Daily Nashville patriot. [volume] (Nashville, Tenn.) 1857-1858, 1858-01-05
The virtue. of award pro.ey.

THE Letter of our intelligent London CORES
pondeDt, which we gave to orr readers In
Mondays issue, announced state of finapcia
distress in the rich .ity Of Hamburg which
far surpasses, in exfent and severity. that
which hos recently passed over nearly the
whole of Europe ard our owp country, and
from the effects of which we are now only
slowly recovering. Hamburg, as is well known
forms The monetary and commercial centre OF
wide and pnpulous district, EN- bracine in its
scope large part of Germany, Denmark and
Sveder, as well as other portions of the Con-
tinent with which its relations, if less, im-
medi.fe, are hardly less important.
We have been induced to advert to this IN
happy condition of aft IRIS in that opulent city
because ii inculcates a nsefol lesson of instruc-
ton for the admonition of those political
theorists who fad in 'hard-money curren-
cy" an infalble specific for the prevention
and cnre of ''panics, F" ''revulsons, and ''pres-
sures;" for it needs not be said that Hamburg,
In contrast with most of the great financial
centres of the world, has long rejoiced in an
exclusive metallic currency, and is therefore
found in an admirable situation to test both
the positive and comparative virtues Of the
system so earnestly commenced in certain
quarters for adoption in this country
What, then, is thu working of ''hard money!
IN HamburgI The answ. r il at hand in the
concurrent statement of all in Hamburg and
of all OUT of Hamburg who have business re-
Iations with that city, that the recent money
pressure has been more generally and disast-
rously felt at that point than in any other
part of Europe. The latest intelligence from
the city, under date of the 9Th instant, pre-
sents the following melancholy exhibit:
notwithstanding the arrival of about 100, 000. .
600 (francs) IN silver at Hamburg during the past
week, failures have succeeded one another without
intermission. The amount of bills of exchange
Gin 81.
estimated at one hundred and forty to one hundred
and fifty millions. Yesterday the panic at its
height. Many hitherto strong houses were de-
ciared insolvent though possessed of considerable
assets"
And in this extremity it is important to OBJ
serve the quarters from which rad is invoked,
and successfully invoked, By the business
community of Hamburg. The following state
ments will suffice to illustrate this point, and
at The same time serve 10 suggest a salutary
inference rs to the possible convenience and
utility of National Banks in crisis lie that
which has overtaken this hard money city:
LONDON, DECEMBER l2.-It is mentioned that
the National Bank Of Copenhagen is asking from
the Government assist to Ghe extent OF four or
i've millions of rx dollars in order to take up and
renew numerous drafts on Hamburg and 10 grant
liberal assistance to the Danish merchants"
And again:
rARlS, OFCEhBER 1.-The Natlonal BANK or
Vienna has come TO the aid of Hamburg by lending
100000 marks banco, (about 90 900, 600 francs)
at six per cent, repay able in year."
Thus it will he seen that while the good
citizens Of Hamburg are not, "cursed with an
irredeemahle paper money!" they are never
theless not so much blessed with q plethora of
specie as to cisdain the aid that may be fur.
nished by National Banks established in other
parts of Europe; and if these Institutions are
found so useful, not only as means of pre-
venting panics at home, but of relieving pam
les abroad, it would not greatly surprise us if
hereafter the worthy burghers of Hamburg
hOud determine TO have one of their own,
conducted on foundation similar to that of
other liberal and enlightened communities
National LnteLIigencer, December 80.