Nashville union and dispatch. [volume] (Nashville, Tenn.) 1866-1868, 1867-04-23
Exchange On New York was in o

Exchange on New York was in good de
mand yesterday; the banks were buy
ing at par and selling at I premium.
But little was done in uncurren
funds.
Bank of Tennessee was firm but quiet a
25@30c buying and 33c selling. Other
Tennessee money and Southern bank note
were dull at the advertised rates.
Nashville Corporation checks were dull
at l0@12c discount.
The only sale of Tennessee bonds re-
ported in New York on the 18th inst, was
$1,000 new at 63c. Friday, the 18th, was
observed as holiday, and the Stock Elk
change was closed.
The money market of New York has
exhibited of late extraordinary ease. The
New York Times says in its money article
of the 18th inst money on temporary
loan is offered to the brokers at sac per
cent. to-day, and the balances seeking en-
ployment in this way, both at bank and
with private lenders, are larger than for
six weeks past The market looked to-day
as though il had suddenly reacted from Z
per cent to the usual spring and summer
ease at soc per cent" The evidence OF
the ease noted is furnished by the New
York Post of the same date. That paper
says:
The real estate speculation continues. Thou
sands of houses are in the market. and heavy
sales at auction take place daily. Lots in New
York and Brooklyn are eagerly sought for at ad
Yanced rates, and the neighborhOOd of Central
and Prospect Parks has become popular, In
this city trade is fast changing the appearance
of streets hitherto used for dwellings only
Merchants, following the uptown tide, are pur
chasing eagerly on Union Square and Fifth ave
nue.. and in few years that part of the city will
be transformed"
These facts show that there is no scarcity
of money justifying panic. Any amount
of money needed for speculative purposes
can be had in New York at a rate of inter-
est much lower than has prevailed for some
time. OF course there is a scarcity OF
money in the South, but the reason for that
is, we have had unusually short crops, and
consequently nothing except cotton to sell
which would cause flow of money in this
direction, and the greater portion realized
from that course has been expended in the
purchase of breadstuffs and provisions.
Should we be blest with good crops this
year, the South will recuperate wonderfully.
The wheat promises well, and in the course
of three months the farmers will be send
ing their surplus to market. The proceeds
from this source will furnish very great re-
lief. The ease which is already apparent
in New York will extend Southwark as
soon as our crops are ready for the market
Under the heading of caution to the
Holders of Seven-thirty Notes." the New
York Bank Note Reporter has the follow
ing
Seven thirty treasury notes are convertible
into five-twenty bonds at maturity. and not
afterwards. The Secretary of the Treasury. by
giving notice that conversions may be made be-
fore maturity. has taken away any excuse for
claiming conversion after the notes mature.
The law under which the seVen-thirties were is
sued left the Secretary at liberty TO bargain with
the takers of the notes. On this point the act of
June 30, 1864, provides that
ANY treasury note issued under the authOri-
ty of this act may be made convertible at the
discretion of the Secretary. into any bonds issued
under the authority of this act
by virtue of this discretionary power, the
Secretary issued the seyen-thirty notes with the
following condition and bargain, plainly printed
on the back of the notes:
AT maturity convertible, at the option Of
the holder, into bonds redeemable at the plea
sure Of the government at any time after five
years, and payable twenty years from the 18th
of August, 1867, with interest ut six per cent.
per annum, payable semi-annualiy, in COIN
This is on the August note (irst series) The
same is on the back of the second and third Sc
ries, with the time changed to June 18th and
July 18th, 1868. 1t plain that on the very next
day after the Seven-thirtsle mature the holder
loses the right of conversion, and it is now quite
evident that the government will pay the notes,
not timely presented. in money"
The New Orleans Times of the 18th inst.
says:
We learn there is not bag of coffee in first or
importers hands in our market, The last cargo
about 1900 bags-was for account of Cincinnati
merchants, where the duties are collected. This
is a revival of the importing trade as existed
before the war. The vessel from Rio had shorter
passage hither. than if it had gone to New York.
Cincinnati is Of course much less than from New
y ork by the inland or railway route, not even
the Atlantic and Great Western railway and
Our friend Sir Mortar PefO can cOmpete with