Nashville union and dispatch. [volume] (Nashville, Tenn.) 1866-1868, 1866-12-19
FINANCE AND TRADE.

In consequence of the lines being down,
east during business hours yesterday, we are
without our usual quotations of gold and
government securities.
There is but little change in uncurrent
money.
Bank of Tennessee was decidedly lower
and 47c was all that our brokers were pay
ing.
Planters Bank was lower, as most of the
recent orders have been filed. Brokers
are nov paying Sc. and asking S5c.
Union Bank may be quoted at SOC. buy
ing and S2e. selling-dull.
Southern bank notes are very dull in
deed, and we hear of no Improvements in
The only sale of Tennessee bonds re-
ported in New York ON the 14th inst. was
$4,000 ex coupons at 69c.
The hasty withdrawal of thirteen mil
lions Of currency and the financial spasm
which it caused have had the natural result
Of awakening popular prejudice against
contraction altogether. The Chicago pa
pers say that leading commercial and
manufacturing interests are preparing to
send to Washington deputatiOns, for the
purpose Of representing to Congress the
concern with which they regard the bear
ing of the proposed policy Of the Treasury
Department upon their several interests,
and especially to protect against the policy
Of contraction of the currency.
There is strong feeling in the country
that il was a mistake to authorize the Ma
tianal Banks to issue currency to the
amount of $500 900 900 upon the bonds Of
the United States, and it seems that the
sense of the House of Representatives has
been tested upon this point. On the 18th
inst, Mr.. Cook, of Illinois, offered 8 resO-
lntiJn that the committee on banks and
currency be INSTRUCTED to inquire into the
expsdiency Of providing by law for the
withdrawal of the currency issued by the Ma
tional Banks as fast as the same can be
done without injustice to the banks, and
supplying the place of such currency with
legal tender notes issued by the govern
ment," and this resolution was rejected by
only three majority. This may be re-
garden as an indication Of the feeling of
the country in regard to the national bank
ing law, and if seems evident that the lead
ers of the dominant party are preparing to
abandon that currency and supply its place
as indicated By Mr.. Cook. They argue
that the government should not pay out
from Sl5, 700, 900 to $2OOOO,OO0 per year 10
interest upon bonds to sustain this currency,
while this currency might be supplied by
the issue oflegal tenders, and thus save not
only the interest paid upon the bonds usedas
banking capital, but reduce the bonds to
the extent Of the currency issued. The
Cincinnati Gazette, leading Radical organ,
takes. the following view of the cnrrency
question:
such is the magnitude Of the evil of q re-
dundant currency that il is believed 70 be neces
sary that we should as rapidly as possible change
| four hundred millions of non interest bearing
government notes into gold bonds, in order to
contract the currency. And yet there are some
who propose to increase the National Bank cir
culation from twenty-five to one hundred mil
lions. The result Of the operation will be to pay
tupon the larger amount six millions in gold per
year in interest, and the principal in gold at the
| last 10 have the banks issue currency in the
place of that which the government withdTaws.
If currency is needed why withdraw II at such
cost? fit is an evil, why pay so dearly for it ?
We have done il once, adding three hundred
eighteen millions year interest that the banks
might issue it rather than the government.
Ought not that to suffice on that line of policy
| As to the quota for the Southern banks, We are
under no obligations TO pay such price to sup
| ply them with notes. II the amount of eurrency
| is already too great sufficient amount can be
Withdrawn from the Northern banks TO supply
our Southern brethren who were wool gathering
when the pie was opened There IS one eonse-
| lation for them in any event: which Is that all
| the banks together cannot carry three hundred
millions on specie payments. If we are to have
any increase Of currency, let il be in Treasury
notes, to take up the interest bearing debt in
stead of paying interest TO give others this priv
| lege.'
The currency question is assuming a very
unsettled condition, and we should not be
surprised if the vote in the House of Rep
resentatiYes on Mr.. Cook'srtsolutiOn should
not tend to further unsettle this very deli.
cate question.
The gradual decrease in legal tender
notes is exhibited by the following state
ment:
4 ~ a ESQ a.an