Nashville union and dispatch. [volume] (Nashville, Tenn.) 1866-1868, 1866-12-27

The depression Of gold and foreign ex-
change in New York, with the consequent
decline of tiYe-twenties and arrangement
of the foreign trade, have ELECTED informa-
ton from the department as to whether the
Treasury was selling. A Washington semi
official dispatch says that "a denial was
given in all cases. The Secretary claims
that he sells gold only when he wants cur
rency, and that he does not make a sale
merely to reduce the premium on gold. He
prefers obtaining currency in that wav to
calling on the national banks" If the
sales of gold are made to avoid calling on
the national banks for the government
money they hold, it will be well to inauire
IN what banks the largest sums are deposit
ed. The New York Herald of the 22nd
inst. says:
A. Inc decline IN the premium, combined with
the uncertainty attending the future legislation
OF Congress with regard TO the finances has pro-
duced apprehensOnS in the public mind which
tehd 10 the stagnatiOn of trade and limit pro-
duetlon accordingly. There is no doubt that !
congress will pursue very cautious course in |
dealing with the currency, and il is prohabIe
that the present rate of contraction will be de- |
creased before the session eXpires A rather nm |
easy feeling prevails among manufacturers i'm
pOrters, and others, owing to the OuerOus taxa
t9n 70 which they are subjected and against /
Whlch Iney loudly complain. Such taxation is L
too burdensome to be long endured The mere |
payment of taxes takes away a considerable Dor
ton OF every mans income and impoverishes |
the whole community. And for WhAt2 Why |
merely Tor the sake of reducing the national
debt, which may as well be paid By posterity for
whose bsnehti 1t was incurred, as the present gens
de frp 81,
ton acts as a check upon the productive powers
OF the country, and by paralyZing industry it re-
acts upon immigration. Hence We have already
seen OF late large numbers ofnewly arrived Irish |
immigrants returning to the place from whence |
they came, simply because they souId 6nd no |
work to do, the labor market being Overstocked."
The New Orleans Times of the 23d inst.
says;
There was a lull in cotton Yesterday The
sales OF the week have abscrbed all the avaiIa-
PIE means Tor the purchase of exchange SO that
IL was somewhat d'thcult to negotiate exchange
There are large sums of legal tender notes ex-
Pected next week, which will relieve the disa.
6iilties under which the market now rules. At
thlS tlme IN 1901 sterling exchange ruled at 100 |
9lOl for bankers sixty days bills other Grades
as low as 9699S, on a golu basis Yesterday there
were no regular quotations possibly forced
at l09l07%."
The New York Times of the oath inst
reports as follows:
The trade Of the past week was decidedly more
actlYe IN the line Of exports, the chief movement
being in cotton. This received a partial ebeek
at the close of the week from the fall in gold 10
! S4Sl 33 per cent. making the whole decline of
the week about four per cent. In the line Of i'm |
ports, the original entries were Guite heavy |
nearly SIX and q half millions; but, owing to the
dizziness OF trade especially in foreign dry goods
the amount upon which customs was paid was |
less than two and half millions. The customs
were the lghtest Tor any one week in the last
elghteen months An active shopping trade in |
the city Tor the holidays is going on "a usuaI |
Except, however, in the way of books, ieweIry.
and some descriptions of fancy goods the |
business isnot equal to last Christmas The for
eelgn exchanges are in liberal supply both of
New Ork and Southern bills A large propor-
lOn OF the shipments of cotton from New Or
leans and Mobile to Europe are made under ad-
Sahses Dy some OF the prominent New York |
bankers, like the Messrs. Brown, to their branch
houses or correspondents in LIVERPOOL and /
5hayre' and the sterling and French exchange
lion to this the New Orleans banks are sending
forward considerable amount of their bills, Of
.helr own drawing or with their Endorsement,
and the market for cotton abroad being a rising |
)nel the measure of confidence in this class Of
exchange u qul.e liberal say eS91% per cent of
ne tayorlte New fork names. Commercial
,redlts from the South against cotton sell within
zGl per cent, of standard rates The remit |
anees OF currency hence TO the South since SIGHT |
exchange on New York has fallen at New Or
cans. etc, are quite cOnsiderable-last week | Il
IbOut equal to the National Bank notes and | Il
reen backs received here from other quarters
The import entries for the past week including
he dry goods return in our last paper amount to
b,Z246y3, against the total entries Of So 4a9 SIS
anne week last year. The export clearances Of
domestic produce amount 20 S4095.672 against
8, 44s, AS same week last year. The export of |
peeie amounts TO $50 30, against S463 $50 same
Ieek last year. The customs for the week are
lOJS,UOO The receipts of cation coast,yise and |
" railroad, are 1853 bales
The gold values of the import entries of foreig, /
lerchandize at New York since January |. 1866
be beginning of the current calendar year. are |
mclally Ito Dec. u and semi officially Since |
eported as foliows-the entries of foreign specie |
eing omitted
Ota TO date since Jan 1............. S29l 3gI k56
against same time last year.......... 2l5 555 2l3
n
Increase to SIS S36, 343
The currency value Of the exports Of domestic
reduce and miscellaneous goods from New
ork, including foreign articles re-expoTted |
nee jan !. 1850, are as follows
otal to date since Jan 5q3 go
gainst same time ls65...,y.......-... l7O,OO3,766
Increase since Jan. 1.................. s15 200 on
The following Will show the receipts of
otton at the various ports since the LIST of n
eptember, a ID the stock on hand. at the
ates designated: