Nashville union and dispatch. [volume] (Nashville, Tenn.) 1866-1868, 1867-06-09

| II ana sd SerieS..-..-................. 100
London advices of yesterday quote $40,
at 70.
Exchange in New York was bought BY
the banks at par and sold at premium.
There was no change in uncurrent
money.
Our mail advices quote the New York
money market at COZ per cent on call
loans, with some business at 5 per cent to
favOrite houses, but the latter is an excep.
tional rate. Lenders expect rates to be
fully maintained as the year advances, and
are not disposed to make long engagements
under legal interest The letter of Secre-
tary McCulloch has ceased to be regarded
as expansive, and it is now fully under
stood that he must carry on his department
until Congress meets in December with
temporary loans if the customs revenue,
the internal taxes, and his surplus gold are
not sufficient to pay the unexpected ex-
penses to which his letter refers. As he
has no power to make fresh issues of paper
to be used as circulation, he must come as
a borrower, and his presence in this is
justly dreaded by inferior borrowers who
must yield him the preference. Next
week, in the payment of the compound
notes, the department will destroy eight
millions of legal tenders, forming the most
desirable reserve held by the banks. They
will probably get in exchange for it a good
deal of National Bank currency. This is
not wanted, but on the other hand is
stunned by the banks holding compound
notes, some of them carrying their aver
sion so far as to make them prefer to carry
past due compound notes rather than Ma
tional Bank notes. What with paying
compounds due in June, July and August,
and discussing the interest on the COM
pounds in June and July, and collecting
the income tax, the treasury promises to
be felt in the money market as sensibly as
at any time during the rebellion, with this
difference: During the war it was the
creator of currency, the purchaser for
everything, and the great employer of la
Dor throughout the country. Its whole
operations were stimulating and unnatural.
1t is now moving in reverse direction,
steadily Withdrawing the currency it so
freely issued, and by this process reducing
the market value of the entire property of
the country. The processes of nature,
through the promise of an abundant crop,
are helping prices down, and the unwel-
come fact is apparent, that the debts Of
the past are to be paid by the proceeds of
crops selling at daily declining prices.
While the profits of trade, and the prop
erty of producers are thus being reduced
in market value, the government steadily
regains from the labor of the country taxes
to the extent of $500 900, 900 to pay inter-
est and ordinary expenses. With a good
crop of cereals, cotton, and farm produce,
there follows naturally cheaper labor,
cheaper manufactures, and general re-
turn from the gambling which has attended
all business for the past six years TO the
moderate profits which reward CONNER
cial pursuits in ordinary times. The pro-
cess is one which, though healthy, will
surely change the names of many CONNER
cial houses, and sweep of a multitude of
traders.
The GAINESVILLE (Tenn.) Chronicle of the
9TH inst. has the following remarks upon
the tobacco market:
Our sales for April amounted to 2l20 hhds. of
tobacco, realizing in money SOME S325 GOO OF
the above amount Messrs. Az. Smith * Co.
sold lA hhds., Msssrs. Harrison X Shelby %
hhds, Messr3. Hutehings Grinter IA hhds.,
Messrs. Smith x TuTney 2l6 hhds Messrs
POindexter Il Co. 742 hhds. Prices were well
sustained throughout the month for all grades
and there were but few reflections OF bids or
shipments on planters accounts.
The month Of May opened with increasing re-
ceipts, which found here firm, strong market,
with an abundant supply Of currency. and great
ease IN our money market Prices huctuated to
some extent, but were upon the whole on a high
scale. Our sales for the month reached 22Sj
hhds.; in money value some S35O,0O0 The sales
we're Us IOllOWA. Dy MesSfh. a. r. smith x 20.
20 hhds., by Messrs. Harrison x Shelby 302
hhds.. by Messrs. Hutchings & 6rinter 555 hhds.
by M essrs. Smith Il Turnkey 437 hhds., By Messrs.
Poindexter Co. III hhds, Taking the whole
range Of the month, the following are about fair
quotations Of prices paid Trash, 2g2c.; Lugs,
314a6; Common Leaf, 6l91 Medium Leaf.
SOLO; Fair Leaf, hob; Fine Leaf, l4l9l6,
Choice Selections, 1902; Fancy Wrappers,
In nothing does our market show more the
change produced by the var than the relative
prices Of Tugs and choice selections. Formerly
when selections commanded los. good Tugs we're
worth &C.; now when heavy Tugs sell at AZ to
3cs tue selections Of the same crop may touch
zOc. This Is caused by the immense production
oil common. rough tobaccOs in Indiana and III
nOls during the war, under the stimulus OF eK-
traYagaat prices, flooding the markets with low
nOndescriPt leaf which have gone into use as
substitutes for our Tugs. As this accumulation
Of common stock Is gradually disappearing We
may hope to see our low grades appreciate IN
value, and enable cur planters to make better
averages on their crops round, even without any
advance on their good leaf Owing TO our wet
winter. the encouragement of high prices. and
other causes. our crop has moved forward unu-
sually early; cur receipts since the beginning OF
the tobacco year being some 1880 hhds; ship
ments some 900 hhds,, leaving 1000 hhds IN
store. We will probably receive 400 hhds
mOre-Or perhaps 200 hhds. more may be added
to the list, if our warehousemen do not slacken
In that enterprise and energy in which up 70 inc
present they have been untlring, and which has
won them the respect and gratitude of our entire
business community. One large additional
feeder has bsen added TO our market this season,
in the tobacco district Of the upper Cumberland
This trade. which is a valuable one, and prop
erly belongs to US. (as do the tobaecos of the
w estern District aud Paducah) is, we think, now
secured, and we learn that line Of steamboats,
will be established next season, with Burksyiils
and GAINESVILLE as the termini, and touching at
intermediate points. Among the prominent
shippers from chat section who have tried our
market to their satisfaction, We have noted
Messrs. L. II. Cardwell. WIN. Yonng. L. J Card
we'll and K. d. Flippen, Of Carthage; Mr.. W.
G, Owen. Of Rome Mr. p. W Barron, Of turks
vile, Ny; Messrs. Jas. Lester aud p. " Garter,
Of Hartsyille, Tenn; Messrs. 5. W. Moore snd
j. l.. w sleh, of Center Point, Ky and Mr. W.
j. Pace. Of Marr0Wbone. Ky.
Our market opened this week with a brisk
demand for all grades IN merchandise order,
with sales st the Exchange on Tuesday Of leo
hhds., and Of i62 hhds. by Messrs. POindexter
Il CO. on Wednesday. Msssrs. Y. 4 Co. sold
fine hid. Of bright wrappers. raised BY Mr.. T..
n. B. Rawlings. Of MeCrscken county, ny, at
the handsome price OF 80 per 100 lbs.
We have had q good tobacco season this week,
bat have not learned what progress has been
made ia pitching the crop.
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