Nashville union and dispatch. [volume] (Nashville, Tenn.) 1866-1868, 1867-01-29

London adyices OF the 2Sth inst quote
5-2O's at 72..
Sterling Exchange was quoted in New
York at l09@ lo9g.
Exchange on New York was taken at I
T. cent. discount. and add by the banks at
par
We heard Of but little doing 10 incur
rent money.
Bank Of tennessee was very dull al 4Se
buying, and jOe selling Sorae dealers were
Offering but 45c
Union aud Planters Banks were in good
demand The Planters wac bought at 83c,
aud it will be seen BY reference TO The ad-
yertised rates of Thos 5. MARI tina, he has
advanced his bnying rate for Union Bank
to CSC.
Southern money remains dnll, and rates
FOR several OF the hanks were lower.
Nashville corporation checks were dnl at
Toe discount.
Tennessee bonds sold in New York on
the oath inst. as follows: $4,000 ex-cou-
pons al G24c, $4,000 at 62se, $1,000 at
G2fc, $4,000 new al 62ic, $4,000 at 62sc,
and $4,000 al G29c On the "a insi the
new issue Of Tennessee bonds sold in New
York at Csc. This shows decline of 5Sc
hetween the % and oath instant in our
bonds, a heavy decline, when il is reported
| that the interest has been met
A correspondent OF the New York
journal Of Commerce asks that paper how
long the National Banks can stand a gen
eral contraction Of four millions per month
in legal tenders, and still keep on hand the
% per cent. of their circulation and depos-
iis in that currency, which they are re-
| quired by law to keep. To which that pa
per replies that it would be possible for
| them to continue in that relative condition
| about seven years, provided no other con-
ditions Of disturbance were admitted, and
the compound interest notes were redeemed
when due by other legal tender issues. No
such contraction, however, says that paper,
need TO be expected. As far as we can
learn the following will show the depend
ence Of financial affairs upon the Political
complications. The Supreme Court is in
the way of such a prosecution OF political
| schemes as the majority desire. A law was
passed last year which, in reality, prohibit
ed the President from making any further
appointments to that bench while h re-
manned in Office But this is not enough,
and Congress desires to reOrganize the
court BY adding three Associate Judges
pledged to carry ont the wishes of the ma
jority. Under the constitution the Presi-
dent cannot be deprived Of the power of
appointing those if the court was thus en-
larged. Therefore the President must be
removed by impeachment. At this point
an unexpected obstacle arises in connection
with the government securities. The re-
moval of the President might 50 affect the
market price Of United States stocks as to
throw all the national currency on TO the
Treasury, and produce a financial reyul.
sion. No fiat of legislation would avail
against such catastrophe, and no political
party could Withstand the pressure OF such
q disaster. To avoid this, the temporary
substitution of legal-tenders for the IA
tional curTencyis now proposed. This, for
the time, would disconneet the banking
system from The government stocks as the
latter now on deposit would he taken up BY
the Treasury at the market price and paid
for 10 greenbacks. These being recognized
as the standard, could not depreoiate, and
would have much greater power of expan-
sion than the bank notes for which they
were suhstituted, thus creating fresh in
tiatiOn TO counteTbalance, in whole OF in
part, the effect upon trade OF the political
revolution, The Conservative members Of
Congress, many Of whom have been OPP
posed upon principle to the ISSUE of the na-
tional currency, are relied upon to aid in
this change, thus eounterbalanCing any OPP
position from the banks, and the latter are
to he quieted az far as possible by the
promise OF a'restoration of their circulation
IA soon as the crisis is safely passed, or at
any rate Immediately after the next Presi-
Dental election. This we understand to be
the programme, and we allude to it as OF
great interest to those who wish 10 under
stand the probable course of the financial