Nashville union and dispatch. [volume] (Nashville, Tenn.) 1866-1868, 1867-01-16

London adyices of the 10Th inst. quot,
5-20s at 72g.
Sterling exchange was quoted in New
York at l09l@IIO. Exchange on New
York was abundant, and was taken by the
Banks at 2 cent discount, and sold bv
them at par. Uncurrent money remained
as heretofore Bank of Tennessee was de
cidedIy weak at SOC buying, and 52G Sc
selling. Planters Bank was bought at SIC.
and sold at S3c, while Union Bank was
dull at soc buying and s2c selling.
Southern Bank notes we're dull at the
advertised rlles.
Nashville corporation checks were
bought at % discount, and are sold at &C.
discount.
Tennessee bonds were sold in New York
on the lth inst a. follows: $4,000 new
at G5e. 3 900 at G4sc, $4,000 bGO at Soc,
$1,000 at 64lc, $1,000 at 6j}c, $1,000 at
! 65!c, $4,000 bG0 at 66c, 5000 at 65lc
The total amount of gold bearing notes
that have been issued by the Treasury de
partment is S6O,O3O,OOO, Of which S22l,-
| So 20 is outstanding
A New York paper makes following state
ment:
The depression Of business in this city Is
illustrated by the important statement that one
of our heaviest and most prosperous firms. which
paid a tax of several millions of income last
year, Will his year he unable 10 pay a single
cent, owing 70 heavy losses and general dizziness
OF trade that reduced the receipts below the
actual expenses
The New York Tribune says: "These
statements viii surprise no one who has OBJ
served the course of trade since January,
1866. Declining prices and deferred pay
ments from the interior, aided by enormous
rents and store expense, have united
to make the year 1866 very unsatisfactory
totrader5 throughout the Union"
The New Yorl, Post states that a general
disappointment prevails that the ease in
money which was expected at the begin
ming Of the year has not as vet appeared
The causes of the stringency are not to be
found in the scarcity of capital, for proba-
bly, there have not for long time been a
larger amount of disengaged funds seeking
investment Nor has the stringency pro
duCed by any scarcity of currency for of |
national bank notes the bank vaults contain
an abundant supply and the greenback re-
serve is also large. There is another di- |
rection, however in which we can look |
with more success for the disturbing inAu- |
ences. 1t is in the weakening of that
public confidence ON which rest the founda- |
tions Of all business enterprise and all ma
ierial progress. Public confidence is dis
turbed, and hence the trouble in the money
market. Among the chief sources of this
trouble says the Posi-, We must mention the
want of a settled policy in reference to the
currency. The inhatonists urge an increase
of it's volume If this mischievous scheme
is carried prices must tend upwards and
men will be safe in buying stocks, mer-
chandize and goods al present rates The
re5umptonists however, want violent
etior. 10 be made to return al 4 single leap
to specie payments. If they should carry
Congress with them a fall in prices to an
extent which cannot be foreseen, must in
eyitably take place. Business men who
the adoption of this crude and
perilous scheme think it madness to buy at
present prices, and prefer to do little or no
business. No doubt considerable injury
has been done by heavy and iniudicious
taxation, but it is this suspense and uucer-
tainty relative 10 what Congress may do
with the currency which at present para
lyzes production, has given shock to BUSH
ness throughout the country, and is both
the revenues Of the government
and robbing Of some part of their comfort
and well being millions OF our hayl-worE-
ing citizens. What the people are now
chiefly anxious for therefore Is a settled
policy SIS to the currency.
Il is the belief of weIl-informed bankers
that nothing will be done at Washington
this session to effect materially the exist
ing status of the currency, either greenback
or national, or that of the national banking
laws. If the country could be assured of
this fact, it would be a great relief to bust
ness men generally. Let it become fixed
fact, snre trustworthy certainty, that
Congress will do nothing and authorize
nothing to disturb the existing currency
law, and the active immediate cause of
stringency Will be removed
The bank movement of New York last
year reached the highest expansion in
loans during the week ending the 10Th of
October We compare the figures of the
opening and closing statements Of the year,
and also those of the intermediate date re-
ferred to:
Jan. g. '5l Oct. o. 'Gj. Dec. 81, rs
Loans -.......--. -25ls5,O0s Z19l}5,1G 1924. ~
Gold and gold
uotes.....-........ l5.7724I -.31.4S7 I3Is5Z22
Other l. tenders 5l6l7,4S. 5S,625.4 6J 63,OO0.5Sl
Total ....S $500 5sl or 365, 2}2752 So. $4,000
Capital $50 1886 30 SS3.O02)O ss3,E02O
DsEcsit5..-.... ls54s22ot 225.0S3sI3 2uN,sll 80