanction or protection Of
law. Te state this proposition is to ex- {
Iibit Its absurdity.
That large class OF business men who ,
Ia huziuaza H-es--a anu :
Ithsr foreign countries, would do all this +,
business on s gold bssls Il the laws rem
Tered il practicable. The domestic COM
uerce Of the country would be carried =
IA Witha coin currency, rather than the
ilctusting standard OF debssed paper, I
I the protection Of the law were thrown :
around this method Of doing business.
4 Eastern RGd Western merchants kept
heir accounts in coin, and goods and
were b0aght and sold for so
Ia gold hen specie would be
,Eoughi Into circulation long before Ie-
umpti0n takes place. Give business
men the choice between q variable and g Z
STANDARD Of value, and they will I
ose 20 tuis 10 adopting the latter. Con-
should pass a bin lega!zlng coin
contracts without any further DELAY.