Nashville union and dispatch. [volume] (Nashville, Tenn.) 1866-1868, 1867-02-14
Exchange on New York was taL

TAchaIge on New 1Ofk was TAKEN bV
the banks at par, and sold at ] premium.
Bank of Tennessee IL rather unsettled in
rate just now. 1t was rather firm Yesterday
forenoon at 4OG 42c, but later in the day
4Oc was the outside figure offered, and at
/ this rate considerable sums were bought BY
! dealers.
Planters and Union Banks continue in
much demand The former was bought
yesterday at sac, and the latter at S5c.
Nashville Corporation checks were dull
at Zoe discount.
Tennessee bonds sold in New York on the
9Th inst. as follows; $1,000 new at csc,
$4,000 at 65sc, and $50, 600 at Coo.
Our mail advices from New York to the
evening of the 9th inst. report that the
stock market continues dull under the pre-
vailing indisposition of the street TO operate
largely in either direction. Too many
houses have been severely crippled by the
losses of the last three or four months for a
speedy renewal of the speculative activity
which marked the summer and fall of
1866 to be possible. The old bull element
has been Frustrated, and new capital must
take the place of what has been lost, before
another such period can be witnessed.
Money is flowing towards the Stock Ex-
change from outside sources, but the pro-
cess of recovery in this way il necessarily
slow. Six per cent. was the rate for money
loaned on call. On government collaterals
the rate was five per cent, and large
amounts Ofsurplus funds were accumulating
in the hands of leading firms at four. This is
a very favorable showing as to the growing
ease Of market in the great money centre of
this country. OF course this case will be
reflected and felt throughout the country.
Memorials are again pouring in from the
West to Congress against the contraction of
the currency. Nearly every Western
member receives some by every mail The
Senate Finance Committee, however, seems
fixed in its determination not to yield in ia
vOrof the repeal of the law which authorizes
the Secretary of the Treasury to retire four
millions per month of legal-tenders. They
will report the bill to fund the COmpOnd-
interest notes into loan certificates, with
the distinct understanding that the Depart
ment is to retain the power named. They
maintain that if the broad road to con-
traction is blocked by this process of fund
ing the maturing compound notes now held
by the national banks, that the power to
contract the volume of simple legaltenders
now possessed by the Secretary should not
be restricted. 1t seems to be understood, |
however, that the Secretary will not use the |
power which the law gives him so as to
produce stringency in the market. In
deed it has been asserted with an air of |
authority that he will not retire any of the |
currency for some months.
The New York customhOuse returns for |
the month of January show that there was |
at that port S2,6O9,029 in bullion and spe-
Gle during that time, $2,482,8lO of which
came from California, and $l26,7l9 from
foreign ports. The exports to foreign
ports, on the other hand, amounted to S.
55l ,351, showing gain during the month
of S57, 678. The exports of specie from
New York to foreign ports for the week
ending the 9th inst, amounted to $258, 292.
The following will show the total exports
of specie from the lst of January to the 9th
of February in the years noted: