Daily union and American. [volume] (Nashville, Tenn.) 1865-1866, 1866-06-08
MONETARY AND coMMERrlAL.
DFFtcE OF THE UNION AND ANERICAS,l

FRIDAY. June <. 1856. !
/ MONET RY.-Gold declined rapidly in New
York yesterday The following are the quota
items: Opened at 1855; AS at noon and closed at
f425s at P. u.
The following are the quotations for Govern
ment securities: 5-2Os. 102Gl025s IO-4Os $685.;
1905 l0&4@l02l2; certificates lOO@lOClz.
There is very little doing in uneurrent money
and rates are unchanged. Bank of Tennessee is
still taken at > cents Planters Bank dull at So
Union Bank is in demand at 20.
Southern money generally is dull and in little
demand, Only a few Of the best Banks sell
readily.
The Y. Y. y,uslla' of Commerce of the 9Th con
plains that the Sub Treasury is paying out very
large sums of National Bank notes of small de-
nominations The banks which have large checks
on the Sub-Treasury. receive in payment these
huge bundles ofbank notes in unbroken packages.
The question with them is what to do with this
currency. They cannot use it to pay their debts
al the clearing house. and they must turn it into
legal tender notes. For it must be remembered
that these National Bank issues are lawful ten
der from the Government and to the banks, but
are not lawful tender from the banks They
must dispose Of these bills in some way. The
present method is to lend them without interest
for five days, to be paid for in greenbacks. Most
of this business is done with Messrs. Jay Cook 4
Co., who have now many millions held from the
banks here for which they pay no interest from
the interval named. The burden is daily becom-
ing heavier.
The rise Of gold in New York is ascribed to the
reduction of the Government balance TO S26 00O,-
OG.
The Secretary of the Treasury, in response to
the question, put by Congress. concerning the sales
Of gold in New York, in May, reports that there
were sold $35,OOO,4 40. paying p M. Myres. the
agent, for selling, Is Of one per cent. The rates
at which the gold was sold was $26,6}5,000 at
1905 $6,350,000 at 1907; $4,000, at Boz $780,
600, at 1871; and $4,000 at 1915. These were
the only sales since February. The coin in the
Treasury, which had been accommodating. was held
to facilitate return TO specie payment,to be dis
posed in any emergency to protect the national
currency to an extent to affect injuriOusly bust
ness, and especially the interest of the labOring
and producing classes These were his instruc-
tions to Mr.. Van Dyck and Il letter of explana-
tion which also submitted, shows that they
fully carried out. The sales in February
amounted TO fifteen millions, at premium of be-
tween 81 and % per cent, and was made on account
Of apprehended political complications. The
sales in May were made on account of the uufa-
vorable financial intelligence brought By the Cuba
The sales continued under the active dc
mand. and larger amount was disposed Of than
would have been the case if word could have
reached Mr.. Van Dyck in time to suspend. But
the Secretary is now satisfied with the proceedings
and a suspension at that time would have caused
a panic
Though regretting the heavy sales he says the
action of Mr.. Van Dyck was both courageous and
judicious. The soundest merchants and bankers
in New York concur in this opinion.
CoTToN.-The market was more active than for
several days at a slight advance. About 100 bales
changed hands at 30 cents Cor good samples. The |
New York market was steady at unchanged |
prices.
GRocERIEs--No change from our last quota |
tons