Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1861-04-04
CONNER TAL.


count on thu issuesef the suspended South Careli-
ma, Georgia and a alabama Banks is now only l4per
cent while thea specie aging Banks 81 AIabanhaA
Bank 81 Mobile, ySodsiiefh Bank and Northern Bank
8 are taken it par. q irginia North Garoliass a4d
/ Missouri Currency imhteyedl per cent. ssos'
rs The telegraph reports sales ofTenpessee Bonds
in New York yes terday at the second board at 15c
t'The suspehdsa Banks In the Confederats
: The hon. G, G. MEsxISGER, Secretary of the Trea-
sury Of the Confederate States, has addressed CIR
cular 10 the several Banks the Cenfederate States
that have suspended speeiePaym urging at least,
partial resumption. He says - ia .sgss sla.3s'
Congress has authorised loan Of fifteen millions.
to be taken up for the public defense-partof which
is to be offered on the 18th of April In the States
Of Louisiana, Mississippi, Texas and the lower
| part of Alabama the, currency is either coin or
| bank notes. redeemableiH coin while in (1eorria
South Carolina, Florida, and in the upper part Of
Alabama, the currency is in bank notes, winch are
from two to three per cent below the value Of COIN
It is obvious therefore, that Under the existing Cir
cumstances the subscription to the loan cannot be
paid in bank notes in all the Confederate States,
without producing Inequality and confusion. The
only means sof making the subsexiptioas equal. Is
to require payment in coins orr ii currency, At its
value in conn., And as the fofue< would be an
/ impracticabIe condition, the Department has been
compelled, to- adopt the eother a1tetnatiye. Yon
will readily perceive, hsEever, that in al the
will arise to individual sabscriptions from the idea
that the two three per cent Difference between
the value ofbank notes and coin is a premium paid
On the loan. would earnestly recommend to you
measure, which will remove the obstacle. 1t is the
immediate adoption by you of resolution that you
viii redeem specie, such of your notes may be
| paid in upon subscription, Such a resolution win
Immediately raise these notes tOthe value of COIN
and will disembaFrass the entire subscriptions. It
is true that this amounts to virtual return ~ part
to specie payment but il is made to advance great
public interest," and the cost of providing specie for
the entire loan, would amount to less than 10000,
TO be distributed amongst all the Banks of the
Southern Confederacy. But it viii be far less than
that to you, inasmuch more than half the loan
viii probably come from the specie paying States,
and the real burden viii not amount to more than
eighty thousand dollars. equivalent to the abate=
ment ON your annual dividends of about quarter
of one per cent on your Banking capital, -
The difficulty will be further dminlshed to you-
by tiiaact thai che notes Will be in highlands Of the
Government, and VIII Of course, be used iRsnch o.
way as to produce the smallest possible in0onveni-
ence to the Banks which had thus come forward to
the aid Of the Government Coin will, in fact. be
wanted to . very small extent. At home the Bank
note currehcy will pay current demands; and ex-
change foreign and domestic, be substituted for
coin and wiE furnish more convenient means Of
remittance to pay demands upon the Government
Besides these, smother important relief TO thsdes
Iaand for Acoin will arise rom the Issue Of the
Treasury notes which Is u Be made as sOoR as they
can be prepared by this Department.
And lastly, it may be urged that preparation for
geperals Resumption Of specte payment is always
des;fahle snd THAI seasonksf the year when crops
have al been sold, and when calls for money are
less urgent Il the most appropriate period for such
The Augusta. Gopstit4psalist in publishing this
circular says. 90 We ,hsYe butOne amendment 20
offer, and that Is that the resumption be completes,
and &C aa early day. If the banks of Mr.. MkHarS-
.GkR, q own State s(Soatb CarOlna) would resume,
we donot doebt that those Of Georgia would follow
sut a. soon as the photographic wires could announce
the result But if this eanuct be effected short Of
the period sllewedSby the legislation of the two
States, sanctoniDg suspension Of their Banks it is
at least desirable that the suggestions of Mr.. ME4
'xfSGEB. be. complied with The effect VIII not be
precisely as is depictedi By the Secretary of the
Treasury. The suspended banks could only COM
ply by aceacession of advantages now enjoyed
by them over specie paying Banks Butitfs right
that they should comply; and in the end, compliance
would be polite as well as right. Temporary ad-
vantage may sometimes be purchased at too high
price, s,eolo 49, ,.-.....
so The Operations OF the Two Tariffs.
The effect which the tariffs of the United States and
the OOhfeaeFsse States 4 to have upon foreign COM
merce is trkngly illustrated bythe Intelligence of
the reception Of the MoRRrLl tariff in Europe
brought by every. arrival With the low tariff
adopted by the Confederate States, which will pro-
baby be further reduced the prospect is that the
bulk ofsthe foreign trade will be done through the
Southern ports. The excitement which the passage
of the MoRR1L tariff has created in the manufacture
ing districts in England amounts almost to panic.
The London Tines Of the II Of March says:
If Americans wish to know with what feelings this
measure has been regarded in England, they have
only to turn to the Trade Reports Of The Times, and
their curiosity will be gratifed. Thus We find
from Birmingham that hardware and cutlery
trade of E3,S00,000 is looked upon as worthless.
South Stafordshire is in dismay. "The conduct OF
Congress on the tariff bill has much changed the
tone of puhlie feeling with reference to the Seces
sioDsts and none here even these whose sympathies
are with the Northern States, attempt to Justify
the course which the Protectionists in Congress
have pursued" In Manchester the proposed in
of duties cotton goods in the United States
Is causing great attention. In Newcastle 1t is consid
cred that it viii be impossible 10 do business with the
United States on the terms set out in the tariff while
the business with the Southern States Is described
as satisfactory. In Sheffield considerable appre~
tension is fet to the effect of the new tariff on
the steel trade, In WolyerAampton the spticipaton
that the tariff has becoIas Law darkens the already
gloomy prospects of the iyontrade. .,s3rwls
1t has been forciably remarked by Richmond
contemporary that If the friends of the South had
been permitted to devise a mschine that would en-
rich the South, impoverish the North, break. down
the Federal Government an leave it impotent IN
its malice as q mailman in his chains, they could
not have devised as efectual and expedient as this
MORRILL, tariff" and every daysexperience demon.
strates thetruth of the remark.
|. THE following is d comparative statement of the
imports of foreign dry goods at New York Cor the
week ending the 10th ult and since January1:
For TIE apeeL 1859 ls60 1881
Thrown on narke.....- S5O2,6I5 .257s,lI6 OO5,O57
Entered at the OsOsO5 5sl75 sa gaessl4s
Thrown 95I ga 33y7ss 1s 22i44S2i
The above sta tement eEhiBh material decline
tile entry Of goods at that port for thepas week.
compared with the same period in the two previous
years, and, theseason advances they are destined
TO grow small by degrees and beautifully less. By
Liverpool paper 1t appears that the exports of
British manufactured goods to te United States for
the month of January had enormously declined
The falling off had extended to glass and pot
terry ware, iron, STEEL cutlery and Cotton and wool
len goods. III this falling off was SO great in Janu-
airy, what are we to expect it will be during the com
ing months under the Morrill, tariff 1t is not alone
from England that exports will be largely diminish
ed but also, from the Continent and especially from
France and Germany The collection of q respecs
able revenue under such tariff win be ont of the
question. The goods thrown upon the market the
past week we're large, being influenced no dOubt't0
some extent by the wish to forestallthe tariff which
went into operation on the LIST inst.
Review OF the Nashville MARKET. ~
syu zHypNS WEDSxsDAY EvtSrss, Aptn ,, 1861.
nd
and sales IS bsIesas follows
axe, ssat ie % at cyclic. and 81 at Exc The iss
very superior article and fancy price quote;
1nieFfor q
Ordinary g =
Low q lddiine -.-,s1<gl0
Mlooilng
Good
TOBlCCC-Mr A. HAnrox sod II bhds TO-DAY Al thu fol-.