Nashville union and dispatch. [volume] (Nashville, Tenn.) 1866-1868, 1867-04-06

DECREASED deposits $3.50 368
Increase in circulation. ............... l49.Ts4
The New York Times states that the con-
traction of about four millions each in
loans and deposits resulted not so much
from preparation for the quarterly state
ment, as to met drafts made upon that mar
ket by some of the neighboring cities. The
New York Herald says: "The bank con-
traction in loans-amOunting to nearly
So ,000, 900 in two weeks-has seriously de-
ranged business, and it will probably take
some little time to recover"
The amount of specie brought TO New
York by the steamers from San Francisco
and Aspinwall from the LIST of January to
the 1st of April, is about $7,044, 462,
against 9,208,9 38 for the corresponding
period of last year, showing a decrease
from that source of S2,164,476. The ex-
ports of specie to foreign ports during the
same period amount to S6,513,641, or $780,
82l less than the receipts from California
The financial situation has been left by
Congress, says the National Inteligeneer, the
same as it was at the opening Of the session
last December, with the exception of GER
tain notifications of the internal revenue
and tariff acts. In regard to national
banks and the currency, the funding sys-
TEN and the payment of the public debt,
no changes have been made. But the
projects which were brought forward last
winter, with several new ones introduced
since, are before the country for considera-
ton, and will be chief subject of discus
sion, and perhaps legislation, at the next
long session. 1t is not apprehended that at
the July session, even should there be
quorum for business, the currency will I'M
dergo any party tinkering. Business and
commercial matters will be left undis-
turbed by legislative interference till next
winter, which will be great benefit to the
country. Several of the commercial jour
nails have noticed a scheme introduced in
the House by Mr.. Morrell, Of Pennsylva-
nia-not Senator Morrill,, of Vermont, as
has been stated-for the payment Of the
public debt, etc. The main principles of
the scheme are, first, to forbid any further
contraction of the currency, and to retain
gold in the treasury till it shall amount to
two hundred millions of dollars, and also
requiring the national banks to retain all
the gold they receive from the treasury in
the shape of interest on their bonds. There
is one objection to this project which is
fatal TO it, to wit that the time will not
soon come when there will be such an ae-
cumul alton of gold in the treasury. OF
the one hundred millions now there, co.,
siderable portion must be paid out for the
ordinary expenditures of the government,
in addition to the interest on gold-bearing
bonds, the amount of which is increased by
conversions of seyen-thirties. The internal
taxes have been reduced by some tens Of
millions, and, during the next fiscal year,
there will be large falling off Of revenue
from that source, in that the gold receipts
from customs must be sold in order to meet
deficiencies in the revenue. We learn
from business sources in the North and
East that the income tax will fall of very
seriously, and that the tax on manufactured
goods will yield not half as much as it has
done, owing TO the large stocks on hand
and the dizziness Of trade. The manufac.
turers will curtail these products one half
until the South and West become able
again to consume as largely as they did in
1865. What the tariff win yield another
year is doubtful but it is quite certain
that the imports must fall of, unless We
can pay for them in United States bonds or
gold. Nearly all the cotten Of 1866 that
Europe will take has gone forward already,
and no one expects a great increase OF the
crop in 1867. There viii be, it is hoped,
considerable increase in 1868, unless the
Southern capital and labor be largely aP-
piled to the production of means Of sub
sistence; but it is not probable that even
then the crop will in the aggregate bring
more money than the crop Of 1866. We
have little reason TO expect, under present
Circumstances, that we can maintain a
specie reserve in the treasury Of even a
hundred millions for years to come.
A Memphis dispatch Of the 4th inst. says