Nashville union and dispatch. [volume] (Nashville, Tenn.) 1866-1868, 1866-12-21

The rate here was ls5 buying ard 49,
selling.
Government securities were shade low.
er and were quoted in New York yester.
day as follows:
$40, registered lO61{G
5-zs, ID series. registered. l0616106
5-Ns. ID series. l06 si05
9-1ss Sd series eoupOns-...-.--..-..-... 1854 l0s
9-5s, new issue .----.....--.-...-. 1880 =
~ 9Szst1 100
1851 e9l059s
Sterling exchange was quoted in New
York yesterday at l09sc@I1OI.
Exchange on New York is very dull
here and our banks will not take it at less
than / discount.
Uncurrent money is very dull at present,
and we hear of but few sales and no mate
rial change in rates ~
Bank of Tennessee is bought at 47c and
held at 5Sc.
Planters Bank is firm at s2c buying and
So selling. Fa
There is bat little demand for Union
Bank notes, though they may be quoted
firm at soc buying and S2e selling.
We hear of no Improvement in Southern
bank notes, and rates seem to be getting
still lower.
Nashville corporation checks are duh at
he discount.
The statement of the New York city
banks for the week ending Saturday last
Dec Is, compare as follows with the preyi-
Oas week, and with the corresponding week
last year; to which we add the specie and
currency balances in the New York Office
of the UnitedStates Treasury at these dates,
respectively:
Dec. l6. IS. Dec. IS, '66 Decs, &c.
Natl Cap'l. 81 ,2O7.70O .s74OO7.70O $74,OO7, 40
LoelCapf'"' s,ES.5OO s.2625OO 9.262.5eO
,siIs5S IS. 5.ssS 50 1880. z5O69
Gold and
Cold SoEes...; l6,98l.4s5 Ia.sM.9Oo A.5s2,O5O
Tender. -. ,4s,ss5,5s6 ess9tso9 eO.g46.s57
Deposits. -....lS0.glS. 24645s,271 2O3676. 800
In ub-Tres'y 79O5s.532 lOS.6s9.,i76 l06,689. 4OI
The changes from the previous weeks
statement are as follows: o,..t..
Decrease in 50 l6 697
Decrease IN Specie. .................... p $50 $50
Decrease IN other Legal Tenders. 800, 452
decrease 10 7Sl 449
Increase in circulation. ................... 1902
The Washington correspondent of the
Cincinnati Commercial SAYS in his. dispatch
of the 18th instant: Sidney Clarke, of
Kansas, contemplates introducing bill in
the House, providing for the increase of
the national banking capital - five hun
dred millions, in order that the West and
South may be fully supplied. The Banking
Commissioners are, however, opposed to
any thing of the kind, and are committed
against it in the bill which they have pre-
pared" The same correspondent says
" The Ways and Means Committee are
again doubtful on the currency question.
The Committee seems about equally d.
vided on the policy Of contraction. If Mr..
Hooper votes for contraction, the commit
tee will be bound to report in favor of it to
the House. His vote will decide it one
way or the other" A very strong effort
will be made toinduce Congress to postpone
contraction. The Chicago papers say that
a committee representing the merchants
and manufacturers of that city will soon
visit Washington to urge upon Congress
the adoption of this policy. 1t is very
certain that there is too much currency
aAoat, and we cannot hope for stability IT.
commercial affairs until very cOnsidera-
bic contraction takes place. Thus far, the
Secretary of the Treasury has had small
power from Congress to contract the cur
reney The laws passed at the late session
tied his hands; but under such power as he
did possess, he has retired the revenue fund
of $50, 900, 900, issued to redeem temporary
loans, and $10,OOO,OO0 which Congress per-
mitted him to withdraw within six months
after the 18th Of April A few millions,
under the clause providing for monthly
contraction, have also been withdrawn yet
there are now about $3.50, O00,e 600 legal ten
ders in circulation. Gold opened in New
York yesterday at 1854, and little arith-
metic will show how much specie these
$3S0,000000 represent. Our dollars are
not dollars, and pretend to a value they do
not possess. With this inflated currency
there can be no stability of prices, and the
ordinary foresight of commerce is ever liable
to be bafed by rumor in the street, or a
falpe telegram from Washington. OF course
there can be instability in business based
upon a shifting and uncertain currency like
that we now have, but it seems that mer-
chants and manufacturers of the great bust
ness centre of the Northwest are opposed
to a disturbance of the currency, and there
is strong feeling in that direction in
Congress. Secretary McCullOch, who ought
to have made himself familiar with the
bearing of our present currency imitation
upon the business of the country, urges the
necessity, in his report to Congress-, of such
contraction as will Justify resumption Of
specie payments. The question win proba-
bly, be brought before Congress immediate
" after the holidays, when We shall have
some clear indication as to the policy that
will govern Congress.
The receipts of cotton at the Southern
ports up to the latest dates received amount
to 57S,77l bales, and the receipts at New
York direct, according to one authority, to
1895, making total of 593,676 bales.
The stocks held in interior towns amount
to about 100000 bales. We have, there
fore, in sight about 1000 bales as the re-
suit of the present years crop. Now if We
could arrive at the amount still in the
hands of planters, We could tell the exact
amount of the crop. The receipts at all
the ports, as compared with 1865, give the
following result;
DEcREAsE-New Orleans ......... S3,lll
Mobile .............-...-.. 92.619
Florida.--.................. 1902
North Carolina l3,l0S
Texas ...-...-.....-....-'-.. s1',8s6
New ORR --.....---.. S1,239-2ls,Oy3