Semi-weekly standard. [volume] (Raleigh, N.C.) 1853-18??, 1857-10-14
The Pressure-financial Affairs.

distress which prevails in financial and business mat
ters The North Carolina banks, with one excep-
ton, are standing firm. and the general belief ap-
pears to be that they will all go safely through the
pressure Some Of them have been paying out con-.
siderable amounts Of specie Exchange here, when
it can be had, is worth from five to six per cent
and gold, the basis of exchange, readily commands
nearly the same figures Fortunately, our people are
not heavily in debt at the North. ...-.
The pressure in New York and Philadelphia ap-
pears to be the increase; at any rate, it is not
abating. The last New York Nescs says:
"This has been the bluest day yet on record
One general gloom prevails throughout The banks
do afford the fraction Of the necessary assistance
required. Merchants failing all around, and
more must follow. The Discount Brokers do
business few triing parcels at to per cent, is
the utmost they report. Habtual bill dscounters
report that the payment of notes is now becoming
the exception Banks accumulating loss upon
loss, and Bank stocks are depreciatng. The Cont
mental Bank haG to receive assistance early last week
from the other banks, and to day another bank is
reported. The banks for the most part have separa
ted their interests from those of the merchants
They are, however, determined to keep up specie
payments, otherwise they would have to go into
liquidation. number Of Albany bank officers
in town to-day, endeavoring to arrange with our
City Banks for the latter to take and issue State
money, there being deficiency Of currency, and no
confidence in other than City banks. The Central
Bank of Brooklyn has had its bills rejected to-day by
the street.
The Exchanges, whether foreign or domestic, are
wholly paralyzed. No remittances of any account
can be obtained from the INTERIOR and no rates of
sterling bills of any consequence. Until this is
NEEDED, heavy failures viii be of daily occurrence.
What were the largest houses now the weakest,
while the smaller ones are comparatively easy and
comfortable What is the remedyy The Banks are
wholly at fault they are useless for the requisite
remedy; and it appears to us that the community
will have to go suffering until produce comes for
ward in large quantities. shipped, and gold for it is
obtained from Europe. California supplies are too
small and too slow Tor to lost strength
very quick. The circulation has contracted enor.
mously -the consequence of depending too much
paper currency liable to be dlscreded on sudden.
Paper forms too large portion of our currency.
But lately, enormous quantities of State, Eastern,
New Jersey, and Western money, besides more
Southern, were in circulation. The city currency
has only slightly increased, and gold is too
supply its place Had we habitualy larger portion
of the circulation in specie, no such contraction
would take place. To this point we ought to come.
Shnplaster and rag money is too subject to depre-
ciation and fluctuations of confidence be perna-
nently relied 1t is only good shift, and not
good at all at period like the present. Banks are
unreliable for the supply of circulation, and had
better be confined for their more legitimate object
of banking, which is discounting and loaning."
MISSOURI
The St. Louis Republican, Oct. 4 says:
| Great numbers Of operatives discharged from
our foundres, and other establishments, yesterday,
in consequence of the arrangement in money affairs
1t is enough to bring a cloud of sadness over eve
! ry when so old house that of Mr.. Chouteau
is from any cause, compelled to suspend even for
limited period. Very general sympathy ex.
| pressed for the members of the house of Chouteau
Harrison & Vale, and the operatives thrown out Of
employment by their suspension. The business in
which they have been engaged, both at the Iron
Mountain and in this city, ought to be revived as
| soon as possible.
| ILLINOIS.
| The Chicago Press of Oct. 9TH says:
The bankers are making advances produce
bat the marg lin required to be put by the shippers
is large, and in this matter they are moving with
great caution. One of our bankers said to o.day
that he had plenty of currency to buy all the pro-
duce that might otfer but, of course, the terms
above referred to.
Gold dear. There are no fixed rates for ordinary
currency. Ten per cent premium the lowest
figures, and at these rates it only be obtained in
! small quantities of some of the brokers. Most of
them refuse to sell at any price, and all the regular
banks do the same. Some of the brokers charge as
| high as from fifteen to twenty per cent
| Exchange for collections rules to-day at ten per
| cent premium. This rate is enormous it is true
but outsiders cannot obtain it at these enor-
| nous rates.
The Financial Crisis-Ma.s Meeting in PhilndeL
| phia.
PHILADELPHIA, Oct s.-A numerously attended
mass meeting was held here this afternoon by our
business men relative to the financial difficulties -
The call, which was signed by most of our promi-
nent firms, only issued during the morning
but being posted in every prominent position
throughout the city, attracted general attention. and
Notwithstanding the short notice, large number OF
persons had assembled at the appointed hour. A
number of speeches we're made, and various views
expressed. 1t was believed that New York was the
cause of all the present difficulties
The New York banks had expanded 81, DOC, 900 in
thirty one days, while expansion of ST., 200 600
| in five months broke the United States Bank. Be-
coming frightened they curailed in two months
$l2,OOO,00O; sufficient to produce panic in the
strongest community. The condition Of laboring
| men was deplorably presented. Thousands would
sarve if there not immediate relief Extracts
from letters from the largest manuac turers in the
country were read Men implored aid for the pay
ment of wages or else they would have t, dis
charge Thousands of hands. Notwithstanding it
was their own interest to stop altogether they
determined to keep on if possible The remedy
was in the renewal of confidence in the banks
Thus renew confidence, and all would be broug ht
about by discontnuance fthe these institu.
tons and not depriving them of the ability to
Finance and Business at Neo Orzeans-Reaoy De-
cline in Cotton and Exchange.
New ORLEANS, Oct. s.-The excessive stringency
in the money market has caused further heavy de.
cline in cotton the reduction from the highest point
being now 81 cents. The sales the past three days
amount to 5000, including mddling at 10. Re
ceipts continue to pour in rapidly, and the indca
tons are that lower figures viii be submitted to-
All branches of business are more less affected
by the pressure, but the merchants using theil
utmost endeavers to brave the storm Sterling has
still further declined.
| Financial Matters at Nea York.
New YoRk, Oct. 9.-There is no material change