Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1861-12-22
Monetary and Commercial.

SATURDAY EVENING, Dec. p, 1851 2
The news from England has so completely IN.
settled the market that il ia difficult to give reliable
quotations in any department, and until the course
England intends to pursue towards the United
States is definitely settled the market win fuctuate
according to the demand. Should England deter
mine to make war upon'the United States and break
the blockade of the Confederate States, prices of
almost every thing will tumble down.
The demand for Gold has been light during the
week, and has been confined mainly to parties who
purchase small amounts to lay up. Heretofore
there has been very heavy demand for Gold from
parties who were engaged in purchasing live stock
in Kentucky, but that drain has almost wholly
ceased. Since the admission of Kentucky into the
COnfederacy, the Council Of the Provisional Cow
eminent Of that State has passed an act authoris-
ing sherifs, clerks, and other collecting officers to
receive kentucky and Tennessee Bank Notes and
the Treasury Notes of the Confederate States at
par in payment of all State dues This action Of
the Council establish confidence in our currency
and that can be used instead Of Gold at an enormous
premium.
Consequent upon the decreased demand ard the
probable action of England in regard to the blockade
the market for Gold has been unsettled 1t is cell
ing nOmiRally at SS94O per cent premium, but
large amounts could have been purchased to-day
at IS per cent premium. The Brokers are not anx-
ious to buy, and We do not believe they would pay
over 80 per cent premium, if, indeed, they would
pay that. There is comparatively heavy stock
on the market, and it is probable that there Is
larger amount for sale here than at any other point
in the Confederate States. 1t has accumulated here
In response to the extraordinary demand that has
heretofore prevailed. We know of parties who
have been holding Gold, purchased else where at
what was then considered low figure, for so per
cent and who refused 40. To-day they could not
get over 80. Should England determine to break
the blockade, as now seems probable, Gold will go
down to a low figure, perhaps to merely nominal
premium. -....e
Upon inquiry at the Bank of Tennessee, we learn
that that institution will commence paying SUIT the
Change Notes authorised by the Legislature by the
middle or the last of the incoming week. These
notes are Handsomely engraved, and are placed
upon a footing with the other issues of the Bank.
So that when the Bank resumes specie payments,
they will be redeemed as its other issues, without
being required to present specified amount.
We have heard Of no movement of any conse>
quenee in Cotton here this season. The late inteli
genee from England has encouraged holders con-
siderably, and should the blockade be broken a
brisk business will be done in the staple. The New
Orleans Crescent of the l9sh says: There have
been some few transactions in Cotton, to be delv-
cred when the port is opened or the blockade rails
ed, at the very low price Of to SIC for Cotton
now worth in Europe Csc per pound. We are asked
if these sales Of Cotton insight and unseen to class
accordingly, are not opening the door to considera
bic controversy. In our view, it is svery loose
manner of conducting business sales, because there
is scarcely planter but who thinks his Cotton is
superior to the general classification. If our port
should be opened Cotton would command I0c fer
Middling, particularly if it should net be opened
before May or jane next when it woald be too
late to plant for the year 1862"
The Flour mar st continues DALI and last week 8
prices have bsen barely sustained. We quote
superfne s7.75@S.25 and Extra Sa5O@9OO per
Dbl. Sacks of SO lbs range from 81 to S. the lat
ter the retail price. The New Orleans market was
dull at our latest dates at decline of fully 81 per
Dbl from the prices of two weeks ago. The same
remarks will apply to other Southern markets.
Wheat is rather dull, and some buyers are de-
handing concession Of 2OC925e per bushel- Our |