Daily Nashville patriot. [volume] (Nashville, Tenn.) 1857-1858, 1857-12-23
From the Bezo York Herald
Financial Prospects More Trouble
Ahead.

The remarkable admission of the London
Times that ''the trading classes of England are
rotten to the core" is as significant sign OF
the times as the rose-colored advices from the
BOurse at Paris, according to which all the
storms have blown over, calm has been res
tOred, and it is high time to set building
more Credits Mobiliers. They have no free
press in France, or we should have very G'I-
ferent story from the re; and no Omnpotent
despOt in England. or the truth of the late
commercial disasters there would never have
come out. The two-the free press and the
despot-working together across the little
strait which divides them, make a very pretty
picture indeed, and one we'll worthy Of con-
temptation from this side ofthe water. Tor we
too, have our prophets " no tell Us thet all IS
over, and that we shall have no more failures;
that commerce is about to revive, and the
banks to expand; that the wealth OF New OK
has received no check at all, and that in few
months we shall look in vain for the last trace
| of the Revision of 1857.
| This Is all wrong. Because the country Is
| rich and the harvests still lay piled in the gar
ners; because we have got the dry goods and
/ hardware of the Englishmen and have not paId
| for them and cannot; because the money that
| has been lost in Our railways is in great part
! foreign; these are not reasons why John Smith
| or Brown the merchants, who owes $lOO,OOO
| and has, to pay il, good which cost him Sl5O,-
! 600, but which he could not sell for $4,000,
! will be able to paw his notes and squeeze
! through the winter. On the contrary, the
! very prosperity of the country at large VIII
| tell against such Smith or Brown; he will not
! be allowed 10 defer the day Of settlement, but,
other, newer, and fresher business men press
! ing to take his place, he will be forced to IL
! quidate, at what sacrifice the prerent depre-
! citation Of property and every kind OF mer-
chandiZe will readily suggest.
! Just as the news from Europe reports an
| easier money market, quieter feeling, and
! better market for cOnsOls and tile TeTte-all or
! which symptoms are most obvious indications
! Of a lull in the storm; so our bank resumption,
| the accumulation Of specie in the bank vaults,
and the preparation for a prosperous business
| next spring, are many arguments against
! the escape of the merchants of the seabOard
| cities who have any considerable outstanding
liabilities Their day Of trouble is to come
| With January, February and March we shall
have the renewed notes of the panic time com
! ing due. To meet these notes, the merchants
have goods Of various descriptions, and cOun-
try paper. As to the latter it is abundantly
evident that but little Of it can be relied upon,
at least until next summer. And as TO the
| merchandise, tie depreciation IN every Varie-
ty of foreign importatiOns is almost equal to,
and in many cases, more than half the total
cost.
Inc bdIkS, consulting lICl1 O"' ii4ON'>0'
steadily, and disregarding that of the mer-
chants, resumed specie payments last week,
and thus threw the Western exchanges once
more into great confusion. We shall again
experience the greatest difficulty IN making
collections between this and Philadelphia,
Baltimore and many Western towns And
this is but the least Inconvenience to flow from
the resumption. The moment the tide OF spe-
Gle sets in toward the country, as 1t shortly
will, the banks will proceed to straiten the sup
plies to prevent their being caught again as
they were last October. II February 1t would
appear that a tight money market Is Inevitable;
and that is he time when our merchants VIII
need the most liberality.
The news from Europe, rightly read, lndl-
Gates Il temporary postpOnement OF the crash:
in France by the interference OF the para
mount despotism; in England by the relaxa-
ton of the Bank act. But no postpopement
can be lasting. Credit Mobiiers, and unduly
expanded commercial houses, princey bankers
and republican banker, all must have Their
day of reckoning before long; and if Provl-
uence kindly permit them 10 enjoy quiet
Christmas, it will be as much IS they can ex
pect. Their case is that of too many OF our
own mercatie firms; they are, 1t Is but TOO
sadly true "rotten to the core"