Nashville union and dispatch. [volume] (Nashville, Tenn.) 1866-1868, 1867-07-02

London adyices of the 18th ult. quote
United States 20s at 723.
Sterling exchange was quoted in New
York yesterday at 1l0b@1lOs.
:. Therewas considerable demand yesterday
for corporation checks to pay taxes now
due for 1867. They were bought by the
brokers at 14@15c discount and sold at
13e of.
Tennessee bonds sold in New York on
the Doth uIt as follows: $1,000 new at &c,
$4,000 ex. coupons at 6Ssc, $4,000 ex. cou-
pons at 684c, $4,000 new at &c, and
$4,000 new at 665c North Carolina ex.
coupons sold at 534c, and new at 524c, and
Virginia new at 5l3c On the 18th ult-
Tennessee bonds sold as follows $4,000
new at 665c, $4,000 new at 664c, $4,000
new, second call, at 66Bc, $4,000 new at
664c.
The New York Journal Of Commerce of
the afternoon of the 18th ult. says: "The
money market continues in liberal supply
of capital, and the surplus is somewhat in
ereasing, Temporary loans are freely
offered on acceptable stock colIaterals at
5(G6 per cent, and upon government Sc
curities at 4@5 per cent. First class COM
mercial paper at short date is in demand
at 64@7 per cent. per annum discount, and
selections are made from other good sig
natures at 7@8 per cent"
The New York Tribune of the 18th ult.
says
The July meeting of Congress is looked for
with interest in the street under the impression
that some financial legislation may be at
tempted. The regular session IN December will
be largely occupied in financial discussion, and
before Congress adjOurns next summer, the ms
tIOnal banking law must be senslbly modified II
specie payments are desired. As the law now
stands these institutions are merely holders of
and jObbeTs in United States securities, and they
have ceased to be banks in the true meaning of
the word They can only be made equal to the
wants of the community by abOlishing their
power to issue circulation, and giving the peO-
pie uniform currency of legal tender redeema-
bic in gold by the treasury This can be effected
by assuming the redemption of the entire ma
tional bank currency, and paying the banks tor
all the bonds held by them, as security for cir
culauOn, their fair market value, deductlng the
circulation issued upon them. By this process
the government will save large amount of in-
terest IN gold, improve the character of the cur
rency, and, instead of mOnopOliZing the bank
capital of the country, allow il to be used by
the various industries OF the people. The sys-
TEN Is by no means popular IN the great eenters,
and some o! the most powerful banks IN New
Ork would at once return to the State law, did
they not dread hostile Congressional interior
ence."
The Treasury Department has given
notice to the holders of 7-3O notes that it
is now prepared to give in exchange for
such notes 5-20s, issued under the act of
March 3, 1865, redeemable after Eve years,
and payable in twenty years from the LIST
of July, 1867. Holders are also notified
that the Department will consider that they
have waived the right to demand bonds for
exchange for notes unless presented for con
version by the 18th of August next. Seven
thirties transmitted for conversion must in
every case be Endorsed 20 the treasury by
the party presenting, and must also, when
payable to another person, be Endorsed by
such payer.
The Treasury Detective Bureau have in
custody in Washington, a man who gives
his name as Gayler, and who proves to be
an extensive counterfeiter Of national cur-
rency. His operations of late have been
confined to counterfeiting notes on the
Third National Bank of Philadelphia.
But tits believed none of them have been
put in circulation. The plates, presses,
dies, and all the other apparatus of coun-
terfeiters, and one hundred and four thou
sand dollars of counterfeit notes on the
Third National Bank, were discovered in
a cave near Danbury, Indiana, secure.
Gayler is held in custody to await further
development