Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1882-05-28
AND FINANCE.

The New York Pub &c reports the ex-
changes of the third week in May as being
rather more favorable, though falling further
behind those of last year at the same time.
As that period was one Of unusual activity,
the exceptional magnitude of the operations
then muat be kept in mind in comparing
them with those of the present time. Total
weeks exchanges S976, O99,Ol4, against 81,
496, 231, 1874 at the corresponding time last
year. As before, the weeks exchanges show
dullness at the chief ceuters of distribution,
activity at speculative centers except New
York, and increase in transactions at most OF
The manufacturing towns. The fact that the
exchanges, contin ne week after week, to show
improvement or loss of business at the same
cities, is convincing proof that causes OF
general and TO some extent, permanent kind
are at work. Either a remarkable revival
of the wholesale trade, or prolonged and
painful decline in manufacturing, seems in
evitable' in the opinion Of the Public. Last
week the banks gained 1851 100 in legal
tenders, and the treasury S156,632. The
receipts from taxes during the last three
weeks have been heavy, causing the
redemption of $l3O00,O00 of bonds
since May to be practically without other
effect upon the money market than prevent
ing stringency. Probably the most import
ant event of the month Is the notice given
by the associated iron-workers of an lnten-
ton to strike Cd the LIST of June, unless their
wages are advanced, and the determination
of the employers to refuse; the intended
strike involves $4,000 men and their fami-
lies. A vast array of miners also threaten
to strike. A very extensive and prolonged
struggle between workmen and employers in
many branches and localities is anticipated;
there could hardly be a worse time for The
workmen to engage in such enterprise.
Strikes involve tremendous waste OF money
and OF productive power. the average
OF constant quantities OF the principal
articles in general consumption is thirteen
and three tenths per cent. higher than on
May "a, 1881. Comparative statements
indicate that the outward movements oil
products is not more satisfactory in May,
thus far, than it was in April. The Pa6he-''
noticing European dispute as to the use OF
gold or gold and silver as standards OF value
urges the abolition oil small notes and
small gold coins as proper means OF creating
larger demand for silver. Though paper
is substitute for gold, it requires the reten-
ton Of large reserve for its redemption,
and could not be maintained as an adequate
substitute without such reserve. BuEsilver
requires no idle reserve OF gold to give 1t
value The gold reserve for small notes, by
the use of silver in place OF such notes,
would be added to the amount available Tor
purch asses or for international settlements.
But only to this extent would the substitu-
ton Of silver tend to affect the purchasing
power of gold, or increase the supply of that
metal for the payment Of international bal
ances. The substitution of representative
money for gold has already become an indis-
pensable condition of modern commerce 1t
limits the possible uses of silver and dimin-
ishes the actual need of gold more than is
commonly imagined. 1t is conceivable that,
by international agreement, substitute Tor
coin everywhere representative OF and re-
deemable in gold, may soon be adopted. The
Bank of England and associated banks In
New York could supply the world with such
a substitute When commerce learns to use,
instead of securities, certificates everywhere
redeemable in gold, because representing
deposits of gold and securities, the battle OF
the standards may perhaps cease to torture
the souls of men. In view of the coming
increase of silver, and its probable lower
price, on account of the increased supply the
railroads will bring from Mexico, these ideas
of the Public are worth notice.