The weekly pioneer and Democrat. [volume] (Saint Paul, Minn. Territory) 1855-1865, 1857-12-03
Money Matters In the East.
From AZ oeca.opsl correspondent.


Troy, Nov. II, lsj..
am happy to assure you that the con
di,ion Of affairs at the east is decidedly inn
proving. The steamer Arabia arrived at
New York yesterday bringing intelligence
Of the fall Of Delhi" che brought about
one million of specie News had been re-
ceived in England Of the general suspension
OF the New York banks so far from ex-
citing any disturbance or alarm in financial
circles the English press speak of the sus-
pension" as the most favorable event that
could have been expected. They say truly
that had the banks suspended two or
three weeks earlier, that an immense amount
OF distress and ruin would have been pre-
vented They had encouraged the CONNER
cial community to rely upon them for eX-
traordinary assistance, and freely expanded
in loans and discounts. suddenly they took
fright, and an unprecedented and fearful
contraction was the result. The strongest
houses, unable TO stem the storm, trembl,d
like reeds, and many Of them were forced by
the selfish and criminal policy Of the banks,
to succumb to the pressure of the times.
Unable 10 realize from their assets, howerer
large, it was impossible for them in many
cases TO meet their liabilities, howerer NmaH.
Thus universal ruin set in like flood, and
universal ds,rus' took the place Of III iy,. sal
confidence.
The banks. in the pride OF an egrcgiouS
seliishness, determined TO weather the storm.
though. every commercial house should fall.
But they reasoned without their hos, The
great public took the matter into lis own
hands and compelled these despotc institu-
tons 10 suspend. Then the banks and their
victims were reduced to common level.
This event constituted the r,,s of the storm,
the consequences OF which, however, are not
yet over. Confidence is said to be plant
of slow growth" when once shaken, i, can
not be restored in u moment, We must have
patience and trust 10 time. Everywhere
we cast our eyes, we see the sad results Of
the TEMPEST which has swept so fcarfully
over the land. Trade has been Frustrated
in every section of our immense country,
manufacturing industry is without employ
ment, and the poor workmen know not what
to do. These sons of honest labor, with
stout hearts and strong arms-anxious 10
work, can find no one to employ them, with
winter and hunger staring them in the face,
their condition appeals with the greatest
force, to the syuIathies of every heart.
What can these people do; With every
assistance that can be rendered by corpora
tions or by private sympathy, still great
and terrible suffering must ensue, when the
cold Of winter begins TO numb the limbs Of
the naked, and starvation to gnaw the
stomachs Of NE hungry. What terrible
commentary is this state Of thing upon our
currency sy-tcm. The wrong must be there,
it can be no where else. for as every one
admits, the country never was so productive,
or rich in real wealth, a it is at the present
time. That which repre'enfs redi,h, has
been mistaken for the thing itself, when it is
but lis shadow. An excessive supply Of
money, as natural consequence produces
expansion with all It's dangers. Contraction
then takes place, yust al naturally, and money
and credit disappear together. Such powers
Of expansion and contraction should not b.
permitted TO exist, and this is the great
argument against banks IL ssue II they
have these powers they should be so regu-
lated by wise legislative action, that sudden
contraction could not occur Then there
w0,ad be no pqmo,' look forward with
exceeding interest TO the proceedings Of our
next legislature. The admitting Of the new
state will 10 a large extent DEF, Dd upon the
wisdom Of it, deliberations, We are about
entering upon new -taie Of things, aud it
tccomes u % be cautious and 10 step
warily,
1t j. 70 BE- hoped that active measures will
he taken 10 encourage emigration from the
Eastern States They swarm with unoceu-
Pred trLorer, We abound with mnJf,n1-
ted ianJ,. Put the labor upon the land and
wealth TO the individual and the State, vii!
ue the sure results. oar interest l., 10 de-
yeloTe our own incalcu!abIe resources. Have
we not too much iepnded upon the 'ickly
aid 81 Eastern capital. AMI filtered II away
in Wild speculation, when 1t would have
iy,en better for u 10 have inve.ted il il cul
,iva,e,i lands. which wonId have repaid u.
better IN tie cnI and have saved ~ p-rhaT-
from dob, and ruin
II MinnesJ,a IA 20 boone a great and