Nashville union and dispatch. [volume] (Nashville, Tenn.) 1866-1868, 1867-10-08

9-5Js LIST seTies......--.....-...... ll2A
.2-1s "a series. ................-.. 1895
9-zJs 81 loo
. rs new issue, l07Ik
AZ -fUS---..---- ............. ...-...... 100
1-sOs d and Sd series..-----.-............ 100
London advices of yesterday quote United
States 5r2Os at 7Is.
Exchange on New York is sold by The
banks at 81 per thousand
Nashville corporation checks are still
dull at SOC discount.
There was nothing doing in uncurrent
funds or government securities.
Tennessee bonds sold in New York on
the Sd inst. as follows: $4,000 ex. coupons
at 64c, $1,000 ex. coupons at 64sc, $4,000
new at 634c, $4,000 new at 68sc, $4,000
new at 6Sc; $4,000 new at 62Ec; and
$4,000 new at 62}c.
The New York Post of the afternoon
of the Sd inst. says: The loan marke;
continues to work with considerable ir-
regularity. The ease which was expected
as q result of the issue of the three Der
cent. certificates has not been as vet de,
veloped. On the contrary, there is a sharp
demand for call accommodations at seven
per cent, and the applications for discount
are not so amply responded to at former
rates. This continued activity in money
is very gratifying to the bear spectators
as well as to large class of the lenders of
money. Among the causes for it a promi-
nent place is given to the report that the
Secretary of the Treasury has not yet de
cided whether he will have the debt state
ment show a decrease of the legal tender
greenbacks."
The recent failures of national banks in
various sections of the country is the sub
jeet of comment in financial circles and OF
solicitude with business men generally.
The failure of the Croton National Bank in
New York, which occurred recently, is
taken by the New York Herald TO illus
trate the rOttenness of the entire system,
and the facts set forth are worthy Of con-
sideration. 1t says:
The failure of the Croton National Bank
In this city has attracted attention TO the
facility with which banks can be organ
lied, under the Salmon T. Chase national
banking scheme, for sw;ndling the people,
not only without any real capital, but az
means for raising it for the benefit OF bro
kers and spectators. The Croton National
Bank was started two years ago on October
l, 1865, with capital of 5000, 600 and its
circulation was $4,000, secured by de-
posits of government bonds at Washington
worth $4,000 Thus the starters of this
bank required only $4,000 in cash to be-
gin with, and credit with the owner of
the government bonds required to secure
the circulation. The original starters in
order to control the bank would, therefore
require only to subscribe for sos 600 of
the capital stock, and obtain SOS, 900 more
from innocent outsiders as stockholders.
whose names and subscriptions give this
swindling national banking scheme Donna
fde appearance After the bank COM
mences operations the deposits give specu-
lators who start these affairs the control of |
large amounts of funds of which they enioy
the use, by discouuting their own notes, or
in call loans at the bank. In the last state
ment of the Croton National Bank the de-
posts we're $4,000. 1t is apparent from
these figures that designing spectators
with about $4,000 in cash in their posses |
sion for, say one month, could organize uu-
der the national banking swindle bank |
with 5000 900 capital, which would place |
under their unchecked control funds to the |
amount ofS372,0 600. Under such a system |
the wonder is not that there are 50 many,
but there are 50 few bank failures, when a
bank, as has been the case in this Crotch
affair, can be started by one brokers' firm, /
and at the end of year sold by that firm /
to another broker, and then on the ami
versary of its second years existence pass
into the hands of the government receiver.
The national banking scheme is hot bed |
for producing "prarie dog" corners and |
every kind of doubtful Wall street specula-
ton The national banks are the great
bulls in Wall street, and at least one-half |
of their whole aggregate capital is repre-
scented by inflated prices or Wall street |
margins, which they themselves have Gre
ated and sustained. Chief Justice Salmon
P. Chase, when Secretary of the Treasury,
deposited government funds to the extent
of S5,000,000 or $6,000,000, without one
dollar of security, in the First National
Bank in this city, when its capital was |
only 100000. In other words, Secretary |
Chase made present to the First National |
Bank in this city of the interest on S., 000,-
900 or $6,O00,000, which, invested in five
twenty bonds, produced $500, 600 to $780,
900 gold interest per annum, worth at that |
time from 100000 to 100000 per annum |
in currency. An annual present of $780,
900 to 100000 from Secretary Chase to a |
bank with $4,000 capital, is curious and |
liberal This was the keynote given By |
the honorable Salmon P. Chase for the Or
ganization of that system by which the peO-
Die are swindled. The rich are made |
richer, and the poor poorer thereby, be
cause the enormous profits realized by the |
national banks from their legitimate bust
ness, and also by failures and frauds, all
come, of course, from somewhere, and that
somewhere is the pockets Of merchants and
traders. The commercial community lose
what the national banks gain. The bonus
of SIS, 900, 900 per annnm in gold, paid By |
the government on the bonds which the
banks hold to secure their circulation, is
TAKEN from the pockets Of the taxpayers.
The farmers, laborers and mechanics lose
$18,O00,00O per annum in gold, and the
national banks gain that sum, sufficient,
at compound interest, to pay the whole na-
tional bonded debt in about thirty years.
The So, 100000 of legal-tender per cent.
certificates authorized by the Republican
party at the last session of Congress, are
a repetition of the swindling upon tax
payers. If S60OO0,000 of legal-tenders are
required, why not issue them without in
terest? Why pay the banks Sl,5O0,0OO
per annum in interest for that which can
be obtained from the printing press for
nothing but the cost of paper and printing?
--------
Southern Cotton Markets.
CHARLESTON, Oct. 4.-Cotton quiet and IN
changed sales $50 bales; middiing 49, 10 ls11z;