The Nashville daily union. [volume] (Nashville, Tenn.) 1862-1866, 1865-09-19
- rnlsrEr noDE or rzea.EaE.

TIE PRESENT NoDE OF ExcHASaE.
Many Of The banks in this city have been
flooded with these notes; and as the clear
ing house has no provision for their ex-
cbsnee. some Of them found il necessary 70
loan them 70 prominent merchants without
interest, on condition that the sums ahould
be repaid IN legal tenders. The loss thus
oecasioned may be calculated by estimating
the interest al ak per cent, which would
olherwise accrue. One baEk in Wall street
recently supplied a prominent firm with
500 .000 for Two weeks, and the bank re-
ceived no pecuniary advantage by the loan
exeept the reception Of the same sum, when
the time expired, in notes for which the
clearing house has provided an exchange.
There is said to be another serious obsts-
Gle 70 the circulation Of the National Bank
notes, which subjects fnsncial institutions
with large amounts Of them on hand 20
actual loss. Il is alleged that some banks,
who could not otherwise get rid Of these
notes, owing 70 their non-reception at the
clearing house, were obliged 20 sell them at
two Der cent. discount The cost Of exchange
is deemed TOO intolerable, il not ruinous, to
be continued. There are, however, some
banks, who, il reports speak truly, have
made large sums by receiving a discount on
exchanging these bills.
PROSPECTIVE ACTION or JAY COOKE
Thus il viii he seen that the National
Bank uote-tbe foster brother Of the green
back p per-lacks the circulating virtue Of
the latter. They travel in small sums, costly
aide By side, but when the 81 Nationals"
appear in force Of Thousands in bankers
safe q DRIVER, theT arc condemu. 4 20 the
fate Of being loaaed out with ut interest,", or
sold for lrgaI tenders 81 per cent. discount.
Jay Cooke, the well known fnaneisr, is
known % have expressed his intsntion 70
have this evil remedied, by inducing the
Secretary Of the Treasury TO rscJmmeud
Congress 70 take some action in order 4
prevent their concentration, and the loss
which might follow from il.
A INV PLAN or ExcEASGE-
lt has been proposed BY some Of the banks
that an asserting oouse should be established
In this city. Boston and Phiiadelp hia, where
nationsi notes should be received, pTepara-
torv % their transmission to the banks
which issue them. and that the certificates
N su,h deposits should be redeemable ior
the sums Stated upon then 81 inc clearing
house. This is said 10 be regarded IS TIE
r,,st feasible plan Of exchange yet proposed
The Nat nal Banks could thus redeem their
notes with others.
IMPORTANT NETTING or BANK fKEsIDENTs.
The Clearing Rouse AracIihttNn Aaot eca-
t.-gsv 10 consider lie subject in all ita
,hoses. and % receive the report Of the com
mittso appointed, IS sisted previously, a
r,onth sinee. % devise measures BY whi,h
he Nauonal Bank notes ray Be readlly re-
Scsrned or exchsneed without loss Ihere
were about fly gentlemen present, al ne
hsnks Of the city being represented. NJ.
| i O- lone. President Of the Chemical Sank
Yresi5ed as regular chairman OF the Asset.
/ stiap. ana Nr. W. A. Camp, TIE manager Of
/ he institution. acted a. secretary Aae
1eetipr was secret, al The reporters Nlo
we're present at the commencement o. Voe
rroeeedinRs being requested 70 Wie =
/ va have obtained, however, me ieiioNlhs
cial account Of the sossiea;
Mr.. Jones called the Assoeiailon 20 efdeT
and explained the object q. tie meeting
| The Secretary read
| rr--rrs rEoN sEcRrTkET u'cCItouGH ANn
rur coMFrRoIEEE or rHs cCERESof-
Both letters expressed the writers apfro'
/ val al The objects Of ;he meeting, ana al
/ luaed % the obstacles 70 the circulstion q
natioaal notes, owing % their noi haylns
the potent character Of legal teaders. Ihs
letters are slso said % have Ayored ne =
oczmsEdatoa that me astonal noias shea!S