Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1857-10-23
D,rect southern Trade.

particular direction, where connections have Oeen IOre
for the carrying of that business it is difficult to
change its course the connections that have
grown up 1t is only under the pressure OF new and pc
culiar circumstances through long course OF time
that any radical change be effected Mere theorleS
or theoretical arguments have little effect unless enforced
and assisted by such coincidence OF events as 10 force
public attention and public effort to the point aimed at
It would appear to us that the present period is one
peculiarly favorable for drawing the attention OF the
largely producing and little speculative South to sub
ect which has been heretofore pressed upon her atea
ton with very small resus-We the transaction OF
her own business and the management of her own ex
changes.
After all that has been said-after all the allowance
that has been made for undue expenditures throughout
the whole country including even the South the fact
still remains that the present difficulties OF the country
had their origin in movements for which the South Is
not responsible with which she had no connection from
which she could receive no profits, and by which she
sustans severe loss 1t is not dreamed that any thing
existed in the condition of the South herself which could
have either produced pressure among her people, or
enforced a suspension the part of her banks Her
produce had been selling at prices in some cases high
in ALL remunerative. Her purchases had not been be-
yond her ability to pay Of her staple products at least
eourths had been consumed by those who had re-
manned untouched and sound and yet through the fall
ure of her agents at the North she is forced to parc
pate in the financial suffering, and her monetary system
is compelled to 90 by the board for the present This
could not have been the case had the of the
South been in the hands of the people of the South in
stead of being tributary to the city of New York. and
in lesser degree, to other Northern cities
E. have moth ppn0 up
the failure of the South to pay up The South has met
its obligations even more promptly than usual. The
pressure on the Northern banks has not been due to
speculative movements at the South There has been
comparatively little of that. But the West has been
run Wild and the Northern and Eastern cities have par
tcipated with her. The funds of the Northern Sea-
board cities have gone West to be employed in wildcat
maneuverngs-the realized for the crops of the
West have been taken for land speculation instead Of
for the payment of debts incurred for goods The funds
i which had gone West instead of being paid back
into the New York Boston Philadelphia Banks in
settlement of debts DUE have been hurried forward for
redemption in specie. Hence the violent contraction
the consequent ruin of private intereststhe ultimate
suspensions Of the banks
In all this the South has had neither act part
She could have made nothing by tit pertaned not to
her in any way. Yet the commerce sustained by her
products supplied the means for forwarding the specua
tive schemes of the North and West schemes in which
these means were dissipated or locked up The New
York merchant can no longer do business-bls New
York no longer, as they mature, form exchange-the
means of the Southern shippers and banks locked
and they become equally involved in the difficulties and
Inconvenience when not forced to become parakes
of the losses of those in whose pecuaOns they had in
terest and with whose movements they had no
1t is not that Southern products have failed to balance
Southern consumption, that the real consumers and
customers of Southern products have failed, that the
South is involved in the general embarrassment. The
fault lies in the intermediate agency both in the expor
taton and importation of goods and recurrence of such
things can only be prevented by the energy of the people
of the South in doing their trading and not leaving
the funds created by their products at the mercy of
Northern speculation.
as the trade of the South remains it's present
state of dependence and subordnaton to the North just
long will it be out of her power to secure mmuni
ty from the effects of these periodical commissions, no
matter how prosperous her domestic affairs may be, or
how prudenty her own business may be managed, or
how high price her products may bear.
very large proportion of the foreign goods brought
into the country are in payment for Southern staples
exported to Europe 1t is not for the interests of the
South that heavy demands for specie for specie
we might say should be made upon foreign custom
ers No country in the world could afford to buy large
y of the products of another and pay fair prices unless
by system of recpro cityby exchanging commodities
If failures and arrangements in New York compel ster-
ling bills based upon Southern products, to 60 forward
to any great extent to Europe, that specie may be
turned here in place of hem sringency must arise in
the leading markets where these products sold and
consumed operating dsastrousy upon the prices of all
our staples as will soon be seen in the present
This state of things would not and could not have arisen
If had the South controlled her own commerce.
Whether from the lesson now being taught her, any
thing will be GRANDDAUGHTER wise and safe poll
>, cy will begin to be pursued remains to be i
. nothing is learnt--if nothing is DONE only say
that the fault will not be because the lesson is not i'm
/ pressive enough or plain enough
~ SOME SoUAsH-Mr. J. H. Somerset writes us from
e Whitevie Columbus county, that he has weighed two
Suuashes one raised by himself and the other by Mr.
F. r. Blake. The first weighed 70 and the latter 81
n pounds. They are what may we'll be called SOM
n Squash" Mr. S. says that they are called the Cafor
MIA Squash and grow nearly in the shape of the Pump
e. kim The are red and make very paatabe dish fo
table use-equal to the ordinary Squash raised in Ou
Is vegetable gardens We have received two of the seed
and intend to place them in the hands of friend whit
r we know will deal with them in the proper way
The entire amount of United States stock of the loan
of 1872 84l and 1840 redeemed thus far at the Urea
ns sury about $3,OOOO0O Only about half million
- dollars be legally applied to this purpose
Since the above 100000 was paid out nearly O