Nashville union and dispatch. [volume] (Nashville, Tenn.) 1866-1868, 1867-01-02
FINANCE AND TRADE.

! II
3 Yesterday was observed as holiday b
!, our bankers, and generally throughout tn
r country
Is Tennessee bonds sold in New York, OF
the 18th ult., as follows; $4,000 ex. eou
\ pOns at G9!c.; $1,000 at 6s!c.; and sl4, OOi
at e9c.
4 Secretary McCulloch is reported 10 hav,
said on the 29th ult., that he had no fear.
of financial panic arising from the de,
! cline in gold. He seems to think that the
: premium can safely remain where it is.
, National Bank currency to the amount
of S3O5, $50 was issued by the acting Comp
troller of the Currency last week, making
the total amount so far issued $500, 736. 95l
From this sum should be deducted s., l23,-
432, being the amount returned and can
celed, leaving the actual circulation Of the
National Banks at the present date $685.
6l3,579. The Treasurer Of the United
States hold as securities for the circulation
of National Banks, 1910, 1863, $50; as de-
Positories of public moneys, S39, 297, 100
Total, $979, $685.
Our mail adyices report the New York
stock market as unsettled at the first board
on the 9th ult., by the continued ham,
mering Of The bears who are anxious to
cover their shorts without advancing
prices. Hence, they sell in demonstra-
tive manner, and buy unobtrusively, but
the Short" interest is so immense that it
would be impossible to cover ii without
producing a strong upward reaction, of
perhaps from 10 to 20 per cent The New
| York HcTHd says There was a decided
change for the better in the afternoon,
| owing mainly TO the influx of fresh orders
| from outside buyers and the advance in
quotations was marked and general. The
bears, for the last few days, have been coy
ering their contracts by buying from each
other and the result can easily be foreseen.
Deliveries are made very irregularly, and
nearly all the speculativesharesa rein active
borrowing demand-so much so that stocks
are admitted to be scareer than money.
The bears place their chief reliance upon
the condition of the loan market pending
the disbursement of the dividends declared
by the banks and insurance and other COM
panies; but this is a very slender founda-
ton on which TO base great expectations" |
The Herald adds "The dullness of trade, |
combined with the decline of gold. have |
produced feeling of depression among the |
mercantile community, and heavy losses
have, doubtless, been sustained by import
ers and other large holders of goods, but no
failures are reported, and the prospect is,
that with the turn of the gold market, in
creased activity and buoyancy will be i'm
parted to all departments of trade, and with
the increased demand for goods, domestic
manufactures, at present in a semi-stagnant
state, will be greatly stimulated, and at the
same time an impetus will be given to the
employment of labor. Congress, too, will
be likely, soon after it reassembles, to give
attention to the question of taxation, which
IL at present so excessive as to be undermin-
ing the prosperity Of the nation and exciting
apprehensons of a commercial revulsion.
There can be no revulsion, however, under
present circumstances. The volume of pa
per money in circulation is too large to
permit of such a catastrophe, and the fact
of its being irredeemable guards us against
dangers to which we should be otherwise
exposed, and among these the most impor-
tant is a foreign drain. Had we been on
specie basis in May and June last, when
we exported to Europe nearly thirty-seven
millions of gold in six weeks, the banks
would have been compelled to suspend spe-
Gle payments, and such contingencies may
occur again, but from these our domestic
money market will be wholly screened so
long as the currency remains irredeemable,
and it must remain so while more than
seven hundred millions of seven-thirty
notes, redeemable in currency, are outstand-
ing and four hundred millions of our ma
tional securities are held in Europe, liable
to be returned to us a, any time, besides |
large amount of railway and State stocks"
The present aspect of the currency ques-
ton at Washington is thus sketched in the
of the Chicago Republican
There is no probability that Congress will
do much on this subject The action of
last session is considered a compromise,
and members who have no particular views
of their own are not willing to disturb it.
Mr.. McCulloch is permitted to withdraw
81, 600, 900 a month. There are S3S0,000,-
900 out now, so that this will retire S48,-
100000 a year, and thus take about seven
years to Withdraw the legal tenders at
present rate. Now, the party in favor of
faster is quite powerful In
view of this fact, conservative men are =
willing to rest the matter where il is.
There is, however, formidable third party
5pringing up, which insists that the gov
should have the profits of the cir
,ulating medium, and who, therefore, insist
on the withdrawal of bank bills, instead of
legal tenders, and who wish to wind UP all
The national banks gradually and substi-
tute government bills for their issue. This
makes a triangular fight about the curren-
ry. Ii having been reported that there
was an extensive lobby in Congresa, sup
ported by the banks, to fight McCulloch's
policy under the compromise bill, many of
the supporters of the latter haN voted with
the anti-bank party, thereby making it ap-
parently stronger than it really is. In this
fight it is very safe to say that
neither Mr. McCulloch nor the banks will
get an increase Of power at the present ses-
sion. The volume Of the currency will
remain as it is, excepting the S4,OOO,0O0
per month contraction"
IL is not improbable as the writer sug
gests, that the contest Of competing interests
may result in adherence to the law under
which the Secretary Of the Treasury now
acts. The authority vested in him ishard-