Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1858-04-16
COMMERCIAL

to attract attention Many believe that any further
expansion will bring trouble for next autumn and
winter, or whenever the accumulation of specie at
the seabOard shall begin to disappear The idea is
that the banks cannot, on the average, sustain
larger loan than the present, and that all further
oumulatiOns should be quietly held in coin, the
present loans aupleto earn handsome dividends.
We suppose that in the long run, the banks will
lend all they can; but as far the public good is
concerned they should be exceedingly cautious, at
this time. There should be no forcing of money
upon the public, especially in where the loans
are as high and are earning as much as usual.
The Boston Board of Trade appointed an intelli-
gent Committee, at a recent meeting to investigate
the causes Of the recent monetary difficulties and
mercantile embarrassments, with view to the adop
ton of such remedies as the nature of the will
allow; which Committee, has submitted report en-
bodyiug many valuable facts and reflections The
Committee regard as the most prominent causes Of
the late crisis an unduly expanded loan, resting in
too great degree an unreliable and huctuatiDg
basis of large deposits and forced circulation and
these have operated in Europe much the same as in
this country. After speaking Of the importance Of
the credit system, and throwing around it such
safeguards and improvements as the lights Of expe-
rience indicate to be necessary, the Committee pro-
pose, as one of the reforms in the credit system,
change in policy, by of the cotton and WOODEN
manufacturing corporations of New England They
suggest, whether it would not be better that pur-
chases Of raw material should be limited more near
ly to immediate wants and available means; and if
even without adequate capital, would it not be more
in accordance with sound principle, that these cor
porations should be manufacturers, rather than by
the purchase of the stocks long in advance
Of their wants, become eOtOH and 0OOE sPegIatOrs2
The latter system, as before described, has, and il
continued will exert powerful aud prejudicial in
auence on finance. They also propose certain
changes in the Banking system, which they think
may be wisely adopted. They recommend legisls-
tive action to the following effect Loans to be re-
strOted to fifty per cent. and above the amount
Of the capital stock. Loans discounts to be sus
pended, whenever the specie in the bank does not
amount to ten per cent. the capital No interest
allowed on deposits of any kind, whether those of
banks or of individuals aud the circulation not to
exceed fifty per cent Of the capital.
According to the Journal Of Commerce., the imports
Of foreign dry goods at the port of New York for
the month of March So 6OO 40 less than for the
same period Of last year. S. 145 $50 less than for
March, 1856, and only $780, 235 less than the very
small total received in the period Of 1855. The
Withdrawals from warehouse are twice as large as
for the same period Of either of the previous two
years. while the entries for WsrehOusiug have been
very light. The Journal adds:
We look for larger comparative receipts during
the ensuing month, although it is hardly probable
that the gain will be rapid many seem to anti
cipse. The total receipts of foreign dry goods for
the nine months Of the current fiscal year, S5S,
69O $685. against S78 1884, 42s for the same period Of
the preceding year, and S68, 1874 032 for the nine
months ending April l, 1856
The Auditor of Public Accounts Of Virginia, re.
ports that the amount to be added to the public debt
of the State under acts of the last and present
sion Of the Legislature, will be 81, 925, 8OO but
that it will not be necessary to increase the State
taxes to meet the liabilities growing out of the
cent appropriations. The present rate of taxation
is sufficient to meet all the ordinary expenses OF the
government and produce q surplus annually of
more than four hundred thousand dollars.
The Richmond Enquirer presents rather gloomy
spprehensiOns regarding the state of finances likely
to grow out of the action of the Legislature in re-
gard to the banks of that State. One law fixes the
first day of May next for the resumption of specie
payments by the banks of Virginia, the other re-
quires that the banks shall prepare for revolution
in their mode of redemption. With these two causes
says the Enquirer operating simultaneously, it is
evident that the banks can extend but little specie
accommodation during the next few months.
1t is further stated that the State Government will
our1iro fha uk If Tu1v oh 3
specie, to pay the interest on the public debt If
the banks cannot supply this, then the State must
repudate, by suspending the payment of her debts
The passage of the tax bill has been delayed, Is
commissioners Of the revenue cannot have their
work prepared for the shers before the 1st Of Ju-
ly. So taxes will be paid into the treasury till
late in the fsll-perhaps none before December.
The Executive is again driven to devise means
unprOyided by legislation, for the payment Of the
public debt. Should his ingenuity prove unequal
to the task, the State which drives the Banks to
immediate resumption, must itself suspend
Thus the State credit will receive another shock,
and Virginia bonds will fall tO-WhO knows where
Even if the money shall be raised in time it will re-
qure such evident effort as to produce no favOra-
bic impression on the stock market And the bonds |
Of the State must remain below par, while the ap-
preparations to internal improvements cannot be /
applied.
This is rather dreary picture, and the Enquirer |
thinks there is every probability of its realization
The Pittsburg Post Of the 9th, notes sale Of $50
tons of Allegheny pig metal, st. Charles Fur
mace, by Mr.. Kerr, to different parties, at $27 on
time, and the sales of several other lots at S26 to
S26,5O per tom Mr.. S. Plumer, Of the Clinton Fur
mace, sold 500 tons at S29 on time; Messrs Rey- |
nOlds Kribbs, Of Eagle Furnace 300 tons at S26 so
on time; Mr.. Hunter of Pike Furnace, 200 tons at
Furnace, So tons at S27 on time
This looks as though manufacturers were be- |
ginning to make their purchases pretty briskly at
regular prices Atthese prices metal is in demand.
Nashville Market, april is.
CoTToN-We heard of no sales to day up to noon. |
Yesterdays transactions were at 9(a1Oc. The re-
oepts continue light.
TOBAoOO.-The receipts Of priced are large and |
the market continues active. Lugs command 3a4o, |
and Leaf 5a7c with but few transactions and light
receipts. Messrs. Fisher, WheIess Co., sold six
teen hOgsheads at the following prices 49, $50,
lO45, sos, 965, 875, 1926, 6.S5, 6.55, so, SIS,
7.O5, 7.45, $50, 7.4O, 975
PROvIsIoSs.-BacOn sells readily at Sas4c, hog |
round, and the receipts quite large. Lard com
mauds 8la9tc, in good shipping packages.
FLOUR We note decline in -four, and now quote |
supsrfne at S825aS3 so and extra family S4as4 50
GROCERIEs.-We hear Of no change in price, and |
continue to quote Sugar at 7ssIi MOlasses S5.ta
Coffee l2!sl84.
Tobacco sales.
RED RIVER LANDING, April 13.-l7 hogsheads re- |
fused: 6.l5, 655 7O5, 40, 1856, 7.4O, 7.45, $50,
$780, $50, s.45 s65, $40, 500 at 7.I5; aver
age for refused Tobacco s75s. 81 hogshesds ad-
nitted 9.25, $50. 10 20, 1000, 1880, 1896, 1850,
HOO, 11.55, ll75, IlsO, 1920, 1855; 2 at 9,O5,
2 at 9.85, at $50, at 9.65, at 9.75, at $50,
2 at 1000, 2 st 1905, at 1885, at 1916, 2 at
1876, st11.15, at 1926, 2 at 1l.4O, 3 at 11.6O,
2 at 11.S5, 3 st 1900. One hogshesd, grown by
Thomas Terrell Esq, sold at $3.50, and was bought
by S. F. Beaumont, Esq. Average for admitted