Nashville union and dispatch. [volume] (Nashville, Tenn.) 1866-1868, 1867-10-01

1905 I'd and Sd series.....,......,....,... 1853
Exchange on New York was furnished
by the banks yesterday at 81 per thousand.
Nashville corporation checks were
taken by dealers at 25c. discount.
There was but little doing in United
States bonds. The new issue $50 were sold
by dealers at los.
Tennessee bonds sold in New York on
the Goth nit. as follows $4,000 ex. coupons
at Gage; $4,000 ex. coupons 644c; $4,000
new at 64ic; $1,000 new at 64c, and $1,000
ex. couponsat Coo. North Carolina new sold
at SIC and Georgia rs at S2!c.
The New York Post of the afternoon of
the 10Th ult. says:
1t is somewhat singular in the present
active demand for money among the gold
and stock brokers that the rates of discount
for mercantile paper are almost the same
as prevailed two or three weeks ago. and
there is no special pressure in the demand
for discounts. Choice bills pass at 7(GS09,
while the conservative banks report call
loans g per cent. on governments and per
cent. on miscellaneous collaterals. Among
the brokers who have money to lend per
cent. is the current rate.
The Washington correspondent of the
Boston Post said in a dispatch few DAYS
ago;
Secretary McCulloch's currency funds are
short, and, to meet the daily demands upon
the Treasury, another sale of gold will be
be made. Up to Saturday evening last
nine millions had been sold during the
present month. Only thirty.ive millions
OF currency are now on deposit, including
the amounts in the various national banks
of this twenty-five millions cannot be drawn
out under existing laws. This leaves Mr..
McCulloch only ten millions of available
funds 10 meet the current demands. This
necessitates a sale of portion of the one
hundred and seven millions of gold now on
hand, and | have good reason to believe that
twenty millions will be thrown upon the
market this week.
Referring to this statement, the Wash
ington correspondent of the Cincinnati
Enquirer says in his dispatch of Septem-
Der 27:
l am requested By the Secretary to state
that the whole purpoTt of the foregoing
paragraph is erroneous and not founded
upon authentic information. The currency
funds are not short, no order has been
made about the sale of gold, and no official
account of the amount of currency on de
posit has been furnished to outsiders, nor
does the law restrict the Secretary as to the
amount to be drawn. Under the law,
every dollar can be drawn by the Secretary.
The statement that Mr. McCulloch has but
$40, 100000 of available funds to meet cur |
rent demands is utterly unfounded, and the
assertion that this necessitates the sale of a
portion of the Sl07,000,000 gold now on
hand, and that S20,000,000 will be thrown
upon the market this week, Is equally I'M
founded. The Secretary does not give spe-
ciic or special direction to the action of
Assistant Treasurer Van Dyke. In sales
Of gold Van Dyke is governed by the gen.
eral instructions of the Secretary, based |
upon certain rules and general principles,
which are applied to contingencies that
may arise. Mr. McCulloch has not given
Van Dyke any instructions whatever as to
the sale of gold during the present month. |
The pernicious effect of erroneous and
speculative newspaper paragraphs on
financial matters, such as above quoted, |
based on curbstone gossip and information |
of irresponsible clerks oflimited knowledge
of the operations of the Treasury Depart
ment, has induced the PRONUNCIATION to day |
of a circular to the heads of departments,
setting forth that the heads Of departments |
warn their clerks and employees not to carry |
on private correspondence in relation to |
public business. All communications of |
the department must be made by competent |
from the post official records, and |
representatives of the press and others not |
belonging to the department are not to be
to the clerks rooms without per-
mission from the heads of bureau. Com,
plant is made of the tone and terms of the |
circular by portion Of the representatives
of the press, but upon reflection they will /
dor btless commend the action of the Sec
refary, especially if they desire that their
upon financial matters shall be
reliable. Mr.. McCulIoch does not desire
to conceal the true condition of financial
operations and the condition of the Trea-
sury Department. On the contrary, his OBJ
ect is to prevent misstatements of the facts,
and by compelling a resort to the best in
formed sources, he will accomplish this de-
sirable end. Gamblers in gold and govern
ment securities will probably be the only
suffers by reason of the rigid enforcement