Daily Nashville patriot. [volume] (Nashville, Tenn.) 1857-1858, 1857-10-19

MONDAY, OCTOBER is, 1857.
The Money Frs;.u-s-r.. p.s. and

!
panic or a crisis, we treated it as panic,
or crisis. These terms imply sudden events
of short duration. Three weeks ago,
these terms seemed to US applicable to the
then existing state of affairs. We had no
reason to believe but that the panic would
soon pass away. We saw the produce of
the West and of the South still in the
hands of the producers-we believed its
timely shipment would give the relief SO
much desired-we saw the principal bank
| ing institutions of the South and West still
! standing irmly-we even saw some of the
most powerful banks at the North, though
evidently cramped, still bravely breasting
the storm, only awaiting the assistance of
the banks and the produce of the South and
West to come forward in its due course,
and5lift the weight which was so oppressive
land we had no reason to think but that
this process would take place; and that
the panic would be only panic. We then
urged our banks here to stand frm-being
satisfied of their solvency we were graft
|
peal of the merchants here, to suspend.
We thought this appeal premature,
and hoped and trusted that such a
step could be avoided. Since then
however, the panic has lost its character
If it is panic now, it is chronic-and it
is next to impossible to tell at what time
we are really to have The crisis. The de-
rangement has become more and more gem
eral until the whole South and West are
deeply and painfully involved, and the
panic and alarm, have grown to be q
fixed and settled pressure, pervading all
sections and all classes. We now see the
strongest banks in the Union in all parts
of the Union bending before the storm
The banks of the South and West that
have continued specie payment, have done
so with fear and trembling, and have been
mainly employed in fortifying themselves
against the worst. Thus the produce, the
true relief has been neglected, and we see
the cotton and grain and tobacco, &c, still
in the hands of the producer. Every day
brings the news of further suspensions, and
the country is flooded with uncurrent mon
ey-while gold and silver are at an enor-
nous premium. The notes of specie pay
ing banks are all the rage. Brokers and
spectators, who are moved by an utter
disregard of all interests save their own.
are flying through the country, by them
selves and by agencies, buying up the notes
of those banks which still pay out coin
they take those notes to the counters of
ship it to where it will bring them the pre-
MUM. Every means of relief is lost sight
of, and the whole payment ofspecie is made
the basis of speculation and still further
depression. By continued specie pay
ments few, the broker, the Spectator
and the rich who have retired from active
business on large fortunes, are beneftted
but the great mass of business men and
poor men, whose all of capital and credit
depends upon a ready exchange, and few
dollars, are left to die by the way side.
The poor mans few sacks of grain are left
to the weavil and the mould his few bales
of cotton to the damps and mildews of the
warehouse, while the rich on fast horses,
booted and spurred, override them and the
country. 1t is in this state of things that
we now applaud the suspension of our city
banks. We consider it best for the peo-
pie, the farmer, the merchant, the mechan.
ic, that this should be the case Our banks,
by this course, put themselves in condi.
tion to benefit the community at Iarge-to
furnish discounts, and exchange, to apply
whatever means they may have to the re
lief and nothing but the relief of the PEG.
pie. If they are solvent and honest, they
will do it.
To us it appears the acme of folly to in
dulge lengthy diatribes about the abstract
question of the policy of banking-to de-
liver sopOrifc homilies on bank morality
and to cut and slash banks, bankers and
bank directories, charging upon them all
the ills with which the country is afflicted.
Suppose the whole system of banking is
wrong, in theory and practice-that the
whole race of bankers are set of shaYers,
spectators, shylocks, and suppose these
facts all absolutely proven to the country;
that is lesson for the future. 1t gives no
aid or comfort in present, actual, substan-
tive distresses. We have facts to deal
with, not theories-it is not the time for
speculation, but for action. He who is in
peril thinks not so much of the manner or
cause of his adventure, as the means of es-
cape. If banks are really bad institutions
let us steer clear of them hereafter. and we
can afford to discuss the question here
after; but if we are rational, let us. while
accepting the teaching it affords, bestow
some thought on the means Of overcoming
the calamity. IT. in our voyage, we have
encountered whirlpools-if our ship has
proved unseawOrthy and our lives are in
danger, let US first make for the port, in
stead of going down with curses of the YES
sci upon our lips; let us consider of new
model, when We are safe and have need of
another vessel.
We know very we'll that unlimited sus-
pension of specie payments by the Banks,
both as 10 number and time, is hazardous,