Nashville union and dispatch. [volume] (Nashville, Tenn.) 1866-1868, 1867-02-24

e Government securities were quoted i
d New York yesterday as follows;
: 5-2s coupons .-.....-.. lll3z@lll1
|, 5-2Cs ID series. coupons l091slGl0S1
r 5-9S Sd series, cOupOns--------.. luoi "a lU9
Dos new issue lO612GlO62
u ~ 4Us lOl3sd lU62
a 1905 ............. IO6a 1861
= London advices of the 23d inst. quot
United States 5-20s at 733
! Exchange on New York were sold by
, the banks here at premium and bought al
par
We did not hear much doing in Bank o.
Tennessee. There seemed to be much
better feeling, though brokers were still
offering but 3Oc and were asking 35@36c
Planters Bank was firm at Csc buying
and S6lc selling.
There was considerable demand for
Union Bank notes, and it will be seen that
Thomas S. Mari advertises to pay zoe,
which is an advance of sc in the dollar.
There was no change in other uncErrent
money.
Tennessee bonds sold in New York on
the 18th inst as follows $1,000 old at 85c,
| $1,000 ex. coupons at 66c, $4,000 at 669c,
$4,000 at G6sc $4,000, ID call, a; 663c,
$4,000, new, at 65c, Sl3,OOOat este, $4,000
at 655c, $1,000 at Csc, $1,000 ex coupons at
6G2c, and on the 2Oh 10000 ex. coupCes at
Cote, $4,000, new, at este, $4,000 at 65s
aud 10000 at 65!c.
The United States House of Representa-
tiyes occupied its session entirely on the
Dist instant on the Senate bill providing
for funding the maturing compound inter
est notes into four per cent. loan certificates.
| A the bill involved the relative merits of
expansion and contraction Of the currency,
it ELECTED a spirited and earnest debate,
which was confined to the Western men,
bers in favor of expansion, and to the
Eastern men who urged contraction. The
House was brought to vote on the naked
question by an amendment to the bill Of
dered by Thad. Stevens, providing that as
/
Treasury shall issue simple legal tenders TO
take their place. 1t was claimed that this
mode would not expand the currency, be- |
cause the National banks would use the !
new notes for their reserved fund, to take |
the place of the matured compound notes. |
On the other hand, it was urged that this |
step would expand the currency to the |
amount named, especially if as the bill |
provided, the present rate of contraction of |
four millions per month was prohibited. |
This argument was based on the assump-
ton that the National banks would find |
some way to use portion of their reserved
fund for business purposes. Some of those
who favored the issue of legal tenders in
place of loan certificates, did so on the
ground that it would save four millions of |
four per cent. interest per annum. The
House first adopted the amendment by
twenty, and then turned round and rejected /
the bill by nine majority. Its defeat was
caused by the second section, which prohib-
tied the Treasury from contracting the cur
rency in the future. The rejection, how
ever, was speedily reconsidered that sec
ton stricken out, and the bill passed by IS
to IS. All ofthe Western and several of
the border States members voted for it,
while the East voted solid against it. The
bill as passed, therefore, authorizes the issue
of one hundred millions of greenbacks, to
take the place of the maturing compound
interest notes, and does not interfere with
the power of contraction now possessed by
the Treasury 1t is doubted if the bill can
pass the Senate.
The Illinois House of Representatives on
the Dist inst, adopted a resolution instruct
ing the Senators and Representatives in
Congress from that State to do all in their
power to oppose the contraction of the cur
rency by the withdrawal of legal tender
notes, and to aid in all measures tending to
the substitution oflegal tenders for Nation
al bank notes
A Washington evening paper of the 2lst
inst says Secretary McCulloch will shortly
issue a circular, notifying the public that
the Department is now ready toreceiVe and
convert into 500 bonds the 100 bonds
issued under act of August, 1864, and due
next August, and also to pay the interest
thereon. This il done in order that the
bonds may be received and converted daily,
not all be presented at the same time when
due.
The New York Tribune says the general
market was firm and higher in the morn
ing of the 18th inst under the impression
that harmony between Congress and the
President would be restored. A momen-
tary advance in stocks might be produced
by this, but nothing more. Political quiet
would give the Treasury new and powerful
assistance in funding its short debt, and 50
hasten the time when specie payments will
be secured. As the affairs of the Treasury
are brought in order by funding compound
notes and Withdrawing plain legal tenders
prices based upon the paper money must
decline, and continue to yield until they
reach values based on gold at par.
The New York journal Of Commerce of
the afternoon ofthe Goth inst. says: Capt.
tai 10 in good demand from speculative
borrowers at per cent. for temporary
loans on miscellaneous collaterals, and
upon government securities at per cent.
The amount of commercial paper offering
has increased, but transactions are mostly
limited to first-class signatures, which are
easily placed at per cent per annum dis
count
The stock Of foreign goods in bond in
New York has been materially reduced
since the lst of January, in expectation Of
some action on the tariff question that
would apply a higher rate Of dnty to goods
in warehouse.
The following shows the stock Of Rio
coffee in the country:
New Orleans bags,..-.....---.--.-- e0JO |
galveston. gs.-....----.-.. SUI