The Evansville daily journal. [volume] (Evansville, Ia. [i.e. Ind.]) 1848-1862, 1857-11-02
New YORK, Oct. 9th, '57


+. Y. CARLILE, Esa.-Dear Sir: Another
rainy, gloomy day has closed but while tho
natural world has been all cloudy and heavi-
ness, the financial world has been more cheer
full. The indications to-day in money mat
tiers have been in some degree encouraging,
but how long these favorable signs will last
is uncertain. The indications to which re-
fer, are an advance in all kinds of stocks, an
advance in sterling exchange and better
demand, and a decline in premium for gold.
The latter has fallen to about par. Purchases
were made to-day for the West at Is premi-
um, and the brokers refuse to buy at any
premium whatever. The Persia, from Eng
land, soon expected, will it is supposed bring
over one million in gold, and tho California
steamer shortly due will add to the supply.
These accssions Of gold must have some ef
feet on business, and in the right direction.
Yet it is too much to hope for material relief
in financial affairs until movement is eff
fected of the great Western staples. Until
they are sent forward to market and their
conversion accomplished, no substantial case
can be realized. Until this movement be-
gins the banks can do little to relieve their
customers even though under suspension,
which many supposed would enable them to
cure all the financial ills under which the
country labors. This grand panacea-sus-
pension-has been extensively tried, and
proved thus far miserable failure. Nearly
all the banks in the country have suspended,
and what relief has come of itl Have the
business and business men of Philadelphia,
Baltimore, Boston and New York found any
advantage in itl Have the banks of those
cities found any advantage under it,except to
stave off the runs upon them for gold Has
their ability to discount been increased by it
If so, how happens it that they continue to
contract instead of expanding, as was predic-
ted!
| Is it not most reasonable to believe that
the suspension has not brought the ability ex-
pected-rather than that the banks are obsti-
nately refusing aid, though having the pow
err to give it,
That the suspension may after time tenn
| OICiaOC ahtacSVuSis IA Viz SiSa
cities is possible; but it is quite clear that
thus far its good results have been more inn
aginary than real, and it is equally clear that
unless the banks can avail of it to expand
their discounts an aid Of legitimate bushes,
operations, the whole argument IN its favor
must be abandoned. The truth is, the cause
of the present. embarrassment Is not in the
banks neither is the remedy in them, though
doubtless they can do much in due time to-
ward relieving these embarrassments-and
will (when able do it-not only for the add
vantage of the public, but also in duty and
justice to themselves. To believe otherwise
is absurd, and only the ignorant and unre.
fiecting or the prejudiced will so believe.
have had no leisure for enquiries or ob-
servation outside of business. / presume
however, that Vanity Fair holds revel il
New York as usual, despite the money pres.
sure, and that want glares fercely on thou
sands cast from employment by the disaster:
of these pinching times. The former car
revel on, but for the latter, who shall care
who provided
] shall leave tomorrow, and hope to be a
home on Saturday. Till then,
Yours truly, G. w. z.