The star of the north. [volume] (Bloomsburg, Pa.) 1849-1866, 1854-11-23
From tie Public Ledger.
The None - larke..

/ we have no, YET reached The crisis a. ou
mon etary troubles. Tie sooner we know
this The better. The weaker anincorpora,ed
banks continue dailyto 60 BY the board, aud
with their suspension the failures Of private
individuals und basibess fifms'are on The in
crease. Il tits idle 10 sisgniss the fsci, ..add
worse than folly to attempt TO stul,ify our
selves with the i1es ,hi,t the worst is over
and that siocklprices must from this time
forward improve, The country is Too over
I-WhsImin gly IN debt to render any speed,
resasclIatioR aprbbabie. |sTims,f economy
and grtatlabor'can only bnng' busihes ant
tprices up 10 waat they have been:tsg , Now
that the banks have coamencea brenking,
no one can tell how rapidly bankruptcy may
overun the couatfy. Every additional fail
ipre makes the next more probable we
haysh steadily pointed TO the very condition
toi things NOW uponus. We have opposed
iheVcreation Of deb, for every thing not u
immediate necessity and have urged tht
suspension of work dn'all improvements
thatSoouli not be made productive by very
smaH expenditure. Had these suggestions
been foltpwed, instead OF being combatied
as theyfwere in many quarters as groundless
appfehensons, much of the difficulty now
experienced and which seems like 10 come
might be avoided We say there is daily
groSirg dis'rust. Credit is daily weaker.
L is useless to deny il. Panic will but az.
gravaie'it, and that panic may be avoided
we would have The trouble Wills YET al
some distance, and while ii may Ibe control
led, boldly faced. Banking must be rnete-
rally narrowed or i, will be, entirely up
rooted by failure. The bonds Of unproduc-
live railroads must be withdrawn from ,he
market, and every merchants and marufac-
iurer's business narrowet. to as near a cash
basis as possible, and this must be cone
quickly Six months ago we urged the
same Thing, and we know of one or two
large manufacturing establishments ia our
city thaeacted rsidly ION their suggestion,
and are now doing comparatively small bu-
siness, though they are believed to be finan
ciaIly easy . Others that we know, who con
tinued' as actively employed iand selling as
freely on credit as e<er, havo failed. We
heard yesterday, of two more failures in
this ci.y--bott in the Iron 'bssiuess, one OF
which isthat of quite a large concern. Pa.
periof all kinds is sotiated' with much DIFF
ficuliy and only at high rates. The banks,
4 or hafa th -. - 4.
wanted, can do nothing towards relief. On
the contrary, they greatly aggravate The pres.
sure BY becoming grasping in their demands,
and remarkably close in their acccmmoda.
tions. Necessity forces this condition OF
things on them. They have no alternative.
Itiis inseperable from the system Of bank.
ing, and affords aaother ILLUSTRATION of the
folly Of making bank Accommodations ba-
sis of Business. The trader who has leasl
TO do with banks invariably comes 'out bes,
in The end. Banks have money when few
wanthi, and sedbees lhe nnwary into enter.
prises that 'oftener than o,heiwise swallow
them in ruin, afofding no relief in the houl
of trial. Our city authorities should panse
in their proposed expenditures while hi;
stale Of things continues, and until city loans
which are now selling at 90, are up to par,
no addition should be allowed to be made
10 the city debt. With prudence and econo.
my on the part Of all.-ihe financial crisis
may pass, leaving the country little harmed.
But il does no good. on the contrary m uch
harm, TO endeayor TO create the impression
iha, there s.pothing in the future 10 be ap.
pretended. i is true the mostofoihe banks
thai are DOW falling are small and unincor.
porated, but they are nevertheless, banks.
doing regular banking business, even 10
the issue OF noies, and are more or less re.
coguized by, and conneciedin business with
the regular chartered banks. .'a -s.