Smyrna times., 1857-10-07
Hard Times

Hard Times
Are again staring us in the face. From all
parts of the land the fearful and distressing in
teIligeuce comes of broken banks, heavy fail.
ures, sus pension of operations in factories, &c
The CRISIS has come and must be met Varou,
reasons have been assigned for the present
panic. An exchange says, that wild s2ecula-
tiun, to great extent, has been the cause oi
present difficulties, is not 10 be- doubted for a
molient. This speculation mania has raised
tne prices of almost every article of food. to an
extent most to the interests of all class
es in the medium aud lower walks of life so
that il was with the greatest diaiculty that such
could comfortably support their families. But
the reverse of fortune with the spectators,
will bring things down to level; and when
after short interval, business shall again re-
vlse, the poor aud those in medium circum-
stances will feel the benefit of the present re-
verse.
That many honest business men will suffer
cannot be doubted and such are to be pitied ,
but, for those who have used every endcavor to
fill their own Golfers at the expense and suffer
lug of others. we have not word of sympathy.
Let them reap the consequences Of their folly.
New York paper predicts that by the first
or middle of next December, at least one hun
dred thousand persons in the city of New York
will he out of employment and nearly out OF
means. The shipyards in New York are near
" Idle, the toundres but half working, and The
grees clothing stores doing very little. Il is
stated that women have re Gently come to New
Yuk from places 30 miles away, in quest OF
work from the clothing stores, ouIy to be turn
ed of with none, and compelled to beg their
way home The paper adds, that places have
looked for servant girls for sometime past; soon
servant girls will look ruesty for places, and
be very glad to find them. 1t is predicted that
Sonp-houses IOr hungry laborers who can find
no labor will be wanted before January The
Journal of Commerce is Of opinion that hard
ly, since 1887, has SO gloomy prospect for
winter lowered upon the laboring classes of
New York.
All over the country, operatives are being
discharged from employment, with winter and
hunger staring them in the face.
The phlladeip phia Evening Argus says, cor
poratlons have no souls, whether engaged in
manufacturing 9th or paper currency. The
operative lives upon the wages Of the employ
er, the employer upon accommodations Afforded
at the baaks. The banks get frightened at the
FIRST mite that hoats in the air. suddenly cur
tan their loans and discounts, the employer is
unexpectedly cramped, aud The workmen are as
unexpectedly discharged. If the banks have
been doing business in proper manner, if they
have not been gambling and speculating with
their fictitious credit, if they have not been
making enormous loans to grain and flour specu.
latOrs, sugar monepolists, and other leeches
that suck out the very life-blood of the poorer
asses, it they have not allowed set of sharp
ers to monopolze their funds, there was not the
slightest necessity for them to derauge every
department Of society by suspension of specie
payment of their debts.
The following is a sadder commentary than
any words Of our own can express, upon the
irightiul evils entailed by the monetary crisis
caused by the suspended banks.
1t is said that the Iron Works at DanviIIe,
Penn, and the Print Works, Cotton Works,
Dye Houses, &C., at Frankiord, Penn, intend
to stop. At the former pluce, there are about
2OO0 hands, ut the latter there is paid out about
$4,000 per month. 1t is the Montour Iron
company that has determined to pay off their
hands and close their rolling mills for the pre-
sent. This will throw out of employment some
two thousand men, and with their families at
least six thousand people will thus be deprived
OF the meausoi support, at the very commence
mens OF u'e season when they most need em-
pIeyment.