Nashville union and dispatch. [volume] (Nashville, Tenn.) 1866-1868, 1867-03-19

DrIJ5t 1Ds9fet luSr7
o-zs, "a series. nPOns----.----- ~ zs9 w q
5-5ls, Sd series, cOupOns.............. lpI1s9lO5
DEUS new issue I'D tel1l q
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I750s ,-.......-..... luo5ss9 lu9
E-sis "a ...... lHo14 g lOot2
Exchange ON New York was in good de-
mand Brokers were buying at par and
selling at premium But little was done
in uneurrent money Bank of Tennessee
was inactive, and may be nominally quoted
, at 25c. buying and SIC. selling. Union
and Planters Bank notes were in good de
mand, the former at 90c. and the latter at
Sec. Southern Bank notes were very dali
at the adv ertised rates.
Nashville corporation checks were
bought at lOc., and sold at &c. discount
Tennessee bonds sold in New York on
the 18th inst as follows: $4,000 ex- coupons
at 66bc., $4,000 ex. coupons at Cole, $1,000
new at 64tc, $4,000 new at Gao, $4,000
new at 645c., $4,000 ex coupons at 66e.,
$4,000 new at Gaze; and on the 18th,
$1,000 ex. coupons at 65fc and $4,000 new
at Gate.
The New York Tribune says in SIS
money article of the evening of the l4th
instant: Money is more in demand, and
the credit and capital of borrowers are
more closely scrutinized. The failure of
OTay, I aft & Co. has shaken confidence
materially in the dry gooda trade, where
there are many weak spots, which by 4
further contraction of currency and credits
will, at no remote period, be brought more
fully to view. II is a fact patent to all
prudent people that enormous house and
store rents, extravagant salaries, free living
together with losses on stocks of goods and
outside speculations, have swept off large
proportion OF the working capital Of mer-
chants. 1t is this state of things which
prompts traders and spectators through
out the country to clamor against eontrac-
ton of the currency and return TO nat
ural prices. On call money is had at Coz
per cent, with less doing at per cent. on
the best collaterals. In commercial paper
there is less activity, and bills not first-class
sell at high rates. The funding process is
in rapid operation, and at the next debt
statement the plain legal tenders are ex-
pected to show the whole reduction allowed
under the law"
John J. Cisco, Esq, formerly United
States Assistant Treasurer at New York,
has written a letter on the financial sltua-
ton with some valuable suggestions for the
future. It's extreme length prevents its
publication in full but we will endeayor to
condense its most important features. After
stating at length the present condition Of
the. Treasury, he enumerates the resources
as follows l. A revenue in gold which is
at present largely in access Of the annual
gold interest 2. A revenue in currency
equal to the expenses Of government and
the interest which is payable in currency.
8. A present reserve of gold coin of $780,,
100000 After showing that the Treasury
is not in perfect credit, he goes ON to say that
to this state of thingss che would apply,
simply, the same rules Of conduct as he
would apply to his own affairs If they were
in the same condition, or as prudent man
ager of bank or other private company
would apply TO a like condition Of its af-
fairs" These are: l. Being under a heavy
load of Indebtedness, would seek fist of
all TO improve my credit. 2. A large por-
ton of Indebtedness being made up Of
promises to pay on demand, should do all
| could to increase my ready means in cash.
3. / would take care that my income was
kept up for the future so as to fully meet
my expenses and payment of interest, and
4. | would let my creditors see that had
in the management of my affairs a fixed,
plain, direct system. He then applies these
ideasto the Treasury and suggests 1. That
all sales of gold should be forbidden by
law. 2. Contraction of the legal tender
notes should be stopped. 3. No more gold
bearing bonds should be issued at present.
A. As the 7-30 notes are soon coming due,
the present is the time to strengthen the
Treasury in gold. 5. He suggests the
funding of 7-30s in twenty year bonds bear
ing the same rate of interest in currency. 6.
He would use the same class of bonds for
funding the compound interests notes 2.
Repeal all laws and parts Of laws author
izing any other class of bonds. g. Make
no special effort to reduce the debt but
would reduce the taxes, and let the debt be
reduced by our growth in wealth and Popu-
lation 9. Discountenances the issuing Of
FIVE per cent. bonds 10. Postpones the
cancelling and taking in the legal tenders
until they are brought up to par. II. Be
lieyes no official can decide how much
money people need in their business, but
the operations of trade will solve the ques-
ton. II. Would not attempt to force specie
payments, but leave them TO come about
naturally. If it wishes 70 inspire conf
ueuCe, tue pohcy u Tue AAcA7tAJ ihuSi NC
simple, comprehensive, direct, plain, open
and permanent This is almost as impor-
tant as that it should be wise. There is no
need of any complicated machinery, snch
as is commonly known as Gnanciering 1t
is safe, ! think, to assume of any scheme
for our finances, that if it is complicated ii
will work badly. These are the senti-
ments of one who has had experience, and
as such are entitled to fair consideration.
The following will show the eompars-
tive receipts of -four and grain at the ports
of Milwaukee, Chicago Toledo, Detroit
and Cleveland, from Jan. to March 9, for
1866 and 1867
fl"uf' 'e-'''-' -
Wheat centAis......--......-...-l ,9yV+1 l,S9l424
Corn centals .to50l6 9s.l4
Oats centais aolsst SyyoaO
Barley. centais-.-.-..-..-....'---. i55lzs 49,.
Rive eentais.---..-...,- .---... 5Ssu4v oos1-o
Totals grain. .-.--.-..--.--2,blJ.z7 ~ E.iso4S5
1877 increase grain centais..-.4'.s.'..-.. o. -