The weekly pioneer and Democrat. [volume] (Saint Paul, Minn. Territory) 1855-1865, 1857-12-03

Yet this did not prevent the banks from
suspnding. The badly managed banks first
Yielded 10 the storm, while thosc under better
control held out longer, for instance
"Tbe Chemical Bank with liability 81
alb ut 81, 100000 had 1927 900, or about
81 to o. while the Bowery with liability
Of $500 900 had S22 900 Of specie, or about
+ 81 TO s3G. With this very moderate cir.
culstion, the Bowery wa the first To fail,
While the Chemical, solitary and alone, -
continues to pay specie But without fur
/ Their specifications or Illustrations, We cannot
/ refrain from expressing our deep regret to
&c the great City of New York, the centre
/ Of the financial Transaction. of tho United
/ states. and almost Of the civilized world,
with her banks mainly under the control 81
men 81 experience, ability, and wisdon,
pirasier and ruin, resembling the frightful
visitation Oi u plague, famine or war. What
spectacle banks broken; bankers dis.
h0nOrcd merchants humbled mechanics,
clerks, lnborers, male and female, old and
Young, turDe,i out Of employment by thou
sands, and tens Of Thousands on the approach
of dr,ary winter with immense surplus
crops awaiting the means Of transportation,
and ships lying idly import. And this picture
with -light variations, represents, though
family, every city, village, and town through
out the Union, except the young State OF
Arkansas which is free from this bank paper
scourge, although her prosperity cannot fail
Of being affected 10 some extent by the al.
versiiy Of her neghbop. And Europe, too,
we mean paper money" knroPe--not-
withdrawing her boastings, will sooner or
later present u more painful spectacle than
any yet Witnessed in this country.
Some newspaper writers have referred 10
the ability Of the Chemical Bank to main.
tain It's credit by specie payments. in vlndi-
cation Of the existing system Of banking but
We do not consider that it Is any proof in
favor Of a false system. II simply shows, in
our opinion, that the banks which had the
lenst agency in producing the financial crisis,
were those principally employed in oaning
10 merchants, manufacturers. and mechanics,
bcgitimately engaged in their respective
departments Of business While on the
other hand. tho~e most instrumental in
causing trouble were directly or indirectly
engaged in shyslcring about Wall street
among yaluelcss fancy railroad stocks, and
mining stocks, or IN purchasing city sites IN
the wilderness and what Is still worse were
extending means such as they were. to
hcariless spectators, enabling them to hold,
:" for higher prices period" flour, grain,
fuel, cattle, butter. sugar, Inolasscs. coffee,
rice, cotton and other necessary articles OF
produce, 10y which means they have drawn
tho last drop OF sweat from the laborng
man brow. placing him half clad and half
starved IN loathsome tenant houses and ex-
poNed shant'fs IN which these spectators
would not shelter their horses or their dogs,
while they Themselves have occupied princcly
palaces. and the highest scats IN the most
magnificent Synagogucs. In 1877 the pro
ducts OF the country were withheld from the
consumer pretty much IN The same manner
~ they have lately been. and rated a3oni rs
high IN price
In tho following extract. the tendency Of
III, lam, -, hank ,u,r,.,cv IN dr;v. ,oId o,d
s"''' ''''" '"' country 7" 'o"''''' 10
The Tour hundred millions OF dollars, IN
k"'' wv" '"'''' f''''' ""' wv "''"'' w
California and Australia. during the ten
years past, have also disappeared from
amongst ~, driven out OF the country by
worthless paper currency. with which the
precious metals hold NJ companlonsh'P.
',oId and SILVER the only true and m'alua
bic currency have become too common tor
nse IN 'hls progressive country We have
pro'efrd " convenient paper ana we are
RECEIVING onr reward. a reward justly
mrrl'ci III we" OF our dcpaftnn from sys-
ten OF governmental policy clearly 'nd'cat
eat hy III" able and patriotic Statesmen who
participated IN framing the Constitution OF
the lni'ed states
\ standard oi value. Tor thu measure
men' OF the wealth o' people. - quite IA
essential aS Standard OF weights and mea-
sure i"f determining quantities OF mcr'
chanj1e, and Tor oihcr purposes.
The experience ol agr' has shown the