Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1871-09-05
BoNDs IN LONDON.



Our New York exchanges, with one
voice, concur in the statement that inter-
nal commercial traffic of IS7l-2, will eX.
coed in vslue that OF any former CONNER
eisl wear since 1850. The trade of Eastern
cities with the South since 1866, save dur
ing 1867, has stesdily increased. In 1857,
great European houses carrying heavy
stocks Of cotton failed, cotton went down
TO i3c and q general panic followed.
Suchwas the impaired condition Of South
arn credit, made worse by infamous local
governments, conducted by thieves, that
The credit of States, cities and in
diyidusls was shattered. New York
trsdesmen were convened and il
was resolved that Southern trsdesmen
would no more be credited. New York
has gotten brsveIy over this commercial
resolve, and nov the trade Of these states
and cities is eagerly sought, Meanwhile,
Southern city merchants began to buy in
Europe and Southern country merchants
learned, for the first time, that they could
buy on better terms, in smaller quantities,
as their trade required, nearer home. They
have Learned how to save both time and
money and have st the close Of the year
no worthless ''Old stocks" TO rot on their
hands. The system Of Southern mercan-
tile operations was wholly and perma-
nently reyolutiOnizsd by the Incl
dents Of the unfortunate year, 1867.
Southern jobbers secured ana will ever
hereafter retain control of the Southern
market. It Is found that q Southern
wholesale dealer can buy in Europe as
cbsapIy as the New York capitalist, and
rents and clerk-hiIe and all other incl
dental charges and costs are less here
than in New York. The wholesale
trade OF the South thus escaped finally
from ths-clutches of New York, and coun-
try dealers of the South will lever more
sousnder the profits OF business on East
ern railways and hotels. These are gene
raj facts affecting the relations Of Mem
nbis and New York. The character OF
Southern trade has also been greatly
Changed, Just after the cessation OF hos
tiIities Southern people, utterly impov-
erished, were necessarily restricted TO the
use OF cheap and durable goods' now Ihe
demand is FOR costlier fabrics. Good crops,
persistent energy and toll and Improved
processes of industry have "~unlVersal-
lied" prosperity, and hui the wholesale
trade Of Southern cities Is rapidly aug
mented in amount and in the value Of
goods distributed. Whilethe crops OF the
South are almost as valuable as before
the var, the costly habits fAoriginal
southern modes Of lie hsYe been sbsn-
doned. and sums thus ssved rspidly en-
rich the whole country. The habit Of
living. At home and of produeing AID
that we consnme, becomes universal,
and the savings of the South are
now almost as great as profits on slave
labor. New York commercial Jour
nails, now before US, complain that
southern orders are not proportionedto
southern prosperity. This is e~minsntly
proper. Southern tradesmen hsve not for
soften b action Of New Eonk merchants
ia 1857, when we were poor and unfortun-
ate. and that New York resolved 70 credit
Us no more. We were forced tostearn thatit
Is cheaper 20 buy In our own cities. Pro.
visions are low, and the cost Of gathering
the next crop viii be less by 20 or 30 per
cent, than OF the lsst year, And We can
not see why both merchants and
planters Of the South, viii not pros
per IN lszls2sss psTsr Pef01s, in all