Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1873-10-01

CUR BANKS AND QUE MERCHANTs.
The chamber of commerce yesterday
finished the good work 1t commenced
the day before Of considering feasible
plan whereby the banks might be en-
abled, without any undue strain upon
their resources, to tide our merchants
over the days Of pressure and monetary
strlngency now upon us. The confer
enee committee reported promptly, on
time, to the largest and most influential
meeting held for years past In the
hall Of the chamber. That report
will be found on the fourth
page Of this issue. II embodies the
agreement Of the bankers and banks Of
the city and will be found fair and
reasonable compromise between the ex-
treme positions OF those in favor of a
suspension Of currency payments and
those opposed. The banks sriH not sus-
pend currency payments, but will open
exchange accounts with their customers,
taking that sort of paper in payment Of
notes and other descriptions of obliga-
tion. This agreement met the approval
Of all present, and it Is be-
lieved will enable the mrchants
TO cope with the emergency. At
this season there is but little de-
msnd for currency for the country.
Planters and country merchants are our
debters, snd if making any demands
upon US at all, it is for such supplies as
will feed their hands now engaged in
picking, ginning and baling cotton for
market. We do not see, therefore, any
necessity for fear, expressed by some,
that the banks would be stripped of their
currency by this process. The resolu-
tons Of Mr. Hill, calling on the country
merchants and planters to send in rhe
new-crop cotton as promptly as pos
sible We're well-dmed. They are
s corollary Of the agreement, and
their fulhllment is necessary to the per-
feetion OF the scheme. We trust, as
the APPEAL last week urged, that the
planters and country merchants, apprg
ciating the strain upon US and our many
difficulties Of money and fever panic,
viii come to our assistance promptly and
send in their cotton as fast as ginned. If
they do so, and We ask our friends Of
the country press to join us in
urging them TO do it, we will
find 10 difficulty in reaching dry
land before thirty days have passed. We
are satisfied by the tone Of our New
York dispatches, that in fifteen days cur
Tency viii be as abundant as ever. The
opinion ofJay Gould, one OF the shrewd-
est operators in New York, is to this eff
feet, and an article from the New York
Tribune, quoted by us yesterday, sub
stsntiates the opinion Of the man who
was the creator and prime-nover in
three of the worst panics that ever
disgraced Wall street. We have
only to stand to each other
in the spirit Of the agreement
OF the banks and the resolutions, spirit
and tone OF the chamber of commerce
yesterday, and all will be well. And of
this tone and spirit, we may remark
that it was more worthy our merchants
and bankers than anything that has Oc-
CURED in Memphis for years, and We
hope is the promise Of better things to
come. There is no reason why the
chamber Of commerce should not be-
InAAE lAAG ADLlA NEuAEA Vi al Jul toul-
meTcial life and expression, but many
why it should, and we hope
the unity of purpose which
characterized the meeting OF yesterday
viii serve as seed sown in good ground
to bear fruit perhaps thousand-fold.
Aud so, cut Of the depths Of an almost
profound misfortune we may come, not
only purified aud made better, but ex-
alted above the petty, narrow selfishness
that has hitherto prevented US frem
reaping the profits and benefits that
wait on community effort. United We
stand, divided we fall. Let US be Mem
phians and join hands for the future Of
the city that becomes dearer and more
dear as she is stricken and weighed
down with sorrow, trouble and trial.