Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1868-02-13
FINANCIAL AND OOaMERCIAL.
vrrc OF THED DAILY APPEALl
Elahrrnru u 1868.

EEAEHAlH E.AA1~
The closing of the German Savings
RANT Of Memphis, which occurred TO-
dav. though happening at q time when
the minds of the people were excited to
some degree by the disasters which pre-
caded II, did not cause any excitement
,rbateyer. The liabilities of the bank
are trivial-not amounting to more than
sI3 600, while the available assets will
not fall short of $780, 600 or $4,000. 1t
was looked upon as q temporary closing,
which will, we presume, only last during
the present depressed state OF the money
market. A county officer who had funds
in the bank was amply secured in the
way of collateral, as we presume were
also all other depositors, while we learn
that there are still large credits in favor
OF the bank in New York and other
points.
Currency is still scarce. shipments
are overdue, and but few Of our discount
houses are in a condition to axe cotton
hills in large amounts. The buying rates
are firm at s to 20 discount. Selling Sc
mar New orleans sight is taken at Il
te lie of, and sold st 4c premium.
Gold opened to-day in New York 1T
1a1lc and at noon had advanced to
IlI3c. Our dealers were buying during
the day at 14Oc for shipment with no
counter demand.
CITY Scrip is dull. We quote at IS to
zoe buying. Selling at = to 45c.
County Warrants are not in request.
There is no buying rate. Selling at to to
Csc.
Police Scrip is in fair demand at SO to
see buying. Selling al 81 to soc.
The National Commercial Convention
closed it's session st Boston on Saturday.
The report of the Committee on Cur
renev. which was adopted, declares
against any present contraction or ez-
mansion OF the currency insists that ma
fionsI honor and good faith require that
the fye.twenty bonds should not be
psid in currency until currency is at par
with gold. recommends an equalization
Of currency by canceling National Bsnk
circulation in certain cases. where Inc
issue exceeds sixty per @ OF tnslf
capital, and the creation Of new oa1ks
in other localities, with circulating notes
canal TO the amount 50 withdrawn IA
yCrs q system Of free banking as soon as
snecIe payments are restored and the
legalizstion Of coin contracts demands
n ustionsl usury law on the basis oil
seven psr cent, but with Unlimited right
TO contract for higher rates; denounces
the taxation Of bonds as a violation OF
contracts, and suggests that the banks
sbould be compelled to retain the coin
interest on their deposited securities IN
til their entire reserve is composed OF
hard money.
A movement is now being made ia
Montreal, among the merchants and
others, who are sufferers by the present
heavy discount on American silver in
Canada, to secure the expectation Of
some S25O,OOO or $4,000, with a view to
reduce the present stock in that city, and
thus lessen the rate Of discount. The
Canadian Government las recently i'm
posed 8 duty Of fifteen per cent. on all
American silver coin imported into the
country, which is equivalent to q pro-
hibitory duty and this. its thought,
will efectually prevent the TeimpOrts-
ton Of the silver il is now sought 10 send
out, except by smuggling. II is thought
however, thst the scheme will no work
50 well as its promoters anticipate, partly
because the announcement that such 3
measure is contemplated, vii! have 8
tendency temporarily to raise the price
Of silver in Montreal, and to increase the
cost Ct exporting the silver by Increasing
the price which the exporters viii be re-
qCired to pay for it and pertiy for the
that the quantity OF American
in Canada is so large that the ex-
D~ortation Of $500, 600 will not materially
affect the price for any length Of time.
TOrOEto paper says:
Let somebody devise q practical scheme
or getting @ million or so OF that out Of
he country without too much loss.
Perhaps something might be done by a
luiet arrangement, securing the co-ope-
OF other cities and of the large
owns in the effort which the Montreal
rs propose to make. That might be
trying. Montreal alone, we feer,
annot remedy the evil,