Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1869-11-18

London adylces OF yesterday quote United States
Tennessee bonds are quoted in New York at
SOL, for the old, and 529S for the new.
The following are the quotations of the New
York stock market: New York Central 1855; Erie
275s; Reading S6Z; Southern So; Cleveland
ami Pittsburg 81; Rock Island 1929 North
western Common $50; Western Union Telegraph
3jlI
1t is said that Gen. Grant is so satisfied that the
great agricultural interests Of the country want
specie payments that he has determined 10 bring
our currency to specie standard by some means
OF other even % the extent Of eOD oetat by sell
ing at once all the surplus gold in the treasury.
Upon the subject of specie payments the New
York Slipping List comments as follows:
With specie payments restored, there could be no
objection to free banking law, for which there is
a periodical demand, for then the banks could not
keep out larger issue Of notes than the legitimate
business Of the country should require. Prices
could not be unduly inflated, because the standard
Of values would be gold and silver, the common
currency of the world. Any excessive issue of
notes would be checked by their return for redemr
ton, while any scarcity of currency would be fol-
loved by q corresponding expansion. But we
should look with alarm upon such a project as
seems TO be foreshadowed by the Times, or upon
any project 20 expand the existing paper currency.
WHAT would be the effect Of increase of pres
emit irredeemable paper money, we need not stop
to point out We are concerned rather to inquire
whsther there would be such demand for more Of
this kind Of circulating medium as would call for
the exercise OF all the privileges granted to the
banks There Ia hardly any principle in political
economy better established than that each addition
to the volume of an irredeemahle currency ereates
desire for more of the same sort. Prices become
inflated that more money is required to transact
d given amount OF business. Spectators, seeking
advance in prices threatened, hasten to avail
themselves of 1t. The demand for money becomes
preternatuls1ly active. The banks if not required
to redeem will issue all the notes they get Sc
curity for. The only limitation 10 their Issues
would be the amount OF security borrowers could
efer The evils of the existing system felt and
admitted By all but we must not therefore rush
into greater evils. There is no solid foundation to
business but a specie basis, and all our energies
should be bent upon reaching that goal, We had
better bear the ills we have than fly to others that
we know not Of.
Washington dispatch of the 18th inst says that
since the first Of November, and including that day,
the Secretary of the Treasury has redeemed $4,000
of three per cent certificates, which makes over
s4,O00,Op0 redeemed since the 1st of September.
The Cincinnati Commercial of the 10th inst says
that green meats had, during most of the week.
a heavy market, but as sellers have had little mar
gin TO work on, they have not readily yielded - s
decline At one time trading figures were down to
l0Bc on shoulders, laEe Oh sides and l4Ac on
hams, but they became firmer on Saturday with
gain OF nc, and were still frmer to-day, having
been restored to lie for shoulders lac for sides and
15@1511c for hams. Hams were the preferred arti-
Gle, although light ones were sold az l59sc, and in
some cases were held at l6ke.
The paper also says that the receipts Of hogs
have continued to be very light, and sellers have
been generally very firm, but there has been a
steady reserve on tho part Of packers and ndispo-
sition 10 embark freely in the trade at current g
ures. Prices gave way fun SOC per cwt at time
during the week, but they began to rally on Satur-
day again. and sti further advanced to-day 50 that
sales were made of heavy averages at $40 e5. We
quote the range at 50 75s10 65, with firm feeling
the part of sellers, but spirit OF irresolution
the part of the regular packers about taking stock
at such high figures. The current consumptiYe
demand for meats gives them but little encourage
ment to take hold, and though the season
should possibly be safe one yet there is reason to
think that margins are afforded for speculative
and that the stuff must be carried
through protracted period Of tardy consumption.
At best, there is little to encourage free invest
ments.
Concerning the Chicago market for hogs, and
their product, Messrs. H. Milward & Co. say in
their circular of the 18th:
''The receipts Of Hogs sum up as follows viz.
shipments: Live 1898, leaving for packers and
city use the number left over in the pens-28 III.
For the corresponding period last year the re
eeipts were: Live 90 I19 dressed 49, total 60 235
and the shipments: Live 80 SAT, leaving for pack
up so 921 against 49, BAT last year. and 50 900
active and advancing; but as other markets seem
to be weakening, We may have lower prices next
week. Choice to good Mess Pork Hogs sell at
50 75G1O gross, fairly heavy Hogs at 81 90, choice
Bacon weights at 50 30@9 40, common and hight
Hogs at 500 l0-some few scaawags selling under
So. The market to-day closes firm. No dressed
Hogs have yet been purchased by the pac kers the
butchers taking the few arriving