Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1870-06-15
FINANCE AND TRADE.
OFFICE OF THE DAILY APPEAL,
MrNpurs- lime IA. 1870. j

The New York Daily Bulletin OF the
10th contains an article upon the currency
of the South. which must be accepted as a
great concession from a quarter hereto
fore nimlcal to all the pOlitico-commer-
cial interests of the South. The text for
this article is furnished by the New Or
leans Picdvune, which, like the Mobile
REGISTER and the APPEAL, has for some
time past been urging upon the attention
of the planters and business men of the
South the policy of "gold for cotton
The Picoyune, in the extract quoted by
the BUILenH, says:
Under the existing banking system Of
the United States, the State banks are
almost wholly paralyzed by the odious
discrimination made against them, and IN
favor of the national banks; their circula-
ton. being taxed at ten per cent, Whlle
that of the latter institutions is taxed but
one. and is consequently banished from
public use. But this Is not the only
wrong lone the planting States under
that system. They are deprived OF thelr
ouota of circulation under IL, and II Is
conferred upon other sections at Their
EXPENSE and 70 their great detrimenI.
= : . This is a mOnstrOus injustice,
hut it is known that any appeal 20 Oon-
gress 10 correct it would be utterly hope
less of success.
The Bulletin acknowledges that the
Picayune, in this expression, but repre-
sents the general sentiment Of the people
of the South: It admits that We need
currency, and that the S2O,OOO,ON addi-
tionsl preenbacks for the South, provided
for by Garheld's bill, would not more
than satisfy half the demand of a con-
stantIy repeated call from an agricultural
community, receiving steady accesslons
from every part of the world. The BGAe-
I'm admits that in consequence OF the
changed commercial habits of the South
habits growing out of her altered social
elstions-more money is now nCued to
move her crops and satisfy the everyday
wants OF her lsb0rers than before the war
was possible. In those days the slave
WAS moi paid by the day, week or month
AZ the hired hand is now. His master fed
and clothed snd supplied his wants on a
credit of six or twelve months. Money
was not needed. Now all is changed.
The planter comes to town with cash, or
its equivalent, buys for cash and pays
cash every day, week or month for ms
labor. It thus happens that an increased
volume Of currency is needed. And TINS
necessity grows daily. 1t can be partially
satisfied by an increase in the number OF
National Banks, but would be more fully
met by local banks Of issue whose notes
would serve TO ease a pressure thai - De-
coming seyeFer every year, operating as
it does TO wiring from Us large tribute IN
interests for eastern capitalists, to cramP
our energies and our commercial, manu-
featuring and mechanical enterprises
Let Congress but remOve the 10 per cent.
restriction upon local bank issues, and
vye will take care of ourselves, leaving TO
those who desire them all the donors,
profts and ~smoluments of the National
Rank system. Or, in default of that, the
only measure that can fully satisfy the
wants OF III section, let us have the addi-
tioual $50, 600, 900 National Bank issues
Failing 10 both we will be compelled TO
force the only alternative left US and de-
mand "rold for cotton" demand that the
gold or exchange paid by the European
customer to the cotton merchant Of New
York shall be paid to the planter. Some
ching must be lone for relief Our
volume Of currency must be increased
and in either of the ways suggested. We
prefer local bSnks Of issue.
The prosperity OF our local insurance
companies has attracted the attention OF
capitalists to a degree encouraging them
20 believe that two more fire companies
would thrive and pay well. Accordingly
we learn that il will shortly be announced
TO the public that in addition TO the Plant
ers' the fernando, the Peoples and the
Merchants, two other companies Will eN-
tend safety and protection to property
and banking accommodations, on a lin
tied scale, to our citizens. This is in ac-
cordance with the growing conviction
that Memphis is just now able to carry
her own insurance, aud will be more so
when a proper system of wSter-wOrks
shall have been established. Our two life
insurance companies are in a hOurishing
co~uEition-tbe Carolina, under he Presi-
deney of ex-President JEFF. Davis, and she
Southern, under the Presidency Of the en-
terprising President of the Chamber of
Commerce, Mr.. T. A. Nelson. The In
crease of assets OF both these cOmponies is
something wonderful, and speaks loudly
FOR the prosperity and confidence OF our
people. They are recovering from their
dlstrust of local institutions, and reallze
that proper management, discretion and
good sense exerted in the South may, in
time, build up sound, solvent and safe in
surance companies, such az are repre-
scented by our foreign agencies.
Our city finances divide the anXieties of
our people with those OF the State. Pur-
suing the plan which has guided him
from the first, Mayor Johnson mas
determined upon an early return TO
currency receipts as well as pay
menra To-day he will offer a
suggestion to h Board that Will
facilitate his labOrs and which will insure
and secure d more prompt negotiation OF
our new fundiUg bonds thin IN the ordi-
uarv and srutty' way pursued by pre-
vious city administrations, Is possible.
lie will propose a 6 per cent. gold pear
ING bond that may find It's way to Euro
psau markets al prices that Viii enable
AR. Comptroller shepherd to make a
clean sweep Of all outstanding scrips and
city Indebtedness and thereafter compel
taxpayers 70 pay in currency ana more
promptly Than has been usual. We want
ibese new funding bonds put on the very
best basis, and we want them out OF the
wav. SO ~ TO leave a clear Geld Tor the
Seis1a and such other railroad enterprises
as NAV desire and ask for our aidrin
bonds. Memphis. once on a sound imam
cia, basis, and her paper or Endorsement
will pass current IN any OF Lle hhanCial
circles Of the world.
Yesterday we announced the inaugura-
zion of currency shipments eastward, and
Today we hays to record a shlpnenI 10
the west. A Madison street bank was
compelled to ship to-day, being unable to
buy, This drain Of caFreDcy Will con-
tiuue, doubtless, until the peW cotton
crop makes its appearance, q via u Is
feared. cause q close money market DeFOfe
lbs season Is over. The demand for money
for business purposes remains undated,
aud applications are nOt only frequent, at
the banks, where rates are unitOrmlYHg
u Der cent, but No paper is OrFanfalso
upon the street, where lH9lz Per cent.
per month are the ruling rates. Eastern
exchange is taken at par, and = premium
could no doubt be obtained on prOmpt
his; checking at = premium.
We learn OF no transactions in city
bonds though there is ademsnd for them.
one dsa,er holds an order for $1,000, and
VonId buy al 49c. Other Southern secu-
rites are noIltnaL
Local scrips are bought a. follows;
County warrants tVgtlc, CITY FOc' len
nessee money Csc. Seltllng 70 taxpayer
as follows: City scrip 7Sg74c, county
warrants 724z4c, Tennessee money 'Og
ne. Gold is taken At q shipping margin
OF ZtaIc on New York rates.
Governmeuts closed dull but steady:
Rol.ds Of ISIS
SO Bonds Of 1852 .........~-.-.lllM9-
% .lliH@-
$50 lS65-.------."lllA@-
500 q" 1855, new..~-..""ll8&g-
$40 " 1857, " -~-"-~llSSg-