Southern Argus. [volume] (Columbus, Miss.) 1834-1842, 1839-11-19

poured in upon US for market 20 swell
/ the amount Of our imports during the
present year far beyond the proceeds
Of our exports. The amount Of these
imports has doubtless been much ia
creased by the gradual reduction OF our
tariff, operating as check upon the
products of our home manufactures
| The estimated proceeds four exports
win be also greatly diminished by inc
decline IN the price OF our Chief staPies
cotton, in foreign markets.
/ The various disturbing causes above
adferted to have been operating upon
the country, and gradually gaining IN
fensity, for the LAST three or four months.
Immense amounts Of The precious me-
tails have already been exported. With
in that period, it is believed that The
port Of New York alone has Witnessed
the departure of probably not less than
ten millions of dollars, the fruits chiefly
of her collections for the sales OF for
eign goods in Philadelphia and else
where. Every packet for HayFe has
carried large quantities ofour silver, to
increase the cumbrous amount of use
less millions piled up in the Bank OF
France; the packets of England de-
parting every FIVE days, all take their
quota; and the great steamers, each
with her millions, vie with each other
in accelerating their speed, TO replenish
with our means, ere it be too late, the
exhausted vaults of the Bank of Eng
land, an institution which, netwitllstan-
ding IFS vast resources, backed by the
credit of the Government, has had to
seek temporary support, to prevent or
postpone her failure from her great III
val across the channel.
This export enormous as ft has been
we regafd as but the beginning. Al
ready has the demand become so great,
either for exports or TO replace IN the
banks that which has been taken from
them for export, that we see the specie
leaving the remofest part of the Union
by the waters of the Mississippi, and
the various other routes, in vast Sums,
which no sooner reach our seapoFfs
than it is placed On shipboard and
transferred TO foreign land.
The position of Philadelphia at tllis
crisis is of peculiar importance, and
must be specially considered IN refer
ence tothe great question of a suspen-
sion of specie payments at the present
time. Her banks resumed in August,
1888, as has already been shown. In
obedience to public sentiment, but
against their own judgment. 1t was
as obvious then as tits now, that, from
her local position, being the great dis
tributor to the West and South of the
products 0fou Eastern manufactures
and of those from abroad, imported
chiefly at New York, the banks of this
city could not pay specie for all the OBJ s.
legations incurred by our merchants
here, unless they could receive it from
their debtors. Accordingly great eff
forts were made to enable the institu=
tutions of the South, which were the
most enfeebled to resume with us sim
ultaneously. Cash was advanced and
creditors literally furnished by some of
/; our banks to accomplish this object.
In the reduced state of business at
that period those credits were readily
made available, and the means thus
furnished went into the Golfers of the
merchants here and elsewhere, who
had debts in the South and West, for
their liquidation: But the country
had not had time to recuperate front
the prostration Of 1887. The obliga=
lions given for the means supplied by
us cannot now be met. After short
struggle; the Institutions of several of
the states sank again. The increase
Of business since The resumption, in
the belief by our citizens that the diff
hculties had been surmounted, REQUIRE
the means that had been advanced for
the above patriotic object, while the
debt of the South, Which was postpon=
ed in 1888, requires further post
ponement.
At a season of such universal pros
tration, ii will be easily seen how this
requirement. operates upon PhiladeI-
phia and her institutions. The efset
question was, could they, under all the
general disadvantages which have been
considered in a national point Of flew,
and under those more special arising
from their local position, continue TO
pay the accommodating demands ofthe
next three months IN coin BY pursuing
any course of policy Which could be
pointed Out! We reply, they could
not. They might it is true, have pro-
tracted the struggle for some time lon
ger, and by relentless course towards
their debtors, have ruined our traders,
arrested the income from our public
works; depopulated our factories of
their industrious occupants with their
families, butt had all this been DONE.
it would not have been sufficient to-
have averted the impending catastro-
phe; nor could any sacrifice which the
banks had it in their power to make
4 fw~.