New-York daily tribune., 1857-10-06
atn.n. Of th.u exchanges, sad have saor.d As fsi-

nen.n. Of then exchanges, saa have ssoI.d as iei-
hvipg rules:
Isl ras, eseh BAH .h.l %, bill. add osee-.
I'D. ihst zach BsLt shall rs Seps e. toe CIe-Is
ed That John Bartlett shapAe Haichins aId Ben .un
Wb,t Constitute committee TO advise regard TO wsAi iosy
consider excessive Issue Of bills by the Bsns and 70 rave
IN, B,ni.
usI-sotiOns that have been made have been q. the
rates dictated by the ent ers.
The stocks of nerch andise are running down, snd
there ia disposition 10 renew then. We nave
single sale Of printing cloths 10 report the hsti three
wetks Some goods, however. h.ve been pristed on
account Of the manufacturers, who are slosy runn ~
out their stocks They will not enter the market
again, at the present prices OF cotton, money ana
soS ds The mill are running short time, and unless
ihe tines change they will be obliged 70 stop alto
geiher tie grea; distress Of the working classes
The following correspondence has taken place be-
tween the venerable Nathan Appleton OF Boston and
Mr.. Stevens of the Bank of Commerce Of this city:
Boston. Oct. l. 1857.
Ny DEAR SIR 1t is a good many years since had
Correspond nee with you the subject Of the hnen
cs sats Of the country, but il appears to me hat the
time has arrived which demands deep consideration
and wise action
New.York is the headquarters, and has great re.
sponsibiv in this matter, 50 intinately connected
with he prosperity Of the whole country. Her Banks
Low evidently IN state OF greet strength, while
the commercial community are severely pressed and
brn fu of fear In this state of things it appears TO
me that the duty and interest of the New York Banks
require at once liberal increase OF their DISCOUNTS
There can be no risk in il. No specie can be carried
out of the city, because there is no place where it is
more valuable Boston and will follow the suit of
York, and thirgs might in these two cities very
s. on ume their usual and natural and put
end 10 he cry of The merchants for suspension.
] sbould hope il might do more and bring Pbiade-
pha TO her and ead her to reace her steps be-
fore Il is too late.
4 or. fi1te wi A Ii
forris and probably from Europe. zee nothing t.
prevent the country from assuming state of the
highest prosperity IN its regular trade If the present
panic can be allayed Yours, yeIy truly, ., rrov
JONI A. srE,r>s ESQ., President Bank Of Comnerce, New
BANK OF COMMERCE, in New York,
October ,, 1857.
MY DEAR SIR fully concur in your views. Ii is
true that New-York has great responsibility its
magnitude is oppressive. has been deeply felt and
carefully weighed for long time.
Our banks are prepared and now ready, and will
be much stronger, for the wise action Of liberal
aid to the community. More coin flo US into the city
from all quarers-from Philadelphia, from the West,
and ls already on its way from Europe.
California steamer is due with about half IS much
more as there is in all Massachusetts Some of our
banks have scarcely diminished their loans for two
Onths notwithstanding their aid 10 neghborng cities.
The large banks have expanded and will continue to
expand. On the system Of dscountng mainly only
short paper they always have money to loan. When
will yours conne themselves TO short dates and cease 70
encourage the pernicous system Of long credltscres
ranifed to the last degree, from which spring most Of
your difficulties Our corresponding banks in Boston
are advised that we will not press them for their bal
an'e' very 'GaHISly 1oHS ySazs STEVENS, President.
N,rHn APPLETON, esq, Boston.
The Netc- Orleans Picaypne Of Sept. -, remarks
"The reported suspension Of specie payments on the
part Of the Philadelphia and Baltimore banks has quite
unsettled the market, and money negotiations OF all
kiI d. are difficult to effect. This remark applies
especially TO exchange, which in many quarters is al
most unsalabe, much that we hear OF purchases
Of cotton returned sellers hancs from the inability
10 pass bills. Money is in demand but no. more so
than before, and the banks diseountng quite az
freely possible, though necessarily good paper
has to be thrown out. Confidence is unimpaired and
will continue go. but Ia not to be disguised that
are passing through a severe ordeal which may call
for the exercise Of more than ordinary degree OF for
beaYance."
The telegraph dispatch dated ID October, says:
"NEw- -ORLEAss, Oct. 2-The money market here
begins TO feel the effect Of the crisis severely and both
loans and discounts are exceedingly hard to make.
The banks discounting only moderately and large
amount of first class paper is thrown upon the street at
the most eIorbtaIt rates.
"The effect of the squeeze il observed mos, percep
tby in the coton maiket-which has fallen from l6c
to l4c. for middipg within two days. The decline
however, has brought in purchasers with ready cash.
ard 1900 bales in ali have been sold at about the
latter figure (l4cJ
"In breadstufs, and indeed nesrly all articles Of
produce, sudden and unlocked for depreciation has
commenced.
1.-The confidence OF the community in the banks,
however, remains unabated, and such thing as
pension is not for a moment entertained.
Exchange continues very unsettled, which adds
materially to the difficulties of trade. The best bills
London have been sold at par. Sight bills on New
York are quoted at ! per ceLt discount"
The cash assets and liabilities of the New Orleans
banks on the 26th Sept. were as follows: