Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1870-08-30

their last statement. These figures show
that our bank managers must necessarily
adopt conservative policy There is
also another cause of stringency. A sum
Of $40, co., 900 in legal tenders is now
locked mp in the Treasury Department.
Under ordinary circumstances, as we
showed a few weeks sgo, the withdrawal
OF this amount Of money would have Sc
riously deranged the money market. But
in the stsgnarion of the summer months
the contraction exercised no influence.
Circumstances, however, have now 80 far
changed as to render the question OF IT'S
speedy return to circulation q matter
OF considerable importance 70 a bust
ness community. II is said that Mr.
Boutwell, contemplates discussing 1T for
the purchase of bonds. he can hardly
contemplate keeping it locked up Tor any
continued period in the present aspect OF
the none market. The mere announce
ment of his intention of disbursement
would exercise a healthy influence, n
tend to inspire confidence. OF course
there is nothing in the present condition
of the money market to excite distrust or
alarm. The most striking feature Is the
fact that the banks are now In a less IA
yorable condition than they were at the
corresponding period last year TO meet
the usual demand from the interior for
currency for the movement of the
crops. In effect, the market is almost
completely dependent upon the Secre-
tsry OF the Treasury. The exigencies
Of the foreign specie drain seem TO pre-
clude the bank managers from any eX-
pansiOn even for legitimate business pur-
poses. They are losing their reserve sur
plus with q rapidity that renders caution
a matter of necessity. Under these cir
cumstances, the only resort Is for the Sec
rotary OF the Treasury to reduce his legal
- ,,,rp--T,Fsnr, a5 ranflHu aa nnEai-
bic. The period is rapidly arriving when
any hesitation or delay in this respect
may be attended with the most disastrous
results to the business community. The
fall trade last year was ruined by the
country gold panic. We trust that the
September may be spared from a similar
disaster, whether resulting from a search
ty Of currency or any other cause.
TOBACCO IN EUROPE.
Messrs. John X. Gilliot & Co, of Lon
don, in their circular Of the 4th inst,
say: Tobacco as a heavy product, has
not been Immediately affected by the
war. The season is over, the dali time
on. and the apathy of the trade feels no
stimulsnt at present to deal with the re-
mAipder Of the old stock, well nigh eX-
hausted, Of the favorite parcels of west
ern strips and utterly bare of dry cutting
leaf. The manufacturer sees no speculs-
ton IN LODdctO al DtCHchN BAlC0cr AO
does his broker urge him to take
old stock when the new will be
shortly sampled. Our friends, however,
will have to consider the effect of a wal
10 be waged, apparently, in the tobacco
districts Of Germany and the Rhine, the
destruction of the existing crop and the
prospects for the next years growth, the
consumption, which must still go on,
stimulated and increased by the war, and
IT, ct - s1Funrtfnn for fha nraulnr the
channels of distribution and accumuls-
ting supplies in England as a safe depot
for the stock. They must calculate the
chances of this double action in immedi-
ately depressing and perhaps ultimately
raising the price, ana u adopt their
OWL action accordingly.
PORK, LARD, ETC
ThefoIlowing is from the Daily Bulletin
The extreme prices which are now rul-
ing for pork, lard and other products of
swine, must be a source Of soheitude to
packers and other leading interests in the
trade, in view of the important effect they
must nave upon the business of the COM
ing season. Prices so much above the aver
age of ordinary years, and, indeed, above
the highest prices attained during our late
war 1.-THE premium on gold taken into &C
COUNT must nave a tendency to cause
growers of swine to place a very high
valuation IN their stock and If, in the
spirit OF speculation, or the excitement
incident to the progress of the wal in
Europe, the season shall be opened
without a material modification of
views, serious disasters to b trade need
surprise no one. The partial failure OF
the crops of corn last year greatly cur
tailed, of course, the pork packing opera
tons Of the fall and winter; and b in
tense heat, together with the high cost of
ice, has prevented the usua activity in
curing during the summer months. These
facts would indicate that the number of
unfsttened hogs now in the country must
be very large. Corn has been less scarce
and dear, but they have been kept in good
growing condition with potatoes, which
have been so cheap as to hardly pay for
sending them to market. The prospects
were never better for a large and sound
crop of corn, afording abundant food for
fattening q large number of swine. There
fore, very large operations in pork-pack-
may be considered inevitable, and
commenced on the stimulus of high
prices, at an unusually early period of
the season. The stock of meat in the
country are smaller than last year, except
of lard, which, though not officially
given, is believed to be excessive. The
duIlness of the shipping interest, and the
general depression OF trade, have an inn
DDINduE EAbGA III u AhAAAhb VIZ SCA7NhB
ton of cured meats, at their present high
cost. The foreign demand will, of course,
depend greatly upon the progress and
duration of the war between France and
Prussia, points upon which widely DIFF
ferents views will be entertained, not
only between different individuals, but by
the same individual at different times.
Therein lies great danger. Anticipa-
ting a prolonged war, many will perhaps
purchase to the utmost limit of their capi-
tai and credit; dragging in-others from a
spirit of personal rivalry or business COM
petition until the whole pork-packing in
terest is ~irretrievsbly involved. There is
no certsiRty that, even with the war in
Europe prolonged IA a second cam
paign, there will be any such demand for
our hog products that, with a fair crop,
present prices can be supported. The
French armies do not consume much
meat, and the Prussians have not thus far
taken much from Us.