Nashville union and dispatch. [volume] (Nashville, Tenn.) 1866-1868, 1866-12-22

Planters Bank is.firm at SIC buying and SSc
selling. Union Bank is bought at s0c and
is held at SSc.
Southern bank notes are dull at the ad-
Eertised rates. ~ O
Nashville corporation checks aretakenat
l2c, diseonnE
Tennessee bonds sold in New York ON
18th inst, IS follows: 81, 900 new at 62Se
$40, 0OOat 69fc, 5000 ex-coupons at 6s4
and 5000 at e9tc.
The New York World of the 18th inst,
says "Prime Southern bank and CONNER
cial bills aFe-on the foreign exchange mar
ket in excess of the demand, and as New
Orleans isSaraining at ( per cent, discount
on New York, it is likely that this excess
of bills win be increased"
Notwithstanding no authorizations for
new National Banks have been made for
long tiMec4pplications continue to be fled
with the Acting Comptroller. ,s5zs
The Washington correspondent of the
Cincinnati Commercial says in his dispatch
of the 10th instant The bill introduced
in the Senate to-day, by Mr.. Pomeroy, pro-
posing to increase thenational bank circus
lation an additional one hundred millions
meets with no favor from the Finance
Committee, nor from the Ways and Means,
and viii probably never be reported back"
The Acting Comptroller of the Currency
states, in response to resolution of the
Senate, that fifty National Banks were.
more or less efficient in their revenue of
lawful money on the list of October. These
werenOtifed in accordance with. the law,
and have since made prompt and satlsfae-
tory returns. The recent reported def
ciencies in the lawful money reserve of the
New York City banks has come to his
knowledge only through the press. Several
Of the banks so reported have Voluntarily
made statements showing that their failure
to comply with the law was temporary, and
has since been remedied The monthly
statements required by the existing law are
Of no practical yalne in determining weth-
er the banks have complied with the law
relative to maintaining the reserve oflawful
money, because they exhibit averages and
do not show the actual state of things at
any given date The quarterly statements,
alone set forth the facts fully upon this
point, 80 as to enable the Comptroller to
decide whether the. banks have complied
with the requirements in question. The
Acting Comptroller is of the opinion that
the detailed statements now made quarterly
ought to be made more frequently, and he
has recommended in his report that the
law should be 50 amended as to require
monthly returns, exhibiting the condition
of the banks in detail. By this plan the
condition of each bank would be brought
TO the knowledge of the Comptroller once
every month, and he would be enabled to
exercise much more thorough and vigi-
liant supervision than it is possible for him
to do under the law as it now stands.
A correspondent inquiries of the New
York journal Of C0mmercs what are the
characteristics of the various six per cent
gold bearing bonds and the 7-30 currency
obligations, as to the period they have to
run and the privileges of the government
as to the time of redemption, and how is it
that registered stock is quoted much be-
low coupon, to which the paper replies
The stock of 1867 and 1868 is soon to ma
ture, as the dates indicate, and the quoted
price is an indication in part Of the ex-
pected price of gold when they must bepaid
of, and in part of the common belief that
the remainder of them viii be purchased by
the Treasury in anticipation Of that date.
The bonds of 1881 are not redeemable I'M
til that date, at the option of the govern
ment, but must be paid in twenty years, If
not before. As they bear different dates
the prices for the several issues Auctuate
little, but the difference is not great. The
ten-forty bonds are redeemable not less than
ten nor more than forty years from date,
and bsar only FIVE per ceat. interest. The
coupon bonds bring more than the regis
tered because the ownership, of the latter
can only be transferred on the books at
Washington upon proofof the endorsement.
There should be provision in the law, and
will be- doubtless, before Congress adiourns,
authorizing the Secretary to exchange the
registered bonds for coupon bonds at the
option of the holder. The seven-thirty
notes are all alike in their privileges, bat
bear different dates. They have three
years to run from the date of issue and
must then be paid in lawful currency, or be
converted at the option of the holder into
fve-tWenty bonds.
A correspondent of the Columbus (Ga.)
ls,ea presents some interesting facts in re-
gard 20 the cotton crop as compared with
the receipts of former years, as showing
how interested parties have labored to bring
down the price Of the staple. He says the
soil had scarcely been prepared to receive
the seed, when guesses (dignilied by the
name of esfimaies) were ventured as to the
amount of cotton that would be produced
in the year 1866. The Secretary of the
Treasury leads the list, an guessed 9, SOC, 600
New York was content to stand upon g.
OOO, 900, while at the South the sO-ealled es-
Inmates ranged from lO0,000,00O to 2,500.-
600. The facts really were that there were
no reliable data upon which to base an es-
timate. II was new social condition at
the South. No intelligent opinion could be
formed as to the per centage Of labor en-
gagged in the production Of cotton as com
pared with former years, the efficiency OF
that labor, nor the comparative breadth Of
land upon which that labor was To be ex-
pended. Consequently speculation on
amounts was at that time idle, and il was
reserved to the experience Of a twelve
month to teach us, what could not other
wise be known. How stands the case At
the present timer Thenegroes have worked
the crops, in the main, better than was ex-
pecied; Die seasons for production have
been disastrous to degree rarely ever
known, the fall for gathering has been fully
1 up to The average of the last ten years
i The receipts at all the ports up 70 Ssfur.