Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1872-10-22
FIRST BOARD.

FIRST BOARD.
1900 Tennessee six per cents, new. .73K
1900 Tennessee six per cents, new..........74
5000 South Carolina six per cents, new,
January and July. .25X
1900 South Carolina six per cents, new,
January and uly..................2
5000 Missouri six per cents. .924
SECOND BOARD.
5000 Missouri six per cents. .92x
The sales on the 18th inst. were as fol-
lows:
FIRST BOARD.
5000 South Carolina six ;per cents, new
January and July.
Just now, we have a Secretary of the
Treasury on one side of the Atlantic, and
Bank of England on the other, both con-
tinually meddling, in different ways it is
true, with the money and stock markets,
and disturbing the natural currents of bus
mess. The pretext is to regulate the money
market, but the effect produced is to dis
turb and change values generally. When
the Bank of England finds its specie re-
serve declining, the rate of discount is
raised in order to check the drain from its
vaults. The power of this institution has
been diminishing for years, but it still pos
sesses considerable control over the market
and money value. Its action is really il
logical, although it has the sanction of
long practice. In order to retain in the
vaults few millions, it may derange bust
ness and values to the extent of hundreds
Of millions. BY checking trade a. one
time through raising the rate of
discount, and then stimulating l.
at another by lowering the rate, sort of
see saw is kept up, which promotes specu-
lation and unsettles values as well as the
regular current of Business. Similar re-
suits are produced by our Secretary of the
Treasury, when either fitfully or periodi-
cally be goes into wall street with his gold
and bonds. By the use of few millions
of bonds or continuing to draw gold from
the market, he can send up prices and en-
barrsss our merchants, or, by selling some
millions suddenly, as he has done, he can
run the premium down, and in that way
disturb values. This fosters gambling in
money, stocks and bonds. Legitimate bu-
siness is interfered with, and the whole
community is demoralized. This course Of
action, while not positively prohibited, has
not the direct sanction of law, and Mr..
Boutwell, goes beyond the proper functions
of his Office in Interfering with the trade
and values of the cou:try. He should
/
His duties should be limited to collecting
and disbursing the revenue, and the soonar
he is restrained within the limits of lis
duty as the simple fduciary agent of the
public for this purpose alone, the better it
will be for the country. 5
The New York Bulletin states under
dateof October IL, that the mercantile de-
mand for money continues active, the
banks finding it difficult to supply the full
amount of accommodation which their
customers want. Mercantile paper of the
best quality cannot be sold readily under
10 per cent, and the fair range of rates is
1ON12 per cent for this class. Choice in
some cases sells under 10 per cent, but
these sales are exceptional.
The New Orleans Times says, October
Is: The demand for discounts and cur
rency at the banks was as strong to-day as
at the opening of the week, bat the offer
ings on the street were limited, partly ow-