Nashville union and dispatch. [volume] (Nashville, Tenn.) 1866-1868, 1867-05-02

4 ne Iates lor uncuIrtill money were I'M
changed yesterday, with the exception OF
Bank of Tennessee, which was command
ing one to two per cent. above unpublished
quotations.
Tennessee bonds sold in New York on
the 9th nit as follows: $1,000 new at 81 Ic,
$4,000 new at 6lc $4,000 new at 60sc,
$4,000 new at 60!c, and $4,000 ex. cou-
pons at Csc.
The New York Post Of the afternoon of
the 9th ult saws: 1.-THE ease in the loan
market continues as the country merchants
are bringing into the city all their boarded
funds, and the deposits and legal tenders in
bank show a consequent increase. The rate
for call losns ranges from SOC, with ex-
ceptional transactions at easier rates. Com
mercial paper is carefully scrnhnized, but
choice bills are scarce and pass at 6(G7
There is little more disposition 10 make
time loans, which is regarded as a favor
able symptom by those who expect lively
speculation during the current season.
The New York Tribune of the Doth nit.
says:
Money on call is quoted at $50 per cent. with
transactions Mt less in some cases Commercial
paper sells at 6H for choice names. but strong
oIlls are quoted 'gI ~. and second rate at, SOLO
per cent. The bank stFFments reflects the pa
ralysis in general business. The deposits are
reported as increased So 500 600 and legal tender
to an equal sum. The increase in speculative
ia Mt NFn taxi
an idea that the exchange of compound notes
Tor three per cent. certificates is an expansion,
such as during the rebellion advanced quota
uOns SO rapidly The proposed exchange can
have no great effect in expanding prices, but the
reason may be seen. No private holder will
take these three per cents. in exchange for com
pound notes while DOS sell Mt at 1919 and gold
sells above l25. The banks will take them TO
save interest upon the reserve and be content TO
make three per cent. instead Of six per cent. as
at present, and that is the extent Of the opera
ton OF the substitution. There is no NOV ement
OF the Treasury. present or prospective, which
will add to the volume of the currency, and any
temporary accumulation at the commercial cen
tiers. causing low rates Of interest on demand. in
turn stimulating speculation. will be soon fol.
lowed by higher prices for capital and disasters
TO spectators who mistake an eddy in the fnan-
cial current which is still running out for the
return tide of prosperity. AT no time since the
close of the rebellion has the treasury been
moving so efficiently in the direction of specie
payments by converting short-debt calling for
iulb utUl HbtuIluS eiButeSu
years ahead. borrowers will do well TO bear in
mind that every dollar funded is placed where
it is made the employer of capital until the ma
turity Of the bond when it will command money
again. The 7-3fls will all be funded in fifteen
months, together with the compound aOtes. Pp.f
the department can then turn its attP- s.5h
wholly to the funding Of the plain legal tenders
As that point is approached money will increase
in buying power. and commodities now consid-
cred cheap, will be bought at much lower prices,
including per cont. gold-bearing bonds.
The following is comparative table
showing the specie, legal tender, circula-
ton, and deposits of the national banks
Jan. ] and Anril l. 1867.