Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1879-03-23
rHEnUseEXuED rAvKs.

IN r b1SE En- OkAD IS4@ - ms
The suspension of the banks in New Or
leans ap, ears to have had the result of quiet
ing the panic tendency effectually, in that
place. Advices received here intimate that
currency payment is likely to be resumed in
full there before the date appointed. In tins
city New Ofleans exchange is taken as Us ual
by our banks from their customers. st. Louis
has not acted SC; the Republican, OF Friday,
says: the only change in the relations OF
the st. Louis and New Orleans banks, so far
as the commercial cnror'uri'v Fere is con-
cerGed, is in the matter of exchange on New
Orleans, which will oaly be taken for coiiec-
ton at the risk of bank customers so long as
this state Of affairs continues. Ordinarily ex-
change is bought outright and the amount
called for passed to the credit of the customer
at once, but now the majority OF the banks
will only receive for collection, giving no
credit to the depositor Of the bills until pay
ment is made in New Orleans and transfer
to New York or remittance here effected.
Under the ordinary procedure where the ex-
change is bought the st. Louis bank assumes
responsibility as soon as collection is made
under the rule now enforced, the bills being
taken for collection, the customer takes the
risk Of any loss alter the funds have got into
the hands Of the New OcIeans bank" The
same paper says the affair affected th-ir
banks very little. Our Memphis banks say
they have felt not the slightest ripple from
the occurrence, and as nothing has been
-
Guided those cities experience no inco:.-
yenience. Il is pleasant to know how well
fortified cur banks are If the ripple had been
felt. Readers of our financial column know
that ever since the opening of November We
have been mentioning the inpossIbility OF
finding employment for money here, and
that such was the plethora of capital at our
banks that they had bought heavily OF gov
eroment four per cects as a means Of Kidding
themselves of idle money lying in their
vaults The last reports Of their condition
Issued by our banks, Sow how rich IN
means they are, and as borrowers have
been so very few, their means are within
reach. The cotton business done has been
large, and. what has made IT more ont r0us
on the banks, it has been squeezed into two
months less space than it usually occupies.
Exchange, when from four to six thousand
bales of cotton day was selling, flooded tie
banks. Yet through the whole season nc
hitch has occurred in our money matters; our
banks have met every contingency, every
call upon them, promptly and literally. Such
thing as tight money market has not
been heard Of in Memr his this season, yet the
strain, in cor sequence of two months beng
taken out of the period within which the
cotton is usually sold, has been stronger than
commonly occurs. No enterprise having a
fair chance has failed here, this year, for
want OF means. In fact money in cur market
has been heavier drug than any stock Of
mercantile goods in the city. It's to be desired,
for the interest of trade, that money should
lie called for with more spirit, but there is
the satisfaction of knowing that, If the
money in our banks lies quiet, it is there, and
it is accommodating, so that it is ready if adj
versity should come, and ready when re-
turning good times" brings into active use
all the capital that can be got hold Of.