Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1872-10-23


York st 74i for both the old and the new.
: Bank of Tennessee notes are scarce.
Dealers buy at 81 and hold at 93G94.
State warrants are duh at sic.
The severity of the late money string
ency can be better understood and appre-
ciated by the mere statement of the fact
that during the past three months the de-
posts of the Banks of New York show a
decrease of about ffty-three millions; Bos-
ton upwards of five millions, with cores
ponding dimunition in deposits in other
Seaboard cities and in the cities Of the south
and west. The movement of the treasury
department in the sudden, unherslded and
unknown Except to the select few
purchase of FIVE millions of bonds,
and the sale of an equal amount
of gold, has given temporary
relief, so far as scarcity of currency
may be concerned, We scarcely imagine
anything worse, both for the morals and
business of the community, than a system
which enables one man to suddenly invade
| the financial centres Of the country, and
run the rate of money down and the price
| of stocks up in the ratio of the magnitude
| of his operations. What power to be ex
| ercised By one man, and what an oppor-
! to InSke enormous amounts of money?
Such q power was never dreamed of in the
| earlier and purer days of the country, and
would not now be tolerated in any country
of Europe except the most despotic.
A San Francisco paper states that the
| great demand for money (gold) in London
has caused the directors of the London and
| San Francisco Bank to draw 100000
from their office in that city. The whole
of this amount has been shipped during
the past thirty days through the posto flee.
| L. is stated that there is a "steady stream
Of gold" flowing out of the State for New
York and London.
The Philadelphia Record of the 10Th
inst, says: "rhe money market in its
main features remains in about the same
condition as in the past few days. Money
is in good supply, both at the banks and on
the street, and on good collaterals or first
class commercial paper it is offered more
freely at 6a7 per cent discount for prime
names. The turning point of the fall strin-
gency appears to be about reached"
The New York Bulletin says, Oct, 49,:
Among the merchants the demand for
money is active and bank accommodations
are restricted. The best endorsed papers
is quoted at 10 to II per cent, with excep-
tional sales at 9 per cent, but with far the
greater part of the business doing at l1a12
per cent. The relief which the Treasury
gave has been felt by the merchants in less
degree than by the stock spectators who
borrow their money from day TO day. The
currency movement to and from this CEN
ter continues decidedly against the New
\ ork banks. The following resolution,
adopted by the Philadelphia Chamber of
Commerce, has attracted some attention
on Wall street: @
Resolved, That meeting of the merchants,
manufacturers and bankers OF PHILADELPHIA be
held on the 21st inst, at the Chamber of Com
merce, 10 consider the eXpediency of petitiOning
Secretary Boutwell, 10 relieve the money market
by purchasing S44, 900 of the Understanding
debtwitha ike amount of legal tenders retired
by Secretary McCulIoch.
The eaSerness OF the Philadelphia mer-
chants to have an easy money market seems
TO have exceeded their prudence. It might
have been well for them to consider for a
moment how many bonds the Secretary
would be able to purchase. seeing that thew
already range about par IN gold. Next.
they might well have INQUIRED what an
thority Secretary Boutwell, has to ra-iss,l q
: legal tenders which Secretary MeGulloch
definitively cancelled under express orders
OF Congress Next, assuming that thers
were no difficulty on these pyramids !,
might very properly have been cons iieredI
whether for the sake of obtaining temnora'
) ~ relief in the money Market it were
worth while to thus restore the gold pre-
MUM to the figures current in war times:
and still further, whether such spssmodit
J appeals TO the Treasury are the proper way