Nashville union and dispatch. [volume] (Nashville, Tenn.) 1866-1868, 1867-02-07

! louuOn doNlceN OF tAe oth flSt' 4uote
5-20s at 724.
Sterling exchange was quoted in New
York Yesterday at l084@ 1921.
Exchange on New York was taken at
discount and sold at par by the Banks here.
But little was done in uncurrent money.
Bank of Tennessee was quiet at 45a4 8c
buying and SOC selling. We heard of but
small lots changing hands at these figures
Union and Planters Banks continued in
good demand The former was bought at
S5c and the latter at SAC.
Southern Bank notes were very dull and
in no demand.
Nashville Corporation checks were
dub at zoe in the dollar.
Money il working easier in New York,
and an easy market there will not be with
out its reflex influence even here. The New
York Times Of the lst inst says:
The new month begins with decidedly i'm
proving feeling in Wall street. and with better
hopes OF the spring trade among the merchants
than at the opening of the new year. There is
less fear or suspense as to what will be done at
Washington on the currency and other financial
questions. The money balances offered on tenn
porary loan among the Brokers are daily in
Teasing and the present prospect Is that the dis
trust created by the panic Of last week will sooE
pass away. The rates for money are all the way
from to per cent, according TO the credits and
collateral Of the parties with whom cash bal
ances are Voluntarily left on call or to whom
money is lent on application. There Is a general
agreement to-day that money is easy and a
strong confidence expressed that the currency
As no further to be contracted at present or
hastily or vigorously contracted at any time,
either by Congress or the Secretary Of the Treas
ury."
The New York Tribune states that the
animal statements of the Marine Insurance
Companies of that city, represent heavier
losses than have occurred in many years.
The Atlantic declares 20 per cent. in scrip,
pays interest on all outstanding scrip, and
redeems the Issue of 1864. The Great
Western pays interest on all their issues,
redeems that of 1863, and declares 10 per
cent. in scrip The Great Western also
pays % per cent in cash on their stock.
The New York makes 10 per cent new
scrip, pays interest, but makes no redemp-
ton. The Union makes no new scrip, nor
redeems, but merely pays interest. The
Commercial issues Is per cent in scrip
pays interest, and redeems its issue of 1859.
The Orient issues 124 per cent iR scrip, and
pays interest. The Mercantile passes its
dividend. The most disastrous statement
is that of the Sun Mutual, which cancels its
entire capital, Represented by 81 100000 in
scrip.
The United States is regarded in Eng
land as occupying financial position much
better than that of Russia, and vet United
States securities are discredited in the Eng
fish market by comparison. Endeavoring
to account for this fact, the London Times
gives a reason as follows
It must be acknowledged that there prevails
certain distrast of the American nation in keep
ing its engagements and it is well that Ameri-
cans themselves should know the reasons which
excuse, if they do not Justify this distrust. in
order that they may do all in their power to re-
move them: investors are an initiative, gre
garious body; they flock together and inspire
each other with confidence ut one season and
with suspicion at another. II one has been
bitten. all take the alarm. We are moisture that
the old acts OF reputation do not even now
deter capitalists from trusting the American
nation. Americans may say with perfect truth
that these dishonest tricks We're for the most
part committed in the South. but we are here
only referring to a fact which may or may not be
wholly unreasonable There is. however amOre
recent and juStidable occasion of suspicion.
Englishmen had almost learnt before the late
war to forget the bonds of Alabama and Missis-
sippi. and had again invested largely in State
securities- The ,gaF Came aud interest soon
ceased to be paid in the South. in conse=
quence of Il force adjelire of which no creditor
could complain. But the bOndhOlders of the
Northern States found that they did not escape
unscathed. Congress passed an act authorizing
the issue of incOnyertibie paper, aud declared il
to be legal tender. Every State in the North
with the honorable exception Of Massachusetts
faithful it among the faithless fOund-ayailed
itself promptly Of this law and paid its creditors
IN deprecated currency. Thus the English
creditor who had lent $1,000 in gold to the State
Of New \ ork upon the promise of per cent. in
ceived $50 IN paper, the value of which was at
one time no more than s24 in gold, and even
now il very little more than $40. Worse than
this, if the bond became due he was paid off with
q sum varying from tWO-ffths to tWO-thirds of
what he had lent. Instead Of getting back his
thousand gold dollars he received from four to
six hundred. 1t is true that protest was raised
in America itself. The example of Massachusetts,
was and is standing rebuke, and we believe an
offer was made to the State of New York by some
leading merchants and bankers of New York
city TO lend whatever sum mget be necessary to
make up the difference between coin and paper,
upon receiving promise Of repayment on the
termination OF the war Had it been a question
of personal honor. the offer would have been
accepted, il, indeed, it could in that case have
been found necessary; but the morality of a
legislature Is determined by its worst members
The Ways and Means Committee received
the report of their subcommittee on
whisky, on the 4th inst, and concurred
with their recommendation against any re-
duction Of tax thereon. The committee
will endeaVor to make regulations for its
manufacture so stringent that the next
years revenue will be much larger than