Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1870-04-26
FINANCE AND TRADE.
OTrruK OF THE DAILY APPEAL I
MEnPHIs, April 25s 1870. !


Our money market exhibits very little
of interest. Exchange is scarce at all but
one or two Of our banks and rates are
steady at par buying; selling at y per
cent. An occasional bill on New Orleans
is offered and taken at Il OF.
The demand for money Is more active
within the past few days, and ali good
short time paper Is taken at legal rates.
Six and nine months bills are also offered,
but taken only in exceptional cases. The
call comes from factors, who are already,
it seems, carrying their country friends
who, in turn, are carrying the negro, In
the way Of horses, mules, meat, ploWs,
etc, TO make a crop.
We could learn of no transactions In the
way of bonds Q rstocks. Fourteen thousand
dollars Memphis and Charleston Railroad
stock was offered to-day, in two lots, at
46c, but no buyers.
CITY Scrip Is quiet at 75e, buying; sell
ing at nc to taxpayer. Dealers generally
are supplied.
County Warrants are firm at nc buy
ing, and selling at 7e@sOc, as to amount.
Tennessee Money is quiet. Dealers buy
at nc and sell at 74o.
There is a good country demand for
Gold at about New York rates. Offerings
are small, and brokers buy at y to Ic
under Eastern quotations.
The New Orleans PioGyssRe has the fol-
lowing. 1t interests every planter and
business man IN the South, and Is a ques-
ton which has already been discussed IN
the APPRAL:
An intelligent correspondent desires
Us 10 continue TO urge upon b cotton
planters the policy OF selling their crops
for gold, payable on the spot. 2 ad-
yantages Of such q policy are so manifest
and various, that It would seem to be
needless to press 1t upon those who
should be fully awake to their interests,
and any hesitstion in adopting i could
only arise frOl the fact that I'm are
creatures Of habit, and not given 10 leave
their accustomed tracks. Every planter,
of even ordinary intelligence, cannot fail
70 perceive that, under Ia present sys-
ter Of dispOsing of crops, be loses q great
deal which goes into other pockets. n
that, by q resort to the gold basis, he may
hereafter add those items TO his OYu Ru-
nuaI profits. The reform movement
would, 81 all probability, bring With 1t a
very large Increase of the direct trade
with the European consumers OF South
ern products, as shipz would be sent out
loaded with such articles a. we require,
aad take back cargoes of cotton and to-
Dacco in return for them. By this course
Of trade, the agricultural interest, which
is already hardened 30 heavily to support
the protected classes Of the Northern and
Middle States, would be at once relieved
from paying the profits Of Northern i'm
pOrtsTs and the ship owners In the coast
ing trade, and other parties.
Every year there prevails q scarcity o.
monsy at New York and other Northern
cities. Just about the time the cotton crop
Is put upon the market, which affects
prices inlurioGsiy and is hostile to the
planting Interests. Many people Incline
strongly 10 the belief that this scarcity Of
money Is altogethsr artificial, and is Pc
riOdically created With the sole view Of
keeping our agricultural interests In vas
sslsge 70 New York. Few will deny that
under the present model OF moving crops,
what gold is not locked UP in the United
States Treasury flows for the most part
20 New York, where, instead of being
devoted to legitimate commerce, 1t be-
comes a mere object of speculative gamb-
ling. This may suit the tastes or inter
ests Of that city, but 1t is destructive TO
ours, and we are called upon 20 throw OF
OuT dependence upon b money markets
Of the North, and secure our financial in
dependence at the earliest practicable
moment.
Let us follow the example of Texas and
California, by selling all that we have to
send to market for gold exclusively, pay
able on the spot, and we shall soon rid
ourselves of an i~rredesmable paper cur
rency, besides saving what we ave hith-
erto lsvished, with an incomprehensible
l~iberalIty, upon others; and though we
may continue for some time vet to be
politically enslsved, we shall be CONNER
cislly free and untrammeled in our la
bors for material advancement.
Governments in New York closed this
evening ss follows, with 3 moderate de-
vnan1s