Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1860-11-14
COMMERCIAL.



There still some excitement nregard South Carolina aud
Georgia money, sbsardy Of the panic which at
tempted to be gotten up becoming and apparent
It will be by consulting advertising columns, that
AeFs FITE, sHEPHERD Co. and TRABuE LucAs state that
they will receive this currency par, and doubt not all
merchants will readily do There sounder Banks in
thecoun than Ose Of South Carolina and the old Banks Of
Georgia. and we have the renotest idea they viii permit
their credit to suffer in the least
IwaS reported in New York Monday and telegaphed through
out West the Banks Of South Caroline suspended
specie payments of course thereis truth
should been advised Of the fact direct before
The Legislature South Carolina passed bill on Saturday
repeating that portion Of the requires the banks to keep
an amount in specie on equal to 80 per cent Of tsr
asion which Is equivalent authorznga suspension of specie
paymet But it is by no certain that they viii avail them
selves of the provisions of the bill
teeraphc dispatch received last evening" advises Us that
the Banks Of Charleston loan of 100000
to the State to arm and equip the volunteers that may be raised
the bill before the Legislature of that This
does not look like the Banks Of Charleston are ia tened
condition.
The Louisville Courier 1T Money article the evening or
Of the 18th, says:
Financial are more stringent every dav n
thew continue to move the channel for week to come
the are that will have tight times earnest To
th 6snE we've more stringent than ever and lare ~
ySa and SIahama paper though Of st class vas renseJ
Her of will do nothing in the isccunting line
While others will take nothing home paper and Thai mn bs
Of me hest GescTipon The hare refused to take
more GeoEa, Carolina, Alabama Mississippi money
oEpg to the great political excitement which raging there
the only Southern paper that be shore paper on
Orleans and they not disposed take that when has
over sixty days to lun
The Louisville rnd in its Money article Of the evening
of the 9Th, saysi
There actual change in the money since
report although there has been ghtnes
Influenced
ea Affairs the SOUTH are doing next to nothing in the
Of DISCOUNTS and many names and taces are seen the street.
with which We are not familiar Yet there IS no panic
is such result to be anticipated There plenty Of money
South Carolina and Georgia currency has felt the effects Of tbs
action OF Southern politicians, and regarded vita suspicion
by brokers yesterday who would not touch ii at less than
per cent discount nor were they at al anxious take it at that
rate As learned by telegraph, the South Carolina Lsla
passed Saturday last repeating that provision OF
the banking law Of the state requiring the banks to keep in their
vaults amount Of specie to SO ceat of their crcua
ton, which regarded equvalant authorized suspension
specie payments Such action would very materially create
dru in the minds Of bankers but it hoped that wise
sells will the fullest confidence 1t is worthy Of
mark that the Of Tennessee Louisiana and Missouri has
not been similarly affected.
In regard Money New York the EeHJ Post Of saur
day says:
There considerable uneasness in financial circles to day and
borrowers ind great difficulty in supplying their wants Paper
sluggish only choicest short bills 60 outside Of bank
S99 per On call marked change though the
rates gradually hardening and 67 cens freely
paid.
New York dispatch 18TH says tn. Statement for
the ending the 10Th inst, shows increase
49, decrease IN specie s96g533 increase in circulation
SIls,e39i and decrease in deposits s65412O.
In this Connection, the oowing article frsm New York pa
per regard the condition Of Southern Banks, will be
ssting
The condition Of the banls OF the South having attracted
attention. present the following statement Of their cap
sl circulation and specie they werein January last twill
observed that the proportion Of specie large being nearly
half the of notes in circulation At this the
southern banks always taxed to their utmost capacity
the advances the cotton shipped to the North
md Europe 1t customary at this time Of the for the
the cotton growing States TO withdraw from ordinary
customers the usual facilities granted to them, order to pur
North remain unqudsted the proceeds Of the cotton bills
applied payment Of those maturing liabilities and this
the at which Southern payments made.
The refusal discount paper by Of the banks in the South
therefore be taken evidence Of weakness but the
result of the fact above stated The condition
he exchanges indicates hst that the South has paid of her
rued INDEBTEDNESS and following the laws Of trade
expect ship specie the Southern ports mrderate
mounts TIE accession of few millions will enable the
anks expand and resume their loans on local paper