Nashville union and dispatch. [volume] (Nashville, Tenn.) 1866-1868, 1867-02-15

terday by the banks at par, and sold at !
premium. r
There was very little doing in uucurrent
money generally, though there was much
excitement in Bank of Tennessee notes.
Brokers were not disposed to pay over
35c yesterday, though we heard of $4,000
being sold to an outside party at 38e. Oar
brokers are awaiting the decision of the
Supreme Court with much anxiety.
Planters and Union Banks were in
good demand at 85c buying and 869 sell
ing
Southern Bank notes and Nashville
Corporation checks were unchanged.
The bill introduced in the Senate Tues
day, by Mr.. Sherman, provides for the ia
sue of not exceeding $SO,OOO,OOO of loan
certificates, bearing 3 per cent. interest, to
take the place of the compound interest
notes as they mature. The banks are per-
mitted 10 count these to the extent ofthree-
fifths of their reserve. II is to be hoped
plain legal tenders will be substituted for
the interest bearing certificates. This
would save SO, 400 900 per year in interest;
and SO far as regards the volume of currency,
the effect would be the same in either case.
The detectives of the Treasury Depart
ment have discovered a new counterfeit ten
dollar National Bank currency note, well
executed.
The State Bank of St. Joseph, Mo-, has
been converted into National Bank, with
a capital of 100000, without circulation
The total number of banks established to
date is 1867, seventeen of which have been,
and are being liquidated.
The Cincinnati Gazette of the 18th inst,
says:
Bank balances are in the declining SCALE and
consequently there is no improvement, but the
reverse in the money market The latter is easy
only for first class borrowers who require but
limited accommodations. Those who need much
ind IL difficult to place paper. 1t is somewhat
difficult to account for this state Of things. The
collections have improved, and there should be
an accumulation of currency but it is found
that merchants are remitting very heavily to
New York, and keep their balances there instead
Of here This is induced. in part by the fact that
New 1Ork banks, generally, pay interest on
current deposits. While, therefore, there is
scarcity of money at all the Western CONNER
cial centers, there is a large accumulation of
idle capital in New York. This accounts, how
ever, only in part for the monetary pressure at
the West. Beyond this cause, it is to be at
trihuted to the continued unsettled feeling in
business circles. There is still prevailing gen
eral want of confidence, and this checks the
natural flow of currency. and keeps money
locked up in manner that clearly indicates an
unhealthy financial system. There is no prOba-
bility of any material change in these prominent
features, until Congress, in connection with the
Secretary of the Treasury. decides upon hnan-
cial policy that shall be open. and as permanent
as it is possible to make it,"
The banks of the United States paid into
the Treasury during the fiscal year ending
January l, 1866, the following taxes:
For ,262 649
1878 O59
The sum is as great as the whole revenue
of the government during the Republican
administration of John O. Adams which
the Democrats denounced for its extraVa-
gance 1t can hardly be alleged against
the banks that they do not pay their full
share of the taxes for the support of the
government.
The income tax, which is the most I'M
popular of all the taxes paid by the Ameri-
can people, was enacted in 1862, aud col
lected for the last half of that year. 1t has
since its enactment yielded the following
amounts of revenue: