Commercial.
The rates of Exchange on New York are very high and unsettled.
They ranged from 8 to 10 percent. premium on Saturday.
On
Philadelphia and
Baltimore, the rates were still 2 1/2@3 per cent.--
South Carolina notes were 10 per cent, and
North Carolina 5 per cent, discount, save the notes of the Planters' and Miners' Bank of
Murphy, which were at a discount of 15 per cent.
The
Banks, on Saturday, after due conference, came to the conclusion to receive on deposit and pay out, all the notes of the solvent
Banks in the
State, except those of
Wheeling and the
Bank of the Valley. They, however, agreed to receive the notes of the Valley Bank payable at
Staunton and
Christiansburg.
This determination will save the people a great deal of inconvenience and loss, and at the same time partially remove the distrust which has been felt for some days about the solvency of many of the banking institutions in the
State.
We cannot see any signs of improvement in the panic and the pressure; nor do we suppose there will be any until after the crisis we are plunged in shall have passed.
The conventions of the
Southern States must meet and deliberate, and there must be out-givings from the
Southern States as to what they expect in the way of redress, and from the
Northern as to what they are willing to do in the way of atonement for the outrages they have committed, and for the cruel and heedless manner in which they have made the most sacred and sensitive things mere foot balls in their game of politics — before the public mind will settle down into quiet and security.
Not until then will confidence be restored — not until then will trade resume its even tenor, and enterprise enter again with energy and activity upon its plans of improvement.
