Daily National Intelligencer

Who does not feel alarm at the idea of the Banks generally suspending specie payments, when consequences are to result such as are suggested in the following article?

FROM THE NASHVILLE CLARION.

It is the opinion of several of the most intelligent and respectable persons, from different parts of the state, that, at the next session of the state Legislature, a suspension of the collection of debts by execution will be the first subject agitated. The session commences the third Monday in September, at Murfreesborough. It is stated that the unprecedented influx of foreign merchandise for the last three years has involved the people every where in debt, and that their whole reliance now is to gain time to meet their engagements—the old stop law enabled them to wipe off old scores; and until lately they were out of debt, and ought now to be, had their produce sold at the prices heretofore given for it. They have their hands in the lion's mouth, and they wish to get them out as soon and as easy as they can.

One project we have heard suggested to relieve the present distress of the country, is, for all the banks in this state to discount paper to a reasonable amount, having an eye in such discounts to the wants of the people, and the quantity of circulating medium necessary for the ordinary purposes of the country. The banks being now under no apprehension of a drain of the precious metals, could safely extend their accommodations, and, when the next crop comes in, might commence the work of curtailment, in a regular way.

To ensure currency to the notes of the banks, it is expected the Legislature will provide, by law, that where the plaintiff in execution will not take them in discharge of his debt, the defendant shall have the right to arrest the proceedings of the affair for a twelve month or longer, and that in no case shall an officer proceed to sell any property that will not bring, in bank notes, two thirds of what respectable disinterested persons shall say it is worth, provided the defendant tender good security for the payment of the debt or the forthcoming of the property levied on.

These are unpleasant alternatives to resort to, but the universal cry of distress renders necessary the adoption of some such measure to give time for permanent relief; which cannot be expected to be effected in less than three or four years.—Clarion.