The Middlebury register. [volume] (Middlebury, Vt.) 1850-1882, 1855-02-28
The Financial Crisis.

That our mercantile and commercial
interests are realizing at the present time
more severe embarrassment than have
been experienced for the last fifteen
years. is too VOL known and too severely
experienced to need any re.statcmeut
And yet, there never has been com
mercial crisis attended with SO little of
panic. Our merchants, especially. Of
the city of New York, have met the oc.
cason with GOODNESS and calculating
delibcration that would have honored the
courage eff Napoleon. The wonder is.
no, that few establishments have fail.
ed but that our entire commercial COM
munity have rot been overwhelmed with
one crash of universal bankruptcy. As
we see the struggle 20 on, and thousands
upon thousands of dollars of protested
paper taken out of the market by its ell.
dorsers, who have also their own legiti-
mate obligations 10 meet. we are amazed
at the tact, resources. and mutual conf
dcncc of our merchants. As band of
brothers, they have contonded shoulder
to shoulder, ard have, through the in
stincts Of danger or moral considero-
tions Of duty, stood by each other in the
hour Of peril.
1t would be strange and inexplicaLle
incident to a visitor from the rural dis
tricts, to see opr wealthy merchant, with
surplus funds to meet all his own liabii.
ties bringing out those funds. and hand
iug them over by way of "IooHS on call"
to tue extent Of one, two, five, or ten
thousand dollars at time to his neigh
Iors who. perhaps, with stores filled
with goods aud abundance Of property.
are Gu the verge of bankruptcy for the
want Of money. Aud yet. such incidents
are witnessed with US every day, where
not SO much as memorandum check is
given by the borrower as security for the
return Of the loan. With all the sever.
ity Of the times, there is deep practical
confidence between our merchants. bear.
ing up with "a steady hand against the
pressure, cvincing "a unity aud brotLor.
hood the widest possible remove from
selfish and merccnary speculation. There
is confidence in the resources of the
country aid this has enabled our leait-
innate merchants to hold on, despite the
shadows Of despair and pictures Of ruin
that fit across cur commercial sky-des.
pitc tie discovery that banks aud bro
kcrs are a useless reliance when their
aid is most needed.
Our merchants arc learning a severe
lesson, but they are learning it effec.
tually--" that every basiness must rely
upon the proper farming Of its own re-
sources for success, in hard. as well as in
prosperous timca And the folly is ap.
preciated, Of paying discounts to banks
for $1,000, with the understanding that
but $500 are to be used By the borrower,
aud the other $500 left to be loaned BY
the bank 10 some new customer, for an-
other interest, and perhaps duplicate
interest on the same money thereby en-
abling banks TO practice uSuTy with i'm
punlty, to divide ten to fifteen per cont.
per annum among their stockholders, or
accumulate it as surplus, and escape the
penalties If tho laws Of the land Those
who, for provision against these hard
times, have heretofore SO consented to
stand with their hats under their arms,
at the doors OF the banks, and accept Of
one c-half or two.thirds Of the money. for
the whole Of which they had paid inter
est, and now tiuG themselves kicked en-.
TREY out. are convinced that 10 man
should % into business requiring capital,
drponding on banks to furnish such cap
itnl; nor without brains, tact, aud know.
ledge sufficient to keep, invest, and man
age bis own money, and to be the master
of his own pursuits. Banks have no
doubt a public utility and u legitimate
scope Of business. The safe keeping of
money, the convenience Of its exchange
aud its Transmission from place to place,
and the loaning Of its own money ana
that Of its friends, left voluntarily with
the bank for that purpose, are all proper
and for the public interest Whoever
has money of his OWL may give away
the use Of it to a bank if he chooses.
But if \ borrows this money aud pays
lawful interest for it, we say he is entitled
W u"Nc IL, anu uut " SlNc Eull VI u
third of it back to the bank to loan over
again to B not for the benefit of himself,
the real owner Of the money so lont, but
Of the baul. Bat tie banks in this cri
sis haze been useful schoolmastars, and
have exercised their task with effect
the boys, great and small. have been well
hoggcd, aud our business public will pro.
fit by such examples
The natural channels aud current Of
trade, with the resources of different soc.
tons of our land are being thoroughly
studied as well as the time in which
these resources can return to the mer.
chant the value OF his -nods as sold to
different classes of customers, or sent to
our different States and Territories
Credits will hereafter be shorter aud
profits Less but returns will be made
more prompt aud certain Oar mer-
Giants, under kind providence, have
learned to depend on themselves. aud
they will profit by tho lessou.- Chris.
tian MteIligenccr
TARsus.-Tarsus, the birthplace
of Paul, and once no mean city, has
fallen from its ancient dignity. Yet
from a distance, few places in all that
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