Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1883-04-10

tstio1 and dullnCss IA business ia NV York
the pa-t month and quarter, compared win
most other CT lee, i a phenomenon which il
might be we'll lcr the State e New YORK &C..
riou7ly 10 c0nsid-r During the Iast month
2 .4OO,6l0 silver doilars were added to the
coinsge Of the country. They were not re-
CURED, and will only go further 10 lumber
up The treasury ysultg Il is deplorabe 10
think that, from the want Of prudent action
by The lsst Congress, similar useless addi-
tions must be made eight times more before
Congress can stop this absurd misuse OF the
national capital. The evil is begin
ming to produce the bitter fruits
intelligent fnancialists have known and
stated from the first, would occur. In
Texas, where the circulation Of silver has
been pushed further than elsewhere, oliver
dollars are now cold at a discount, and are
60 much disliked that they are popularity
spoken of as "stove-hole coVers" and spot
lido" The banks charge their Eastern
correspondents the discount. The New
York Public informs US, in addition to the
regular rate Of exchange, as they are COM
PEELED to accept the silver at par in pay
ment of drafts sent TO them for collection.
There is glut of silver in Texas, with the
necessary consequence of gold becoming
scarce; unless q change is made, this unwel-
come condition of things will not be con.
fined to Texas. The receipt from abroad of
100000 in gold, and payments from the
treasury, have reduced the deficit in the re-
serves of the Eastern banks. The Public
says there are mutterings of coming storms
about to strike railroads, in the shape Of dis
rupted pools and wars Of rates, but at pres-
ent traffic is heavy and the roads are doing
well, and hostilities can hardly occur just
now. The number OF failures ia a dis
coursging fact; the first three months of the
present year, compared with the correspond
ing period last year, show an increase of
forty.nine per cent. in failures and forty-two
per cent. in amount of liabilities. A serious
feature is that SO many of the failures were
Of houses reputed 10 be in good standing;
there is sufficient in these occurrences
TO suggest caution. Railroad construc-
tioH this year is scarcely equal TO one
half Of what it was for the same period last
year. As good deal OF the money laid out
remains at present unremunerative, it is
hardly wise to increase Investments. The
movement Of wheat from Chicsgo is about
fifty per cent. larger than it was year ago,
Shippers are rushing their stocks forward by
railroad to take advantsg Of high prices,
which will decrease the water traffic. The
New York Chronicle reports better feeling
and more ease IN the money market, together
with very large railroad earnings, the latter
proof of growing commercial activity. The
future depends greatly upon the summers
crop, more so than usual on account OF rail-
road construction the past two or three years
having changed SO much floating into fixed |
capital. The condition Of commercial affairs
is sound, but in many cases the productive |
power oil fhe manufacturing interest has |
gone beyond the consuming capacity OF the |
The consequence is low and some |
times unremunerative prices. The continued |
strong foreiga exchange market, aud the
higher rates prevailing, preclude, for the |
present at least, any hope of further sup
plies of money from Europe for this market