Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1873-10-18
FINANCIAL.
New York Confessing Her Delin-
quencies.
More about the Pool Operations.
Over S22, 100000 Loan Certificates
Based on S5,000,000 Currency,
Although Government Poured ont
S1e,000,00O.
The Sinews Of Trade Still Locked up
in Safe.DepOsits.
views of the Express.

The Express says: There was renewed
discussion 10 financial circles on the ques-
ton of the banks Iesuming currency pay
meIt. As the matter now stands New
Yolk virtually is disgraced and must be re-
deemed from this position at an early day.
When the panic started our banks had 81
million dollars IN legal tender notes, but this
amount was reduced TO 16 million when the
pooling arrangement commenced, and to
$500, 600 in one week afterwards. Still later
the amount decreased to five million dol
lars, notwithstanding the treasurer paid out
$4,000, 900 legal tenders for bon Is purchas-
ed, and over $4,000, 900 for other disburse-
licked IN In sba cafe deposit companies, old
Stockings and mattresses, and nothing but q
complete restoration of confidence will
empty these boards. Confidence has been
partially restored, but the clearing house
now stands in the way Of completing the
last link between the people and the banks.
An improvement was reported in bank
circles to-day but We: the lie al tenders re-
ported to the Clearing House are only $6,-
600,500. What we want is a greater in
crease than this, which can be accomplished
by the banks resuming currency payment.
The present system of posting is gotter up
for the benefit of tie weak banks, especial
ly those paying 4 per cent. on deposits.
The sound and conservative banks should
insist on redeeming New York city from
its present false position aud thereby take
an important step in restoring confidence.
VIII London Have q Panic?
The announcement of further shipments
of 665, 900 pounds sterling from England to
America caused considerable comment in
banking circles to-day. THIS thing cannot
continue without the Bank of England ad-
vsncing the rate of discount still higher
which msy produce some disturbances al
London. In fact the opinion Of many Is
that London viii have to pass through the
experience of Vienna and New 70 k in re-
gard to speculative bubbles.
b Views of the Post.
The Post reports that the banks gained
very largely in legal tenders, nearly one
million dollars, at the Clearing House this
morning. The banks having the most nu-
merous out of town connections also report
large receipts of National bank notes, and
this class of currency the banks prefer tC
have, for it is as good as legal tenders tC
pay out over the counter and cannot be
taken away from the banks receiving it to
put in the clearing house pool. Intorma-
ton from uptown merchants is good On
the who e, the situation shows a healthy
improvement.
The chief danger now, says the Post, i:
that Spectators at the Stock Exchange will
jump to conclusions and run prices up
which they did yesterday, and by continu
ivarr iai, ira IN hTtnn 9
relapse. The banks as yet are in no eondi
ton to foster speculation, and If any arr
disposed to, their disposition will, IL is be
lieyed, be promptly modified by such meas
| ures as ara deemed necessary by the con-
sentative and mercantile banks, which com
prise large majority in the Clearing House
league, which no Y practically controls eact
bank.
In bankruptcy.
Z. w. & p. Cavers, brokers, went intt
bankruptcy to-day. Liabilities 100000.
h Still Creeping Up.
WASHINGTON, Oct. Outstanding lie
gal tenders $3.50, 1852, 4sS.
Gloomy Prospects.
The stringency in the money market hs
made necessary the dismissal Of man
workmen.
Special to the Louisville Court r-Journal
Business men in Washington say that tn
financial situation is in no wise improviDl
and that money is getting tighter every day
A wealthy fnsRcier of New York, no
here, predicted to-day thst in the course c
q week there would be anumber of f,ilure
aud such a crash as has not been know
heretofore in America. He said that thel
was q continued depression, and that ma
tiers had bean growing worse ever since Il
panic began. 1t was now affecting the me
camille clsss seriously. One would fail, an
the result would be that Europe would g
the cotton crop for half Of what it cost
raise it.
New Orleans.
NEW ORLEANS, Oct. 1.-THE Mississi
pi Valley bank OF this city resumes cur g
cy payment in full tomorrow.
$685., 900 of English Geld.
LONDON, Oct. 1.-THE amount of bI
lion withdrawn from the Bank Of Englsr
for balance to-day, f165,000, and q
f500000 Withdrawn from the bank yeste
day were for shipment to the United State
The rate for money at the Stock ExchsDi
: 10 Government securities was a. per GER
It is generally believed the rate OF discon
Of the Bank of England will be adVsnc'
on or before Thursday night.
: Cresw ell and His Postofsice Bank
BALTIMORE, Oct. 17.-Postmaster &c
eral Creswell addressed large Repab ici
meeting tonight. The principal item in
: speech was the earnest advocacy If /
postal telegraph and postal savings bar
, sys EN-, that the latter afforded the sure
means by which depositors could be pr
tected from lawless speculation and guard
By absolute surety. Its successful ests
. lishment and beneficial workings in Gre
: Britain for period Of IL years, were e
t dence of the feasibility and practical IL
g porter of such measure.
9 Last of the MOdOcs.
SAN Francisco, Oct. 1.-THE remna
!. of the Modoc tribe reached Yreka to do
>, under the escort of Capt. Hasbrouck. W,
: a company Of artillery, en- route to Wyo
:. ing Territory. About thirty wagons We
r used for their transportation.
2 A delegation of Pima aud Maveopa
q dams from Arizona arrived here to-nigl
a | or, routa tn WashinCtnn and a, q Quarter