Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1872-12-11
in sympathy with gold, we suppose. The
following are the noon rates
LOCAL STOCKS AND BONDS.


Tennessee bonds are quoted In New
York at 81. Under this quotation they
would bring about Doc here. The past due
bonds are worth about SO and the coupons
55c in the dollar s@
Bank of Tennessee notes are very scarce
and are held by dealers at 95c. State war
rants are bought at 88.
For rates of our local bonds, etc., we re-
fer to quotations given by the National
Savings Company, corner Union and Col
lege streets.
FINANCIAL. MATTERS.
OF the State papers usually issued at this
period of the year, that prepared by the
Secretary of the Treasury should be the
most interesting to taxpayers, touching as it
does the sensitive pocket-nerve of the ma
ton. But the present report is by no
means suggestive one. 1t is remarkable
rather for what it does not say than for
any clearness of statement. In the open
ing it is stated that whatever degree Of sue
cess has attended the administration of the
Treasury Department is due to the ability
and fidelity Of the officers, clerks, etc. This
we think is very plausible, as it is generally
the officers, clerks, etc, who perform the
most work and draw the smallest salaries.
Moreover, we cannot imagine Secretary
so ubiquitous as to stump the country for
the retention in Office of his associates and
himself, while at the same time he faith
| fully discharged the duties for which he
draws pay in Washington. The figures
and statistics are clearly stated, aud the
amount Of indebtedness paid of, is, of
course, brought prominently out. No rev.
| elation as to future movements in this re-
gard are made, excepting that the surplus
| from which such reductions are to be made
is set down as $33, 700,0 900. Unfortunately
| for the Secretary he has past record, and
judging from this, his thirty millions Of ex.
cess will stretch out enough before the close
of the next fiscal year to buy in three times
thirty millions of the public debt. The
| President in his message is far more out
spoken and satisfactory. His language is:
sit is very doubtful, however, whether any
further reduction of SO veXstious burden
upon the people will be practicable for the
| present." Mr.. Boutwell, recommends that
the registered should be made convertible
into coupon bonds, thus endorsing the
stand taken by the Age in these columns in
opposition to the views Of some of our con-
temporaries. The further negotiation of
per cents is recommended, and this is prob
ably the best thst can be done at the pres
ent time. In relation to specie payments,
the same general idea heretofore enunci-
a'ed is repeated, that specie payments will
be reached by contracting the currency to a
fixed amount, and allowing the country &c
grow to resumption. This, with the quail
fications attached, is worthy Of Jack Buns
by. The concluding paragraphs sound like
portions of an electioneering address. They
treat of the ariff aud free trade, and would
require more space for their discussion than
we are able TO devote TO them. So fsr as
we can gather anything from the entire re
port, we think it may be safely calculated
that with the present chief the Treasury
machine will run in the old grooves.
The London money market Is working
easily; and the rate in the open market is
per cent. below the minimum rate of the
J Bank of England. The late pressure anC
high rate of interest in that market arr
eliciting good deal of sharp discussion il
! English financial circles. The EconOmiS
quotes the following from Sir John Lub
bick, high authority, on the question O
the reserve held by the bank: "The tota
reserve of the Bank of England was, &C
cnrding to the account Of the 18th ult., 20,
100000, against f25,000,000 Of deposits
Mr.. HaRkey estimates, however, in his let
ter, that the London bankers balances are
oae third Of the whole deposits held by th'
bank. Hence, as one third Of Els, O0O, 00'
is fS,30O,OO0, it fellows that, while tn
whole reserve held by the Bank of EngianC
is 100000 no less than f8, 100000 /:
due to the other London bankers" Opin
ions may differ much on many points, bu
there will be much less difference on thi
point than on most. Very few persons Wi
think that this is sufficient reserve for tn
banking department of the bank. l
places the banking department entirely a
the mercy of the London bankers-in an.
: panic it must DO what they wish, for the
can break it when they choose.