The independent press. (Abbeville C.H., S.C.) 1853-1860, 1857-10-02
The Money Pressure.

A correspondent of the Charleston Courier,
thus discourses upon the rsusss efthe financial
embarrassment at the North:
The times appear to be sadly out Of joint at
the North. and every day serves to bring
forth few and more startling developments.
while at the Sonth all is comparative ease and
quiet Why md how 10 thsl The causes, we
think. ere obvious. In New York--tho great
financial eonirc ut the comntry--an extrava.
gnncea'Di :cklc'snc., in Expenditure has for
soma time prevailed, tlns ia almost past belief
ihey hfsd inst. spent fast, built <, magnificent
turned ont the most rpIeadid satfpages, and
kept up cstatli.hments Of al kind, of the most
expensive and attractive character. No pru.
dent, or an:c. or kgisf late business. q. every
body mus; kno1, could support t:'is style Of
speculative stock -jobbing. gnmbliDg, fnessfne
md fnanciering, which results alwaysin ruin.
and not nnirequently in fraud and robbery up.
on creditors or the publis. When collapse
was to take pkace from tiis etate of thinge It
serving. ns q ques;iod only Of time. That
time has now come.
For some time past Wall street and New
York has been inundated witch railroad stocks
and bonds from the whole NORTH. and West
Many Of these'roads were built to benefit
land spcculators. Nearly all Of them were
built either in whole or most part upon cred.
it and without money, and Consequently, cost
two or three or four times what they ought to
have done. ltis notorious fnct,, too. tb~s
nearly every rairond to the North and West,
from the Erie and tue Central down. are man.
aged and controlled by the stock;jobbets Of
Wall street or somewhere else. The value
| that ought to attach to securities of railroads
constituted and managed as those roads have
| been. ought not. it would SEEM to be a matter
OF doubt but money mud credit has been
cheap and plenty for short time past and
| the high rates Of interest and discount tbat
| these securities were sold at, tempted. sbe ad-
venturous who had or could get money to deal
IN IN thenE The Ohio Life and Trust Company
the American edition of the Credit MobiRerl
was the great nucleus around which the rail-
road interest formed. They borrowed money
at high prices, and frequently on a Ffedge Of
these securities. to lend it to the railfoad COM
| I,anles Mt higher rate. and when they went
down, the credit and the value Of n,oss Of thesp
securities fell with them, md became dead let
t.rs IN the hands OF those TINT held them This
disruption. though Of false and baseess sys-
fem. gave fearful shock to confidence aud
| credit in New York. for it wns found that
these securities had been fosted on every
body almost in some form or other, but mo.tty
When wheat was worth g. a s. 50 a BUSH
81. hour ss 10 bnrrei. pork $50 a S25 tho
barrel. DC. the people of the West snd North.
west bought goods largely, went into debt
largely and somewhat in the style Of New
lork extrnvagnnce and folly, but rie jdbbers
who sold these goods have not been paid and
the exporters who sold the iobbers have not
been paid. The Western men can't pny will,
grain and provisions down TO almost fothiug
Wide spread panic amongst the iobbing mer.
! chants i'll New Yor Boston aud Philadelphi ha.
been the inevitable consequence Of this state Of
| things.
Wall street is there too-thc curse OF the
| country and what is a significant fact, half
| the people who have failed in New York. il
hos been tiseov cred after failure, went euss;is
OF thesr business proper to speculate sad ruin
themselves i'll TINT den Of thieves
| Here IS the prolific source of evil u New
York nt the present time, SO to some one or the
other OF these causes may be traced all the
trouble and difficulty that has happened.
| REILLY TO President BrcuASAS's Lerrxr-
Prcsident Woolsey. the Sillimans and other
gentlemen of New Hsven Connecticut. ara
out III an elaborate reply to Mr.. Buchanan,s
letter on Kansas matters. The letter covers
| three aud u half columns Of tho New Haven
Courier. and is written in a. moderate and tol.
crably respectful tone.
AusCsTA, September 2S.-IFcnvy failures ,fps
| reported II Richmond, Norfolk and Petersbur,,.
| In Washington there is slight excitement, but
no failures -.
Private dispatches from Hasl,ville Tennes.
see. state that the Bank of Nashville has: failed
and closed its doors
RIcHNosp. Va, Sept. 2s-The bauks :. III.
State are quiet. There is no susnension Az.
eept in Alexandria.