Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1860-11-17
COMMERCIAL.


On Tuesday said exceedingly bad policy
those who live by shaving upon the sOut
Carolina, the solvent Banks any other Southern State
already people called upon realize the truth Of thi
admonon. The Augusta C1nsaORGLiss Of the 18th inform
that the Brokers Of that city purchasing the bills
the best Kentucky and Tennes Banks five per cant discount
payable Georgia and South Carolina Bank bs Tennes
ndEentucy the nySouhern States tftve
the Banks OF their sister Southern States already la
Georgia adopted retaiaory and she will doubtless
followed BY other Southern States who be put unde
the ban Of Brokers. In thscondOn Of aaars the mds
Of political crisis the like Of which has witnessed
in this country the business the States engaged in this nanca
must suffer materially. There reason Why
Of Nashville and Louisville and other Commercial
points Tennessee Kenucky should have permitted
Brokers take this their bands and controlled
for their benefit There was reason Why those who held
the paper the South Georgia Banks suffer
per while those Banks remained perfectly
Solvent.
The result Of war the currency of the Southern States
that Broker here buys thousand dollars of South Carons
and Georgia money! which he sends to Augusta and there buys
Tennessee Kentucky money with it at discount of five pei
cent thus making one hundred dollars By the operation.
But this carried still further The Louisville Journal
| Of yesterday contains the following:
We from the Office Of Pdadocks Bank Mirror
what It is worth promising that the authors fears in some
respects we think, groundless:
1--WE are in receipt Of bank from the Different commercial
alarming character and cannot longer
the facts and do justice to subscribers Of the Bank Mirror Ths
Nerh and South Carolina Georgia and
bama have advanced to e5 per Illinois, Wisconsin and
Virginia Missouri2 ). Tennessee Old Banks New
Banks TO- Louisiana Kentucky and wheeling Va, Banks
our subscribers to refuse all Southern nnony ex
cept Louisiana and Kentucky all Wisconsin, Illinois, Iowa.
Virgoia; New Banks Of Tennessee and Pennsylvania
permanent quotations be given to ulcurrent
Our brokers Yesterday were dscountng Carolina Geor
and Alabama from 10 to Is cent but worthy
currency could not rate than
cent The notes Of the other banks alluded to in the extra
discount
Noticing this manquvrs Brokers' of Cincinnati, the
Louisville Courier says:
This circular has been issued depecae the value of incur
Money, that they viii be enabled buy it large
discount The brokers there and at other places endeavong
large description money held
persons who unable TO lose such discount
but being compelled they have submit the demands
brokers' these circulars throughout
country have the effect Of keeping the money from in the
ready OF trade The Banks of these States good and
they ever were Cincinnati Brokers
deavorng to make capital out OF it. The Brokers probably
buying this currency with the expectation OF making heavy
profit out Of theeIcitemeut
hope these greedy who would thus aen upon
the earnings OF the poor needy will b disappointed the
game they hope to bag
help thinking business throughout
South and especially in Tennessee and Kentucky had taken hold
Of this matter in the spirit in which such should be met,
its evils might have been greatly misaed, il wholly pre-
vented.
The Augusta CoHstttoaaliS Of the 18th Gays: 1.-THE called
Legislature South Carolina passed
ing the legal restrictions against the suspension Of specie pay
ents the Banks that sae substantially authorizing
suspension We think probable complications
and will long compel banks throughout the South
perhaps throughout all the States do nothing
suspend"
The Charleston Courier CT the 18th has the following an
nouncement:
The ship James Adger reports specie list of s23OOO0
for Banks and dealers Several additions in considerable
amounts have been made within the past week to specie
ply in Banks and in private hands.
The Charleston decided promptly take $4,000
State.
The following special dispatch to the chIrle,tOn Courier will
give idea OF the that financial circles
Philadelphia and New York:
PHILADELPHIA Nov I3-Tae news published in the papers
this morning that the South Carolina Legislature had passed
that State fell like clap Of thunder community 1t has
almost panic here All the fancy stock the opening
Of the Brokers' Board this morning went down with run
Even good Securities rather saky large amount Stocks
will necessarily be forced upon the market
The people just beginning realize that South Carolina
Had they two months ago. would have
a different state OF things to day.
large number OF heavy Southern orders countemanded
yesterday. LncoinSm don't - take at the eouth
1t feared that the financial crisis will oVetake uS about the
first CT January.
number small dealers stock market will Ego by
PHLAoELPHA, Nov. I3-6 A-The last received
Charleston has created marked sensation in the cir
of the Charleston Banks It feared that their suspension
would Lave most disastrous effect business prospects
the of South Carolina. Dsunon
sion have been the general themes Of conversation to-day
YEw YORK, Nov l3.-A panic hourly expected here. In
Exchange there market Charleston bills unsaesbe
Commenting The table showing the condition Of the South
Banks tbs s of January which printed few days
since, the New York Courier and Enquirer says
We confess that this statement reflects little credit upon
the of tie Northern banks The specie held at the
e ior[ JoT con Is really & m @ oen a. New Tt
is
NAV avs he aniiciped xtv or nnety dav tbns Syirr the
that city ample time to for paying balances in
At New York on contrary, frequently ship
millions Of We liable of ouch
shipments evey season, and at month of the Yet
win this still pending labiliwh millions Of deposits for
political crisis in Europe, New Yok bas barely provd
ed with cash pay their ont Of town balances.
Boston, which the redeming point for thirty millions of
circulation twenty millions Il deposits holds than
five millions OF cola depending again upon New York In case Of
The above table shows that Kentucsy MssOu, AMI Virginia
are more conservative in their systems than our own while the
free Tor false paper o. Illinois, Wisconsin and
Indiana based upon that which is not money! and which, in
time Of need, win not produce money.
The Northern banks while pplenty weaker than the South
really creditors Of the south to large
The New Orleans Ptcdyne its Money article Of the
ing of the 18th says
needless deny that there feverish
element on the street. but whilst such is the have every
confidence ability any impending t'ouble
Our banks The moment not only infinitely strong
than other in the country, but they offer guarantees
strength England
End Fance Independent Of their portfolios which
broad basis that The very industry OF Europe and America
tributary to their vitality, they possess fifty per cent OF
Specie every dollar OF cash liabilities. such Institutions
might perhaps weakened by concerted nmica run,
they could be forced suspend We therefore await with
all camne the OF elsewhere We Of the
opinion the New Banks will be forced the WALL
much Foreign Exchanges largely in their favor But
what stand and maintain the integrity Of
Banking Fysem-
The Money market complete state abeyance and there
scarcely outside transactions in Paper The
the Banks for immediate accommodation pretty but
they generally prepared every legitimate demand
The existing condition Of things falls hard those who
all eteded and deprived Of free receipts Of Cotton
and other produce But trouble should out Of this
will be merely temporary.
The following table viii show comparative exports Of
specie from New York. 10th ofEovenbe years