Whig and tribune. [volume] (Jackson, Tenn.) 1870-1877, 1873-11-08
NUMBER y
The Currency Want, of the sourh.

From the cotton States we hav
very serious complaints Of the scar
city of currency, andthe cOnsegueu
embarrassment in moving the cot
ton crop. This outcTy has beer
raised in October for the last tw,
or three years. as q natural result o
the inadequacy of our currency ar
rangements: but there can be nI
doubt that the boarding of currency
consequent upon the panic ha.
caused the pressure 10 be feltt much
more severely than I'm late years
The reports which tell us that the
cotton movement Is absolutely
blocked are, of course, OyerdraWn.
Last week 4j,647 bales of cotton
were received at the Southern ports,
which, il Is true, Is T., ,522 bales less
than for the corresponding week of
last year: but, considering that the
crop this year Is a late one, this must
be regarded As a very fair ratio Of
receipts, a. il is nearly equsl TO the
arrivals of the third week of Sep
tember last year. Whatever incon-
venieuces, therefore, may be suffered
in moving the crop, il is clear that,
nevertheless, II does move, and i'm
very fair volume.
We allude to these facts merely 10
show that the blockade is not COM
pletc as common rUmOr in m0rean-
tile circles here represents: readily
admitting, at the same time, that a
very serious obstruction exists, aud
tina: the effect must be apparent IN
the current and future settlements
of Southern Indebtedness at this
center. The South settles for its
purchase at the East, through cot
ton sent for Eastern consumption
and export through bills on Europe
made against cotton shipments
from its own ports. The amount
of cotton bills sent here, must be
very light, for, the first place, the
current low rates of exchange are |
against the negotiation Of bills, and, /
in the next place, the whole export /
of fcOtton, for the last three weeks, |
has been only 3l,OlS bales, against /
6,9S3 bales for the same time last /
is to be fully conceded,
that the South is in u
poor condition for providing for its
current maturing indebtedness here.
What the South at present pre-
needs is currency. The
planters may send their cotton TO
the market, and il NAV be sold, aud
such a movement is evidently going
on to a considerable extent; but the
planter cannot at once get the money
proceeds without an enlarged sup
ply of currency: and unless the PLAN
ter receives his money, not only
must picking be hindered, but the
5tOrekeepers will be unable to meet
their payments to the jObbers, and
the jObbcrs consequently will be
unable TO pay at the North.
1t thus becomes 4 question CT
much immediate importance-what
IS the prospect of the South prOcur-
ing an early supply of currency? To
rs il does not appear discOuraging.
The general scarcity of greenbacks
IS due to the fact that they command
l premium and are therefore hOar-
led. The premium. however, is
last disappearing, and has now fallen
10 about per cent consideration
which barely cOmpensates for the
Oss of interest on boarding them.
then, we are en- the eve
)f the return Of a large amount of
currency from private boards. At
lie same time, the expiration of the
70 DAYS notice of withdrawal which
he saving hanks have required
rom their CepOsitOrs is close al
iand; after which those institutions !
will find that their depOsitors do
lot want thei: money, when they
will part with their currency, either
II the purchase of securities, or in
Oans, or by depositing a portion Of
heir balance in bank. Again: At
nearly every Western center eX-
.hanges are turning in favor ofNew
ork, and Tie express companies
ire already bringing liberal amounts
If currency from Chicago and Cmcin
lati, with the prospect of larger
mounts coming within a few days.
These concurrent movements can
lot fail to give our banks, within a
cW days. an augmented supply Of
and as the importation Of
European gold will add about SlO,-
100000 to the specie reserves, the
Janks are quite able to show
strong condition Of their reserves
.arlier than is generally expected,
considering that their de-
losits are At present very exception
lily low. When this condition of
hings IS realized, the banks will be
n position to respond more liber-
lily to the wants of the banks of the
south, and a steady relief in that
direction will be realized.
1t will be unfortunate for that sec
ion if it loses confidence from the
present scarcity of money and need
essly sacrifices its products. 1t has
he commodities which must COM
nand money, because they are in
to the largest move
nents of commerce, and ii needs but
/ little patience for the South, TO see
,Otton assert its wontcd kinglv
power over the money market
Ne,r York Financial BUVCtiu.