Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1855-01-19

Hunts Merchants Magazine is universally recog-
nzed a. an able and reliable authority upon nnanciai
and commercial affairs Weare pleased, therefore, to
see its columns she'd CLEAN of light upon the pre-
sent dark horizon of business. The following pas
SAGE present view OF the causes tnal
led the present PRESSURE and Indicate that the WORST
NAV be over and that better times may be near at
hand l. is certainly true that whatever may be the
monetary difficulties among all classes in the cities
and towns the farmers of Virginia were never so well
of as ut present. VirgiPs panegyric OF the "fotu-
nate agricultural interest, is peculiarly applicable to
Virginia farmers at this moment. Hunts Magazine
says:
1.-The commercial embarrassments noticed in our
last have been continued, and in many sections of
the country the pressure has increased until credit
is shaken everywhere, and all classes are made to
realize the insecurity of worldly possessions. The
causes which led 10 have been long time at work.
The prosperity which prevailed almost universally mp
to the middle of last year had made business men
confident in their strength, that all classes had
expanded their engagements far beyond the protection
Of their own resources, and were exposed to the
storm which began to gather on every side. The first
great shock TO credit the discovery of the Schuy
Ter fraud. which brought to stand nearly all those
works of internal improvement for whose successful
completion large share of public confidence ne
cessary. From that moment sacrifices began, and the
rail road interest will wholly from the
blow. The war in Europe created more or less mo-
ney pressures abroad, and capitalists there less
assistance would have been most acceptable. Goods
which have accumulated abroad where the demand
had almost ceased, were crowded upon our shores,
at whatever advance could be obtained, thus aggra
waiting the evil At that moment, instead of liberal
shipments of breadstufs to cover this drain
upon resources, the exports fell off, owing to the
high prices of cereals in the interior, and the great
scarcity at the seaboard. The failure in the har-
vest here had been greatly exaggerated, and farm
ers were led to hoard their products. The cotton
crop, part of which have been relied npon in this
emergency was kept back by the dreadful ravages of
The epidemic which prevailed in the vicinity OF South
ern ports From New York, those who had contract
ed large foreign debts obliged to send the spe
Gle, and this rapidly increased the evil While this
was going at the seaboard, worse panic began
in the interior, and especially in the West and North
west. Ohio Indiana, Illinois, Michigan, Wisconsin,
Iowa and Missouri, and TO extent in the States
on the South side of the Ohio, large circulation OF
bank notes, mostly of the free banks, had been Oh
tanned through expenditures for Rail Road purpose
and general expansion of business. When the con
traction began this circulation came in rapidly, and
found the banks wholly unprepared TO meet it. As
the difficulty became known the excitement ncreas
ed, and every effort made for relief only heightened
the panic All the banks which had balances at The
East drew for them, and borrowed 10 the extent Of
their credit besides while, between twenty and thr
ty, perhaps more, of institutions which were really
solvent, were compelled 10 suspend payment. large
number of private bankers were carried down in the
crash, and the distress became general. The panic
mind is less excited but the difficulty is not
moved, and cannot we'll be until there is a revival oil
business, by large shipments of the produce now
boarded. At the South the evil has not as yet, been
seriously felt. The planter have not been for
many years in so secure position, and if the crop
of cotton now making shall sell brisky in Europe
they will escape to great extent the panic which
has elsewhere prevailed. During all this pressure in
The money market, and general disturbance of public
confidence it is cause for congratulation that the
mercantile community have stood the trial SO nobly
Very few merchants previously in good credit have
been obliged to suspend payments, and even among
The weaker houses the failures have not been as nu
merous might have been expected.
The reason of this may be found in the increased
supply OF metallic currency remaining in the coun
Try Over hundred millions dollars in gold cur
rency have been added to the circulation of the Uni
ted States, since the discovery of gold in California
Thus, although the rates of interest have been higt
for nearly eighteen months, there has b, en- sucl
scarcity of money as has been felt in the former pc
RODS of commercial embarrassment. The impression
now prevails that the convulsion has reached its
height. and that having passed the crisis affairs mus
now gradually mend"