The Nashville daily union. [volume] (Nashville, Tenn.) 1862-1866, 1864-06-19
seeretnrt rhasc.s NeM POlicr.

The effect of sretary Chase's new !
poHcy-that Of contracting the circula-
iion-is already being felt In three 4
days Of last week, he Withdrew from |
circulation s2O,O00000 OF the. five per
cent legal tenders; and it is his intern
ton to continue the process, as rapidly
as possible, and in his work he is being
aided by capitalists, and the people,
VINO are ready 10 take his loans, always
offering more than he needs The Sec
i. Rotary is about to visit New York again,
l aud we have no doubt but Will speedily
efFeetan ARA cement which will counter
act the misohievous consequences OF
speculation, particularly Of that upon
which nll othars are founded, specula-
ton in gold.
.t The very announcement Of the
change of peliey had an immediate Ell
feet on the gold market Not only did
itprevent the premium from rising, but
it reduced it from l021 to about 96; and
it only kept at that figure temporari-
~, by the strugglesof holders, who are
fAGEtFQl1tE 70 afltNA AOoae' y h~AAaA " ~~%t~
be ruinous 20 them.
ia1H The monetary editor Of the Cincin-
natl Gazette, thus speaks Of the effect
on Third street, and Wall street
Currency balances are such az to
compel the banks to conservative
course. even If they were disposed 70
act otherwise; bat they are not 50 dis
uosed Their movements are al IN the
ral direction OF contraction, and SO far as
il can be consistently done, they refuse
70 discount In no case are acoommo-
dations granted, except where oblige-
tons, impledly binding, exist, and even
these are not regarded II the money Is
wanted for speculative operations.
Meantime the demand grows more
pressing and very sharp stringency
prevails Rates Of interest are entirely
r in the hands Of lenders, and good
papeF Is obsainable ct ioGl2 per cent
These figures indicate the value OF
money in the open mf.rkst Between
bankers and their regular customers
priaes range from 10 40 per cent
The fluctuations in the gold markell
indicste q struggle 10 sustain prices
The buying rate to-day opened at %
and closed az 96}t39lc. Dealers held
it a. 900, and some small sales wer'
made st that inquire. mere arc sever =
things that cause sensitive feeling Il
New York. The new policy Of Nh
Chase for obtaining means to carry OF
his Department, renders il certain tina
there Is TO De no further expansion O
the currency, and also toreshadows
close money market Then, in add
ton, 10 Is known that propositions for
foreign loan Of 81, 100000 are iavOrabl
entertained by the Secretary Of th
Treasury These may be accepted
They probably viii be accepted
then, We should obtain important mil
tary success, and Sir Chase upon III
heels of these, with close and tighter
ing monty market, should conclude /
draw largely against the proceeds Of
foreign loan, IL is not difficult TO for
tell the effect upon the price of gol
II Is not surprising, therefore that Il
New York market, in view Of the vel
high prices prevailing, and the impen
ing combination of adverse ciTcul
stances, IS sensitive, and that spec
lators hold their Investments with
nervous hand
It Is highly probable, judging FIX
the readiness Of capitalists TO inYe