Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1868-11-14
The New York World says in iis mon


article of Tuesday evening:
"Alflirs in Wall street are in mixed cOndi-
ton. The street Is agitated with rumOrs now
on the bull Eide but chiefly ID aid OF the bears.
The suspension of two blanks in the West, one
in Milwaukee, and the severe losses known TO
have fallen on Western banks and dealers from
the heavy decline in the prices of Western pro-
duce and Western railway clique shares. have
added TO the aneasiness Of our bankers and
money lenders. The stOck-jObbing clques and
their friends are said TO have hypOtheest ted their
clique stocks with national banks in the West 10
an amount which has brought tnem into crit
cal condition, and that they are pressing the
cliques to return these loans. The clique stocks
have been carried since August by time loans
from German bankers in this city and by the aid
of Western national banks and bankers. The
withdrawal Of these permanent loans Will throw
the cliques on the general money market for
their supplies to carry their load. The banks
are in no condition to assist spectators in car
rying stocks. All their surplus funds will be re-
quired for the legitimate wants of trade. The
legal tenders in the New York city banks have
not been so low as at present since October 1865,
and the drain upon them will be greater than
ever before to meet the demand for greenbacks
TO the Southern States. The ease in the money
market since Saturday is only temporary, aris-
ing from the unlocking and putting in circula-
ton of about S5,0HO.0V0 Of greenbacks by the
bear clique and at the came time from a de-
creased demand owing to the lessened TRANSACT
trions on the stock Exchange Tho reports,
semi official and otherwise, in regard the rels-
SUNG by government OF tue CLuCGlGu ofttuUu,UtO
'greenbacks and three per cent certificates are
not likely to be realized; There is no warrant
in law for any such action on tho part OF the
Treasury Department, and there ID nothing IN
the present condition Of affairs to render neces-
sary a violation Of law by the Secretary OF the
Treasury. Mr.. McCulloch is not called upon by
law or sound policy 10 assist either bulls or bears
in Wall street. The Stock Exchange i passing
through a liquidating crisis which will sweep
out of existence the stock bubbles engineered
by the cliques, and the more rapidly tins Il
carried out the better it will be Tor W all street
and itg permanent interests. PalliatiTes 10 stem
the natural downward course OF pGlceS on tue
Stock Exchange to sound standard are lnIu-
riOus, because they simply delay thas Wnlca -
inevitable, and the sooner 1t comes OF course
the better, The surplus funds which have been
mOnOpOized by spectators for years VIII lhen
be liberated for the use of leslum2to trade snu
the increase of national wealth.: Inc sooner tne
stock-i0bbing cliques are annihilated the better
it will be for the mercantile community. Inc
suggestions for Initiation by Mr.. MeCuiloea are
unlawful, and are in the interest Only OF the |
Wall street stOck-jObbing cllqueS.
The New York ShiPpiaq and Commercial |
list of the llth inst. says the state OF trade |
exhibits very little improvement, owing to |
the unsettled state of the gold and money
markets. Business men, in view Of the
possible contingencies in the future, are
naturally averse to extending their opera
lions in manner that would lead them to
either incur or grant fresh obligations, and
thus while the volume of business is light
it is generally consummated upon a safe
basis, The absence of eriou7 mercantile
disasters, during 30 trying a period as has
lately been experienced, attests the general
.onndness and sOlvency OF the trading