Nashville union and dispatch. [volume] (Nashville, Tenn.) 1866-1868, 1867-01-08

5-3k, coupons ....--...... -. l0SIIQSl
/ 3-Ss II series, coupons lO6GI0jls
9-1s 81 series cOUPOns-...-.-..-..-.. l0i3sF lOYI
s3-2es new issue .-..................... l0ial0Fs
Us ~ "a loo
los dalu5l
i-Jus' ID and Sd series...-........... lO4' sdlO5
London adyices of the eth irst., quot,
5-207 at 20.
Exchange on New York was taken at &c
discount and sold by the banks at par.
But little was done in uncurrent money.
and We heard Of no change in rates. Bank
Of Tennessee was quiet at 4S@5Oc buying
and 5Sc selling. Planters Bank vas bought
at SIC and sold at SSc, while Union Bank
was dull at Soc buying and SIC selling.
Southern Bank notes are very duh, and
rates have not improved.
Nashville corporation checks were in some
demand at Toe discount.
Tennessee bonds sold in New York on
on the Sd inst as follows: $1,000 new at
674c; 100000 at Csc !; 81 600 at sslc; s., 900
ex. int. at S81c; $4,000 ex. coup. at Csc.
Tennessee bonds were quoted in New York
yesterday at 673c.
On the 81 inst. Mr. MAYNARD. of Ten
nessee, offered the following resolution in
the House of Representative, which va
laid over:
Resolved, That the Committee of WAYS and
Means be, and they are hereby instructed TO in
quire into the eXpediency of redeeming the
compound Interest Treasury notes. so called. and
EnE ma i've. -. al nv
ury notes to be issued for that purpose, of de
nominations from Eve dollars to one thousand
dollars legal tender for their face value, bear
ing interest at rate not less than three per cent
nor more than five per cent per annum redeem
able IN i've years, and convertible at the pleas
ure 81 The holders into four per cent bonds. pay
able, principal and interest, in gold, and redeem
able al the pleasure of the government after
hye years, and due in twenty years subject TO
State taxation.
Memorials have been presented in the
House of Representatives from Solomon
Sturgis & Sons, and other business men of
Chicago, Illinois, against the curtailment
of the national currency and against 4
law requiring National Banks to redeem in
New York, and the Board of Trade of st.
Paul, MINI, has issued a manifesto against
contraction and the amendment to compel |
redemption in New York The New York |
Bank Note Reporter has the following OBJ |
seryations on the currency question:
There viii be no expansion of papermonev
The three hundred millions Of national currency /
Is an unsafe amount and any enlargement will |
work the downfall of the whole system. There /
nlli pc a sHaI, gradual but still a telling con-
traction a greenback and compound interest /
currency: The destruction Of four millions per
month OF any kind OF currency, even compound !
interest notes VIII ensure tight money market
check speculation, and secure an approximation /
TO specie standard. Any contraction more Sc
we're than this viii bring disaster and a rcyul-
SION N Whltn ne government itself will be en-
gulled and ior'ed back into another pEuaDsiap |
OF paper mque and the National Bank Chr |
rency Will be cry likely withdrawn and can
celied by the 60 eminent and greenbacks issued |
IN IT'S stead. reyulsiOn. no matter what its
Ecal origin may pc, will, 10 the public eve de- |
Eelop itself in tue banks and the penple will !
demand that they shall be compelled to forfeit |
me ProHJs On currency because of its inferOrity
10 gfeenbacks. There should be no direct at |
tempt to resume specie payments Let that
event come Just when il will under the influence |
o ,d! s'oG eonlTaetidni and when the paper cur
fency ls brought by contraction on par with |
specie then stop contraction"
The Chicago Tribune reports that there
was considerable inquiry for currency by
some Of the National Banks in that city in
order to make up good statement for
the first Monday in January This in con-
nection with the legitimate demand for
money by packers and provision and pro-
duce dealers, has greatly augmented the
in the money market The Tri-
bune faVora the making these statements
oftener, and recommends that the National
Banks, in those cities selected az redemp-
ton points, be compelled by law to make
weekly statement similar to that made by
he Banks in New York, Boston and Phil
,delphia. Ifthis were done, the quarterly
in the money market (for
which there is 10 necessity would be en-.
irely done away with, as the Banks would
laYe no time or opportunity to "cooko a
statement, where such appears once a week
The report of the Superintendent of the
Banking Department of New York pre-
ents a condensed exhibit of the present
of the State banking system:
Circulation issued -................ 1924 81 90
Circulation returned aud cancelled .gOi 300 90
I
1IeuIauoh outstanding sept 30. 'UJ..lO,lU249l On
DECREASE in circu alton COS g5g Ol
'tecksi mortgages and cash securi- a
ties deposited with the Superin-
tendent TO secure circulation,
Sept. 30 ...... u -g6 EEO az |
%. do. DO. Sept 30, Is66...... II ,S33,EiI rs G
Decrease of securities IA 463UOD is
On the 30th September 1865. Ia banks reported | 9
O the Department: On the 10Th SeDtember Igf5 | %
nut s. banks reported. /
VI these tnO longer repOrtng) eight have Been | >
inverted into National Banks during the year, |
nd the remainder have taken steps 10 transfer |
heir assets, and close their corporate organiza- |
ION ana are no longer doing business under the | C
anking laws Of this State.
But two banks have become insoIyent
Turing the year, and their securities are b
mpIe for the redemption of their notes at /
ar. =
The Hartford Courant gives a list Of d
tteen of the somdest and most wealthy n
insurance companies in the county, for the
urpose Of showing how improbable the
Insurance business has been Of late In
his list, representing Sl3OOO,OOO of capt. /
Al, only three have their capital unim- e.
aired by losses, and they have only sur
lus of about $4,000, on a capital of about
!, 100000. As an offset to his it must be o
emembered that the insurance companies A
ave until recently been making large gains,
nd that their present capitals frequently
epresent earnings declared on stock diyi- g
ends y
The following were the quotations for t
outh Carolina bank notes in Charleston 8
n the Sd instant.
ank Of Camden .............. .... 80 |
L e I