Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1869-09-29


The Assistant Treasurer bought $1,000 coo in
bonds at prices ranging from ll6.l7 to 1879.
Noticing the scarcity of small notes and frac-
tional currency, and that variety of theories
have been advanced as to the cause, the New
York Shipping and Commercial List SAYS: 1t
should be understood that the notes of all the
national banks in the country are mixed to-
gether soon after their issue so that no single
bank, or neighbOrhOOd of backs. has any par
ticular advantage of the small notes Outstand-
ing. There was probably a fair proportion
of small notes is ued by most of the banks soon
after they commenced under the national sys-
TEN, but ii was soon found that all the notes re-
manned out whether large or small, and the
bank officers did not wish the great labor of
making small notes when others would remain
out to the full amount allowed by law. There
FORE it is believed, they very generally ceased
to issue small denominations. 1t was seen some
time ago that such a course would cause a
scarcity and since it has come. and notes of a
less denomination than i've dollars have been
sought at premium, 1t IS suggested that il
would be well for the banks to adopt some plan
for furnishing each its proportion of the small
notes needed.
A planter in AutauRa county, ALI, writing
on business to his factor in Mobile, says: The
crop hereabouts is undoubtedly short; not ex-
ceeding that of last year. My eighty~bale estis
mate is now Sept. 49, reduced TO sixty" Two
days later he writes: Il have been prospect
ing cotton crops and find planters all agreeing
that the crops are 30 per cent. short of expecta-
ton. The worm IS in force and active, and will
cut off much OF the top crop. The weather
favorable and plcklng -OgreSSlng rapidly. By
the lst OF October half the crop will be housed
on man farms"
The Macon (Ga.) Telegraph of the Goth inst.
says: "A gentleman just returned from New
York, who has had great experience as a cotton
buyer. and has really done nothing else since
the war closed, informed us yesterday, that thu
planters of the South were now playing into the
hands of Spectators most admirably. in rush
ing their GsttCp on the market. 1t was lust |
what the New York buyers and specula or5 |
wanted. Three weeks ago cotton was firm in |
New FORK at 35c per pound, but just so soon as |
the planters got ready to sell. the price immed-
ately receded TO - and 80 cents, with a strong |
effort on the part of the bears to still furtherr,-
duce il. Our friend stated that there was not a /
cotton buyer in New York, of any intelligence |
or reliability, who does not believe that cotton |
will go to 30 or 40 cents per pound in that mark
ct, by or before the first of next MAY; and /
they candidly and openly express such an
opinion among themselves; and are laughing in
their sleeves at the rush the planters are now
making upon the market. Just so soon as the |
bulk Of the cotton crop is out Of the haI ds OF
the planters and close guess can be made of
the years crop, then you will see a reaction in
the price that will astOnish you. Our friend ex-
pressed real modification and shame at the
manner III which the planters were blindly in
turing themselves just nov, and express ed the
belief that even before Christmas they WOull |
rue their present suicidal policy. We have the |
foregoing from a gentleman who knows, per- |
hRps, as much about Gotten and the cotton |
market as any gentleman in Georgia; one who |
IS familiar with the present animus of New |
\ ork spectators and knows precisely what |
heir game is, and We give his views and advice |
, worth something"