Nashville union and dispatch. [volume] (Nashville, Tenn.) 1866-1868, 1867-06-11

at OUfC anu new at 0lc.
The following is a comparative view of
the public debt of the United States on the
1st of May and the 1st of June:
May /, 1867 June l, 1867.
Original 5-2Os, lS62..... S5l4.7S0500 $5l4750j 500
| Five-twenties. 1915. 5l6,365650 57.S60, 100
Skies of 1881 .......... $40 2s9 1850
| Old skies 1868 ......... l5379642 1925 642
Five = cents, LOFTS. III 400 $50 III 400 $50
Elves of lS7l74............ o. 900 27022 900
Navy Pension Fund l2.50t0OO l2500,O0O
Total goldbearng s., 81 ,2O3 3l2 81 COZ, 643.942
Seven thirties, 1878. $40 AIS. 200 5ll 939625
COmp'd 6S lS67-S-......, 4774,5l0 l30030, go
| Skies to Pacific road. l2922.0 900 l3,I22,00O
Total currency-int... $697, l157lO $3.50 6g1, 765
GreenbackS ............ 81. 24I ,tSI S739]9 ~
Fractional currency. 2S,975,379 2S458.075
told notes. 10 100 40 IT32S,YS0
Deposits free of int. II ,9325 $40 97l3,02O
Total free of int....-s4sl. 556,O46 s48.7O4sl2
Total debt in gross ,568 875,O98 $2,6s7 OiO.519
Less cash iii Trey. l45,039002 III. ,5S2
Total .......-...s2 52O. 7s6 Os6 s2,515 6l5. 9S7
May l. 1867. June l. 1867
Gold on hand. STA, 250.44 S9S75S,4l7
Gold notes OUT. Is, 400 40 IL, }23, $50
Belonging to govt. SOS. 550.OOi SSl. 434437
The net decrease on the public debt since
May l, it will be noticed, is over fire millions
Of dollars. This is unexpected. 1t will
strike the country as exceedingly favorable
for the continued gradual redemption ofthe
debt.
The New York Tribune, paper that has
steadily advocated the resumption Of specie
payment, takes the following view of the
June statement:
The debt statement for June / shows great
progress IN restoring the national finances to
order by way OF funding and contraction. The
latter item Is represented By the following fg-
ures:
Decrease Of Compound Notes ............ $l,744270
Decrease Of Legal 1ender....-....-.... l037, $50
Decrease of Fractional Currency. 5l7,3O4
Total decrease.......... ........... Sc. 1879 524
Decrease Of ...-.,....-.......... 37.479,615
Total currency debt funded or can
ceied IN S43 6I9, lg9
A 1908 are largely used as currency, and at
the time OF issue were an expensive element, 1t
is plain that their cow rsiOn into funded debt
IS vital and important step toward specie pay
ments. Many persons labor under the delusiOn
that contraction Is measured by the reductiOn in
plain legal tenders, and 50 long as no large de-
crease Is shown IN them the paper money bubble
is secure Some writer's who think cheap and album
dant money the intallible evidence of prosperi-
ty. will soon have an opportunity to revise their
opinions. There probably will be cheap and
abundant money next week, D." but its only effect
will be to help the Treasury to fund its debt
faster, and 1t will not help spectators and the
general traders struggling TO make their daily
payments from sales OF goods daily declining,
and which no one buys, beyond che days neces-
stiles, In the full belief that delay will make
money buy more. The large payments Of the
Treasury viii stimulate fresh activity in govern
ment stocks from the natural disposition of
parties to feinvest the proceeds Of compounds
and interest on 7-3Os IN some other form of ma
tiOnal debt for present safety and profit Com
pounds will not be reinvested in fancy shares or
merchandise, but IN something where income is
certain and the principal reasonably secure and
available at short notice
The progress in contraction payment, and the
conversion Of currency debt in the past year is
shown in the following table:
DEBT BEARING INTEREST IN CURRENCY
June l, 1866 June l. 1867 Decrease
Temp y loan STA 56l, 4S6 Sl24, 56l. 4S6
Indebtedness, 100000 ............ 4S.O25 600
no st sOp IN. 162Oi214O slsooso2iO 81 ss1 800
3,ysar 7-3Os... sl222l, 500 5ll939.525 3OO.2s2075
U. 5. notes. 402l23,3ls 373.2O9.737 27,gl32Sl
Contracted, paid, or funded ......... S527, 764O42
The Secretary of the Treasury has taken no
step backward, but has steadily advanced. In
one year. Sl67, 100000 of temporary loans and
one year certificates, in other words has call
loans, have been put out Of his way, and he now
at a premium with which to cancel the com
pound notes. The 1905 will fund themselves.
and II u matter Of nearly absolute certainty
that the whole currency debt will pass into long
bonds, rapidly as bonds can be printed and
exchanged. On the LIST of July. 1868, ifthe crops
equal their present promise, the United States
Treasury will hold more gold in proportion to
its demand liabilities. than any other financial
institution in the world, and be ready TO resume
and maintain specie payments. In this view Of
things, II becomes Of vital Importance to the
national banks IN q their affairg pruIeuf-
~, tor Il Is certain as any future event be-
that when United States notes are redeemable
IN IN gold, national bank notes will 60 IN for re-
dempton IN gFeenbacks uncOmfortably fast.
National bank notes are an Improvement on the
mixed currency in use before the rebellion, but
they do not command the confidence everywhere
felt IN green backs.
The New York Post says "The general
tone of feeling in Wall street is more
cheerful, in consequence partly Of the debt
statement being more favorable than was
anticipated, and partly of the assurance
that no further contraction of the green
back currency will at present be attempted,
but chiefly because ofthe beliefin copious
harvest of which the indications are in
crsasing daily" On the 9Th inst. the loan
market was reported easier, but fairly
active at Coz per cent. Commercial paper
was quiet but few frst-class bills were
offering. The rate was 6f@84
--------z------=-
GENERAL MARK ET'S.
NASHVILLE, June 10, P. NJ.
COTToY,-There were no receipts, and
no shipments to-day, and only a few bales
sold, bic being the highest figure paid.
The advices from New York and Liver
pool were unfavorable
The following are the mercantile dis
| patches received:
~ - - N Ga