Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1857-10-15
THE, MONETARY PANIC.


nearer. Starting in New York, the panic has ex.
tended South, until our money kings have been
infected with fear. The Bank Of the State has
been compelled to suspend specie payment. The
The Special Correspondent ofhe Time, gives the
following description of the immediate effect Of
this news in Charleston:
"The panic spread like wildfre, and simulta-
neous rush was made for Broad street in the Vi
cinty of the suspending Bank, and the crowd for
n while was immense. Draymen, day aborers
and others in the humber walks Of life, partic-
pated in the general excitement, and came rush
ing to the Bank with one, two and three dollar
bills, as the case might be, and were clamorous
for their redemption in gold or silver Women,
pale with fear and excitement, were seen hasten
ing to the point Of general attraction. whose
whole stock of change happened to be in small
Bank of the State bills
The knowing ones, among whom were the bor-
rowers and lenders, and bank officers and big
firms and the hard-up generally, were more quiet,
being affected with something like the calm Sc
renity of despair, and gathered about in groups
at the corners of the streets and about the Banks
and brokers' Offices, conversing eagerly and ear
nestly in under tones, and shaking their wise
heads in most striking and ominous manner.
The more nervous and eXcitable were hurrying
to and fro with rapid and uneasy step, with hands
in their pockets up to their elbows as if feeling for
redemption gold or silver assets. Every body felt
interested and the disinterested lockers on in Ve
nice were no where to be found. The panic sez-
cd equally upon the high, the low, and the mid
die classes, and every other man you met you
could have sworn, from his nervous step and agita-
ted Manner that he was large stock holder, and
that his all, including that of his posterity, was
staked upon the sovency Of the suspended insti-
tuition.
By three o'clock, the crowd had partially dis.
persed, and the public pulse beat more regularly.
Those who found they were not quite ruined, con-
seuted to 20 to dinner, and leave matters as they
stood, in the hands of Providence and the proper
officers. And at the present hour Of writing, (si1
o'clock, P. M.,) every thing is quiet, and the
banks will all be closed till nine o'clock on Mon
day morning. and of course there will be no more
suspensions before that time.
4 panic of this kind is so uncommon in this
city that the people do not know how to take
it. If such things were of more frequent occur
renee, the people would bear them easier and
more gracefully. The confidence of the thinking
portion of the community is not shaken in the
solvency of the bank, and numbers of its bills
have been passed Mt their par value this after
noon. 1t will cause some temporary inconveni-
ence, but it must soon blow over, and all will be
right again And venture to predict although
am neither prophet nor inancer, that money
will be cheaper by the first of January than it has
been in many years.
We are under no apprehcnsions as to the SOL
vency of this institution. From the opposition to
it on the part of private bankers it was to be ex-
pected that it wsuld be the first to suspend. But
we predict that it will likewise be the first on its
feet again. We would not hesitate to take its
notes at par.
No other Banks in the State have as yet sus-
pended, though there are rumors to that effect
We believe, however, they will be forced to adopt
this alternative In times of universal panic it is
impossible to withstand the general run made
upon the Banks, even when perfectly solvent If
we mistake not the present disturbance is the fruit
Of that indulgence shown to private banks, which
they would now repay by pressing the favorite
institution of the State for specie. But let them
stand in awe likewise and look to their own sol.
vency With fear and trembling.
The panic still continues at the North, and uni
versal suspension is looked upon as the only re-
fuge. Every mail brings US intelligence of the
failure of some firm of old standing and establish
ed character. HARPER & BROTHERS have failed.
They arc reported tohavc surplus of Sl,OOOOOO.
No one can tell what will be the final result of
this series of disasters The first effect will be,
or rather is, virtual suspension of the sale of
produce. Cotton will be held back as long as
possible. Manufacturers will suspend operations.
The poor hirelings will sarve. The price of ne
groes and other property must undergo heavy
is-if the panic becomes gene
Il tl,o South