Nashville union and dispatch. [volume] (Nashville, Tenn.) 1866-1868, 1867-08-25
london a vices If YESTERDAY ouote Unite,

issue yesterday at lust. G
Nashville corporation checks were ex-
tremely dull. and dealers declined buying.
Large che eks we're offered at twenty-five
cents discount
Tennessee bonds sold in New York on
the 2lst inst. as follows: $4,000 new at Csc:
$4,000 ex. coupons at 66lc, ST. 900 new at
65c, and $4,000 new at 64sc Virginia ex,
coupons sold at 5O1 and North Carolina
ex. coupons sold at sac, and new at 541@
SAC, and 73c was bid Tor Georgia IS,
The New York Post of the afternoon of
the Dist inst says: among the numerous
reports on which the spectators have tried
to put up gold during the last few days, is
one that contraction Of the currency would
cease, and that, by this means. all approach
TO specie payments would be indefinitely
postponed. Some persons have even gone
so far as to affirm that not only would the
policy of contraction be stopped, but that
the opposite policy-that of initiating and
depreciating still further cur redundant
paper money-would be put in operation.
To the contradiction of these rumOrs in
part is attributed the decline in the Gold
Room, and the break down Of the specula-
tive movement"
The New York Tribune of the 22d inst
says: Speculation in the stock market con-
tinues to droop, and at the reduced prices
there is no increase of buyers. The market
is in full control of cliques, which have
loaded themselves in the belief that good
crops and cheap money would stimulate
speculation to the degree of activity shown
while paper money was being issued by the
million daily. Their hopes with regard to
the crops and money have been more than
realized, but instead of growing specula-
tive feeling in the community, great pru-
dence prevails. 1t begins to be seen that
the payment of the compound notes is con-
traction, which impairs the profits of bank
ing, and that it will ste&dily reduce bank
/ credits and raise the price of money. The
desire to sell United States stocks to
obtain money for active business continues,
and promises to increase. There are Just now
two processes going on in the money mar
ket. The first is the destruction by payment
of the compound notes, at what at its birth
was currency" and which helped to adj
vance prices Of commodities. Later in its
history it has been the reserve upon which
bank credits have been based. The process
of funding 1905, which were currency"
at their birth, in great degree, with the
power of commanding currency" at ma
turity, if at that tine United States were not
saleable at par, as was the case as late as
December l, 1865, when 5 20s with one
months interest, in gold, sold at 80. This
is another process of contraction, inasmuch
as it turns security with rights to cur
rency" into bonds due twenty years hence,
thus locking up short debt into long en-
gagements. The payment of the one year
certificates of temporary loan, of interest
bearing Treasury notes, are each and all
"contractiens," restricting the ability of the
banks to issue credits upon which specula
tors have prospered in the past, and will
bring about lower prices for all commodi-
ties. The supply of money and bank credits
being reduced, the prices of commodities,
by the Law of supply and demand, must fall
to enable the remaining money and credits
to perform the work Of money-that is, ex-
change the crops and labor of the country
for other things. For some time the mar
ket will be thronged with borrowers for "a
decreasing quantity of money" and COM
petition for it be shown which will advance
the rates of interest and cause decrease
in the price of everything for which money
is exchanged.
The first bale of new cotton was received
on the 18th inst. 1t classed Middling, and
was sold at 334c. Two bales of new Ala
bama cotton were received in New York on
the Goth inst; the staple is good and promi-
SEES we'll for the incoming crop. We are
later this year in receiving the first bale Of
new cotton. Last year the first bale was
received in Texas on the 4th of August.
Up to the 18th Of August last year, three
bales had been received in New Orleans.
The had also been bale received in Geor-
gia, and one in Memphis, before the 10th
of August
The New York Independent of the 2lst
inst. says Of drygoods:
A very marked improvement has been
manifested the past week in drygOOds, the
benefit of which has been chiefly felt by
importers and domestic commission houses.
| The jobbers have been laying in their fall
stocks, and have bought freely without ma
terially advancing prices. In wOolens and
dress goods the movement has been lively,
and the importalions and Withdrawals from
bonded warehouses have been large Prices
have been firm, but only in exceptional
instances has there been any increase. 1t
is better that there should be no advance
and importers appear to take a very sensible
view Of the situation, and to content them
selves if they can sell at a small profit.
With the increased facilities for trans-
portation, there is not the same necessity
for early purchases by Western merchants
which existed few years ago; and they
naturally put off as long they can the re-
plenishing their stocks. Bot the fall trade
has already commenced, and viii increase
in magnitude during the next month OF
two and the payments on account of the
large crops, win be much better than last
year.
In domesties there have been some heavy
transactions and some Of the msnufactnr
ers' agents have attempted to stimulat'
purchases by a small concession Of prices
in two or three leading styles. But prices
have generally held their own. In certain
styles of unbleached sheetings small ad'
vance has been established, and is likely Il
be maintained. In bleached goods there
has been increased supply Of standard
grades; the demand has been active, la
without Ennch influence upon prices. Drill
are rather dull; the demand for them j
small. Stripes and ticks are in better re
quest the better qualities meet with ready
| sale. The demand for denims as vel as 70
| saaaonah HE r,rinfa IL rnuch better