Nashville union and dispatch. [volume] (Nashville, Tenn.) 1866-1868, 1866-12-13
DEBT LESS CASH IN TREASURY.
81 SAG 6iI g38 % e. 5SI RIO O05

This statement shows that the coin debt
was increased during the month SS7, 5O9,-
$50, while the debt bearing currency in
terest was decreased only S24, 785, $50. 1t
appears, therefore, that gold bonds were
sold for cash, in addition to those ex
changed for other securities to the amount
of $l2,724,000. The balance of currency
in the Treasury was in the same time in
creased S9,2Sl,87 The withdrawal of
compound interest notes during the month
amounted to Sl,125,OOO. Thus there was
withdrawn in currency during the month
chiefly in the last two weeks Of Noyem-
ber-as follows:
Proceeds of gold bonds sold in excess
OF exchange for other securities IL 724OO
Increase Of currency in Treasury ....... g2Sl g7e
compound interest notes .,..s........... l25 900
Total S23 130s7o
This sudden withdrawal of currency,
says the Cincinnati Gazette, caused the dis
turbance in the money market which led
to the call for the payment of clearing
house certificates 10 the amount of SI4.- |
1873, ll5. The movement has, in its final
result, reduced the outstanding volume of |
currency but slightly, but the calling in of |
such large amount of currency as passed |
through the Treasury during the month.
especially as the public knew nothing Of
what was going on, and were consequently /
apprehensiye, because Of the Secretary's
expressed views in regard to contraction,
caused general alarm, and produced the
mischievous results from which the busi-
ness of the country has not vet recovered.
And what benefit has resulted to the
national finances? None whatever. There
has been no real contraction of the cur
rency, and at the same time the disturb
ance of the money market has stopped the
of 7-S0s into 5-20s. The man.
agement of the Treasury Department, upon
the whole, for the month of November
looks like very bungling operation. This
proves, if proof were necessary, the inn
portaLee Of having the business conducted
openly. Mr.. McCulloch, by operating
secretly, may scare the public, but that
course must reduce the revenue, while it
will accomplish nothing toward reducing
he volume of currency, or getting the
iebt into more manageable shape. It is
ilso clear that the Secretary will need an
asy money market for a year to come, at
1
east, more than anybody else. There will
nature, within the next two years, begin
ing in August, 1867, SS69, 1926, 6S4 of a
urrency debt. This cannot be paid. 1t
must be converted into long bonds, and
ow are these bonds to be sold If the money }
market is kept in fever of excitement by
he secret operations of the Treasury De.
The result Of an attempt TO :
ut long bonds upon a close money market y
ould be heavy decline in prices. The =
olderS of 7-3Os know this, and they know :
so that these bonds are payable in cash !"
per cent. gold bonds at maturity. This 3
ption, in view of the talk about an early ="
of specie payments, is held TO =
2 valuable, and therefore, as matters now -
and, there will be no conversions. This "
the result Of Mr.. McCulloch's recent .
lancial operations. E al
The New York Bank Note Rsporsr dis :
saes question which has LEGAL interest "
our own citizens jnst now. That paper n'
VS.: IN
Parties who have been robbed Of bon5s .r. Il
mmenclng suits against the parties hoIdinS "a
sH OF AGAINST IN parties through whose hands ..
ey nave passed. These suits are getting Vsrv "a
hsrous. Inc law IN relation to the OWNERSHIP ~
bonds that are payable to bearer inpInding *
tb hst S are b Issued N blank i well defined Is
{ Dqnd OF note; and nothing can impair bis ~
le snoI o. proof that he Is the robbsr or il in ~
fusion 1e-A the robbsr. IL is a misfortune 10 "
E unlueky parties who have lost their agsj "
oTS 70 give yerdicts contrary to the veil 1a M
ed pIlnclpies Of law; for after LOSING tbsir u.
M, thsy are sure 70 lose more in Law spits -
- '"e H4sne' courts nave hRay settled the ?
In the ease Of She'll against the National -
! Ifsn3y Bank, az the Court Of Common Pleas ~ ~,
DID the notice Of the robbery eyer reach m.
5naAnis II u did, and they chose 10 disTe- o
~ A. theh they are not purchasers In good | ~
w Jeeanse II they purchased after notice or | -
hdlly shutting their eyes against notice ~. -
e"nsiders the purchase o. be made 10 hsd | > &
plies bad faith re
l pom such ruilng as thi, the jury gave YER Z
against the National Currency BANK The Z
e Is carried M, aud viii unqnesiiouably h. mel
lihateiy dselded iB iayor Of the bank She'll y
! not recover hls bond. aud will forfeit tbe
g Of . prOtraeted suit.
10 ilustrate suppose q robbery to be COM g
ied' and the bonds 10 pass through several iIA.i
ids "a thi7 country. and then be sent 10 Ger IA
~ and sod and aiter all this "noficsv --
aid be given 10 all W ali street And suppoSe N
Judge shoaid be IN Frankfort and buy a few III
ne bonds hen tbey arrive ont. And suppose IS
Hon. Judge, on his return, Foes u Wall
ct @ sell his bonds and there discovers thai 4
y banE, banker and broker has the notice / 49,
bic, and when be Offers his bonds they point pr
80 o''- "N.1lf n P9LSEaSe slteT nCtice ia SC