Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1872-11-06
The gold and stock boards of New Yo

The gold and stock boards of New York
both adjourned over yesterday on account
of the election, and we are without the
usual Geographic quotItions. In our local
market we have no change to note. Very
little. was doing and quotations of the day
previous were unchanged in every respect.
FINANCIAL MATTERS.
Money continues scarce in the West, but
the market shows indications of growing
ease, while in the Northern markets money
is comparatively easy. The country bank
balances are beginning to accumulate in the
city banks, showing that the return flow of
currency from the interior has commenced.
The long talked of book of Assistant
Secretary of the Treasury Richardson,
concerning the Public Debt of the United
States has just been issued from the Gov
eminent Printing Office. The Assstan.
Secretary has condensed a great variety of
detail Of matters connected with the pablic
debt, which renders the book one of great
value as a reference. The several acts of
Congress with reference to banks and bank
ing laws is increased, as in the case Of the
volume devoted to this subject by Mr.. Shep-
pard Romans, by notes of judicial decisions,
the notes in Judge Richardson's book being
given at the foot of the page, instead Of
forming a separate appendix. There is,
however, another subject discussed in the
book that is more speculative than practical,
and which, we think, will excite a good deal
Of adverse criticism. l. is the first notice
in An official form Of the groundwork for
the claim of the Secretary of the Treasury
-.,ssla 81 will, er rather at discretion,
foruy-foa. III los oC dollars in legal tender
notes. After ciJ.-g the language Of the
Chief Justice, in the case known as the
banks against the supervisors q Wal
lace, 26), in th Supreme Court
of the United States, to shOR that the
various acts contemplated ga permanent CIR
culation until resumption Of payment in
coin, of four hundred millions of dollars"
and citing the act of 4th February, 1868,
which stopped the contraction Of the cur
rency; Judge Richardson states, we be-
lieVe with absolute correctness, that DAT
this time the amount outstanding was
three hundred and tifty-six million dollars,
and that is the limit below which the cir
cuIation of United States notes cannot be
reduced without congressional enactment"
And he destroys the value Of his complete
historical statement, for the details Of
which see pages So and 80, by at once
sDeaking Of the difference between
these $356,000,000 and the $780,
100000 contemplated" in the Ian
guage of the chief justice, as
she reserve of forty-four millions
of notes." and says, ''the issue Of the reserve
Of S44, 100000 is left to the discretion of the
Secretary of the Treasury" He asserts
that the Secretary has twice aVailed himself
of the reserve, TO a small amount and for a
short time. Il cannot be possible that such
a tremendous power as is here claimed
a power that can make fortunes for favor
ties at bis will-Was intended to be intrusted
to the discretion Of one man. l. is the bold
est assumption of right belonging solely
to Congress that has ever occurred in the
history of the finances Of the country: The
terrible power Of sporting Sat discretion"
with nearly fifty millions of paper, made a
legal tender for the payment of all obliga-
tons by act of Congress, must be guarded
and protec ed by some other rule than ''dis-
cretiOn." 1t is quite plain that the late
rise in stock values i'll New York was slim
ulated by the knowledge of this claim, The
| New York Commercial says that so far but
| little damage has been done, "and if bona
| uG6 IOluS- Oi SSCuIIJlG3 S6ll IlSLu upon AL
unnatural advance the damage will be con-
| fned to a SET of men whose trade it has
| long been to fatten ON ruin. But if the peo-
pie at large should have reason, or should
think they had reason, to attach to Judge
Richardson's pernicious discovery the
weight which the worst of stock gamblers
profess to give it, we should see far wider
and more pedetratiug injury. 1t would be
accepted on all hands as a cause for a
higher premium on gold, and an in
creased difficulty in the way CT resuming
specie payments. The element Ct sheer
gambling, which is gradually leaving our
trade and commerce, would return to pos
sess it as fully as ever; and our false excite
ment5, reactions and lessons, all would re-
cur, in their old and disastrous sequence"
1t is not worth while in this connection to
say anything with regard TO the relief in
money matters. 1t is sufficient to say that
SEINE needed and proper amendments to
the national banking act that win promote
the "betterment" rather than the debase-