Daily Nashville patriot. [volume] (Nashville, Tenn.) 1857-1858, 1857-09-01

B-Our New York exchanges occupied pref
ty much with the bank excitement. The Courier
and Enquirer, of Wednesday, says:
Some few parties who had advanced largely upon
railroad securities now deprecated have been COM
PEELED to suspend payment in this city. The failures
however few, and may be said TO be wholly
confined to those who have gone out of the lie 9it-
mate course of Bankers, and have taken too heav-
ly of one species of public securities. But the e-
feet upon city is small. Wall street is not New
York Take all the assets OF all the suspended par
ties and Of all the railroad corporations whose paper
they hold, and the aggregate is but "a drop in the
! bucket"
The real effect so far is to create serious incon-
venience large class of bankers in the West,
/ who bad ntrusted their New York funds to the par
| ties under protest. The amounts held by our city
I banks and bankers assuming il az million Of
dollars affect but in an extremely small degree the
business of Wall street ITSELF and to other parts
| OF the city, It need not be thought of.
| We should revert to the great, the important,
| the a-poweriu interests Of Commerce, under such
/ a money stringency prevails at the moment, and
at The moment only.
We find our manufacturers closely engaged 10
| filling or executing orders from oil parts OF the
country at large. Every department of internal
| trade is active, and rsRunerative also.
The country is abundantly prosperous from the
Atlantic to the Pacific. Labor is 10 demand every
where, from Maine to Caliiornis; this labor is
well repaid. The planter at the South and the plan
4 ter at the Vest is reaping rich harvest; and it
Wall street blotted out of existence to-day,
the permanent interests of the country would scarce
/ ly feel the change.
Unfortunately the striugeney felt 10 money mat
| tera is brought about in part by the wild vagaries
OF certain Journals backed By interesting parties,
whose only aim of late has been TO destroy conh
| dence, when confidence only was essential 10 sus-
tain and maintain important public interests.
As TO the ability OF the mercantile classes 10
! tain their credit, It lie conceded that they have
never been stronger. Payments from the West
aud South have been punctual this season,
| those regions are fast becoming creditors instead
| OF debtors TO the commercial metropolis.
We hear that liberal orders have been receiv ed
/ from Enuland for breadstnffs from this qnarser
Lower pTces will it is true, be realized, but it Is
well known that the grain producers of the West
can compete with the whole world, as 70 quality,
quantity, and price of the cereal products. II our
farmers cannot get 50 or 81 70 per bushe for their
wheat they will realize profit OF 81 or 81 25. All
the combined ahorts oil England 60 produce cotton
| 10 India have failed; and the United States must,
/ for twenty years 70 come, supply Western Europe
J with this great staple.
Ga the whole, there grounds for fear
! either financially or commercially. lew weak
| houses will probably suspend during the week or
month, but the city at large is abundantiy strong
aud rich.