Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1857-12-02

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Upwards OF half a million of dollars.
Now we have TO remark in relation TO the owners
Of these Banks that they cannot expect the persons
who hold their 10 suffer shave Of thirty per
cent. or to Iorbear much longer enforce the law
against them. They have had ample time 10 make
arrangements TO puJ the notes Of their Banks on the
same footing with those Of the other Banks, and we
doubt they have The ability, If they had the will
and honesty to do 80. The owners Of some Of these
Banks are SO reputed, and we doubt not they are,
men Of wealth. They have bought property by
means of the notes Of their Banks and have specu-
lated largely. And the question now is: will they
prove themselves men Of integrity and make sacTIf
ces TO maintain their charter honesty by redeem
ing their promises to pay with which they have
flooded the country or will tuey insist that the
note holders shall suffer shave of from twenty 10
thirty per cent, or 60 TO law with them for their
rights. These questions Will have 20 be determined
SON. for The patience and iOrbesrance Of the people
are yearly exhausted
In addition TO the half million of dollars which
the above Free Banks have IN the hands of the peo-
pie We suppose the Snelbyville and Lawrenceburg
Banks have about the same amount, making in all
a million of dollars of uncurIent notes in the State.
We again repeat It is high lime all these Banks
making some arrangement to relieve their note
holders, so as to give them something approaching
10 what their noies call Tor.
While upon this subject, we would also say word
10 those banks whose notes pass current but in
a state Of suspension. The commercial community
with exchange at low rates, Notwithstanding the
state Of suspension. They have heretofore, made
large profits and bed the people freely by the dis
count of bills, and they must now make some sacri
fee Of their wealth, not always fairly acquired, 10
discharge their duty and save their reputation.
They have play ed the part Of hammer on the peO-
pie with heavy hand aud it is now their time TO
take the place OF the anvil We hope to see all the
Banks Of the State selling exchange at from to
two per cent by the LIST Of December.
The New York Ersaing Post Of the 18th ult says
the foreign news by the Vanderbilt is regarded as
favorable, commercially, in the same way that the
suspension Of the New York banks was considered
favorable in this country.
The anxiety and suspense which kept the public
mind in torture have been relieved; and whatever
the extent Of the disasters people are prepared to
devote themselves entirely TO their affairs, without
being distracted by panic the fear of not obtain
ing the needed accommodations at bank.
Undoubtedly there viii be further failures and
commercial matters must long remain in a deranged
condition; but the general opinion is that the
worst has come, ami that every step hereafter will
be in the line of progress.
The suspension Of the Limitation act OF the Bank
Of England will undoubtedly prevent the suspension
of specie payments by that institution. The rate Of
discount still remain at ten per cent, very Oppres
siyerat for English traders, and which will in
evItably cause a large falling IF in business.
The singular confession Of business between the
two will hWit transactions Of ali kinds TO
the lowest possible amount.
The tide Of specie shipments is beginning to turn.
The Arabia, which sailed this morning, takes out
l,56S, 24U a, which is more than was importedby
the last three steamers from Europe. The shipments
are likely TO be still more largely increased The
suspension of the Charter Act Of the Bank Of Eng
land will create demand for specie TO meet the new
liabilities caused 10y the increased issue of bills,
which, OF course must hereafter come in for redemp-
tioa- The relief afforded by this suspension is only
temporary.
The Cincinnati Enquirer Of the 2Sth ult., reports
thst the demand for money in that city was good,
but the market was free from pressure Rates Of
interest we're unaltered and prime Paper could be
done to limited extent at the Discount houses when
offered by customers, at lO@.l2 per cent. per an
mum. The Exchange market was firm, and Bankers
were giving prem. on New York, readily, and
selling considerable amounts at ,. Gold WAS in
good request at , prem, selling price.
In regard to the produce market Of Cincinnati
the Commercial Of the 2sth says:
Flour. under the continued favorable sdvices
from New York, continue 70 advance, and is fully
2OCa. 25c per Dbl, higher, closing firm al $3.50
a 40 for supertne and S4.65(G 40 for extra. The
market for Hogs has been dull; yesterday prices
gave way Doc per cwL, and similar decline was
established to-day, the market closing uulI AT
e5CR5 25 with a continued downward tendency.
The receipts are large being 20, 600 since Nednes-
day evening and holders are more anxious 10 sell
One hundred and tweaty-seven car loads arrived Al
the Coyington depot since Wednesday-uP to tins
evening. The demand for Provisions is small
which alarm packers and all kinds were offered and
sold at a material decline. Mess Pork closed dull
Al S14 and Lard at lOc.
The GaIlatin TENN Examiner Of the 28th says
MI ...th.r Is now worry favoro Hle for bog killing
c,ur market is entirely unsettled. A few small lots
for families have been ssld al &c net. From pres
ent indications it win range from &c 10 SC. We
oontinue 10 quote wheat at 6Oc,