Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1873-11-22

Tennessee bonds are somewhat etter,
closing in New York at II &c. We hear of
no sales here, but they may be quoted at 10
buying to 75c selling. The past due cou-
pons are worth about SIC.
Comptroller's warrants are scarce and
are in good demand. Dealers pay SSI90
and hold at 95c.
Our local securities may all be considered
firm, with but few onthe market. For quo
tations we refer to those given by the Nash
vile Savings Company, corner Union and
College streets.
POWER OF THE NATIONAL BANKS.
The Washington correspondent of the
Cincinnati Gazette writes, Nov. 10: 1t is
pretty generally believed by those who are
cognizant of the power and influence of the
national banks that the Presidents pro-
posed illusions in his message to Congress
interfering with the national bank policy,
will not be needed by Congress. Last
session there were in the House eighty-siX
members who were connected with national
banks, and it is said at. the Treasury that
several new members are also similarly in
terested The Assistant Treasurer asserted
to-day that so powerful was this influence
of the national banks at the Treasury, that
no Controller of the Currency could be APP
pointed who would not become converted
to the national bank policy in six months.
In this connection it was given out at the
Department, on good authority, that the
Controller of the Currency, if he was in
duced to indorse the free banking system
in any shape or form, the proposition he
| would be willing to recommend would be
to allow national banks to organize without
| giving them any circulation, but subject
| them to the national bank laws except those
| portions pertaining to circulation. Instead
| of requiring a $4,000 deposit with the
| Government as now, a security for the de-
! pOsitors of $4,000 to be sufficient to be
/ held by the Government, only as security
| for a proper observation of the law on the
part of the banks.
NATIONAL BANK CIRCULATION.
The Washington correspondent of the
Cincinnati Commercial writes, Nov. 10: A
statement will be contained in the report
| of the Comptroller of the Currency, show
ing that under the section of the act of
July, 1870, providing for the withdrawal of
twenty-five million National Bank circula-
ton from banking associations organized in
States having an excess, which amount is to
be then distributed among States having
less than their proportion; more than five
million dollars would be withdrawn from
the half dozen banks in New Y ork city, and
nearly sixteen millions from banks in
Massachusetts, the remainder of the TWEEN
ty-five millions to come from banks in 9th
er Eastern States having an excess Of cir
culatiOn. The Comptroller will, however,
as previously stated, recommend the repeal
of the section of the act alluded to, and
the authorization Of the issue OF
five million dollars of additional circu-
lation annually for the next five years, to
be distributed among the States which are
deficient. This, he holds, with the fifty
four millions of circulation authorized by
the same act, will probably furnish all the
additional currency required during the
| next five years for the establishment of new
| National banks in the States which are de-
| ficient, and virtually inaugurate free
banking system. Whether or not this plan
meets the approval of President Grant,
who favors free banking, has not yet been
aScertained.
SAVINGS BANKS OF THE COUNTRY.
In view of the fact that the deposits in
savings banks throughout the country eX-
coed those of the national banks in New
| England, three to one, Congress will at its
next session have its attention called,
| through the report on State banks, to the
necessity of putting the government in a
| position to obtain reports of the condition
| of these savings banks, in order that the
monetary condition of the country may be
more easily ascertained when required for
! financial legislation. The following is the