Nashville union and dispatch. [volume] (Nashville, Tenn.) 1866-1868, 1868-07-31
FIRST EOARD
The New York J0urnH Of Co
the afternoon of the 9th inst. says

Inc new IOIh 0OUiHu y COHtHttiCt VI
the afternoon Of the 9th inst says;
''The demand for money is almost en-
tirely restricted to speculative borrowers,
and from this source is unusually limited.
Capital continues in excessive supply for
temporary use at BOA per cent, and the
best commercial paper is readily placed at
54(96 per cent. per annum.''
The New York Financial Chronicle Of the
25Lh inst says of the bond market:
The banks are not at present holding an
unusually large amount Of bonds, the
amount held by all the banks in the cOun-
try being at the date Of the July statement
$40, 680O 900, against S45 G29, 900 at the same
date of last year SO that no very large sup
Ely is likely to come upon the market from
this source. Since the beginning Of the
month large amount Of bonds has been
shipped TO Europe, partly on account Of
coupons and partly in return for bonds of
1347 and IS4S, sent for redemption and
within the last few days moderate amount
has also been sent out by German bankers
on speculation. IL is estimated that the
shipments this month will reach from eight
to ten millions and some uneasiness Is felt
a. to the effect this large additional supply
may have on the foreign market,
The New y ork Herald Of the 9th says
There is a renewed demand for home in
vestment setting in, while the purchases on
foreign account have been unusually large
Of late. Hence the tendency Of all the
gold-bearing stocks is upward, bat special
attention IL being directed 10 the iige-
tWenties Of 1864, which are relatively
cheaper than either the bonds Of 1862 or
1865 which carry the same amount Of ac-
crued interest. As Congress is to adjourn
on Monday, there will BE no further tinker
ing with the finances at present, and this
will exert a reassurlng influence upon the
minds Of inVesters in our honda for there
il no doubt that Congress has eXerted a
damaging effect upon the public credit ever
since the termination Of the war. Ia re-
construction policy was both politically bad
and vastly costly, aud its financial meas
ures have done nothing 10 appreciate the
value Of the currency, whereas, with orr
abundant resources and proper economy an
the administration of the government,
much might have been accomplished 10 i'm
prove the public credit and command for
our securities far higher prices than they
have yet touched, besides largely reducing
the gold premium.
The New York World, Of the came date
remarks:
Europe holds about $500 600 600 Of
United States ak per cent. bonds, and
thousands are living on the S4S 200, 900 OF
gold interest which the United States pay
on the same. Thousands Of Europeans
live on the difference between borrow ing
on the fve-twenty bonds at European rates
Of interest and the ak per cent. interest
they receive. The European money lend
ers carry United States bonds say for three
per cent per annum, and the difference,
S24,000,O 900, forms clear profit for the
European holders Of our bonds, without
requiring mere money on their part than
the small sum Tor margin. There is no in
crease Of public wealth from this use Of
capital. IL is in fact 3 rstrogFade and not
progressive movement Europe living on
America. Capital deTouring itself Hence,
the "dry rol," or eating up Of capital,
which for sOme years past has taken the
place Of the ''panis and crisis" Of former