Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1874-02-03

Tennessee bonds are quiet, closing in
New York at S14; they would bring here
about 81. The past due coupons are worth
about 62. The new funded bonds are in
good demand; dealers pay G2E and hold
at O..
C~omptroller's warrants are in less demand
By taxpayers, but as there are but few on
the market, rates are only slightly lower.
Dealers pay 90 and hold at 81.
Our local stocks and bonds are all quiet
but firm. For rates paid we refer to those
published by the Nashville Savings Com
pany, corner Union and College streets.
The Washington correspondent of the
Louisville COurier-JOuIndl writes, Feb. 1 {:
The law of 1872, which authorized fifty
four million dollars of additional currency,
provided, in the sixth section, that when
the ffty-four millions shall have been taken
up, the Controller of the Currency shall
withdraw from banks in the Eastern States
having a pro rata excess of circulation their
prOportionate amount, to be distributed
In the Western and Southern States. All
this circulation has been allotted to banks
applying therefor; but the full amount has
not yet been issued. The Controller has
held that he had no power to execute the
provisions of the law relative to a with
drawal Of twenty-five million dollars from
the East until every dollar of the fifty
four millions was issued. The law makes
no provision by which he could compel the
banks to which this was assigned to deposit
their bonds as security for circulation, and
to comply with the other conditions pre-
cedent, which should entitle them to receive
their circulation. There remain about
Ct mo nln ~ fha AZ NM MN rn.ee;-,oI
and it is presumed that the issue thereof
will be soon completed. The Controller
will then be compelled to make his requi-
sition upon the Eastern banks for the
twenty-five millions excess, who will have
one year in which TO comply. In case Of
failure to comply, the Secretary Of the
Treasury Is directed to sell enough of their
bonds pledged as security for their circula-
tiOn to enable him to realize from the pro.
ceeds thereof the amount equivalent TO the
amount of National bank notes to be with
drawn from each Eastern bank respectively.
The proceeds of the sales of these bonds
must then be applied to redeem the proper
amount Of National bank notes, = process
which may take years for the Treasury
Department to accomplish. The Sub-COm-
mittee on Banking and Currency has been
directed to examine this law, in order to
ascertain whether it is adapted TO the i'm
mediate necessities of the West; and il is
understood that they will report that they
find the existing law, ever il Immediately
executed, te be entirely Inadequate for
present necessities. 1t is improbable that
any currency will be given, under its pro-
visions, for two years to the South and
West. The sub-committ ee will. therefore,
report a bill providing twenty-five millions
of additional banking circulation to be
allotted to the West and South, and also
repeating the section in the act of 1872
providing for the withdrawing of the
twenty-five millions. 1t is highly proba-
bic that the Banking and Currency COM
mittee will adopt this report. 1t is con-
coded by some Of the hard-money men
who have canvassed the House and Senate
upon these questions that this bill will
pass, and also the bill legalizing the issue
OF the fOrty-four million reserve. In other
words, these hard-mOney men concede that
there will be AN addition to the currency,
as 1t stood six months since, of at least
sixty-nine millions, and perhaps more.
Pork Packing and The Provision
Trade.
From the Cincinnati Price Current, Jan. 80.
The approximate packing at the princ-