Nashville union and dispatch. [volume] (Nashville, Tenn.) 1866-1868, 1866-12-05

u series heglstered..... lO0t20lUl
I'd series Coupons. .......... lO53sHlUI
series Registered...... lDG12g lUI
ID COUpOns-.--.-.. lUiH
New issue ..........-...-........ l0S2S llSSz
1905 ............. ......................- 1867
q and Sd series.........-...... l055z@l0552
London advices Of the 4th inst. quote
5-2Vs at 7OJ.
Exchange on New York is bought by the
Banks at par and sold at / premium.
There is no change in uncurent money
81 though considerable lots are offered for sale.
= Bank Of Tennessee is coming in quite freely
at 47c Brokers are holding at 49@5lc,
Planter Bank is still in good demand.
Brokers are paying SIC and selling at S3c.
Union Bank is bought at 77G7Sc and is
held at Sic
Southern Bank notes are unchanged and
duh.
Nashville Corporation Checks are dnll
at Sc discount buying and &c discount sell
ing. They are used inpayment Of corpora
ton taxes and fines.
Tennessee bonds sold in New York on
The Both ult. as follows: $4,000 ex-
coupons at 69c and $4,000 at 694c, and
q. $1,000 new at 69c, $1,000 at 68}c $4,000
at 6S}c, and $4,000 at 683c and on the
1st instant $4,000 new at coo, $4,000 ex-
coupons at colo and $1,000 at 68}c.
In January, 1857, prior to the panic.
the circulation 12lf, n ~
At present il is as follows:
Legal Tenders.....-..-.......S $3.50, 100000
National Bank Notes. Dos, 000cyO
Increase in circulaton..............S4 69, l7S
The loans of the banks have grown in
proportion to the circulation, and upon this
increase of circulation and bank expansion
prices now rest with an insecurity cal
cuIated to cause alarm. not only to those
who own commodities, but to the banks
holding paper based upon them. What is
needed is not more currency, but lower
prices, to bring the business of the country
within a much smaller volume of currency
than S68i,OOOOOG, and general liqdida-
ton of the credits based upon the paper
money brought into use by the rebellion.
1t is fortunate for the solvent portion ofthe
community that tbs evils of our trading and
speculation are correcting themselves. The
time is at hand when, as in 1851, merchants
must take care of both sides of their bill
book proceeding few houses are able to
continue for a long period. The business
Of the year has net been prosperous, but the
reverse, and commodities, from January,
1866, have been sold upon falling market
The immediate effect upon the money
market Of the late panic in financial and
commercial matters, is already beginning
to be developed in New York, says the
Cincinnati Gazette, where there are large
amounts of unemployed capital, for which
it is difficult to find employment, and the
rate OF interest on call loans has fallen TO
Soc per cent, and in some cases to / per
cent The volume of currency was not
diminished by the panic, but the field for
its employment was largely contracted. IN
the first place, prices of commodities de-
-clined 20CG25 per cent; the number ofPeo-
pie whose credit remains good enough to
borrow money has diminished to a cores
bonding extent, and at the same time there
is as much currency ahoat as at any pre-
vious time, or nearly as much. A super
abundant supply Of money, therefore as the
result of the panic is inevitable, and low
rates of interest on undoubted securities
must follow, as a natural consequence. This
is popularity of our present financial con-
dition. The effect of a panic upon the
supply ofmoney, if the banks were paying
specie, would be very different from what it
is now but it is manifest that with over
seven hundred millions of irredeemable
paper money ahoat the market cannot be
made permanently close. But we shall have
violent fluctuations, with sudden conyul-
siors and as sudden recoveries, until a fixed
policy for the contraction of the currency
as adopted, and the paper money IS with
drawn systematically in accordance there
with. So long as the public feel that the
business interests of the country are in the
hands of one man, with power to depress OF
infate at pleasure, we shall have sensitive
markets, an unhealthy trade, and disin-
llination to engage in any legitimate bust
ness.
The value Of the bullion in Jumps, bars,
ingots, or otherwise, arrived during the
fiscal year 1856 is given by the internal
g. revenue return at, S81, 8S9,54l. OF this
amount S7O,O32sO5 was assessed in the
Pacific and Rocky Mountain States and
Territories, and the remainder, Sll,356,-
736. chiefly in the Atlantic seaboard cities
Ii is estimated that in the gold producing
regions Of the country at least p per cent.
Of the products escape assessment, and that
of the gold assessed in the Atlantic sea-
boad cities one-half is Of domestic produc-
ion. In view of these facts, and the in
formal revenue returns taken as a basis of