Nashville union and dispatch. [volume] (Nashville, Tenn.) 1866-1868, 1866-12-11

Told opened III New ! ork yesterday al
1871, was 1879 at ll:3O, 1875 at 1:S0, and
closed at 1871 at P. N. Brokers here were
; paying 1876 and holding at 1885,
Government securities are lower and
were quoted in New York yesterday as
follows:
5-2s registered l0 1861
Dds coupons 1919 1919
Dds, "a series, eonpous-..--.---..-- lU61Sgl0634
Dds, Sd SERIES e0upOnS--.,.-......-. i06tsal0I
| l-9is, new issue lttcf 100
lg-iQs .si........ 993sgl00
t-1os H952
Sterling exchange is quoted in New
York at ls9s@1l0s. Exchange on New
York is taken at 4 discount by the banks,
and is sold at par.
OUncurrent money generally is quiet and
dull. There is considerable excitement,
however, in Bank of Tennessee notes. Bro
kers were rather eager to buy in the morn
ing at 5Ot9 52c, but later in the day, after
the disclosure Of the misappropriation or
embezzlement of $4,000 of the assets Of
the Bank, brokers would not buy at these
| figures, and in fact we heard of one
large holder selling at SIC. 1t is impossi-
Bile to say what the rate will be to-day, but
1 probably not over Asa 48c Planters Bank
is unchanged. Brokers are buying at soc,
and are holding at S2@S3c Union Bank
notes are firnler at 77a7sc buying.
Southern bank notes are very dull, and
but few of our brokers are buying There
| has been still another decline in South |
Carolina money All of the banks hereto
fore quoted at 2Oc have declined to 1Sc
Nashville corporation. checks are very
dull, and brokers will not buy at better
than l2@l5c discount. .ir
The Memphis Commercial and Argus of /
the 9TH inst has the following in regard to
the Bank of West Tennessee:
In our issue of Sunday morning we men
toned that suits had been brought by Mr.. Mari
of Nashville broker. before Esquire Creighton, |
on about go, 900 of the notes Of this bank, and
Judgment obtained for the face value. The arti-
Gle not being sufficiently explicit, IS calculated |
to reflect on the management Of this institution. |
known to have been faithfully managed by
Board of Directors composed Of twelve of our
best and well known citizens. Obtaining judg
ment of course, does not make the notes worth
para Judgment against an insolvent party does
not secure the debt. The bank does not set up
any plea or bar. Its losses have been heavy by |
the failure of its debtors and the WOTthlessRess |
of Confederate scrip, which il WAS compelled to |
take In pay ment Of its discounted paper.
we know that the Union Bank was forced
into an assignment by these annoying suits, and ]
that much might have been saved to the note |
holders had it been left to the management Of |
the old officers, familiar with its business. The |
directors Of the Bank of West Tennessee wisely |
determined to save all of its assets that could be
realized for its creditors. Ii forced into legal
liquidation it must result in loss TO the note
holder as for large share of its assets. a want
of consideration may be pleaded by the debtor.
This bank, as all our Southern banks, can pay !
pro rata; hence. suits will only consume a pOr- I
lion Justly due the notehOlder We notice that
all of these executions are returned nHLu bona,
Our own citizens, well understanding the ques- !
tion, are waiting the result OF the present man
agement We understand, however, that one Of | i
the large nOtehOlders of the bank Is about Hing
bill Of injunction against these Judgment cred
itors, and to have the bank wound up by Re | L
ceiyer which of course, will place the judgment | /
creditor in the same position as II he had waited.
We are sorry to see any move toward settle I
ment by the courts, aS the entire community
have more confidence in the capacity Of the di- 8
rectOrs and officers than in any others. Nothing a
can be saved in time, as suing and being sued Is
a slow business. whilst business tact and judi
eious compromises with old and insOlyent debt | n
ors may save both time and money. p
Tennessee bonds sold in New York on :
The 9th inst. as follows; $4,000 ex-coupons v
At 703c, $4,000 at 7O:c, $4,000 at 7Osc,
S25, 900 new at 7Olc; and on the 9TH: $4,000 !,
new at G9lc and $2l 900 at zoe. s
The New York Post of the afternoon of v
he 9TH inst. reports that a feverish incerti- y
ude has been produced among money "
enders by rumors that the government is o
elling goldand drawing greenback into the p
reasury with view to the disbursement of t
currency interest on the 10Th inst The L
Iew York Times says: t,
1T is remarked that with all the eroaking of ii
ate about the depression OF trade there has sci,
ON been so little merchant paper, OF really good
redit pressing on the market, either for dis
cunt at Bank or through the Discount Brokers
n the street, as at present And, as an lilustra-
ion of the extravaganza, not to say recklessness
nth which panic and ruin were predicted and
iseussed few weeks ago. we may add that the
redit of certain heavy dry goods firms up town
las questioned whose names are never seen in
Yah street. and who really have little or no al
aper out in any direction. Ii. as rumored BY 70
lCh indigo-blue authorities as our neighbor of u
ne T,IBIrae they have large stocks of unstable n
lerehandize on hand. subjects to daily shrink
ge" in vnlue they have evidently been paid for, tr
neIsnd or in Europe, who are supposed to have D
0 difficulty in keeping the notary from their o.
Oors." We may further remark that already g.
light indications are not wanting that the gen ''
al trade of December is to improve on the
UGH talked dizziness of November"
The amendment to the Currency act, III
oduced into the Senate by Mr.. Chandler :
al made the special order for the third -
tuesday, in December, 1866, enacts
That section % ofthe act to which this amend
ent is hereby 50 amended as TO authorize the ~;
3ue of 000000 of notes for circulation, in ul
dition to the $500 600 600 provided for in said :
ction p and that the additional Sl00,00Q000 | ~
all be secured in all respects, and under the sn
structiOns and provisions OF the act hereby al
nended. Provided that not more than 5000 -
ofthe Sl00 co., 600 of additional notes for cir
lation shall be issued or delivered TO banks BY ~
e Comptroller of the Currency within six nv Nv
onths from the passage OF this act, and that ;o q
-culatiOn shall be issued during any one 'ai
onth." an
This amendment embodies the wishes of ito
e expansionists of the last session, and P ws
Duld not, il it had been adopted, have o,S
anged the present position of the money
arket During the recess of Congress,
e Acting Controller of the currency has Ne
odiied the views of his predecessor, snd \
satisfied that $25OOO,OOO more of cur adv
ncy, issued at the rate of 81, 900, 900 10 81"
100000 per month, is enough for the an
.nta of all the States. Mr.. Hurlburd eelll
Us: IS;
Bearing in mind the regular monthly redue
N of legal tenders at the rate of 81 co., 900 per
,nth as provided by law, an increase of ma 81
nal currency not to exceed SOS, 900 0OO to be adv
ued at the rate Of i,"OND or S2VOO,OJ per firm
NTH would probably meet all the wants of all Col
States for two years TO come. As this seems
be the only practicable method for the accom-
shment Of what is generally admitted TO be A
,irable end, il is respectfully recommended to y
favorable Consideration Of Congress" 22uuti
There is not, as will appear from Mr.. rat
andlers bill and the Controllers report, d dac
lch disposition to add to the volume of MOI
currency, and those who depend upon
ngress to authorize large and Sudden N
ues of irredeemable paper money are d Iihp
ire sanguine than the facts warrant. stea
We are continually told that the wheat Por
p of the present year was a very short N'u
?, and that the price of -four mnst con- Il
TIE high. The receipts of -four and low
eat at the great receiving points in the