Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1869-01-11

Gold In New York opened to-day at
1859 and closed az the anne Exchange
WA steady.
We quote gold al l349lS4Ic buying,
Selling at lS59lS6c, with some demand
from the interior.
City bonds are rather irmer to-day.
One Of our banks holding q $50, 600 order
for delivery in Baltimore at 49o, was I'M
able to buy, except IN small amounts
and make their commission. We failed
70 hear OF more than or two small
transactions to-day, which we're made at
prices ranging from 4Sl@4S2o.
We learn that parties interested are
making 3 strong effort TO impair the
credit OF the city upon the street, but 80
far they have failed TO do SO.
City Scrip is aaiet st 75c buying
Selling st 7Sc.
County Warrants are in SONS demand
at 75c. Selling In E small way at 7Sc.
Police Scrip is firm ST 949s5c buying.
Selling st 96s.
In the New York Chamber Of Com
merce, on Thursday, an important de-
clsiOn took place upon the means Of
returning to specie payments. Mr.. A.
A. Lowe, the President Of the Chamber,
introduced a resolution fsvoring the pur-
chasing and csnceling of greenbscks at
q gradually reduced premium, and the
funding of the rdblic debt st q lower
rate of interest, and made the following
remarks he ssid that, according to the
Constitution, the only power Congress
mad in the matter was 70 coin money
and regulate the circulation thereof, but
the wal conferred 8 necessity that could
not be prevented. Paper money il s de-
pRrture from the authorized standard,
and when Congress assumes It 1t should
at least regulate its value, but this Ii has
never done. Paper currency has 10
fixed value. He said that we can now
pass from the paper currency to that Of
specie without the danger or difficulty
that Is generally imagined. During the
wsr our people were accustomed 10 hear
oar English friends say that the South
could never be subj SEATED, but the result
has proved that their prophecies were
chimerical, and it will be demonstrated
that our financial crOskers also prophecy
In vain IN regard 10 an early return to
specie payments safely. TIE legal ten
ders should be redeemed day by day, and
thus with 3 gradual contraction all dan
gers can be avoided. the only question
that remains to be answered is, how rap
idly shall the contraction take place. In
any result banks and individuals must
take care Of themselves. The malady IS
known and it remains for Us to apply
the cure. Orr circulation must have
coin 8 q basis. A financial pfan COM
pretending both psper and coin cannot
work h-armOnioUsly together or last long.
Senator Morton, Mr.. Lowe said, had re-
ported that there IS three hundred million
dollars Of goli in the country. This is
an error. The expectation OF gold, IS
well IS locking it Up, is impoverishing
the country, and will ere long bring fnan-
eial ruin il a Z is not speedily applied.
He did not believe that there is more
than two hundred and nifty million dol
Of gold to perform all the functions
OF trade, and the only wonder is that it
can be kept at 1850 when It is consideraa
that We are constantly sending it out OF
the country. J. B Chlttenden, ia con-
tending for a motion TO refer the resoiu-
tons to a committee, made a vigorous
in favor o. a speedy return to
specie payment by act @! Congress.