Nashville union and dispatch. [volume] (Nashville, Tenn.) 1866-1868, 1867-02-23
FINANCE AND TRADE.


Yesterday being observed in New Yor
as a holiday, we are without our usua
gold quotations Brokers here were buy
ing at 1876 and holding at 1873.
London advices of the 22d inst. quot
United States 5-2Os at 73i. But little wa
done in uncurrent money.
Bank Of Tennessee was very quiet at 80
buying and Soc selling.
Union and Planters Bank notes were il
good demand at Soc buying and SIC sell
ing with but small amounts in market.
Southern Bank notes were in but little
demand, and the rates were unimproved.
Nashville corporation checks were
rather plentiful on the market Brokers
were buying at Zoe and are selling at Sc
discount
The statement of the New York city
banks forthe week ending Saturday, Febru-
airy Is, compare as follows with the pre-
vious week, and with the corresponding
week last year; to which we add the specie
and currency balances in the New York
Office of the United States Treasury at
these dates, respectively:
Feb. Il. 1866 Feb. Is. 1861 Feb 9. 1867.
Nat. capI.-S72 $4,000 s74,2O7,700 S74.2G7.70Q
Local -. S,87S.5oO 9,O62.5oO 10000
Total capital ssl. 6s6 200 sS327O,2OO sss,27O 200
Loans;;.....,. 248. O6s,252 25818l,223 25O,26sS25
pote2.,;s,;,, lo9Os.75s l47926@ l6,l55257
Deposits ......lSg 1920 l90O7229l l9S, 24lS35
Circulation 2l,46O,l2S S2956,SO9 32,7I70OO
In S. Tres'y.. eS.296,973 lle.Sll,79O l0S,95S2 52
The following are the changes from the
previous weeks statement:
Increase in loans S62 sos
Decrease in 1854 6Sl
Decrease in other legal tenderS.......-.. 2956O52
Decrease in 1888
Increase IN auon.................'. liS.5U9
The provisions of the new interest act
just passed by the Massachusetts Legisla-
ture, permits a borrower to procure money
at any rate of interest which he specifies in
writing that he will pay, Or at any such
rate as he may at the time he receives a
loan discount from the principal. If there
is no stipulation in writing, six per cent. is
understood as the rate of interest to be paid.
Mr.. Morrill,, in a recent speech on the
tax bill, estimated the cotton crop of last
year at 100000 bales. The receipts so far
indicate that this estimate is entirely too
high. The crop will probably reach l.
5O0,O 900 bales, but it win hardly exceed
that amount. In regard to the future of
cotton the National Eqtei'igeacer says:
We do not concur with Mr.. Morrill, in his
opinion that the crop for 1867 will be much
larger than that for 1866. though the season, it is
TO be hoped, will be much more favOTableh
" Neither the political, nor social, nor hnan-
cial condition OF affairs in the South will favor
large increase in the culture Of cotton, or rice,
sugar. What Northern capital and enterprise
were employed in the last year will be much
diminished this year. The negroes, as a general
rule. worked better, under spasmOdic effort,
last year, than they will ever do again. That is
the testimony from planters, Northern men a.
we'll as Southern They arerelapsing into indo
lOnce, and now prefer a cabin and sweet pOtatOe
patch, and idleness and theying, to any regular
labor, on shares OF full wages. Besides, the le-
gislatiOn OF Congress places them on a political
equality with the whites, and this will tend To
dissatisfy them with their industrial position.
division of the land and other property among
them. They have already, in common with the
whites, the right, under the homestead laws 10
take up government lands, but do not ayil them
selves of it.
" If cotton were really to become again
great staple product of the South, then cotton
lands would be in demand. But, on the contrary,
owners are really anxious to sell at low prices.
but find no purchasers.
Plantations on the Savannah river with i'm
praVementS, dwellings quarters, gin-houses'
fences. etc. and capable of producing, without
fertilizers, bale of cotton to the acre, are fire.
quently offered at two dollars Currency an
acTe-lower than the original government price
for public lands. as fixed by law, which was two
dollars in specie times, and lower than the price
at which the government now sells the alternate
sections reserved from land grants.
." There is little money in the South. The
New \ Ork Financial Chronicle in giving Tea-
sons for the stagnatiOn of business At the North,
states one cause. that the South is not able to
purchase goods, nor even to pay for supplies
already obtained"