Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1861-05-04

and Comrnereial.

the ooutn II some arrangement could be made BY
which The notes of all solvent Banks in the severa
Southern States would be taken at par in any Of the
States. This would enable the soldiers to supply
themselves with such necessaries as they nigh
want without subjecting themselves to heavy
shave on their Tennessee, or South Carolina, OF
Georgia, or any other Southern money. The sug
gestion is good one. aud the arrangement could BIZ
inaugurated by mutual agreement between the
principal Banks in the Southern States. For the
benefit and convenience of the volunteers at least
| we hope some arrangement of this kind will be
| made
In New York on the 18th ult., at the second board
$4,000 Tennessee per cent Bonds sold at soc, and
on the 30th, at the first board, $4,000 at SOC and
$4,000 at SOLE The New York Eoening Post of the
30th ult. says:
The State of Tennessee pays tomorrow the May
coupon on the Skies of 1868. This issue amounts
TO ) l,0OO,OO0 and this payment of $4,000 is re-
garded as good of the intentions of the State
authorities in regard to the July coupon on the
DEBT which is mostly made up of advances to the
railroads.
Our contemporary need manifest no uneasiness
IN regard to the July interest Bonds. 1t will
be paid promptly. 80
~ONAAe@NAO
The New York Times of the Both ult has the fol-
lowing explanation of LNCoLN's proclamation block
aiding the Southern ports:
We have news of some little excitement at Wash>
1ngton, in ministerial circles in regard to the block
ade OF Southern ports. 1t is alleged that by treaty
stpulatioHs with other nations the President is OBJ
iiged to give ninety days notice of an intended
blockade, before he claim an observance of it
by the ships of other Powers.
hat tho i0hf 0f otto
have been violated far by the enforcement of the
blockade. Nor will the blockade be enforced against
any parties that by treaty entitled to exemption
But blockade was needed and is proper to be en-
forced against American bottoms engaged in home
and foreign trade, and the exception of foreign
ships entitled to freedom for ninety days Is neces
sarily implied, and need not be expressed
The chief object of the blockade, as proclaimed
by the President was to prevent the issue of pri-
vateers upon the high seas from Southern ports
and to this end it will certainly be enforced
According to this explanation, foreign vessels can
come into our Southern ports unmolested.
Commercial Changes Effected by the War.
The New York journal Of Commerce presents some
of the effects produced uponEthe business of that
city by LNCoIN's upon the South in the follow
ing paragraphs:
The first important change which occurred IN
of our domestic difficulties, was the
of large amount of specie at New
York. Our exportsOt produce 10 foreign ports
had been greatly stimulated by the failure of the
crops In Great Britain, and partial failures in
other European countries, while our exports
had fallen Off largely, owing to the general de-
preston in the home-trade. The experts of spe-
Gle were at first checked, and the gold arriving
from California was boarded at home. Very soon
the current turned toward US from abroad and
we began to import gold from Europe. The first
considerable influx was in December, when we i'm
ported S6174.O6l at this port from abroad. exclu-
sive of California in January from the same
source, 81, 262, 229; in February, from the same
source. ST. 74 067 in March, S5,546 4O6 making
in three months, S21,25S763 in specie besides
the receipts from the Pacific coast and our own
mines nearer home. The balance now on deposit
here is between fifty and sixty millions, and money
so abundant that it cannot be loaned on any secu
rity that is considered desirable, at within one or
two per cent of the legal limit of interest Some of
the large accumulation will be distributed through
the country by the movement of troops, and the
purchase of provisions and means Of transport; but
there is no prospect of an active employment of
capital in the regular trade for some time to come.
The necessary purchases of meat provisions have
advanced the price of the article required for the
support of the army; and the supply is not like
y to increase in proportion to the demand we look
for more or less of speculative movement in such
products at comparatively higher rates The mar
ket for breadstutfs has not been as much affected
by the war as by the legitimate demand for export
The torrents Of rain which poured down through
0ut the last season upon British harvest fields not
only damaged the growing crop, but also injured
the prospects of the coming harvest. The humid
atmosphere of Great Britain does not allow of such
a rapid absorption of redundant moisture as we
frequently witness under our drieP climate, and
many fields have been too wet to even TO spring
crops or grain. This must call for liberal supply
OF foreign breadstus throughout the year, part of
which will be drawn from the Eastern Mediter-
ranean ports, part from Spain, France and the
Baltic ports, but considerable portion must come
from this country.
The price of cotton has been advanced, partly by
the ascertained deficiency of the last yield the to-
tai thus far marked being 5000 bales below the
corresponding period of the previous year; partly
by the difficulty experienced in shipping and for
warding that now ready for market; and partly by
the apprehension of trouble in growing and mar
keting supply at the South for the coming season.
The price for middling upland in this market to-
day is abOutil3 Is against ii So on January lst,
and ii Is at this date year ago. The tendency
is still upward, and likely to continue if dit
fculties should increase.
There has also BEEN as the effect of this antici-
pated collision, sudden and rapid upward move
ment in naval stores. Those who counted upon
the fidelity to the Union of the State of North Caro-
lima, whence our supplies are largely derived could
not believe this market would be greatly effected,
and have been seriously disappointed. The price of
spirits of turpentine at this point nearly doubled
within few hours, and common resin advanced
nearly 40 per cent within the same limit of time.
We may add to the above rapid increase in the
comparative value of the munitions of war, and of
articles and fabrics adapted to the fitting out and
furnishing of troops. On the other hand there has
been an almost complete stagnation in general trade,
and warerooms Of the domestic dry goods commits
merchant and the lofts of the dry goods impor
ter, have been entirely deserted. This has also
tended to articles of general merchandise, not with
In the exceptions noted above. Coffee, which was
in active speculative request has suddenly become
quiet and the market for sugar is dull and heavy.
There will doubtless be partial relief this direc
ton verge soon, as the liberal outlay Of money in
carrying on the will furnish the means of q
more active movement in articles of necessary con-
sumption. 1t is probable however, that portion Ct
the trade, and especially that in most domestic ard
foreign texture fabrics will be parayZed for some
time to come, and most Of our merchants appear to
be shaping their course in the expectation OF such
an ISSUE
There is no question that the crisis is terribly Sc
we're in New York, and indeed, in all the Northern
cities and large numbers of failures are reported
daily In New York on the 3Oth ult. the paper mar
ket was reported greatly disturbed by these fail
ures, and the classfcations of names was stricter
thanit has been at any time since the crisis of 1857,
and the amount of paper that was still saleabe at
from "a 10 per cent, was exceedingly limited. Ex
change on London sold as low as lO41 with few
buyers. On the 9th it was quoted at 1O53(Gl0e.
If the distress in the mercantile community is thus
great what must it be in the manufacturing and
laborng? 'The sober second thought" will assert
its supremacy ere lsng and terrible will be the con-
sequences to the authors of this Wholesale ruin. The
New York Herald of the 9th ult., draws this pic
ture of an element in that cty-and which is to be
found in other great cities of the North--which will
require but little to excite to fury that will level
everything before it:
lit is appalling to remember that, within little
more than week, this city, from different causes
was menaced with misrule, and the unchanging of
elements, whose rage would have reduced our me-
tropolis to paDdemonium. There is no doubt that
plans existed to destroy newspaper officers, iDJure
individuals, sack private residences; and that the
days succeeding the bombardment of Fort Sumter,
had very nearly proved to be the beginning of
epoch of wretchedness, which would not have ended
until banks. warehouses, the mansions of the rich,
public buildings. and the accumulated wealth of our
merchants had become the prey of a savage excited
mob, who would have regarded everything they
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