Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1870-03-29
FINANCE AND Trade.
OFFICE OF TIKI DAILY APPEAL
MEMPHIS, March Is, 1870.
FINANCE.


The condition Of our local money
market has not materially varied
since our last weekly issue, and we
shall have but little to say upon the
subject. Money has been easy for all
business purposes, and lenders report
some increase in the applications for
short time loans, but in all cases good
paper finds ready takers at 9a10 per
cent. The exchange market has run
pretty bare and dealers with difficulty
supplied the demand without ship
ping currency, but so far, we believe,
this last %expedient has not been re-
sorted to-. Cotton move slowly and
cotton bills offer in a cOrrespOndingly
sluggish way. New York and New
England bills are taken at par, as a
rule, but where they are not prompt,
q diseOut of 5a4c is eXacted. In check
ing, rates are tending up; while some
banks sell at premium, others are
disposed to demand &c premium, and
will not sell at better rates except to
good customers.
In Tennessee money the movement
is very light. Taxpayers are not
making any rush to pay up, and spec
ulators who only a short time ago
e asking soc, are now anxious to
sell at 72a72c. Dealers do not buy,
ana : large lot would not realize over
68a70C.
County Warrants are also dull. One
or two brokers take small pieces at
75c and sell at 77a7Sc.
City Scrip is weak at 70a7Sc buying.
Selling at 75aS0c, as TO AMOUNT
1t appears from official aa-Jther
data that, during the past nine years
that is TO say, since the commence
meDt of the late war-the amount OF
the precious metals imported and pro-
duced in the United States, has been
s723, 400, 600, while the total amount
exported has been 500, ,OO5, show
ing an aggregate increase, Ia coin and
bullion, in the country, since 1850, Of
sos. zoo, 900. In 1860, it is estimated,
the amount Of coin in the country was
$50, OO0, 900; so that now we must
have, of gold and silver, not Tar rom
$3.50, 00O, 900, or more than double Inc
amount we had ten years ago, in
this statement We have taken no &C
count of the receipts coming in the
hands Of emigrants, o yet OF the
amounts taken out by travellers; first,
because there Is no reliable data by
which to estimate either current; and
next, because it may be considered
highly probable that the two move
ments about evenly Offset each other.
TboSa who oppose resumption say that
ia such M event greenbacks and Da-
tionaI bank notcS would all be pre-
scented for redemption, or rather would
be liable to be presented, and that
there is not gold enough 10 redeem
them. The assumption that the mo-
ment that government should resume
specie payment, the holders of cur !
rency would Immediately present
their notes for redemption, is net a
fair presumption warranted by our
financial history. If the holder of
greenbacks or national bank notes
knew that each paper dollar possessed
exactly the purchasing value of a gold
he would prefer the paper as
better adapted to the demands of
business. With the exception of a
small number. people would
never think of exchanging their green
backs for gold, in case the former
stood at par. The few who are COM
to use gold would be the only
DlC WIZ hOAAA AIAAuAE0 ElA4s 4hCAN
Is another fact that the opponents of
Immediate resumption take good care
never TO mention, that is, that the
moment resumption is declared, the
Currency Of the country would be aug
nented at once by all the gold and all
the silver in the country, amounting,
let US say, to three hundred and City
of dollars. This immense
amount of money that is now tied up
3y tie suspension of specie payments,
be freed, and would at once
low out into the channels of business
Transactions. This kind of limitation"
gould benefit the country, and would
necessarily create such an ease in
financial transactions as the country
leVsF experienced. ResumptiOn is
practical now. People are az nearly
'eady for it nov As they viii be in a /;
rear from this tine. !