Nashville union and dispatch. [volume] (Nashville, Tenn.) 1866-1868, 1867-01-17
Londnn adrices of Dc ~ - qnote

5-.Ns new issue .....-......-........ 164ifGl0l5
la-i9s..... ss4{@ ~
s,}s- ..-..---....--..--s bt'-tnip41
London advices of the 10th inst quote
sos at 725.
Exchange on New York vas unchanged
Bankers were buying ut I discount and
selling at par There was but little doing
in uncurrent money!
Bank of Tennessee was shade firmer at
SOC buying, and SEC selling. Planters Bank
was bough. at S2c, and sold at 8Sc, while
Union Bank was Grm at SOGSlc buying
and SIC selling.
Southern Bank notes we're very dull at
the advertised rates.
Nashville corporation checks were taken
at ga Toe discount, and sold at "a Sc OF.
They are used in paying corporation taxes.
Tennessee bonds sold in New York on
the 18th inst. as follows: $1,000 new at
G5Ie, $50, 600 at 6je, and $1,000 I'd call at
653c. North Carolina bonds of the new
issue were quoted at 543c.
During the month of December last the
Acting Comptroller OF the Currency de
stroyed national bank notes to the amount
of S88, 100. 500, 500 of which was returned
by the national banks in the State of New
York.
There has been considerable stfingeucy
in the New York money market Of late, and
il is explained to have resulted from the
operations Of spectators who sought to
bring on crisis in money matters. The
New York Herald of the 18th inst. says
these would-be panic makers have been
less successful than they have been antici-
pated, and adds: "The money they bor-
rowed on Wednesday and Thursday by
paving seven per cent in gold, and in some
cases A commission besides, still remains
under their control, but the greater part Of
it will probably be restored to circulation
on Monday. Some of this money was en-
gagged without being taken, the interest be-
ing paid on condition Of its not being used,
and some of the lenders profess to have
been in ignorance Of the bear operation
they were lending themselves to. Loans
were made in some cases on certified checks
through both bank and private lenders and
all the machinery Of credit was employed
to shut legal tender notes out Of circulation.
The result is partially seen in the returns
of the Clearing House this morning. The
bank of the State of New York was credi-
tor to the extent of S9,3OO,OO0 the Tenth
National Bank 81, $50 600, the Bank of the
Repnblic $1,000 and the Bank Of Com
merce 500, O0O-making a total Of S5,75O-
600, while nearly all the other banks we've
debtors" The New York World substan-
tally corroborates this statement, and adds
that firms in good standing were freely sup
piled with what money they needed at I
per cent, so that, as far as an easy money
market il concerned, there ia no drawback
to an advance in the prices Of stocks. The
World insists, however, that "the heayiness
and declining tendency Of the stock market
are not caused by stringency in loans, but
by the gradual weakening of mercantile
confidence in the stability of prices, owing
to the policy Of contraction Of greenbacks
adopted by the government. The contrac-
ton Of greenbacks, while they continue to
be the lawful money of the country, acts
precisely the same on the money market as
a foreign drain Of specie in specie-paying
times. It enforces contraction Of loans on
the part of the banks, and when that Is
pushed to an extremity, as in 1857, the re-
suits are panios, bankruptcies, and a ruin
Gus decline in prices. If the government
continues the contraction Of S4,0O0,OOO per
month, the banks must contract their loans,
and prices viii decline"
Some twenty memorials were presented
to the House of Representatives on Satur-
day from different portions of the West
protesting against any curtailment OF the
national currency. They were laid before
the Banking Committee. There is very
strong pressure being brought to bear upon
Congress to stop the further contraction OF
the currency, and this comes from both
New York and the West.
The drain of the precious metals TO the
Asiatic continent from Great Britain from
1851 to 1866 inclusive has amounted to
9lG,074,93S in gold, aud SIEGE sos in
silver. Notwithstanding the demand to
pay for cotton in Egypt, the draft has been
less the past year than for several years.
The opinion OF the House Of Represent
atiyea was indirectly expressed on the l4th
inst, on two important financial questions
The first was embodied in Wilson's resOu-
ton declaring that the public interest will
not Justify 2 greater curtailment Of the legal
tenders than four millions of dollars per
month; and the second was presented by
Mr.. Hooper's resolution from the Commit
tee on Banking and Currency, declaring
that it is not expedient to increase the ma
tional bank circulation above 100000 600.
Ii required the suspension Of the rules to
bring these resolutions before the House for
action, and a two-thirds vote could not be
secured for either. The vote in favor Of the
first was "A to 81, and in favor of the latter
81 to 81. 1t is thought both resolutions
would have carried if a direct vote could
have been reached.
The Exchange Bank at Greencastle, In
diana, which failed on the 18th inst, has
liabilities amounting to one hundred and
sixty thousand dollars, Of which one hum
bred thousand dollars is held by one hun
DR., d and sixty-tbree depositors. The assets
are estimated one hundred thousand, and
the proprietor, VIM. d. Allen, has made an
assignment for the benefit Of the home
creditors; but tits thought that it will make
no difference, a. Eastern creditors have
prior claims. The failure was owing tospecu-
lations in pork and gold, Allen having lost
$4,000 in gold at one time and SEQ, 600 on
pork at another.
The New York Journal Of Commerce Of