New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1857-10-21
\ WHO GAINS RY SUSPENSION !:

NJ y M Il "
The answer to the above interrogatory Is very well
rendered in the sutjoined pertinent paragraph ex-
tsscted from an exchange We quote
The effect Of ! suspension Of specie payments by
fbe banks is this: whatever the difference Of value
nav be between spscie and what, under system OF
4 suspenson constitute current funds-notes ana 0e-
posts that IS in the suspended banks-to the extent
Of that difference the suspension causes an abatement
of All debts falling due. It is scheme much OF .ne
same sort with these abrogatons Of debts Of wnicn
lsWc read hi the history of the ancient repupcs. II
csIisss compared with specie. then every man who
owes hundred dollars will be enabled 70 pay tnas
debt with ninety; and the greater the aineIenee Pc
tween paper and specie the less VIII ne pc onhgeo 70
pay It IS easy therefore, to see why those heavily
IN debt are always in favor Of suspension by the
banks though after all, it is only those who owe
more chan they have owing to them, who are always
benefited by'snch movement a
The above, although correct in the main was writ
tan for Northern, not . Southern meridian. There,
actual insolvency prevails There, the merchants
and traders and SPECTATORS could pay their debts
were they allowed ample Legitimate indulgence. They
have over traded, oyerspecuated, overimported, and
have been guilty Of extrayagances nnnmerable until
they are drawn within the meshes of bankruptcy,
from which there is honorable extrication vast
majority Of them must go down; and, as is always
the case the honest actually solvent and responsible
portion Of the general community Of cities and States
is compelled to bear the brunt Of their long and
short comings- their pecuniary Responsibilities
their wild specuations and their mad plungngs into
debt. Here, however, taking the whole South as
criterion Of measurement positive, absolute solyency
exists in every department Of agriculture, finance
trade, manufactures and commerce. Here, there is
sohdity that can and Will retrieve itself within brief
period, no matter how highly aud heavily tne waves
Of disaster from foreign and domestic shores may dash
against our DulWarks, lmpregnaple under ordinary
circumstances, and sure to come out lnVinclbie IN
rev weeks even II temporary supmerslon should
occur Here, we have foundation SAFE, certain and
permanent, to go upon-we have staple the world
must have for the world cannot get along without It,
and the world must bring coin here 10 purchase 1t
ana 2 lew weeks TWO OF tnree ~ me outside, VIII
bring such 2 store q me precious metals 70 our
wnarves 20 buy cotton Tor expectation, that every
regular channel OF commerce Will be more than sup
ped Ihese are facts well known TO every intelligent
clrzen. We have stated them OFTEN before, and we
resate them again. in the hope OF that
public confidence which is now quite generally re-
stored.
The pressure upon Southern cities and banks
has been brought about by Northern commercial and
financial misman cement, not to employ harsher
term, which we could with entire truth and pro
priety The business connections existing for years
between Northern and Southern ports = which we
hope will be materially diminished in q few years,
by the practical and profitable Introduction of direct
trade with Europe-were SO immense and intricate
that universal crash there such as has taken place.