Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1868-10-22
Total tai b0ndsPernansntly invested u, T9O.OOOOO0

Total bonds permanently invested Il, 80 900 900
The preceding table shows in round
numbers s., 790, 0Ce, 900 permanently placed
of the S2,100 00O, 900 government bonds
issued, leaving only about $500, 0O0, 900
forfeiture absorption demand, which is
estimated at $50, 100000 to SITS, OOO,-
600 per annum. It ia plain that
this annual absorption demand mus;
tend gradually to advance permanently the
prices Of all government bonds, and that
capitalists will have to be content with a
lower rate Of interest from them more in
accordance with the average market rates
for money. In Europe fFstclass govern
ment securities pay from three to four per
cent. interest, and United States six per
cent. bonds before the rebellion commanded
40 in gold, equal to about l6S in currency.
For the last two years the government
bond market has been depressed and dis
turbed by the Treasury Departments
secret sales Of bonds and the conversion Of
SSO0, OO0, 600 temporary loans into $50
bonds. The market Is now relieved from
this incubus Of funding and Treasury De-
partment manipulations. The excitement
Of the Presidential contest once decided.
the surplus of the July dividends and
those Of November, about $35, O0O, 900 in
currency, will probably run up the whole
government bond list to higher figures
than they have ever yet reached. Those
who sell them shortare running great risks,
as they are operating against the natural
course OF the government bond market,
which is upwards. At present prices they
pay 8 per cent. in currency, the highest
of any hrst-class security on the market,
and they can be converted into cash on
the best terms and the shortest notice, and
in any amounts either by sales or loans,
and in any state of the money market
In addition to the advance from invest
ment demand, it is not unlikely that a
powerful combination in connection with
European firms will be formed, with
view to advance 5-20s 10 the neighborhOod
of par in gold in Europe, and in proper
tion here in currency, leading to the re-
sumption Of specie payment by this nat
ural common sense road, in place Of the
impracticable greenback contraction the
ories. ET ~ r--.s.y-l d. re--
The New York Fiaaaeial Chronicle of
the 18th inst. says THE reports, with
regard to the crop, which reach Us this
week are mostly favorable. II is thought
that there has been much less injury done
in almost every section Of the South BY
the rain and worms than was anticipated.
Parties who have just Travelled over the
Southwestern and Gulf States report To
US more eneouragingly than we Lad ex-
peeted. One usually well informed per-
son, who has been over The fields sends
statement showing an excess in the crop
this year over last year Of 250000 bales.
This, we are aware, is above the present
generally received estimate at this point,
and cannot be fully credited until con-
tirmed by reports from other sources. We
think, however, there can be but little
doubt but that with continued favorable
weather, and a late fall. the exporlable
surplus will equal that for the season Just
closed. Some portions Of the eotton-groW-
ing States will evidently yield less, but the
increase in others will at least make good
the loss in those quarters"
The New York. Times of the 10Th inst.
says:
The general trade Of the week past was
fairly active, for the season, and ahead of
the came period Of last year in the line Of
foreign drygoods and general merchandise.
The customs duties keep up well, and the
month of October will give the Treasury at
all the ports S15,0OO,OOO, and it may be
nearly SIG, 000, 900, ia gold. And at this
port alone about $10,O00,O0O against So
0S2, 900 in October Of last year. The
whole customs for the fiscal year ending
the Both Of June next promises to be $780,
900, 000-or an average Of SIS, 600 900 per
month in gold. ....
The import entries for the past week
amount to $5,371 ,459, against the total
entries of S5,281, 277 same week last year.
The export clearanees Of domestic produce
amount 10 S2,753, $50, against $3,134,0 S2 |
same week last year. The customs Of the |
week are s., 3S4,676. The receipts of cot
ten, coastWise and by railroad, are II sos |
bales.
The gold values Of the import entries of |
foreign merchandise, at New York, since |
Jan. l, 1868, are as follows, the entries Of
foreign specie being omitted