Nashville union and dispatch. [volume] (Nashville, Tenn.) 1866-1868, 1867-09-25

l aDuDdant crops have enabled the West n
send forward double the amount Of bread
stuffs shipped up to the same date last wear.
| We have thus a reversal of all the con-
ditions which existed at this date in 1866
and the just inference is that, instead of an
easy market, as last fall, we shall expe-
rience more or less stringency. As vet,
our grain dealers have done comparatively
little in the purchase of breadstufs, and a
large amount of Indebtedness to the West
remains to be incurred on that account. We
may, however, easily err in attaching much
Importance to this source OF demand. as the
| west must early begin to make payment
| ior ITS purchases of goods in our markets.
with the cotton crop, however, it is differ
ent. There are considerable balances held
by the banks here on account of Southern
institutions, which must be fortbw;tb
drained down, while large amounts must he
sent South for the purchase of cotton. The
unusually heavy foreign balances held here
Will be taken out of the hands of the banks
and made available, in the hands ofSouth.
ern agents, for moving the crop. This de-
mand has yet to make itself felt
ouihclent importance has not been at
taehed to the large contraction which has
been made in the legal tender circulation.
FROM June LIST to September 1st, the tres-
sury had retired S3S, 800, 900 of compound
notes and IS, OOO, 900 Of plain legal tenders
making a contraction of SAC. 500 900 within
three months. Considering that these notes
are the basis of the banking operations of /
the country, it is very evident that their
sudden loss must have yery Obstructive
effect upon the credit operations of the
country, until they have been substituted /
by freer use Of individual credits, a sub
sdtulon which requires time for its easy
adjustment. Another large batch Of COM
pound notes mature in October, but the
presumption Is that inconvenience from
that cause viii be obviated by the treasury
issuing IN their stead the new per cent.
Mr.. McCulloch, however, will
probably persist in carrying ont hismonthly
OF four millions of greenbacks
which, with an active demand for money.
Will have an embarrassing effect upon the
market. Under all these circumstances.
what could we have at present but close
money market? and what reason have we
Tor expecting anything different for several
weeks to come?
We printed last seek the Charleston
C0urier's statement of the cotton crop for II
he year ending Aug 81, 1857, which put the
'rop at 1865, 291 bales, and the stock or
hand at the shipping ports at %. 541 bales.
The New Orleans Price Grrent put the
'rop at l,s68,288 bales, and the crop ON
land at 1894 bales. The New York
FinaHcldt Chronicle of the Dist inst. con- \
aims its annual cotton statement, putting
he crop at 2,193,987 bales and the stock /.
n hand at SO, l55 bales. That paper saws: I
The receipts very nearly approximate II
hose Of last year, the total reaching 2Ol9.- II
II bales, against 2,193,987 bales for the II
revious twelve months, indicating a de- II
rease In the receipts this year Of only Il
,|I6 bales. 1t would be impossible to
.ate with accuracy what proportion of this
ggregate was the product of the last year,
stimates differing so widely with regard =
the amount Of the old crop not brought &
'rward at the close of 1866. We think, n
owever, we may safely take this old sur n
lus at 100000 bales, and shall then have q
1T about l, 100000 bales as the total pro-
uct Of the past season. The new year be-
ms with an unusually small stock in the
lterlor, and We must therefore look almost
ltlrely to the new crop for our receipts ~
1rihg the coming twelve months.
The following is given as the number of &C
lies on hand at the localities named upon i
e lst Of September; New Orleans, $3.50 an an
labama, 3714; South Carolina, 1923 Co
eorgia, 633; Florida, 5; Virginia, 2589; 5595
ew York, al ,497 Boston, 10000; Phila- SW5'
'lphia, 5000; Baltimore 1000; Texas, GO
33, Of the exports it is said Az
The total exports for the year reach l, ~
2,3ll bales, which is within the I46 HI
les of last years total when the figures 46t
re l,552, 457 bales. If we average these o.
les at 45O ID, and the price received at
d. per ID, the value in gold of our cotton All
ports for the year was SI7O,OO,OOO. me