Arkansas true Democrat., 1857-10-13

the reader some notion of the fall that has lately taken place in the New York market:
 July 30. Sept. %. Missouri Sizes .............7914S 14S.... ..6715 N Y. Central k. R. shares .'.... S719 ,......6O 60 N Y. and Erie R. R. shares. 3519 .......l226 Reading k. R. shares. .....l412 --......oo Michigan Central R. E. shares. .o5 ..44 Michigan Southern k. k. shares. 5l 1635 Cleveland X Toledo R. k. shares. .5Sh ........35 Illinois Central t. k. shares ...llS. ......-Sf Illinois Central k. R. bonds.. .993s ........T Chicago * Rock Island R. R. shares. 94 ........65 Milwaukie Iv Miss. k. k. shares ...54 ........22 Galena x Chicago k. k. shares. .9l 66 La Crepe R. R share. .3I 12 .......bH Cleveland and Pittsburg. 40 ........919 Michigan Southern RR. new stock. .774 .3252
 Such, in less than two months, has been the fall of prices.
 In St. Louis, Louisville, and some other ci- ties, the merchants are said to have "plenty of money" but it will not "pass," and much of it is of such character that the very brokers re- fuse to touch it.
 At Memphis, under date of Oct. 7, gold is quoted at per cent. premium. We cannot ac- count for this, except on the suppositon that the currency of Memphis consists of bank notes which cannot conveniently be presented fol payment.
 The convulsion has caused many industrial establishments in the north to suspend opera tions, and thereby many working people have been deprived of employment Intense sui ferng is thu produced
 The mails have of late been very irregular While we write, we have no paper from Phila- delphia or any other eastern city of later date than September Both, and no telegraphic des patches from New York, by way of Memphis of later date than October 9th. According tc scripture, "no one knows what a day will bring forth" and we are so situated that we cannot tell what the last six or twelve days have brought forth. We give the condition oi things as they were at the date of the latest advices.
 At that time, it seemed to be generally be. leved that the banks of New York, Boston and New Orleans would be able to sustain specie payments. If this hope be realized, the stop page of the Philadelphia banks, and of the banks under Philadelphia influence, will not probably be of long duration. The sale of our crops abroad, and the detention in the country of but one years supply of California gold would place things on a, comparatively speak ing solid basis But there is no way of detain- ing the California gold in the country, but by creating an effective demand for it: and there is no way of creating an effective demand for 1t l,,t l,,,l tbo of +bo banks. This the banks will now do, from necessity, and thus will bring back part of the gold they have caused to be exported. But DO sooner will their credit be restored by this ope- ration, than they will begin to expand again, and continue to expand till they produce another revulsion.
 The only effective remedy for evils of thI kind, is to be found in the prohibition of the issue of all notes of a less denomination thal twenty dollars, or it may be fifty dollars.
 F. $. Since the above was written, we hay, received the Philadelphia Ledger of Oct. l, anC the Baltimore Sun of october 2d and 3d.-- These papers contain notices of additional sus pensions, among others, those of the banks 0 | Wheeling, Via.
 The Philadelphia Ledger says:
 "The great fact of the last week is such al utter annihilaton of credit as this city has neve beheld since the times of the war of Indepened ence, if then. In 1887, our banks had concer of action and faith in each other Now thei utter failure to act in any concert at a crisis likt the present has prostrated confidence utterly and far beyond what they was any occasion fo in the nature of things. There must he re- action rapidly. Certified checks on some banks will form at least city currency, with the double security of the bank and the firm. Bu in the meantime there are several valuable les sons to be learned, and the permanence of any beneficial reaction depends entirely upon these lessons making an immediate and lasting impres sion.
 A very large proportion of men have, fol some time past, been living OF visions of wealth opium eating. They have been able to get 6 larger credit than ever before in their lives, and therefore fancied they were getting richer while making themselves larger debtors, and there fore poorer. Now the bubble has burst ant the vision has vanished more suddenly anc completely through the whole community thar ever was known. Skepticism as to all securi ties is undue and excessive as the confidence has formerly been. Credit is wiped out, and h, who owns most property, if he owes a tenth O what be owns is to day really poorer for prac tcal purposes han the man who owns tn, | least"
 At New York more cheerful feeling pre- vailed
 gentleman from Memphis, informs us tha all the Free Banks" of Tennessee have stop ped specie payments
 n1F The followino we axtroc+ f,or, .l