Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1872-11-08
LOCAL STOCKS AND BONDS.

LOCAL STOCKS AND BONDS.
Tennessee bonds were quoted in New
York yesterday at 74s for the old and 725
for the new. When offered for sale here,
dealers generally bid Z under the New
York rates. Past due coupons are bought
at 53c.
Bank Of Tennessee notes are very scarce,
aud their place is pretty much taken by
State warrants, which are receivable for
Safe taxes the same as the bank notes.
The warrants are quoted at sc buying and
90692c selling.
The new issue Bank of Tennessee notes
are quiet but firm at 3063Sc.
We hear of no sales of local bonds. The
Morris city bonds are enquired for OCCASION
aliy, and are held at full rates.
For quotations more in detail we refer TO
the rates given in another part of this paper
by the National Savings Company, corner
Union and College streets.
FINANCIAL MATTERS.
The New York Post, an administration
organ, discusses in its issue of the I'd inst.
the Government paper money initiation,
shown by the debt statement to be 81 $780,
764, as follows:
There were TumOrs a month ago that
the Treasury Department at Washington, in
the absence of Mr.. Boutwell,, had taken the
responsibility of issuing four or FIVE mil
lions of greenbacks for the purpose, it is as
sumed, of easing the money market. The
monthly statement of the Treasury con-
firms these rum0rs, as the amount of legal
tender notes in circulation is reported to be
S360,652 $3.50, whereas the amount
regularly reported under that
head, for the last four years,
has been S356,000 900, thus showing an
increase of the public debt and an inf alto
Of the paper currency of the country to the
amount of more than four milions Of dol
lars. That this was done in Mr.. BoutwelPs
absence from Washington is certain; that
it is contrary to his financial policy as Sec
Ietsry OF the Treasury is equally well
known, and there is much reason for sup
posing 1t was done, not only without his
authority, but contrary to his wishes and
without his appreciation. Il is to be earn
estly hoped that that is the fact.
eve do not know, though we can coz.
j5cture, the ground Of argument relied
upon to defend this act of the Treasury
Department. Whatever authority for it
can be found in law. whether doubtful or
otherwise, we presume Congress will at.
tend to on its reassemhling. No possible
pretense of authority for an initiation of
the currency and flooding the country with
irredeemable paper dollars should be al
lowed to exist upon the statute book. If
the Secretary Of the Treasury can hSue
five millions under the assumed
authority of law, he can, by the same Law,
issue forty millions more. The exercise of
such power, We think, would be disas-
trous: but we want some better safeguard
against 1t than arguments, however cogent,
against intrusting any one man with power
so enormous, or that may prove, however
conclus!vely, that the exercise of such
power will be to the last degree disastrous
TO the Interests of the country.
chow dangerous a power it is we see al
ready in the issue merely of this four aud a
half millions. The public was not advised
OF any such proposed action, though there
is good reason 10 suppose that individuals
were. These fortunate parsons were ena-
bled to prepare, to their own gain, for the
inevitable change of values which such an
addition to the currency of the country
would iItstantaneously bring about, v lille
the general commercial public, withou. the
knowledge, must just SO inevitably suffer