The Camden weekly journal. [volume] (Camden, South-Carolina) 1853-1861, 1853-11-01
Wenfral uflps.



Iakeu in connection with the interesting ex-
! position OF the causes of the existing pressure
in the New York market, which we copied
yesterday from the Washington Union, the
following paragraph from the Money article OF
the New York Express Of Thursday evening,
is significant:
"Uur market viii be regulated altogether
by the state Of money affairs here, willie So
much specie continues to be shipped, and we
anticipate there will be from $4,000 to 81,
100000 by the Havre steamer on Saturday,
there can be but little if any improvement
The Banks must, in their own defence, contin-
sue to restrict their accommodations until suf
fcency of exchange comes into market, drawn
Sand predcated on shipments Of cotton and
sother produce. Cotton has been kept back by
reason of sickness and other causes, and 20
important amount of excnange will probably
make its appearance until the month Of No
vember. This day has been one of cXtraordi-
nary severity; it was difficult to procure mon
ey at almost any price and on any good securi.
Ety. The payments of the merchants to-day
were very large, owing, we are informed, to
sfhe maturity of The paper issued for purchases
at several large auction sales in the spring"
e Mr. Kettell, in the Union, shows that the
leading cause of the pressure and pauic in New
York, comes for the demand for Northern pro-
q duce. He does net state the case in these
words, but it amounts to that. Europe is
threatened with famine; prices Of breadstufls
) rise; the mania Of speculation seizes the mcr
chants and mers of the interior; the country
banks are called on to furnish the capital, not
! to aid in bringing produce to market, but to
aid in keeping it back from market; the coun.
try banks meet this demand by Withdrawing
all their balances, to the amount ofsome TWEEN
ty millions, from the city banks, and forthwith
the latter close their vaults; the fancy brokers
are ruined, and all The world is in trouble
As we said, it all comes from the pressing
fearful that the result may show that they
have not exacte6 the EXTREMIST advantage from
: the distress of the rest of the world, that the
only effect so far, of the increased value Of
bfeadstuAs, is to withdraw them from the mar
ke,, and to bring the principal mart of their
export to condition of ruinous distress.
In this crisis, New York looks to the South
! for salvation. A fatal pestencc has kept back
!. cotton from some of its principal markets -
Whenever and wherever the crop can be
brought forward, it is well known that it will
come, and to the extent Of its value, will be
available for the settlement of commercial bal
! ances. 1t is a striking instance of the superb
ority ofa stable and systematised trade like
that Of cotton, over the transient and irregular
epidemic demands for northern breadstuf's.-
But there is here still more striking proof of
the superiority Of Southern planting over the
Northern farming system, with reference TO
the supply of foreign commerce. The great
body Of the Planters have their Factors in the
marts Of export, and in those marts their pro-
duee is for the first time sold The great pro-
ducts Of the South pass directly into the hands
: of merchants, who, from their commanding
position and their large experience of trade,
are able to look at the interests of all parties,
with view to the lasting interests Of all.
The great Northern farmer does not send
his crop to great market to trust it to the
faith of one who stands to him in the relation
of an experienced adviser and friend. H. bar
gains for it at his own door, with the runner of
village sPcculatpr, (who means to pay in
goods, with the sincere determination to cheat
in the price of every article,) and the village
speculaser is purveying for the miller, who,
being bank director besides, has his own
means and other peoples 10 help to keep back
the produce until he has satisfied his appetite
for profits. All these things happen before
barrel Of -four reaches the place where it is
sold for shipment 1t is tricky process gui
ded by the united forces of selfshness, cunning
and ignorance. Hence, though the passion of
gain is always uppemost, the result is frequent.
.ly anything but gainful, and the parties are
left to console themselves with the will for the
decd But We had intendeded merely to in.
dicate, in the briefest terms, these distinctions
between Northern and Southern Commerce,
on account of their interesting bearing on the
present condition of the markets, and have
gone somewhat beyond our purpose -Chus
Mercury.