Daily Nashville patriot. [volume] (Nashville, Tenn.) 1857-1858, 1857-09-30
The Panic.

the excitement during the day yesterday
was very much allayed A pretty severe
run was made on several of the city banks
on Monday, which was met without any
, indication of weakness or failure. and had
decided effect in restoring public conf
dence. Yesterday the change was quite
manifest, and the pressure exhibited but
few outward signs of its presence. The re-
| commentator of meeting of portion of
the merchants, for temporary suspension
of specie payments by the old banks of the
] city, was not pursued And although the
! recommendation doubtless sprang from a
desire to subserve the public interest and
promote the general welfare, we think the
course of the banks is a most judicions and
proper one. If the banks of Nashville had
all suspended simultaneously, all others
throughout the State, would probably have
| pursued the same course, and the confusion
and dismay consequent upon such step
would have been incalcuIable. Uncertain
ty would have clouded the entire moneyed
interests of the State, and all the banks,
good and bad, placed upon an equality
discredited at home and friendless abroad.
This would have necessarily produced al
most a total suspension of business, the
disastrous effects of which, even for few
days, cannot easily be imagined. This
course on the part of our old banks-their
! X niVa 70 bo If.
whatever of violence the storm may as
sume-is a clear indication, to our mind,
that they know their strength, and will
| stand up to their engagements, as long as
there is dollar in their vaults. If this is
their determination, and if this shall be
their course, they will not only exhibit an
honorable spectacle Of moral honesty and
heroism, but show that rigidly honest and
judiciods system of banking is not incom-
patible with the public interests. We are
glad to see this manifestation of unyieldng
firmness, as we believe it will have a most
happy effect in restoring general confidence
and quiet. This is indeed, already evident
in this city, and we trust its wholesome in
fuence may extend over the country.
Whatever may be the real cause of the
general pressure, which pervades the coun-
try-whether it is attributable to extrava-
giant and excessive importations, which is
doubtless very far true, or other causes
the question of the present moment, is the
remedy. We have not noticed any recent
or unusually heavy expectations of specie,
to account for the crisis at this particular
time, and we are bound to believe that mo-
ney is as plenty now as at any time within
few months past. Its channels have been
greatly disturbed: this disturbance has
produced uncertainty, and this uncertainty
has forced the moneyed institutions to look
out, each for itself, and to take such pre-
cautionary steps, erect such defences by an
accumulation of specie, the basis of credit,
as will enable then to resist ali assaults.
There only needs a restoration of public
faith to remove this uncertainty, to break
down these fortresses which have been
erected by public clamor, and money will
again resume its accustomed circulation,
find its way into the hands of trusting and
trustworthy business men, and so diffuse
itself throughout the community. In adj
dition to these considerations, and granting
that there is an absolute deficiency of cap
ital in the country to answer the present |
demands of commerce, the resources of the !
country are such as will speedily supply the
deficiency. Our great exporting season is
barely in its commencement, while our i'm |
porting season is near its close. The cot
ton and breadstuffs, which are to supply |
The demand of the old world for the next
year, aud which the old world is compelled
% have, is just now beginning to go fors
ward in any considerable quantities. If
here has been an ebb, this viii produce a
corresponding flow, and restore the har-
nonious equilibrium, which is as natural
nd necessary in the domain of commerce.
s the tides are to the purity and perma-
fence of old ocean.
A superficial glance at the present mon
tary condition of the country, with banks
uspendlng, and firms breaking and falling r
rom Savannah to Boston, and from St
louis 70 New York, would indicate that !
he United States had failed, and that the
fhole country was on the verge of bank
uptcy. Nothing can be farther from the 2
ruth. There is every reason to believe p
hat the country is absolutely richer to-day !
han it has ever been before, aud we can I
OF believe, from any evidence now before :
!, but that its resources and its recupera- J
tive energies are amply sufficient for a c
core Of such crises as the present. i
We have made these remarks. because :
e believe they present a just and correct II
'eoant OF affairs, as far as they 20. aud 2
I'll tend TO re-assure the community, TO :
'eek the unreasoning spirit Of fear.
rengthen the banks and promote the pub
; veal. They are general in their ap-
ieation, and so far as they are intended b
sustain the banks, apply only 70 such as 7,
inee stern and unainching purpose to .
stain themselves. II any bank should, %
ter this, be forced to suspend temporari- 81
it should at once make brief and truth sn