Nashville union and dispatch. [volume] (Nashville, Tenn.) 1866-1868, 1867-06-02


quote 5-20's at 73i.
Exchange on New York was in some
demasd yesterday, and the banks are buy
ing at par and selling at premium. But
little was done in uncurrent funds. Bank
of Tennessee was quoted at 33c. buying and
3Sc. selling, with very little doing. Other
Tennessee money and Southern bank note
were dull at the advertised rates.
Nashville Corporation Checks were
bought at 15c discount
Tennessee bonds took pretty sharp up
ward turn in New York on the 29th ult.
The following are the reported sales on
that day: $27 900 new at 64fc., $4,000
new at 65c.s $4,000 new at 65lc., and $40
600 new at Csc. We presume this advance
is owing to positive assurance from the
State Treasurer to a financial firm in New
York, that the July interest would cer-
tainly be paid. ea .l+-e ss
1t seems that the accumulation of capital
in the national treasury is attracting much
atte ntion, if not alarm, among business
men in the North. But there is no ground
for alarm in this fact, as will be seen from
the following statement of the New York
Post of the 29th of May .lI
Z The discussions relative to the Sub Treasury
balance continue, and there IS now. rs always, a
lively disposition to complain whenever SO
nal ali ~ at
the Golfers of the government. 1t must, how
ever be obvious that the money market suffers
less at this time OF the year from such Locking
UP Of currency, because, from well known
causes, vast masses of greenbacks which have
been active in the interior become inert, get
released. and ind their way in rapid dow to
this city.
Moreover, it is forgotten by some Of the
eroakers, that the Treasury payments during the
next six weeks are heavy. and viii require pro-
portionatey extensive preparations Tor paying
them. For example. ON June 10th, eight mil
lions Of eOmpounds mature; on July l9th.
twelve millions; and on August 18th, some forty
millions; while for the aforementioned notes
alone will the three per cent. certificates be, IN
all probability, available. al.
BESIDES these heavy payments on account of
compounds, the interest on the seyen-thirties
has to be provided for. and may require on the
10Th June ten milliOIs. ON the 18th July about
FIVE millions On the 18th August, too, the
whole Of the first series Of seven thIrtes VIII
mature. but of course there y no prospect that
any OF such notes Will be PAD on at par IN cash.
because the holders il that case would lose the
amount of the. premium. -
Still the Treasury, having such heavy dis
bursements on account of the debt in addition
to the ordinary payments of the Department,
a larger working balance than usual Is obvious
ly necessary Just now. 1t must, however, be
evident that the large payments TO which we
have referred will be N part provided for, ana
the necessity for an excessively large balance
ayerted, by the proceeds Of the income TAX !
which, with a jadicio Us foresight Of the special
exgencies of the Treasury, Congress has made
payable earlier than usual this year.
The Secretary has nothing to gain by
locking up large amounts of currency, and
time will show that what now looks like
boarding is merely prudent preparation.
Future debt statements will show steady
decrease in currency debts, from the ability
Of the Treasury to sell gold bonds as fast
as compounds mature, and as fast as 1905
can be bought up. -F..s
We bring forward our quotations Of gold
In the New York market: