Nashville union and dispatch. [volume] (Nashville, Tenn.) 1866-1868, 1867-12-08

4 lhe New ork journal o. Commerce OF
the afternoon of the 4th inst, says "The
demand for money is little more active.
Call loans are mostly made on stock coll
lateFals at per cent; upon Government
securities there are exceptional transact
tions in large sums at per cent. There is
comparatively little doing in commercial
paper outside the banks; parties having
surplus funds prefer to place them by loans
subject to call at the legal rate osinterest,
to investing in this class Of obligations at
higher rates. The raLge of discount foe
first class signatures ia SOLO per cent, per
annum" -...s ca.
In regard to the ability of the country
to return TO specie payments at very
early day, there is the same diveraity of
opinion that existed before the publication
of Secretary McCullock's report His
arguments 20 far seem to have made no
converts in his theories. The New York
Times, of the 4th inst, says;
w = ucCiil ~ NCIldiu blAdi LlC knCNItt1IJ
cannot reach his object of specie pay
ments by the memorable contraction of
greenbacks, or by destroying their circula-
ton altogether, which seems to be the ulti-
mate end of his theory. 1t is quite certain
thus far such contraction has not brought
down the premium on gold. And it is
tacitly conceded that the third element to
resumption is the restoration-of the South
erfi States as an essential element; and
how remote this is at present, will be
understood by reference to the Presidents
message. The second element, the fund
ing or paying Of the remaining interest
bearing notes, is also deemed essential to
the resumption of gold payments by the
Treasury, but not by the National Banks.
We do the Secretary the credit to believe
that he contemplates no partial Tesump-
ton. The banks must resume at the same
time with the Treasury to make It general
They cannot do so with nearly all the
available gold in the country locked up in
the Treasury, and the greenback legal tender
circulation, which would be the equiya-
lent of gold under Treasury resumption,
wholly Withdrawn from employment. A
reference to the last quarterly bank state
ment ia sufficient to demonstrate this
dificulty-$537, 100000 Of deposits and
$293, 100000 of outstanding circulation,
against which an average reserve of 20 per
cent. or S207, SOC, 600 in greenbacks OF gold
is required to be held by law, and would
he demanded to be held by public confidence
to make resumption permanent"
There is just now more than usual
interest manifested in the whisky tax guess
ton. We insert the following upon the
subject from the recent report Of E. A. Rol.
Inns, commissioner. He says
''The propriety of imposing large tax
upon distilled spirits has never been seri-
ously questioned in this country. Ia most
cases where a tax upon an article greatly
exceeds its cost, harm results to indivi.
duals and the public; but in this case,
while the Treasury ia certain Of increased
revenue, ifihe amount produced il brought
to ehsrge, the more the consumption is
checked the more the social and moral con.
dition of the people are improved.
The limit of tax is reached when. its |
amount not only becomes an incentive to |
fraud on the part Of the producer, az most |
high taxes have proven, but when no in
considerable portion of it may safely be |
used for the corruption of officers employed |
in its collection. When such is the case, |
the revenue ia not only diminished, but |
the administration Of the law becomes dis |
reputable, and the law q reproach- The |
several taxes imposed By any revenue Law |
are paid cheerfully only when every interest !
affected By it contributes its apportioned /
and equitable share. There is reason to (
believe that more public dissatisfaction
arises from the failure to secure the tax /
upon spirits than from all other causes
combined, and unless some remedy is !
obtained / apprehend further demoraliss.
lion, extending through other sources Of
revenue, and corTuPting even the bus,
iness relations Of individuals. Bad exam. /
pies are as freely followed Sc good ones,
and the profits from fraud and collision in
one class Of cases suggest advantages to be
fraudulentfy derived from others
The popular estimate Of the production
Of domestic spirits is undoubtedly in excess
OF its actual amount The census burean
reports s04l2,5s1 gallons for the year
ending June 1, 1850, including thai manu-
faetnred for export as veil as for herne con-
sumption. From comparison OF similar
reports Of other productions With returns