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ST. LOUIS CORRESPONDENCE. Sr. LOUIS, Nov. 2d, 1857. FRIEND MAYNARD-NOW that political and financial matters have become stagnant, a stray waif from the Mound City may not prove uninterresting to the readers of the Nonpareil. No place in the West has felt the effects of the panic so effectually as this city owing to the ill-advised, rash, short-sighted and suicidal policy, pursued from the first, that of rejecting good well-secured currency in payment of debts, and in the ordinary channels of trade, and endeavoring to regulate the business of the City upon an exclusive specie basis. Not content with this suidal course, the business men of the city resolved to venture another step in the wrong direction, and which has shown more fully their utter disregard, or rather, want of business policy. I refer to their efforts to depreciate and ruin Illinois currency, in the face of the fact that nearly all of the banking institutions of the State of Illinois are based upon Missouri State Stocks. Therefore, the standing of the Illinois banks depended solely upon the capability of Missouri to keep her credit good-pay up her cou+ pons, and hold up her Stock. The course pursued by St. Louis was not calculated to preserve and uphold the credit of the State-on the contrary, this effort to depreciate Illinois currency, cannot be considered in any other light than as a direct stab at the credit of Missouri. Common sense would have dictated a different policy. As in this case, many will, through jealousy, pursue a course likely to bring ruin upon themselves, merely for the satisfaction of seeing others as deeply in the mud as they are in the mire. The war here upon currency has driven it nearly all from the city, but not from circulation. The most of it has found its way into Northern Illinois and the Eastern portion of Iowa, and there exchanged for grain. This use of currency enables the farmers to pay their home debts, and the grain finds its way Eastward by way of Chicago. Country merchants have received this currency for debts due them-they must use it, if not in St. Louis, why, then in Chicago. The consequence is, that while Chicago has been doing a thriving business, St. Louis and the country dependant thereon has been comparatively motionless and dead-the "hard money" democratic banks, with all their checks and supports, have had to succumb and suspend-and all this cry of depreciated currency,' 'wild-cat banking,' etc., which that party used with such gusto in your State as well as in this, hasrather a farcical look and sound, just now, when the "hardmoney" country of old Missouri suffers the most from the effects of the panic, and the lauded specie-paying old-fogy "Bank of Missouri," has to ask relief from the penalties attending a suspension. This "depreciated paper" of suspended banks-which so shocks the Democracy to extend and circulate-is now our only relief. Let the Banks issue bills, two for one of their paidup capital, and move forward the produce of the West to relieve the East; and, altho' the currency may depreciate ten per cent., yet there would still be forty per cent. in favor of this resort, for crops depreciate fifty per cent. by lying over, in ordinary times; and now, their non-removal would almost ruin us financially. Again, let the Democratic doctrine of "hard-money" apply to the 'hard-fisted laborer!' When currency was "as good as the wheat," he could get his $1,25 to $2 per day-now, he finds no employment, and his income is nothing! I would ask, whether it were not better to have a depreciated' currency like that of Iilinois, than depreciated property and labor? There is one, and only one, solution of the existing financial and commercial lockjaw, at which everybody arrives, that is-could we but move the abundant crops, and send forward the wheat, eorn, pork, etc. of the West, we should be all right. There is plenty of money to accomplish this, but it is in the wrong hands, and confidence, I fear, will not be reinstated soon enough for relief this fa.llThe East begins to see its predicament, and the banks have commenced discounting on produce bills. They must do it or starve. We of the West are all right-plenty to eat and drink, farmers rich and holding out for bigger prices. The recent news from Europe is very encouraging, and from it we already begin to see daylight, and to take courage. It appears that Europe is sending over from one to two millions in specie, by every steamer, to purchase our grain and cotton for shipment. The foreign demand for breadstuffs is likely to cause a greater export than has heretofore been calculated upon. The rot in the potatoe crop of the old country has been enormous, and our produce will be exported to supply the deficiency thus created. They have not cotton enough to run their mills more than three weeks-and all their imports of grain from France and many of the German provinces, are cut off-from the effects of which our prospects brightening everyday, and if I am not greatly mistaken, times will soon be as buoyant and prosperous as they were previous to the advent of the panic. The latest news from the Plains is to the effect that the rear guard of the Utah army passed Fort Kearney Oct. 7th. It is generally considered here that they will not reach Salt Lake this season without great suffering. Our Legislature is now in session, and if we are to judge its concentrated ability by the opinions of the same stripe politically, it could hardly be called an able, dignified as-
