Nashville union and dispatch. [volume] (Nashville, Tenn.) 1866-1868, 1867-01-22

were the quotations:
5s. coup 1015s6l06
5-2s q series. coupons -.....-... l053s g 1866 a
2-zls 81 series roIiDons.-,-...-- li-s q ltsiss
DIS rev issue .-.-......-..-...- l0s e g lts7s
lg-sgs--- -.-e.-'''----.---.','' 5s
i-its. iult a l1i5l
London advices Of the 2Ist inst. quote
5-2O's at 20. ..r4-rr,. ss.
Exchange on New York was taken by
the banks at discount, and sold by them
at par.
There was little doing inr uncuErent
money. Bank of Tennesse was bought at
SOC, and held al SIC, with but little Offering
for sale. Planters Bank was firm at SIC
buying, and SAC selling. There was con-
siderable demand for Union Bank notes
and the buying rate was advanced to SIC
Southern Bank notes we're dull at the ad-
vertised rates. AA
NashEilleoorporation checks were bought
at l0c discount
Tennessee bonds sold in New York on
the 10th inst. as follows: $4,000 ex.
coupons at 6Glc, $4,000, new at este, So
600 at 65se $4,000 at 654c, $4,000, ID
call, at este, $1,000 at 65sc, and $1,000
65fc. Virginia bonds sold at see.
The Knoxville Wing of the 10th inst, re-
ceiYed here on the Goth, contains the fol-
lowing kilograms:
NTW YoRg, Jan. 4th, ls5l-To Gov. Grown
low, at Knoxville; Your State bond coupons are
rapidly run in. Funds nearly exhausted. About
| hfty thousand dollars left Will require half a
million more. Would We be saie in guaranteeing
balance payment
CRAIa, MORTON < c.,
NO.6 WallFtreet, N. Y.
KNOXVILLE. Jan. 4th. lS67.-Craig. Morton 4
Co.. New York: our interest viii be net in this
month and next. We have arranged for funds.
No risk in guaranteeing payment.
W. Ct, BRoWEIOw,
Governor OF Tennessee.
The interest on our bonds has been met
so far, vet the new Issue have declined
nearly &c since the lat inst.
The Merchants Bank has resumed bust
ness at Ne. 80 Union street, under the
management Of W. B. Sheppard, so long
and faVorahly known to the business men
of Nashville, and the President OF that in
stitution since its organization. He is as
sisted by his son. W. B. Sheppard, Jr., who
is Il" a chip from the old block" The small
amount of circulation which this bank has
outstanding has been quoted at par for
months past -s.
The Cincinnati Gazette reports a consid-
cradle increase in the receipts Of currency
at that point from the country, but says the
volume is not yet sufficiently large to war
rant the expectation of any immediate
change for the better in the money market
The Gazette adds: (" Ii is also to be re-
marked that the prevailing stringency is
not the real cause of the stagnation in
business. On the contrary, the latter is the |
main cause Of the former, and something |
more than an easy money market is
necessary to give new start to trade. |
Those who have money are afraid to invest |
it, because of the unsettled condition of |
finances, and the consequent uncertainty in |
regard to the future of business The vol /
ume Of money is large enough, bat its flow |
has been interrupted. Give the country a |
settled financial policy, destroy the discre
tionary power which has been used to par
alyze industry -orwhich has had this effect, |
whatever may have been the intention
and we shall have a resumption of business
and restoration Of confidence sufficient TO
secure an easy money market. The rela-
tive supply of currency il at This time
twenty-five per cent. greater than it was in
January, 1866. While the volume has re-
ally not been materially reduced, prices Of |
commodities have declined thirty per cent.
on an average, thus increasing the pur-
chasing power Of the paper dollars to that
extent, the quantity of the paper dollars in
circulation being in the meantime main
tanned. 1t is not real scarcity Of money
therefore, that has paralyzed business; but
the proposition to adopt a policy, on the
part of the government, which, if carried |
out, would bring upon the country sweep |
ing commercial disasters This has fright
ened the people and taken the life out of
business and while it has accomplished |
this much Of evil it has not brought the |
country any nearer specie payments
The New York Tribune of the 18th inst.
says of the financial situation:
There is less confidence in the street that
Congress will restrict the contraction of the cur
reiey provided for at the last session. II is also
becoming apparent to all but spectators and |
debtors that still more rapid contraction might
be made to the advantage Of every solvent in /
terest in the country. The daily reports Of in |
ternal revenue and of epstom duties make it app |
parent that from these sources the entire COM |
pound notes maturing can be paid Of, if their |
holders decline, as they probably viii not, TO |
take gold-bearing stocks Tor them, and at the |
same time enable the treasury to cancel four |
millions per month Of legal tenders. The pay |
ment OF funding of Sl44IOQ9,000 Of compounds, |
and the retirement Of $51O00,0O0 Of plain legal |
tenders will withdraw the basis Of full 5000
900 Of bank credits. producing national con
tractien which will give regular traders, aud es-
Pecially oyertrading merchants and speeuistors, |
an active year. and take from them the sudden |
gains made while the currency Wss expanding. !
The proposition to take from the National Banks |
the power Of issuing circulating money grows in |
favor the more il is examined. Saving, "a il |
would. eighteen millions in gold per RDnum, and |
releasing as il would, practically, the national
debt by one eighth part for the present the |
scheme comes home to every tax payer and ever |
citizen. The change does not involve the viola |
ton Of any obligation to the banks The latter. |
70 be sure. would, under the amended law. be |
obliged to surrender this b0nus Of gold Interest |
upon bonds pledged as security for 9 onrrenes |
practically iTredeemabie BY them since its issae,
But this would not caugs any regret from the |
pablic, who would steadily keep il. mind the fact
that the SlS,0J00D Of bonus to the banks SO |
saved relieves the people from an equal amount |
Of taxation, The proposed change is q serious |
one to parties depending upon bank fdvors and |
should cause traders upon narrowed money TO be |
prudent"
The Commissioner Of Internal Revenue
has issued the following circular concern
ing the transportation of distilled spirits
in bond d e.. /
TRE4sURY DEPARTMENT. 0FrICE Or INTERNAL |
REVENUE, WASHINGTON, January 10, l667.-Un-
der former statutes and regulations, if person
had executed a bond for the transportation Of
distilled spiTits TO bonded warehouse. paid the
amount Of tax due upon such spirits TO the col !
leetor holding the bond, such payment was ac-
cePted IS sufficient to warrant the cancellation
Of the bond.
It IL, however 80 clearly the intention of the
set Of July last that All spirits removed unger
transp0rtstion bond shall bedaposited in bonded
warehouse and the statute as explicitly declares
the forfeiture of all spirits which shall be tOlnd
elsewhere than in bonded warehouse. not having
been removed thereirOm IN pursuance Of low,
that il is believed 10 be no longer Reeessarg 70
tolerate this practice, at the same time it would
be TeRa rded as offensive II seizure should be
made Of spirits which we're placed IN the market
without going into warehouse where the shipper
had been in the habit OF making this disposition
Of spirits, and Of eaneelling his bond BY the pay
ment OF the tax.
.Colleetors will therefore notify all parssns who
may hereafter execute bonds for transportation
Of spirits to bonded warehouses that such spirits
will be seized If found elsewhere than IN transit
% the warehouse for which = permit IS issued;
and collectors viii seize All spirits which may be
found in their Fe-HecfiVe districts bonded for