The Evansville daily journal. [volume] (Evansville, Ia. [i.e. Ind.]) 1848-1862, 1854-08-25

CINCINNATI, Aug. 10, 1854


A. H. SANDERS, Esq,
Dear SIR: again address you from tie
Queen City. arrived two days since, ex.
pecting to continue on to New York, bot
was glad to find letters which rendered my
further progress unnecessary. shall there
fore soon be at home again.
b During the past week there has been a
great excitement here in regard to the Indi-
ana Free Banks. The whole country here
abouts, is flooded with the issues of these in
situations, to the almost entire exclusion of
all other bank notes. The result is, that
large amounts are constantly sent home for
redemption, and distrust has grown up,
which is likely to result in their actual de-
probation or exclusion in this market, at
least as to all Banks which do not provide in
some way for redemption here.
The Trust Co. has thrown out all this cur
rency, except that of about half dozen
banks which have arranged to redeem at its
counter. The Brokers will no doubt gene
rally adopt the same policy or continue 10
run the notes home for coin. They continue
10 receive at par all these notes of SIS and
over. but take the smaller denominations at
a discount Of per cent The fact, how.
ever, that while the Trust Co. is drawing on
New York at premium OF for its bank
able list, the brokers are charging Il for the
mixed currency, shows that the Free Bank
notes are practically at discount Of one per
cent.
In view Of the law Of this State, which by
very stringent provisions prohibits the pay
ing out Of notes under SO, issued by banks
in other States, and which will go into effect
on the LIST of October, it seems determined,
either to drive out our Stock notes or COM
pei their redemption here. To this end it is
probable the notes of those banks convent
emily come at, will be received and sent
home regularly for redemption, if not provi-
Of the more remote and Inaccessible banks
will be rejected.
Whatever line OF policy is adopted, il is TO
be hoped that j, will be prospective and grad
ual in its operation. Had the brokers taken
the sudden and ultra measures adopted by
the Trust Co., a panic must have ensued,
leading to disastrous results, both TO the
banks in our State and TO titnid holders OF
their notes, to say nothing of the derange.
ment il would have caused in the corsmercial
circles. Bank Panics, like MODS, are to- be
dreaded. However strong our Stock Banks
may be, we'll backed as their circulation is
by State securities, no one can fail to see
the evils to result from sudden discrediting
Of their paper and q general rush upon them
for redemption.
| The crisis rust passed will no doubt bring
about some changes to prevent a recurrence
OF the danger just escaped. SOFA -.i..-
As to general news, the stock is not large.
The weather is still warm, and business con-
tinues languid. The prospect OF short crops
throws a shadow over the future, and much
caution is likely to govern business opera.
tons, aud thereby healthful check be given
to the speculative mania which has been
overrunning the country.
There is considerable political discussion
everywhere, particularly in our State. Al
Indianapolis the Demo Gratis appear to be
considerably exercised. The isms trouble
them good deal. am gratifed to learn
that, instead Of nominating man of their
own, the Democratic County Convention had
the good taste and judgement to endorse sc
good Wing and competent an officer as our
Sheriff. Wisdom never comes too late, and
it is encouraging to find this new plank oil
nominating Wings engraited into the Dem.
ocratic platform.
BY copy Of the Journal, received thi:
morning, | notice that the Democratic nomi.
nee Tor Representative has declined. 1t il
consoling to find, however, that one patsio,
is found whose engagements will not be in
the way of his running. ] trust Mr.. Bates
will keep the field He is emphatically lone
Of them," and if he can give satisfactory
answers on the points suggested in your col
umns-particularly as to the price OF "sas.
sengers." he will prove himself an overmalch
Tor any Swe Nhead who may oppose him..
Yours truly, r.