The Camden journal. [volume] (Camden, S.C.) 1836-1851, 1841-07-07
POLITICAL.
From the PHILADELPHIA Journal Of Banking
THE TIMES.


any other period in our c"untrys h.ssu,y' ;.. =.
Then, as now, the Banks, after having
been enormously inflated, suddenly col
Ia nsed, and spread ruin and destruction
every where around them.
Then, as now, enterprise was chli'eu'
because men know not wha. day may
bring forth. ,,
Then, as now, the country was burden
ed with heavy public debt. The case Is
not materially altered by the fact that Inc
debt pressed them Immediately on Inc
Federal Government, and that 1t now pres
ses on the States.
Then, individuals owed millions on
millions more than they could pay.
Then, capitalists could with dlihculty
find safe and profitable investments, anu
laborers were consequently lett wilno"'
employment.
Then, wages, and the prices of land, anu
Of commodities generally, fell greatly.
Then, as now, The troubles Of the tunes
were occasioned in part by extensive
spccula,ions in the public lands.
The Banking revulsions are now more
extensive. Through the period above al
Iuded to, the greu, body Of the Banks IN
the Atlantic States, at least those north
of North Carolina, and, we believe, those
of Mississippi and Louisiana, MAINTAIN
ed specie payments. Now, alItHe Banks
to the south and west of New York, with
the exception of certain Banks IN East Jer-
sew. the Bank of the State OF MISSOURI
and perhaps the Banks Of Charleston ..
G.. are in state of suspension. The Banks
of Ohio profess to pay specie; but rom
the best accounts we can gather, their
prac,;ce but i'll accords with their probes
sion.
Then, the public debt was burden on
the Federal Government; now, 1t IS a bur-
den on the States.
The States were not then, as they are
now, involved in extensive, and, IN most
cases, iniudicious schemes of public I'M
provement. ;.
Then, there was Bank of he United
States, with a capital Of thirty-five mil
lions, in full operation. Now, we are
without that blessing or that evil, just
which the reader may be pleased to con-
slider it.
The public distress is the same in KIND
,hatit was from lSlS-l9 to 1928 ~ but
differs from it in degree. The reader VINO
has not turned his attention to the past
will be surprised TO learn that the suffer
ngs of the present day are much less 'hah
those that we're arorelime experienced.
Our large cities were not half as Popn-
lous then as they are now, yet according
to Niles Resisicr, at one season In 1919,
there were 10000 able bodied men in New
York daily seeking for employment, or
adding women, 10000 persons who desr- ISL
ed something to do; in Philadelphla' W.
BOO persons were in like condition; and,
in Baltimore, 10000 were in unsteady
or actually suffering because
.hev could not get employment.
Neither is The fall of prices now as
i was then. According TO the testimony
Of Director in the United, States Bank,
houses in Philadelphia which used to rent
for 1900 dollars year, brought in lS2O
no more than $50 dollars; fuel which used
% cost 12 dollars fell to 4 l-2 dollars; flour
ell from IL dollars to 4 dollars barrel;
,eef, from 25 cents to 8 cents pound
See Niles Register, vol. xTlIl' page
's7.]
Lands in nineteen counties of Fcnnsyi-i
,ania, which about thu year 1873. brought.
IN an average, from SO to l22 dollars an
.cre, wouldin 1919 bring n" more Ihau
rom % To az dollars. This we assert on
he authority of Committee of the SEN
Ate ot Prnnsy lvania, Of which Mr.. Racquet
was chairman.
In September, 1920, corn was sold il
some parts Of Kentucky at 10 cents, and
wheat al 20 cents bushel. In May of, the
following wear, corn was as low at Cincin-
natl, and whealln some parts of Ohio was
10 cents e bushel.
A Pi,isburg paper, in the spring of
1921, referring 10 prices at thar place,
says-"Flour barrel, 81; whiskey Is
cents gallon; good merchantable pine
boards, 20 cents hundred feet; sheep
and calves, 81 head. Foreign goods at
the old prices. One bushel and half of
wheat will buy pound Of coffee; barrel
of -four will buy q pound of tea; twelve
and half barrels will buy one yard of
superfne broad cloth"
In some respects the times are better
than they were from 1slS-l9 to lS23-24,
and in others they are worse.
The nuhlic debt is twice as great as il