Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1872-12-15
0ONh1SN MEN1 BOhD5s
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IIeTe IS another Slight decline ID GOVERN
ment bonds. The following are the noon
LOCAL STOCKS AND BONDS.


Tennessee bonds are quoted in New
YORK at 10. We suppose they would bring
here ABOUT 77!. The past due bonds are
worth about 81 and the coupons SIC in the
dollar.
Bank of Tennessee notes are very scarce
and are held by dealers at CSC.
State warrants are in less demand.
Dealers bay at 89G90 and hold at 90.
The new issue Bank Of Tennessee notes
are quite firm at 30Q32 buying and $500
selling.
For other rates we refer to the quotations
published 10y the National Savings Com
paDy, corner Union and College streets.
FINANCIAL MATTERS.
"Tha present slringency in the money
market" IS TIE Ou'cry thst comes, says the
New York World from those who Sin to
feel What is not striDgency in the money
market but a stringency rather in the CAPT
tai market. There is vast volume of cur
rency afoat, but there is a dearth of COM
modities. This kind Of siringency has
been fOreseen and foretold so long and SO
often as being sure to follow as necessary
result Of the enormous initiation of paper
money stamped with the stamp of debase-
ment and reputation that was one of ''the
fruits Of the war;" by pen well informed
on the subject, that the fashion of hooting
at them So Else prophets has long since
grown Into an old fashion. Whoever has
corn to sell, or hogs, iron, or cloth, can he
not have the cash fOE them? II is capital,
then, thst we are short of, and not money,
which is but the counter of capital. We
suffer for the want of things such as we can
eat, wear, and use, not for words that are
lies printed on green paper. There is
deficiency in commodities, and not in the
measures by which they are bought and
sold, and which measures, however We may
multiply them, can never for any long
season do anything more for US than
measure what we hsve TO buy and sell.
The stringency, Of which only the small be-
ginning is now felt, proves only that there
is g want Of more property, real demand
for solid wealth. The want and the de-
mand have been produced by the monstrous
and unnatural imitation of the currency,
whose eXalting effect on ideas, prices, and
expenditure is now subsidng, leaving us
only the bitterness Of stringency which
no fresh Issues Of paper no matter how
worthless or abundant it be made, can help
or cure, save for very short perid that will
be compensated by more stringeney and
bitterness in the end. Wise men know
that such money thought stimulates trade
promotes indolence; though it puts capital
in motion, wastes IS it moves; though it
increases selling and buying, diminishes
the production Of things to be bought and
sold; thought, gives showing of wealth,
brings the reality of poverty-brings it to
the poor at first, then "stringency" 10 the
rich, With depression, stagnation, and desrth
to all.
But We are not going into dissertation
on the evils Of the paper curse. We would
merely call attention TO this cry of "strin-
gency" as sign to be noted, and ask those
who like to think to read the census, and
consider the question whether it is money
or capital that we need, and whether the
glut of money hss not caused the desrth Of
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