Nashville union and dispatch. [volume] (Nashville, Tenn.) 1866-1868, 1867-01-24
Exchange on New York was dull al

| " dull and dealers are not offering over
4Sc There was a steady demand for Udion
and Planters Bank notes. Brokers Fere
paying SAC for the former and SIC for she
latter.
Southern Bank notes continued very duh
at the advertised rates
Nashville corporation checks were dull al
Toe discount.
The Cincinnati Commercial Of the I'D
inst says " Money continues scarce, and
all that bankers can use in their discount
business has employment at full rates Of
interest-IO to 70 per cent on customers
paper, Is to Is per cent. on the best outside
names, Sith variations up to "a per cent.
There IL moderate improvement in mer-
camille deposits; not though such "a gives
the market any relief The long.continued
closeness has resulted in less damage to
business men than could reasonably have
been expected. This is in no small degree
owing to the fact We think, that bankers
have been disposed generally to pursue a
generous policy toward their customers, and
where assured that those whom they were
accommodating really deserved aid to nurse
them along until the stagnant period could
be bridged over. There is a common in
terest between the lender and the borrower
which makes it peculiarly desirable for
both to act, in times like these, in the best
| Of faith The situation would be different
if credit was extended on a speculative
basis, but this can hardly be said 10 be the
case in any branch of regular business It
Is true that many have encountered losses
/ in speculative ventures within the last
twelve or eighteen months; aud that many
who had no business in the New York
stock gambling arena have seen their means
take sudden fight within the last sixty
days; but the presentstrain is a consequence
Of or at least has other causes than these;
such as an actual poverty in two or three of
the leading staples of the country the I'M
certainty attending Congressional legisla-
ton; the unproftableness of our foreign
commerce, and a widespread indispositiOn
/ of men to pay their current small obliga-
tions. The shortness of the wheat, cotton
and sugar crops were indeed oalamities at
time when the commerce Of the country
was undergoing transition from the condi-
ton in which it was placed by the war to
that of peace; but progress through all the
vicissitudes to which trade has been exposed
has been unexpectedly safe and steady 30
far, and can doubtless, with a firm mainte-
nance Of confidence and measures of re-
trenchment, be fully restored to a comfort
able condition without widespread dis.
sster7
Ii is reported from Washington that the
chairman of the Committee on Ways and
Means has in print financial speech ready
to deliver in favor of gradual contraction of
the currency, and that the discussion on
this question in the committee for q few
days past shows that they favor the present
rate of S4OOO,OOO per month.
The bill passed by the House of Repre-
sentatives on the Dist inst provides that
the Secretary may sell surplus gold disere-
tionary, giving sixty days public notice.
The vote on suspending the rules to con
slider it was 1l3 10 SO. The bill was put
through the House by an almost unanimous
| vote, hardly dozen members answering
when the negative vote was called. twill
entirely break up the custom of selling gold
secretly, as it requires that when the De
partment has any for sale, notice of not
less than sixty days shall be given by adj
vertisement in Washington and New York.
Sealed proposals must be received by the
| Treasurer at New York, and the highest
responsible bidder will get the gold. Com
pound interest notes will be received in
payment at their face and accrued interest.
1t is understood that the Department will
not make any further sale for some weeks,
whether the bill becomes a law or not.
The steamer which sailed from New
York Yesterday took ont SIT, 900 in specie.
The Atlanta Hatsliigence7 of the 22d inst
makes the following important announce
ment:
We have been favored with the following ex-
| tracts Of letter from General VIM. Malone,
| President Of the Norfolk and Petersburg, and
| South Side Railroads dated January u. 1861 70
| Major Z. Wallace, Superintendent Of the Vest
| ern and Atlantic Railroad
:" We have lately sent forward one steamer
! from Norfolk, fully ladened for Liverpool and
! NE Gre now loading another"
Il want 10 arrange TO grant bills lading in
| your place lAtlanta) for Liverpool direct. tree
| Of all charges except freight and insurance.
| Railroads to collect Of steamers, and the latter
to arrange for insurance and advances on ship
| ments. We can and must have direct trade for
the South"
The information embraced in the foregoing,
| that one steamer had already gone forward from
/ Norfolk, fully ladened with cotton and that an
! other OF the same line was, at the date Of the
| letter Of General Malone, being ladeued with
cotton for the same destination, is gratifying IN
| telligence to us as il should be, as we'll To the
| producers q that staple, as 70 an in the S@uth
| engaged in its transportation to foreign markets
| On this partial success Of the enterpTising com
| pany engaged in the attempt to establish direct
trade from the South with Liverpool. we heartily
congratulate II, and trust that u may prove
| success throughout. and for all time 10 come. We
| need not enter into any argument TO prove, what
has been demonstrated long ago and often il
| these columns, the advantages that must result
| 10 the South from direct trade with Europe. In
| days past and gone, political influences backed
| Dy the money p0Wer-dna We may as we'll speak
| the truth, though it may reflect upon the South
| and the superior commercial enterprise Of the
| North, defeated the spasmOdic efforts Of the
| South, whenever they we're made, 70 establish
| such trade. Southern capital found other in
| vestments than ia shipping and commercial pRr-
| suits with negroes and land, it was not content
| IL yearly required HlCrs negroes and more land,
| and comparati gely speaking Z sought invest
| ment from the Potomac to the Rio Grsnde only
| IN these. Combined With the ianatIcal hostility
| TO the institution Of slavery which made Us APP
! pearance in the North fOlfy years ago, this I'M
wise neglect of the South Of its every other great
| interest, and the readiness with which II yielded
| 70 the commercial. manufacturing and financial
enterprise Of the North gave 70 the latter every
| advantage for which IL commended, and secured
| 70 Il ali the immense profits Of direct trade With
Europe, And now that Northern fanatielsm has
been gorged with as success; noW that there are
no more negroes to buy; now that there Ia land
plenty and millions Of acres 20 spare; shall the
monopoly Of direct trade still continue IN the
| North We shall see The new era which has
daWned upon the South gives ii opportunities
% employ It's capital more wisely than Il did be-
fore. The Norfolk enterprise IS one Of these.
| let others spring upI We feel, despite her mis-
fortunes. that there Is life 10 the old land yet
| The second paragraph Of the extract from
| General Malone letter 70 MAJOR " aiecs quoted
in the foregoing proposes 10 inauEurate a system
! Which il well worth the serious confederation Of
and as such We invite their special attention o.
| IT, We trust that it viii tmpress them tavOFaolg,
and that i viii prove pTopslier 70 thai which
the writer Of the letter desires 10 secure direct
trade for the South"
Cotton was quoted dali ct SAG 34tc in
New York yesterday at noon. A later
dispatch reports decline Of I cent
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