The Union and eastern journal. [volume] (Biddeford [Me.]) 1854-1858, 1857-10-16
Ionsy and Dusinssa

The Providence Journal ays that Satur-
day was BY far the sloomiess day in Provi-
denoe since tho commencement Of tho COM
mercial troubles. Il sdds:
There was no new disaster hero, indeed
there has been but one failure Of import
ance here for the last fortnight; but the
troubles thicken upon Us from abroad. The
failure Of the great houses Of David 8.
Brown 4 Co., Of Philadelphia, and j. II.
Corlies 4 Co., Of New York, fall very heav.
lily upon Providence. They were among the
houses that were deemed invinciblo, and In
none Of tho appreh, nsions Of evil was IL
supposed that their paper would come back.
The New York house, with assets far above
its liabilities, and offering fabulous rates Of
interest, has fallen before the suicidal policy
Of the New York banks. II is supposed that
it will pay everything ultimately.
The banks here arc pursuing steady,
liberal and judicious policy they discount
for paper falling due; they exercise forbcar-
ance, where il can be exercised to secure SOL
vent houses, and they generally carry their
customers along. There is no difference Of
feeling between the banks and the merchants
o. to tho general policy that ought to be
pursued they oil understand that they have
common interest, and they manifest mu.
tual confidence.
The Eagle Bank voted on Saturday to in
struct its correspondents abroad to receive
the bills Of oil the good banks in Providence
in payment Of debts due the bank. We
understand that some other banks have
done the ame. but It Is not general (; and
the delay discredits our currency. and TO
stricts the ability Of the banks TO accommo.
date their customers. .
Were there no demand from abroad, our
banks would find no difi,ulty in extending
to our business men all the aid that they re-
quire; but they are con. tantly pressed for
renewals Of paper due in those places where
the banks strengthen their position BY
breaking their merchants. There age houses
Of abundant assets, and Of the most pn-
doubted wealth, which have been shamefully
turned away from the facilities that they
had right to expect at home, and ore drlv.
en- here Tor the assistance that our banks can
only afford at the expense Of their own GUS
TONERS"
The Philadelphia Epening Bulletin con-
firms the fact that bank suspension has Of.
forded no relief to the merchants and man.
ufacturcrs Of that city. 1t draws o vivid
picture, worth looking at:
SELDOM and fear possess the public mind.
Contracted brows and anxious faces meet US
in every street. The doors of tho banks are
closed, or their counters deserted. People
who have been hopefully boarding money in
Savings Funds withdraw their precious coin
and hide it in secure hooks Of their own
houses. Stores which, ut this season, should
be oppressed with magnitude Of their sales,
are 20 many castles Of Incidence. The
heavy stock remains upon the shelves. The
clerks and statesmen lounge with uptroubled
ease.
Merchants who have built palaces Of trade
and princely mansions, ore seen chasing the
usurer, and eagerly according to his most ex-
horbitant demands. Even thus, they can
barely save their notes from tho dreaded pro.
test. Others, long regarded rs our solid
men, are falling beneath even the broker
respect. The fires of the FORCES are quench.
Cd. The hum Of the loom is hushed. And
from hundreds Of workshops hands are dis
charged, who know not where they will oh
tain meal few weeks hence. Many who
arc still employed are compelled to take such
pay rs will scarcely supply their families
with the necessaries Of life. Thousands Of
men, able and willing to toll, and with wives
and children looking 10 them for bread, are
lounging about our streets, and their mum.
bers are fearfully increased with the rising
Of every sun. The keen winds Of winter
are coming. and these families may well
SILVER to contemplate the life those 10y blasts
will bring"
The suspension Of Harper Brothers is much
commented upon. The New York Courier
and Enquirer says:
"But we have no heart to dwell upon n
matter Of this kind In the mercantile his
tory Of this city, the case has no parallel ;
and madness-absolute madness-and the
most egregious folly must have prevailed at
the Board of Direction which perpetrated
this nameless act. We IRE quite sure that
no failure ever took place here which has or
cited greater, or mora merited sympathy {:
while its consequences to their employees are
such rs absolutely to make the heart bleed.
And all this has been accomplished In conse.
quence Of u panic pervading a Bank parlor,
and the President Of Wall street Bank
lacking the necessary nerve to look in the
face weekly statement which might pre-.
sent him in less favorable aspect than some
neighboring Institution"
The ILLINOIS CENTRAL. The Evansville
Journal Oct. 7th, says:
The Illinois Central Railroad have with
in the last ten or fifteen days discharged
FROM the various departments of their EN-.
ployment more than six hundred men.
These men are turned adrift without any
prospect Of employment for the coming
winter and their only funds are in uncur-
rent bank notes, with which they can now
with difficulty buy barrel Of -four. Other
roads in the same State are discharging a
large number Of workmen, who are looking
forward with gloomy prospect to an idle
winter. Other roads will be compelled to
adopt the same course.
The freight trains on the Central Bail.
road, which q few weeks ago were long and
heavily laden with grain going into Chica.
20, arc now passing over the road with short
trains OF nearly empty cars, while tho road