Nashville union and dispatch. [volume] (Nashville, Tenn.) 1866-1868, 1866-12-25

OBS. coupons 1859 lo5,
s-1s. "a Series cou9 ..........-... 1043s 9l05
] 5-As, 81 series eOupons-......-...-...... los
/ 9-19s. neB issue -.----.ss-c-.-.. l0Esse 10 S
w. O. ~
! 1-5Os..... l0i3lglO0
Sterling exchange was quoted in New
York yesterday at 1921 @11Os.
There was very little doing, yesterday,
among our bankers and brokers. Exchange
on New York is taken at Ic discount, and
is sold at par. Bank of Tennessee is firm
at SOC buying aud 54e selling. Planters
Bank is bought at SIC, and is sold at Sc;
while Union Bank notes are firm at soc
buying and SIC selling. The holders ofthe
notes Of the Planters Bank will find a very
important notice in the advertising columns
of this mornings UNION AND DISPATCH.
Southern bank notes continue very dull,
and we hear of no Improvement IN rates.
Nashville corporation checks are taken
at he discount.
Tennessee bonds sold in New York on
the 10th inst. as follows: s., 900 ex. cou-
pons at 69lc, $4,000 at 69gc, and $1,000
with coupons at 92o; and onthe 21st 49,
600 new at zoe, and SI5,O 900 ex. coupons at
69Be,
Gold has declined in New York to 1888,
and it is the opinion in financial quarters
that it will fall still further One of the
operative causes for the decline of the
price of gold il, that the Bank of England
has reduced its rate of interest TO three and
a half per cent, which shows that geld is
not wanted there, and further shipments Of
gold from this country need not be expected
at certainly not to an amount ex-
ceeding the receipts of coin and bullion
from the Pacific.
The New York Post, of the afternoon of
the 10th inst, inst, says:
The heavy gold spectators appear to be still
operating for a fall and as they control a very
large capital. they have again put down the price
to-day. One of the expedients OF which they are
making active use to further their money making
scheme is to circulate the rumOr that the Treas
ury is in the market as a seller. And as the
government transactions in gold are kept secret,
there is no means by which merchants who want
10 buy gold can verify OF cOutfaulcb ALle Iuluo'.
What is important for the general public to re
member is, that the fall is artificial. 1t results
chiefly from speculative causes.
These causes have no connection whatever
with the depreciation or appreciation of the cur
rency, any more than the artificial movements
Of the quicksilver in a thermometer, which IS be-
ing tempered with. have any connection with the
surrounding temperature, OF give any useful m
dication Of its varying degrees Of heat and cold.
If a man wants to buy gold with greenbaeks, he
can get the precious metal cheaper so long as the
artificial depression OF the premium Is continues
but it, as is the case with the people at large pa
per money is wanted to meet ordinary eXpendl-
ture or to purchase the necessaries OF lie, the
value or purchasing power OF greenbaeksls regu'
lated by theirredundaney and consequent depre-
citation"
A few old 5-2Os are reported to have
been shipped from Europe in consequence
of the fall in gold.
Money is so abundant in England that
the Bank of England has reduced the rate
of interest to 81 per cent, and in New York
any amount can be obtained at Soc per
cent While these markets are so well sup
piled, those of the West and South are re-
markedly close. The Chicago Tribune of
the 22d inst. says: The deposit lines at
the banks are light, and from all sources
wehear complaints of the scarcity of money.
The demand for accommodation, by pro-
vision and produce dealers, is in excess Of
the abilities of the discount houses, and
many borrowers are turned away empty
handed" In Cincinnati, the movements
in the money market continue in the direc-
ton Of greater stringency. The Cincinnati
Gazette furnishes an explanation of this
state of Affairs when il says "The strin-
gency is aggravated somewhat by the order
ing in, peremptorily, of call loans. The
pork trade is now, for the first time, maxi lg
a serious impression on the money market.
For several daysIhe receipts have averaged
1900 per day, which absorbs $4,000 per
day of currency. This is mainly carried
directly to the country. It will come back
after awhile, of course, but meantime we
are to have heavy outward current with
a light return Aow"
Congress should bear in mind that the
great financial necessity of the government
ia the consolidation of our debt into some
kind of long bonds, bearing a reasonable
rate of interest, and all its legislation should
bend to the accomplishment Of this purpose,
and in all its deliberations this object should
be kept steadily and constantly in view. 1t
may not seem so much of an immediate ne
eessity, but il should be remembered that
during the years 1867 and 1868, including
The national debt not presented for pay
ment, nearly a thousand millions, or nearly
one-half the whole of our public debt, will
mature, upon which the holders can de-
mand payment if they choose. The next
two years will be the most perilous time in
our financial history, and, unless the public
finances are managed with the most con-
summate ability, the government will find
itself involved in grave endorsements.
II is in view of the immense sums falling
due within the next two years, and the ne
cessity which may arise for again appealing
to the people with another popular loan,
and the absolute certainty that the govern
ment must either ask the public to take a
fresh loan, or the holders of its indebted
ness to accept long bonds in place of those
maturing, that strong protests have been
uttered against any tinkering with the cur
reney. It il claimed that by disturbing the
currency now, the government will prevent
itselffrom making any satisfactory arrange
ment with the holders Of its maturing in
debtedness; it will make every holder of a
1870 and compound interest note clamOrous
for the redemption of the notes, and, at the
same time, deprive itself of the means Of
obtaining the money with which to redeem
them. Whatever currency evils may exist,
and no one denies their existence, they
must continue until this crisis in the gov
ernment finances is safely past. We may
try to remedy them now, but every effort
only sinks us deeper The only course
open TO us is 10 float with the stream until
a safe landing place is reached.
An interesting and important trial, in
which eminent counsel, including Reverdy
johnson, were engaged, has just terminated
at Baltimore. The circumstances of the
case were these: In October, 1864, man
named Boyle employed Thomas C. Carson,
a broker Of high standing in Baltimore, to
buy gold coin for him, to be carried on .
margin. In November, Carson bought
5000 at 252, through brokers in New