Nashville union and dispatch. [volume] (Nashville, Tenn.) 1866-1868, 1867-03-06

2-3s' coupons, ...-...-.-.........-... llezSe llo
2-5s, "a series, 1914 l07
DDS, Sd series. eoupOns.......-..-... lp55s los
0-1s, new issue .....--...-,--.-..... 1851 lt6
iu-4U g a "
l051sll106
!-3)s ID and l055SalB5
tennessee Bonds. .................... IS
London adyices Of the % inst. quot
United States 5-2Os at 799.
Exchange on New York was sold by ia
banks here at ! premium, and bought
them at par.
Very little was donein uueurrent money
Bank of Tennessee was very quiet at %
buying and &c settling. The case of Fur
man, Green & Co, IS P. L. Niehol, clerk O
the Davidson County Court, which was de
Gided adversely to the plaintiffs by the Su
Preme Court of Tennessee, has been taker
BY appeal TO the Supreme Court of tn,
United States. There appears little doub
that that body will decide that the State il
responsible for the issues of the Bank o
Tennessee to the holders thereof. If thii
shall prove to be the case, the notes of tht
bank will appreciate in value nearly to par
1t seems, therefore thatthe holders Of Bank
of Tennessee money would do well not Il
part with it at present rates.
The notes of the Union and Planters
banks were scarcely 50 irm yesterday a.
previously, though the sales were I'm.
changed. The former were bought at gee
and the latter at see,
Southern bank notes were lower, and the
issues of several banks were considerably
lower.
Congress has provided for the issue Of
S50,000,000 of three per cent. certificates
for funding the compound interest notes.
1t is probable that S5O, 100000 would cover
all the compound not,s falling due this
year. The estimate of $lO0,0OO00O COW
cred the amount issued, but a large pro-
portion has been redeemed and destroyed.
No register was kept at the Treasury De-
partment Of the date of the notes cancelled.
Consequently the amount of any one class
outstanding cannot be determined. 1t may
safely be assumed however, that the sales
to the Treasury by the banks were chiefly
of the notes having the shortest time to run.
On the LIST of January, 1885,, there were
outstanding of the three year notes, $780,
2,141. On the LIST Of February, 1867.
the total amo Mt outstanding was S143,-
064, $40, showing reduction of $50, 947, :
sol within the year. On the Both of No
vember, 1865, there was outstanding 1928
1854, 40. 1t is thus seen there has been re-
deemed since that date $50, 500. It is
more than likely, therefore, that$50, 100000
will cover the compound notes outstanding,
which mature in 1867. The practice per-
mitted at the Treasury Department of can
ceiling these notes without registering the
dates was bad one, because it places the
Secretary under the necessity of making
provisions for the redemption of a loan
which may have already been paid, in a
great part business man would not care
TO be put in that position. 1t is not likely
that the Secretary of the Treasury, with the
falling off in revenue, will be able to retire
100000 greenbacks per month This, at
any rate, will mark the full extent of con.
traction. f the compound interest notes,
and to mature this year, should
exceed S5OOO0,OO0, the Secretary of the
Treasury, it must be remembered, has
authority toissue$5O, 900, 0OOof greenbacks.
With all the contraction that is likely to
take place, therefore, there will be on the
1st of January, 1858, including compound
notes, loan certificates and fractional cur
rency, and exclusive of State bank notes,
SS05, 235, 463. When we take into consid-
Grafton the decline in values within year,
this will prove equal to $l,lOO,OOOOOO a
year ago; that is eight hundred millions
will do as much business now as eleven
hundred millions would have done then.
There is considerable inquiry in regard
TO the character of the bankrupt law passed
by Congress, and which it is understood
the President has approved. That meas
nre will certainly afford great relief TO the
South. The law has not yet been publish
I'd, but from the proceedings of Congress it
is learned that it contains one very objec-
Lionable feature, which was tackled on to
the measure by the Senate, and is as fol-
lows:
And in all proceedings in bankruptcy, com
menOed after one year from the time the act
shall go into operation, no discharge shall be
granted TO debtor whose assets do not pay fifty
per centum Of the claims Of the estate unless
The assent IN writing IN number and value of his
'reditOrs, who have proved their claims is filed
the case Rt before the time Of application for
discharge"
The law would have been better without
he Senate clause; for if the debtor is left
Al the mercy Of a majority of his creditors
the small fry that hang on to him after
le has his discharge from his heavy liabil-
ties-there is comparatively little in any
lther section of the measure. Still, it is
good to make some beginning, in the pres
mt condition of affairs.
The following will show the stocks of
'otton on hand, at the various ports on the
Lst of September, 1866, the receipts and
Exports to foreign ports since that date, and
he stocks on haod at the dates designa-
ed:
Sticks Rcpts EKpts Sticks
1866 1867
New Orleans. Mar. l, 67469 567304 296574 23S930
Mobile, Eel. 22.....l 290O9 10000 7l40ll 1880