Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1857-10-01
COMMERCIAL,
Monetary ard Commercial.


The Richmond Examiner observes that the tobacco
trade of Virginia has centred in New York, owing
to the present banking system, and brings facts and
figures to show that this interest is already feeling
with a vengeance the pressure now raging in the
great commercial emporium of the country. To-
bacco of the quality which ten days previous sold in
Richmond for fifteen, seventeen and twenty dollars,
sold on the Oath for ten twelve and fourteen dollars,
and the market falling.
The New York Ecsning Post institutes the follow
ing comparison between the panic of 1887 and that
of the present year:
In 1887. we were importing from Europe, large
quantities Of grain to supply our necessities, IN adj
dition to our usual impOrtatiOns of merchandise
We had experienced loss of over twenty millions
of dollars by the most disastrous fire this country
ever experienced. The winter of 1886 was one OF
the very coolest ever known in this climate, and
was followed by backward spring, a short sum
r,er and a general failure of the crop. Added to
this the country was possessed with insane pas
sion for speculations in wild and unproductlye
lands With nothing to pay with, without crops to
live rIpon with wealth all invested in lands OF no
current value, with destructive fires and incement
skies, began the revusiOn which over-trsding and
mad speculation rapidly ripened into general bank
rUptcy.
But how different our present condition. There
has been, without question, much OYerradlhg, mucn
bad management aud extravaganza, and yet the
recent report of the Secretary of the Treasury
shows that we have exported inclusive of specie,
during the fiscal year ending LIST July last some
millions more than we have imported. The crops
of the country are the largest that were ever
known: almost every section of our land reports
bouuteous harvests and there is every prospect of
a good foreign demand at fair prices for all the
grain and flour we can supply. Through the trou-
bles in India and the general increasing foreign
demand our pork and beef, which have become i'm
portant articles of export, will command probably
double their average value, and we shall have a
greatly increased supply. The prospects for fully
fair crop of cotton are promising, and prices are
nearly or quite double those of average years
Throughout the length and breadth of the land
there is an unusual prospect of late fall pastures
and the roots for the sustenanoe of cattle which Is
a matter Of more impor than is generally con-
sidered. California is sending us regularly more
than forty millions Of gold per annum, consldera
BILE portion Of which remains in circulation IN the
interior of our country. Emigration to our shores
of a more thrifty class Of people, is steadily on
/ ward and through the money they bring, together
with their industrious habits, our western States
are reaping rich harvest. These are facts plaiI
TO every observer and present state of things a;
different from what prevailed here in 1887, as 1t Ii
easy to conceive occurring in any country within 81
! short a period as twenty years. We are all grea
| deal wiser for what has occurred. Several enOr
nous bubbles have exploded, credit will hereafter
rest on a sounder, and, therefore, more profitable
basis and unless something happens not lying with
! in the range of probabilities, our next New Year
day will be one of the happest and most prOsperou
that has ever dawned upon this country.