The Nashville daily union. [volume] (Nashville, Tenn.) 1862-1866, 1862-11-13
E Financial Matters.

I a. HA1
the financial machinery of the Govern
ment has moved forward so smoothl-
that Government securities, with no on
looking specially after them, came nea
being jostled out Of place by those &C
tually interested in the securities of Ia
various improvement companies. Rail
road bonds, especially those based on firs
mortgages, have run from ten 10 fifteel
per cent above par. We do not pretcn,
to say that the bonds Of many Of thos,
roads are above their real worth, consid
ering the market price of money; but 4
10 beginning to be discovered that frs
mortgage bonds are, after all, only sec
ond lien on the improvements thew repre.
sent, and are really second to The neg
lected bonds Of the Government. By m,
tax law, tax Of three per cent is i'm
posed on the gross receipts Of all railroad.
derived from passengers, and this amount
has to be first paid--even before the in
terest on first mortgage bonds. If. then.
first mortgage bonds are worth ten 20 fl
teen per cent above par, why should NOT
the six per cent loans of the Government
which come in for so large share of rail-
road profits before them command equal
favor on the market The realization of
this fact is inducing many of our heavy
capitalists, who count closely the sources
of the security offered, TO put their money
into the loans Of the Government at par.
rather than in railroad bonds at their
present premium. The fact is very APP
parent that the market for Government
loans is gradually widening. And for
the good and sufficient reason, with can't
talists, that the security for payment of
interest is seen TO be much larger than
was predicted by the most hopeful. and
altogether sufficient to enable the Score.
tary to meet the interest in coin, as re-
CURED
Another reason for the improved cred
it of the Government, and one afFording
the most indubitable evidence of the vast
resources of the country, and the willing
ness of the people to meet any and every
financial exigency, is the call all over
the country for revenue stamps, that the
taxes may be promptly met. And TO the
credit of the country be it spoken, we
have nowhere seen or heard the tax i'm
posed complained of. On the contrary.
so far as assessments have been levied
and collections tested, the amount likely
to be realized will much exceed the larg
est estimates made at the time of the
passage of the law. Those claiming 10
be most intelligent in such matters nut
the amount down at not less than two
hundred and fifty millions, and it NAV |
be much more.
The revenues from customs within
the last quarter have also exceeded all |
calculations. The value of import entries
at New York for the month of September
alone was over eighteen millions of dol
lars, and the cash customs for the past
nine months exceed forty-two and a
quarter millions of dollarsl - nearly
double the amount of the annual interest
on the entire debt of the Government
AT present the customs are almost wholly
IN the dutiable demand notes; but il is
estimated that, by January next. these
will all have been redeemed. and that tbe
receipts thereafter will be almost wholly
In specie, thus putting the treasury at
entire ease as to the payment Of interest
'n CON- The assurance on this point is
40 mean consideration with the capitsl-
SITS in giving the Government loans in
'reased favor-the premium on gold be-
ng so much addition to the interest re- .
Ilized.
"The recent semi official statement !
rom the Secretary of the Treasury. re-
lucing the debt of the nation, funded
nd unfunded, 10 about one third of the
mount it was charged TO be, has had
most salutary influence in all money
entries. The bears, when the statement
ret made its appearance, attempted to
ldicule 1t out of the market but the pub G
cation of the frank and manly letter of a
ne Secretary on the subject, 10 plain and :
npretending, and so free from all ap- u
earance OF having been written for ef- y
ct, that the most incredulous now ac- Y
ord 1T full credence. The whole debt of y
ne Government, instead of two thousand .
nllions of dollars, the Secretary very II
OsiuVely states does not exceed six y
undred and forty millions of dollars !,
nd this amount includes the entire cir y
llaiion and every species Of notes, the "
mount on deposit in the various sub o
easuries, and the seventy or eighty q
illions Of debt left by the last Admin
tration. The effect of gratifying in
rmation Of this character--though no
nsible man ever believed that the debt le
as two thousand milliOns-as NAV u
Iturally be supposed, throws something W
rainbow tint on Government credit &C
hiehch is telling in the placement of IN
Five Twenties in large lines, as well ne
Philadelphia and Boston as at New To
)rk. Oh
" our exports are unheard- of large, and &c
lst create large balance 10 Europe to at
aw against, Exchange is probably at al
highest. Al present high rates, I'M W
rts will very materially diminish tn
lirty-two per cent. difference of ex-
ange, of the value Of imports is more
IN is warranted by any increased =,
ICES SO that we think there need be Wv
apprehension Of any very large ex- 81
rts Of specie. th
% Our merchants are doing a much
ger business than was expected, and
many TcsDects a better husinaes h., II ,