Nashville union and dispatch. [volume] (Nashville, Tenn.) 1866-1868, 1866-12-08

" StOckhOlm............ A. per Riksdaler.
Exchange on New York is taken at !
discount and is sold at one-tenth premium.
There is but little doing in uncurrtnt
money generally, though there is much
activity in Bank Of Tennessee notes. The
rate here has been 47c buying and SOC sell
ing, with but little demand. But owing
to a large Memphis demand the buying
rate has been kept firm, and on yesterday
afternoon, Brokers generally had advanced
their figures to soc, at which rate we think
may be quoted to-day. Planters Bank has
for several days been rather weak, and is
most orders have been filled, we suppose
soc is as much as il will command to-day
Union Bank notes are unchanged.
Southern Bank notes are very dull. The
Bank Of Selma, Ala, has improved some
what while the following banks Fave de-
clined: Bank Of Newberry, Planters Bank
of Fairfield, Southwestern Railroad, North
ern Alabama, Bank of Augusta, Bank of
Falton and Bank of the State of Georgia
The shipments of specie to foreign ports
from New York and Boston, from the 18th
of April to the LIST inst, have amounted to
$50, 762665. a-sas7E- --aei2
The New York gold market seems to
have been depressed by some cause, per
haps the anticipated sales by the Secretary
Of the Treasury, as provided for by Mr.
Boutwell,, for prices have declined steadily
for two or three days. Whether Mr.. Bout
Wells bill shall be passed or not, a good
deal Of gold will shortly be paid out on
account Of the government. Next week
there will be disbnrsed $4,000, 900 in cur
rency on account OF the December 7-3O
coupons. Then on the LIST of January, coin
interest to the amount of Sl2,OO0,OOO win
be due; on the 10Th of January, $1,000
900 in currency, and on the 10Th of Feb
ruary 81 100000 in currency. Thus, with.
in the next 60 days, the payments on
account of interest will amount to $4,000
600 in currency, and SI2,OOO,OOO in coin.
This viii prevent any accumulation of cur
rency in the treasury, and will, at the same
time, render necessary sales Of surplus gold.
The Chicago Tribune of the evening Of
4th inst. says CfEFv U7E
Most of the banks report an increasing de-
mRnd, and owing 20 the continued shipments of
currency eastward to make exchange
rTx~ half
gradually working closer. Deposit lines bare
running down. anQ there is quite falling off in
the volume Of currency as compared with two
weeks since. Paper is narrowly scrutiniZed, but
the best names find the market easy at 10 per
cent. In the open market there is rather more
doing Good names are negotiated at u per cent,
but inferior signatures cannot be discounted for
less than l5@l8 per cent per annum.'
The New York Financial Chronicle of
the LIST inst. says:
November has been chiefly remarkable for an
unsettled condition of the markets, the result OF
combination of circumstances. The deficiency Of
the English harvest, and consequent advance
in wheat and -four abroad, have induced an
active speculation in breadstuffs in tho West; the
result of which has been an extensive holding
back Of produce until near the close of nayiga-
ton, with rise in prices to almost unprece-
denied figures. This has naturally produced
more of less monetary arrangement at the west
In the merchandise markets a dizziness has
prevailed, net to be adequately accounted for
from the natural falling OF in business which
usually occurs in November. In most branches
of business stocks are found to be larger at this
late period of the fall business than was antici-
pated; and as 1t is not deemed safe to carry over
goods of the current high prices, there has been
an effort to realize upon both domestic and for
eign merchandise at q heavy sacrifice. The
serious losses upon some kinds of goods have
brought home to manufacturers the conviction
that the current rate of production cannot be
sustained concurrently with the existing high
range of prices; and there has, consequently,
been developed very general disposition TO
curtail production.
''The Gotten mills are producing much less, and
the wooden manufacturers have very generally
resolved upon either closing thei= mills entirely
for few weeks or reducing the time of working
TO about eight hours per day The dsyelopnIe nt
of this policy has produced ut the close of the
month somewhat improved tone in the goods
markets; but in nearly every branch Of the job
bling trade the disposition, Notwithstanding, is 70
realize upon goods and to close the year with the
smallest possible stocks. 1t appears to be very
generally understood among both manufacturers
and merchants, as well as by the consuming pub
lie, that we have now passed the climax of high
prices and that henceforth there must be per-
sisteat fail in the value Of all products"
The trade of the country exhibits UNI
symptoms of injury from the
prevalence of high prices. During the
month of November there wasa slight de-
cline in prices in New York, but as COM
paredwith lSd0,prices aremuch higher. For
the purpose Of showing the extent 10 which
values have been deranged
during the last six years, the United States
Economist makes a comparison of quota
tons at New York, for twenty leading
articles of produce (which include some of
the principal articles of food and the raw
which lay at the basis of the
largest branches Of manufaCture-giying
average price for 1860, and the prices Of
Now. %, 1866, and it is found that The
prices Of last month were, upon the whole,
LOG per cent in advance of those Of 1860
As, however, part of the rise is due to the
premium on gold, it is necessary to reduce
the quotations Of November to gold; and,
upon that basis, the advance will be found
10 be within fraction of fly per cent.
Thus placing current values upon the same
level OF comparison with those of 1860, the
present range is found to be fifty per cent.
above normal level. Loss of productive
population and wasteful consumption of
products during the war, have had an i'm
portant part in producing the high prices
lnder which the country has been suffering.
put speculation, stimulated by an expanded |
L Al r.4f j