Daily Nashville patriot. [volume] (Nashville, Tenn.) 1857-1858, 1857-09-21

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Under this hea ting the NV York Times Of the
l4th gives 10 It's editorial columns the following
brief review of the change in the finances since the
present panic commenced, and closes with some
advice to the banking institutions:
The condition Of money affairs, at the close of the
third week of the existing pressure, is not in all
respects satisfactory one, and yet 10 the sub
s'aHtial evidences of increasing strength to the
market, there is much to encourage the belief that
the embarrassment must, or ought soon, TO piss
away. Our Own money reporter, in connection
With a neighboring journal, took account of the
stock OF specie in brrk on Saturday last, by call
ing upon each bni K personally and found in the
aggregate thirteen millions Of dollars as against
nine millions the week the Onio Trust failed aud
put all Well street into cOmmotion. This recovery
Of four millions ef dollars in single fortnig It ought
surely 20 STAY the dsastF course OF curtailment
which has been going on in the line of bank dis
counts. At all vents, the fact that four millions
OF dollars 10 hard cash have been drawn from the
country to ID eity-tWo millions of it through the
sub treasury, for work and lahor done for the Gov
erDmeDt-in so brief a time, and on an EN- rgency
OF such sudden and wholly unexpected occurrence,
speaks volumes for the financial strength of our
h1ppy and prosperous lin spite Of this temporary
panIc) land The movement has been accomplish
ed without producing serious embarrassment IN
other quarters The cities of Boston, Philadelphia,
Baltimore and New Orleans have all promptly and
iaFkciy reunited, anu they nave n6q no Oank Gus
pensions failures IL is believed that specie will
continue to flow TO this city, as well from the in
terror as from California. At the same time the
export demand has only been checked, but
are fast approaching the season of the year when
our great agricultural products will render sucn de-
mAnd unnecessary. Tue crops not only super
abundant, but main export staple, cotton pre-.
mses to bear the higuest average price, through
the early part of the shipping season, at ali events
known Tor very many years past. he remnant OF
the old crop nov being marketed in Liverpool, has
attained the almost unprecedented figure of pine
pence sterling, eighteen cents federal money, for
mid ling descriptions. Grain is also wanted in the
same MARKET and orders here for wheat
aud Indian corn, at limits which could De easily
met, the ordinary money facilities for chipping the
Grail, were not virtually denied Oy the surround
ing emb i-smenis.
Under a l the Sc circumstances, the question nat
urfIy occurs TO the or iinaFy reader DAat is the
further trouble il the market for money! and in the
restoration OF tue b. ttr time, so loudly demanded
by every public we'll as private confederation?
The banks nav, ali the specie they need and more
10 near prospect from California. Why cramp their
dealers auy longer, forcing the strong men among
the merchants 10 sacrifice their best means to keep
themselves from growing weak, or being, suspect
ted, and driving TO despair and failure the jobbers
OF moderate wealth, who have little else than their
country collections and a fair name at bank to carry
them through their fall payments?
We hope, IN few days at most, to record
change which shall answer these inquiries sstsiac-
torhy. We are told that on Saturday, outside of
oank, there was an unaccount4ble feeling of dis
couragement pervading the business circles, while
tue bank vaults are being rapidly replenshed, and
the professions of bank be.aty are all that can be
reasonably asked. This sort of gloom must soon
Dc olspeIedI and We are quite that the money
lenders have now the ability, through a rational
concert OF action and determination among them
selves to tnnk better of mercantile credit, railway
credit, and money values of every commendabe
class TO lend literally, where lending will bring
hei' 1t IS not tie particular province of the press
10 advise these genLlemrn how they are 20 manage
ther own affairs, but the liberty of suggesting
l0"ere thy can be of service ana sOhy, with ali the
material pro. perity that surrounds aud perVades
the business OF the country, they should be liberal
""d' a6OUe all, tTUStfl1-must be pdrdoDed in the
existing state OF uDtoward land in good part uncal
Ell tor) embarrassment.