Nashville patriot. [volume] (Nashville, Tenn.) 1858-1860, 1859-01-21
Commer,,al p,....sr. 81 Isss.

Commercial Disasters of 1888.
Me.srs B. DOUGLASS & Co., one of the mer-
camille agencies OF the City of New York,
have published table and report of the
Commercial disasters of last year. In regard
to the South generally the report say:
1--WE have moi thought It necessary to go
over Southern States seriatim, as we have
done with the West. The comparative pros
perity prevailing there, the general healthy
tone Of business. and absence of excessive
and wild speculation have rendered it, in our
Judgment. unnecessary. IT is true. many Of
the States show bv our table an increase in
the number ef failures for 1853. as compared
with 1857. hut there is no alarming symptom
in this when ii is borne in mind that the
worst effects Of the panic were not tin
some places ut the Sonth until after the LIST of
January. 1853. The accounts from all parts
Of the South. except portions Of Virginia, are
uniform in their testimony that trade is in q
healthy condition. The crops produced were
good. prices remunerative. and prospects,
generally. are very encouraging. We have
excepted Virginia. Orr accounts from that
State are more discouraging. Last years
crops fell far short of an average. while for
several years previous they had been. as a
general thing deficient. Money is still scarce
and considerable financial distress prevails.
The nnmbcr of failures las per table, is a
large increase upon 1857, and although tn
some extent accounted for above, it still bears
out the Responding tones of our remark"
In reference to the present general aspect
Commercial affairs throughout the country,
the report says:
at is somewhat checkcred, it is true.but en-
conragem'nt is the prevailing FEATURE: indeed
were it less 30. we should have abundant
canse for thankfulness when we consider the
severe trials we have passed through. The
conclusion is jnSifahle that we shall have
safe, if not an extensive trade this year, and
that the country at large needs but one or two
good crops more from the hands of bounti-
ful Providence TO place us in as good posi-
ton, pecu1iarilv. as the panic found US Oc-
cupying, with the additional advantage of
valuable lesson from It's infection. The great
evil connected with the credit system lies in
the fact that competition induces too long
credits; but with indicious and discrimina-
mating credit system. we see no reason why
these periodical injuries may not be avoided"
In Mr. England the course of trade appears
to be healthy, and the cotton and wooden
manufactures are said TO be reviving.
Advices from different parts Of the State of
Neoc York represent. that while there is no
marked revival of business. it is still moving
forward. and on a surer basis than heretofore.
There is, however, much Indebtedness yet
standing, especially in the large interior
cities. much Of which will not be collected.
Pennsylvania has suffered severely, particu
larlv in the coal and iron regions, and the
prospects in those branches of trade are still
nln iS nla n
Of late, the indications are, that business, as
a whole. is recovering slowly.
In Ohio real estate Except in Cincinnati
and perhaps one or two other cities) is still
being lower in price than for many
years past. Money still commands high rates
of interest. but the farmers had last year an
average crop. and merchants are paying very |
well now. Although this State has suffered |
severely, she has escaped lightly, as compared |
with what was expected when the panic COM |
menced, and her prospects for the current
year are proportionateIy good.
HThe effects Of the revulsion in 1857. in
with short crops. appear to have
been severest, in large portion of the great
,rain growing. provision-raising region of the
North West-particularly in the States of In
Llama, Michigan, Iowa and Wisconsin.
Probably says the report mo State was
n so bad a condition for the revulsion when
t came upon her." rs Iowa; a combination
# circumstances seemed to threaten utter
uin "eueyybody ,0as in debt, no banks Of issue,
md no circulating medium but a foreign currency.
Dhieh ,edbdra,cn soon as the panic ,oas
eh." "The recent organization of State
bank with ten branches, and capital of
100000. will work some relief, though the
apital is too limited for the general good"
Our anti-bank, hard-money advocates in
Tennessee-those of them, we mean, who are
lonest and sincere believers in an exclusively
metallic currency-will do well to give heed
nl attention to this condition of things in
0rG. She had, when the revulsion occurred
n 1857, no banks Of issue. and no circulating
nedinm but the bank notes of other States,
which were Withdrawn as soon as the panic
vas felt-yet, probably, no State in the Union
vas in so bad condition when the revulsion
anne, and none has probably suffered more
rom its effects
Mississippi too, had no banks worthy of
mention in 1857, nor for years previous, nor
las she any now, yet the table of statistics rs
o failures in each of the States Of the Union
or 1857 and 1858, which accompanies the re-
ort of Mcssrs. b. DOUGLASS & Co.. establishes
he fact, that, in proportion to population, the
mount Of liabilities on failures in Mississip-
i for those two years, is very considerably
.rger than il was either in Kentucky or Ten
essee II. then, the absence of banks in
owa and Mississippi, as the figures conclu-
lively show. mitigated in no degree the effects
f the revulsion in 1857 in those States-if
heir Indebtedness, in proportion to popula-
ion. when the revulsion occurred, and the
ggregate of their liabilities on mercantile
ailures since the revulsion. were as great or
,reater than in adjoining States which had
anks. on what foundation in truth or fact
ocs the anti-bank clamor of the advocates of
n exclusively metallic currency in this State
est? On no foundation whatever. II il wind
all wind-set ALLOWING by party politicians
or party purposes.
rze.- The following appears in Tuesdays
roceedings OF the House of Representatives: