Nashville union and dispatch. [volume] (Nashville, Tenn.) 1866-1868, 1867-08-21


advanced &c, while Tennessee bonds de-
clined 4c.
Money is SO abundant in New York that
it can be borrowed on government securi-
ties at 3@4 per cent for temporary loans.
The New York Post of the afternoon of the
18th inst says: "The probabilities that the
present easy condition of the money mar
ket will last for some time to come are va
riously discussed in Wall street. On the
one side it is argued that we have not only
an abundance of disposable capital seeking
investment in all our great financial cities,
but that this aggregate is swelled by large
accessions of foreign capital, which isdriven
from the British and other European mar
kets by the long continued stagnation that
has shut up some of the usual outlets for the
temporary employment of floating balances.
1t is also urged that so far as England is
concerned, the tendency of capital will still
be to come to this eountrys, the none
tary paralysis which has been developed
there as one of the sequels of the panic of
1866, may prove difficult of cure. Hence
these persons suppose that, for a considera-
Bile time to come, our money market will
continue to receive large supplies from
abroad. And it must be acknowledged
that if this movement should only last till
towards the close of the year, we shall have
arrived at critical point beyond which
we shall have less to fear, as our more press
ing wants will have been provided for, and
the crops WILL for the most part, have come
forward. On the other side, however, it is
claimed that the abundance of capital is
only one of several conditions necessary for
the maintenance of monetary ease. Two
other things are quite essential, namely, an
undisturbed condition of the currency and
sustained frmness of public confidence.
IL is in one or both of these two directions
that trouble is chiefly to be looked for in
the money market"
The New York Times of the 18th inst.
says:
''Money is in very full supply in tenn
porary form, and all borrowers in good
standing promptly accommodated to the
full measure of their wants, at 3(D4 per
cent. Government is making liberal dis
bursements, partly in redemption of ma
turned compound interest notes, especially
the issue of August, 1864, which were pay
able yesterday, and which are being pre-
sented quite freely at the local Office for
liquidation; thus far chiefly on account of
country banks, who will presently need the
money that the redemption process is re-
leasing from the Treasury vaults. The
department controlled yesterday cash ball
ances to the enormous amount of Sl75,-
100000, the local Office alone holding over
S130, 100000 Mercantile wants are stead
lily increasing, afoTding a more liberal
channel of employment % the banks and
private lenders, in discounting business
paper. All commercial notes grading up
to prime, find a ready currency at 6989 per
cent per aunum."
OF the money market in England the
London correspondent of the New York
Times says:
coming frightful. Money at two per cent.
andstocks falling. Money not to be had by
those who need millions, and yet so plen-
tiful that it goes begging at two per cent,
is a state of things that brings establishment
and almost terror. Confidence is gone bat
no body can tell why. There have been
war rumors, but the French official papers
| declare them to be groundless. The East
ern question is no more likely to be dis
turbed than it was year ago. Russia Is
slowly approaching India; bat there is no
panic about that. 1t is probable that the
| order has been given for the expedition
| against Abyssinia, but that is only a mat
| ter of few thousand men and doubtful
success. What, then, has blocked the
| wheels of finance2 A few months ago money
| was ten per cent, now it is nominally two
| per cent, but really cannot be loaned at any
| price. The money articles in the newspa-
pers are growing quite pathetic, and there
is an evident apprehension on the Stock
Exchange that the world may be approach
| ing some dreadful catastrophe. Is it the
| passage of the reform bill that has de-
/ stroyed confidence, deranged commerce,
| engorged finance and overwhelmed the
largest companies in England? Such are
| the effects Of a revolution, and the reform
bill is looked upon by many as revolution
whose results are so doubtful that it is neces-
sary TO be prepared for any emergency.
Something hangs like a blight over Eng
land. Something has driven shipbuilding
| from the Thames and sent the great house
| of Peto 4 Co. into the Court of Bankrupt
| cy. Something sends English contracts for
| iron work and machinery TO France and
| Belgium. We have had a cotton famine,
a cattle plague, a reform agitation, and
/ Trades Union strikes and outrsges. Poll
tics and political economy are alike unset
| tied. There has been a Fenian rising in
Ireland, and religious contest is ranging
in England. Even the fertile and once
prosperous English colonies seem to be de-
Ginning, with scarcely an increase in popu-
lation, and an actual diminution in resour-
ces and commerce. With all this, and
heavy increase of pauperism, strangely
enough the trade and revenue Of England
show a steady increase, and the national
debt has lust been diminished several mil
lions by the application Of surplus revenue"
Another circular in newspaper form was
circulated in Washington on the 18th inst,
charging the Treasury with duplication
of 100000 Of bonds and the over issue
of 60,OO0,OO0 Of fractional currency.
Had the amount been smaller there is a
bare possibility that they would have re-
eeived some credence bat as the eaggera-
ton is so great, no notice whatever is taken
! Of the stories. It may be added that at the