Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1859-04-01

The Cincinnati Gasetfs Of the has the following spec.
ustOns regard matters and the pork trade in the
west
The calls upon the BANKS are sufficient to absorb the capital
employed in e discount business, bat they pressing and
the tendency evidently in favor OF borrowers and the iudc
hat as advance towards midsummer, market
will EASIER notw outstanding contraction western
banks forced adopt in the line Of circulation There is
outstanding bank notes. and this must be brought
within the proper limits, operations necessary
this change viii not emaFras body except those who have
been Initiating the produce markets. through the assistance afford
ed by Of the undue expansion OF the banks The western
banks have unusually large kite account to adjust and the
CONDITION OF market forcing them TO reduce their
Recommendations in this line rapidly than convenient for
aided in their undertakings during the winter by the hanks,
large proportion Of whose entertained the opinion,
of people, that famine prices if not
famine would prevail in the land Upon this suPPoton Ken
lucky banks alone their circulation fifteen million
dollars being about three millions than the legitimate bust
ness OF the country called for Indiana bankers followed in the
same course bat not 10 aroporonae extent As consequence
the price Of Pork inflated by outsiders aud the trade
controlled, throughout the by sweeping speculative
movement which forced legitimate dealers from the field almost
and they hold the bulk of the stocks without prospect
getting their money back Antcpaons with reference the
tabhed for hogs increased the former and the high average val
of products has restricted The latter that stocks
large Consumers buy srarngy Those confident operators
who freely backed by the banks calculating losses in
profits produce that would have passed consmp
ton had been suffered legitimate held
largely in the west the sabard exchanges dengd
having to be made out OF bank notes in the absence Of supplies
sourcs homewa the general
and rong whan increasing tendency and altogether the
pec specializing community sufficiently gloomy dis
those sangune antci
pa9ns This result the whole regretted
lesson Of this kind much needed. 1t has been difficult for
tive years past discover any material difference
pork trade Of the and the stock trade of Wall street,
CARDS the mode OF operating Gambling, bullng and bearing
have been prominent features in boh and of the bode
operators have been those who had least to lose In this marke
during the last legitimate operators with large cap
ita stood by comparatively idle, while kenuckiaDs Indi
anians etc. the enterPrSng outsiders Called moved
sngy and in squads carrying everything before them, and look
ing with degree upon the conservative classes,
whose caution kept the the position lockers The
result therefore, repes not to be iegretted for ii will
rect an evil that has been growing fearful rate threatening to
destroy the legitimate pork trade Of Cincinnati 1t will also teach
the banks lesson that they may profitable The
business OF the latter furnish facilities Orng the pro-
duce Of the country instead which they large
~ to prevent that 1t their place encourage
Had the pork business Of this resulted prohaby ~
deaars would in another year. between and little spec
uator have been driven entirely from the trade and the banks
ud have felt in lined to boldly in the direction Of
danger.
Here Of the strongest forcbe arguments IA
Of law for Furnishing Banks for expanding their circulation
and credits to too great extent and for getma pur
pose 1t is argument which understand and
which large number will by experience 1t is this
extraordinary expansion Of Bank credits which tends greatly to
barras the and Of the country and to involve
10 many Of eur tradesmen in ruin.