Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1869-10-26

impossible to procure.change for a i've
dollar note, and il is questionable whether
the combined fractional currency, resour-
ces of all the butchers, bakers and car
dlestick-makers," Of any one district,
would be equal to the task OF, what IS
commonly called, " breaking a ten-dollar
bill.n
What is the cause Of this great scarcity
of small notes2 We can easily under
stand why there should be a dearth of
$40 bills; for we have been repeatedly
told that successful scheme to counter
felt $40 greenbacks had determined the
Treasury Department to call in all of the
old issue of that denomination, and that
no new issue had been made TO take
their place. But there isno such explana-
ton at hand for the scarcity of fractional
currency. The little dirty scraps of apollo
getic paper money, are daily getting very
ragged and very illegible, and constantly
getting worn out or lost, whereby, of
course, the Treasury gets richer and the
owners of the dirty little money get
poorer. But this disappearance of these
numerous paper dimes and quarters and
halves is usually gradual, and the small
money is generally replaced by new is
sues, which are the Impressions of the
fresh designs of some enterprising or in
genious engrayer, encouraged for
the purpose, partly of aiding
me Progress OF the arts, but
chiefly, no doubt, of familiarizing the peO-
pie with the faces of famous politicians,
whose names and regulations are kept
in circulation with the national cur
rency.
1t can hardly be possible that we wear
out our small change faster than it can
be made, or that the cOunterfeiters have
become as skillful as the engravers, which
renders new plates necessary at short in
tervals in order TO secure the people
against having more spurious than genu-
ine currency. If such indeed be the
case, il furnishes one of the very best
possible arguments in favor of an early
return to the circulation of small coin,
and the total Punishment of what are
distinctly denominated stamps The
fact cannot, however, be lost sight Of that
the community In some places is abso-
lutely embarrassed in their TRANSACTIONS
bv a want Of small change, which should
be supplied by the Treasury Department
as OOn as possible.
Neil Bros, in their London Cirelddr of
the eth inst, says of the position and
prospects:
Opinion in regard to cotton now seems
to be in suspense. The fall is stopped
and there is even a trifing reaction. But
people step timidly, waiting for more
light. This hesitation is very natural af-
ter the recent semi-panic. Cautious peo-
pie point TO the fact that the economy of
the past six weeks has reduced the deici-
encv in the visible supply as compared
with last wear from $1,000 10 l67 900 bales,
alleging that this deficiency will be more
than met by the increase in h American
crop, 10 say nothing Of those of India and
other countries, and they ask why then
should prices be higher than last year.
il is not certainly That h condition of
the Manchester trade calls for any adj
vance in the raw material. What then
is it, To this, several answers are given,
more or less convincing. In the hrst
place it is alleged fairly enough, that II
does not make a great difference whether
the stock is in the ports OF at the mills,
and tina as the spinners of Europe have
taken $780, 900 bales less than last year,
in the past six weeks, they must hold
much less either in cotton or its produce.
An Invisible deficiency of some 10000
ought therefore, it is argued to be added
TO the visible deficiency, making am ag-
gregate reduction in the worlds supply
Of some 800, 600 bales, or nearly what was
shown two months ago, Then it is GER
tainly q strong point in favor of holders
Of new cotton that thedeiciency, whatever
it may be, is in the stocks actually in
Europa and adOat, while any increase
on which We have to counts in the rather
distant future, and in some degree con-
i~ectural. Il is, indeed, quite evident that
till December at least, American cotton
must be exceedingly scarce. Tit stock
in Liverpool at present does not exceed
As, 700 bales, of which one-third may he
Understandable, leaving say 10000 bales
of good working cotton on hand. The
arrivals last October were only 1900
bales, and there is rather less now aiOat
for this country than last year, so that
we cannot count on more, making say
Al. 900 bales of workable cotton. II we
therefore three and a half weeks
~Outgoings ct 1900 only per week for
consumption and export, nothing VIII re-
main but the 1900 bales of presumed
rubbish, This, It must be confessed, is a
critical position for a great trade to Oecu-
and as many spinners must have a
proportion Of American cotton for
With Surat, and as we cannot,
even in November, expect any relief
from free imports, il is earnestly 10 be
that nothing will occur in the
ensuing two months TO create a specu-
lative FEELING in the article. Under the
circumstances, It Is most fortunate for
the trade that whatever damage has re-
been sustained by the crop, it has
been OF a nature rather to increase than
retard the early receipts, the drought,
which is the main source of complaint,
forced the crop to a premature
and increased the cotton ready
for picking at the cost of the second
The large receipts and pecuni-
nary necessities of planters should COM
Dine to giys ~ lower prices in America
those probably current in Europe,
the markets are likely to be sup
by the deficient supply,