Nashville union and dispatch. [volume] (Nashville, Tenn.) 1866-1868, 1868-02-04
The sales on the 81st we're as follows

ADsVVO Natoitad 6A CuupOlls' ss'.ss-J4/4
tt supply of capital appears to be in
cressing in New York, and it is difficult to
find temporary employment for all the sur.
plus offering, even at the present low rates
of interest. Call loans are made on ac-
cepta bic stock eollaterals at Doe per cent,
chiefly at the lower figure; while upon
government securities transactions are
made in large amounts at 4 per cent. First
class business paper is taken at 62@7 per
cent. per annnm discount.
The New York Post of the 3lst nit. is in
formed by Messrs. Fisk & Hatch that the
sales of the first mortgage bonds Of the
Central Pacific Railroad Company have
recently been so rapid and extensive that
the full amount which the company had
proposed to sell at the original price of
ninety-fve and interest has been marketed,
and the price has been advanced TO ninety
eight and interest. The progress of the
road, the prosperous condition of the COM
pany's affairs, their abundant cash res
sources and high credit account for the add
vance in the price of their first mortgage
honda
The text of Mr.. IngersolPa bill for an
additional issue of greenbacks is as fol-
lows
"A bill authorizing an additional issue of legal
fzrdar ~ &c Ia M mr. mt of .f.rear ,sl
Lions OF dollars, and tor other purposes.
"Be it enacted by the Senate and House
Of Representatives of the United States of
America in Congress assembled, That the
Secretary Of the Treasury, in addition to
the United States legal tender notes here
tOfore issued under f6rmer acts of Congress.
be, and he ishereby authorized and directed
to issue like notes OF the denominations
heretofore issued, and in such proportions
as he may deem best, to the amount Of
forty-fye million of dollars Ten million
Of said notes to be issued within thirty DAYS
after the passage of this act, and ten mil
lion within sixty days after the passage Of
this act, and ten million within ninety DAYS
after the passage Of this act, and the re-
naming fifteen million within one hundred
and twenty days after the passage Of this
act.
"Sec. 2. And be it further enacted, That,
with the said notes, the Secretary of the
Treasury is hereby further directed TO pur.
chase any of the gold interest bearing
bonds at the lowest rate at which they can
be procured, to the amount of forty-iiYe
million dollars, or 80 much thereof as be
can purchase with the notes authorized to
be issued by this act and the Secretary is
hereby directed TO cancel the bonds pur-
chased under this act, and destroy the same,
in the manner now provided BY law"
The London Eoonoppit Of January Is,
has the following commentary on the pros
tFation of British commerce and conse-
quent plethora of unemployed loanable
funds and low rates for discount
The unusual abundance of money causes
a degree of competition for bills thai, under
any other circumstances than those now
operating on public credit, would inertia
bly, tend to promote speculation. So COM
pletely, however, has the spirit Of enter
prise been prossrated under the influence
OF the overwhelming Losses sustained By
the general public, that no disposition is
evineed TO profit By the plethora Of unem-
ployed capital.
Credit remains constrained within nars
rowly watched imits, and lenders are eau
tious as e the nature Of the security Of
fered. Money has been done at per cent;
the best bills have been taken at I and II
per cent. and six months paper is nego-
table at IL per cent. Ordinary mercantile
acceptances of good character, and pre-
senting bona fGe transactions, are almost Us
readily taken as bankers bills, the scarcity
Of both rendering the faak of discrimina-
ton as to their character easy.