Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1872-11-05


the Secretary had already been more or less
prevalent, but they were generally discred-
tied. Sober aud intelligent citizens could
not believe that an official of the Govern
mene would thus take it upon himself to
tainper with the finances of the country,
aud secretly derSDge the natural course of
business. We put out Of sight the darker
insinustion that the Secretal y is in league
with ring of Wall street stock jobbers,
and acted for their benefit. The mere fact
that he should claim and exercise the pow
er OF adding whenever ne pleases millions
OF dollars 20 the national currency, thereby
Initiating the prices of all kinds of property
and commodities within the national do
main, is of itself sufficiently surprising, and
proves clearly enough his uufitness to fill
the place he occupies. Three times already
has ne yielded to opportunities of lien in
pecunlary difficulties, and issued little in
staliments OF the $44,000,000 which he as
serts is subject to his disposal, and it will
take out few repeti ions of this act 10
draw out the whole"
Inc washington correspondent of the
cincinnati Gazette writes, Nov. l. MANY
inquiries nave reached the Treasury De-
partment nom New York, to-day, regard
ing Inc statement that the four millions
Oh retlred currency had been reissued, and
asking whether this indicated purpose on
tne part OF the Department to continue to
exercise the right claimed by Judge Rich
ards0n, to reissue the forty millions re-
serve. The replies have denied any pur-
pose to increase the volume of currency,
and that the amount put out did, in reality,
still leave the volume Of currency less than
it was In 1859. At the Treasury the mat
ter is thus explained: Fifsy-two millions
OF The hftY-seven million three per cent,
| certlhcates have BEEN called in since 1869.
and redeemed, and in their place fiftY-t@o
millions OF national bank notes issued. but
the banks were compelled, of this, to hold
| $5,2O0,OOO in reserve, thus decreasing the
| actual volume Of the currency Sy this
! amount. The late issue by the Treasury
of four and half millions went toward
restoring this Contraction, but still leaves
the volume OF currency seven hundred
| thousand dollars less than in 1862"
The Washington correspondents Of the
Cincinnati Times and Chronicle gives this
| explanation of the use of the reserve
| greenbacks: "SOme uueaSines5 seems 10
| be manifested in financial circles over the
fact that the Treasury Department has
made use Of about four millions of the le-
gal tender reserve during the past month,
| and the uncertainty as to whether it is the
intention Of the Secretary to continue the
amount in circulation. Acting Secretary
Richardson says to-day that the use of this
| four million Of the greenback reserve was
caused chiefly by the rapid redemption Of
| the three per cent. certificates during the
| past few months, of which there has been
called in about forty millions, leaving oniy
about five millions yet outstanding. 1t is
the intention Of the Secretary to reduce
within the next two weeks the currency to
the lowest limit authorized by law, viz:
two hundred and fifty-six millions, and this
viii, OF course, necessitate the restoration
Of the four millions of greenbacks issued
last month to the reserved fund again."
Southern EOasz IN New York.
The sales of Southern bonds at the New
York Stock Exchange on the Both ult. were
as follows:
SECOND BOARD.
1000 Tennessee six per cents, old. 49,
5000 Virginia six per cents, consolidated. 81 x
| 0,OOO South Carolina Six per cents, new,
| January and ulyc...................26k
| 1000 Missouri six per cents. .92 4
| The sales on the 31st ult. were as fol
| lows:
FIRST BOARD.
1000 South Carolina six per cents, new,
January and July.................26
| SECOND BOARD.
| 1000 Tennessee six per cents, old .....73L
| 1900 South Carolina six per cents, new
january ana u ly....................6
The sales on the LIST inst. were as fol
| lows:
| FIRST BOARD.
| 5000 Tennessee six per cents, new....T3b
10000 Virginia six per cents, consolidated. 81 I
1000 North Carolina six per cents, old bds. "a
! 5000 North Carolina six per cents issued to
| the North Carolina Railroad. .46E