The Evansville daily journal. [volume] (Evansville, Ia. [i.e. Ind.]) 1848-1862, 1857-09-15


By tho last accounts from New York.
money matters were improving slightly II
hopes were indslged that she wont was over.
Only the best paper could, however, b
negotiated, and tina only ct ruinous rAtes.
Many failures q business houses had occur
red in the last week, and Others were dreaded.
The Banks had, fortified themselves, and
entered into an understanding, to give
mutual aid in case Of severe pressure upon
any one oftheir number, This bad removed
the fears Of any further difficulty among
them. This is an important movement, for
the suspension Of any Of the leading banks
in New York, would cause shock that
would create general crash, in the present
excited state of feeling. The city Banks are
sxerting themselves 70 relieve The market
and restore eonAdenee, But the Best paper
cannot be negotiated ct less than 1924 per
cent, and inferior at . much greater dis
count. = f,"fRses > IVA ;'s~9.s0
st. Louis the pressure Is very, sewers.
The new banks are not fully in operation !;
the private bankerss are said ,tosbe hard up,
and can. do but- little. Tho quoted ratesTfor
the first class paper is frosn,, q te,slpcr cent.
month In Chicago the state of financial
| affairs is about the same. 4 s.s1
In Cincinnati, money matters aresin q
crampcd and sunfavorable position but no
further failures have occurred. Negotiations
were very difficult, and rates of interests were
irregular, from ~ TO 8 per cent. Eastern
exchanges was quoted at per cent. premium.
Flour had declined to "a, and Wheat to Joe.
Pew shipments were going forward from
any point. The receipts of Wheat at Chi
caso were l5o, 900 bushels daily; but there
were an unusual number of unemployed
vessels in the harbor, and shipments were
less than usual.
AT home we have % yet felt no actual
distress for money, though the times are
pinching; nor do we apprehOnd any serious
difficulty. Our community is remarkably
sound, and there has been for moro than two
or three years, an entire absence Of all
speculative disposition, either in trade OF
real estate. Our business men meet all theiI
engagements without trouble, and they are
in the best condition to face the future with
ont fear. 1890 ~ - ~ ietI
Our Banks arc doing very little now, hav.
ing extended their discount line as far il
the present dangerous position of the coun.
try, as their usual cautions policy would per-
init. They are very strongly fortified, and hay'
almger amt ofspecie, in proportion 10 thei
liabilities, than even the present. state Of af
fairs, demands. The Branch of the State Banl
has about $50, 900 in. gold to meet . circu
lation Of both cd. aud new bank, of onl,
about $i25 900. The other banks are in
position of strength, to defy the assaults Q
the runners. Thus far, since the panic be
gan, the demands for coin have beenaver.
moderate here but the Banks are lookin.
for large patches of their bills daily, and ar
fully prepared to, meet them ip any sums tina
can be presented. $50, -r... ..o.s.,.s g..
!, In other parts of the State, the demand TO
gold has been heavy, forcing the banks .
rapid curtailments, and compelling them Il
/ adopt o very cautious course for tho FUTURE,
; Money must become tight and remain
scaroe-under the most favorable change o
atfairs-all winter.s The scarcity of money
will have depressing effect on the prices o
produce, and although our crops are large
: and the surplus enormous, yet low prices vii
SO reduce the aggregate returns, that the sur
finally realized for our exports, are not likel
, to be mnch greater than in season Of ordi
nary abundance. In this view Of affair.
prudent men should adopt u cautious policy
: sell and pay off old debts and, make fey
new ones, till times change. 49, -