Daily union and American. [volume] (Nashville, Tenn.) 1865-1866, 1866-06-30
MONETARY AND COMMERCIAL.
OPFIcR OF THE UNION AND AMERICAN.l
SATrRDAY ma On 1879 4

OFFIcR OF THE UNION AND AMERIcAx.l
SATURDAY. June 30. 1866. /
MONETARY. Gold Auetuated considerably in
New York yesterday. as will be seen by the fol-
lowing quotations: Opened at 53s7z; 541 at II !:
s. at 1890. and closed at l So; the lowest
point during the day being 5355.
Government Securities are as follows: 5-2Os.
O3l4@l O4l4; 1875, O3149l O3l9; Certificates,
100.
There is almost nothing doing in uncurrent
money, and rates are as heretofore Bank of Ten
nessee has improved slightly sc cents being now
offered by nearly all the dealers. Planters Bank
is bought at 5Sa-59c. and Union Bank is taken at
7OG72c.
Southern money generally is dull. and rates are
not very firm.
The following important order, issued by Seere-
tary McCULLocH, sweeps from the market the last
Of the outstanding certificates of Indebtedness,
amounting to about thirty millions
Notice is hereby given to holders of certificates
OF indebtedness, issued under the act of Congress,
approved March 18th, 1862 that the Secretary of
the Treasury, IN accordance with said acts, and
the tenor Of said certificates. Is prepared to re-
deem, before maturity. all certificates of indebted
ness falling due after August 3lst 1866, with
crued interest thereon, if presented for redemp-
ton on Jaly 10, 1866; and that thereafter SAID
certificates will to bear interest and will be
paid on presentation at this Department, with in
terest only to the 18th of July next.
III. MCCULLOCH,
Secretary of the Treasury.
Upon the present financial aspect Of affairs the
New York Times says:
The New York market is already over-burth-
ened with money. Ii cannot be used at even 4(G
per cent. on call. National Bank notes are
loaned ten to thirty days without interest, on
condition that the loans are TO be paid in green
backs. Yet the banks are not short of greenbacks.
a. they held eighty millions Of them on Saturday.
The trouble is. too much money
And now Secretary MCCULLOCH, as will be seen
by Our special dispatches, gives notice that all
outstanding certificates of Indebtedness will be
paid, with accrued interest, on the 18th of July,
and that thereafter the interest will cease. Here.
then. Is another thirty millions of money to be
thrown into an already overloaded market. The
banks held these certificates of Indebtedness,
which draw per cent. interest, as very precious
inv estments But they must now part with them.
Thus thirty millions of the national debt is TO
be paid off in July. This is the true policy; With
draw the interest bearing debt first then the non
interest The next step, we presume, will be to
pay off the temporary loans. What Is 10 be done
with the money? 1t will be strange if spectators
do not find some way TO employ 1t.
CoTToN.-The cotton market was exceedingly
dull, yesterday, without any material change in
the ruling prices. We heard of so bales sold at
from 2715 to 32J4 cents. The New York market.
at P. NJ, stood at 36g3Sc.
GROCERIEs.-The Grocery line of trade had
nothing to note different from yesterdays report,
the buying and selling figures being the same.
Our business men complain of the dizziness of
trade but are looking forward hopefully to the
future.