The Lancaster ledger. [volume] (Lancaster, S.C.) 1852-1905, 1857-10-28
From the Char .ston News
A General Suspension = Suspension
CaLnot Relieve

NV P'c'c"siohs pi ignorance, they are
certain 10 err. The action Of our Banks
has relation To the " hole State and South.
and should not he solely affected or con
troIled 10y the exclusive noions or inter
esled motives Of some people in Charles
ton.
Not substantial reason has been or
can oe furnished 10 Justify voluntary
general suspension. 1t Is broadly assert
ed that ii will give Charleston aud the
State relief, but huw,it is not shown-em.
p'rlcISm has simply begged the question.
SUSPENSION WILL NOT GIVE RELIEF
SUSPENSION viii prustrate the value of
Southern property, products and cur
rency.
Let our citizens look before they madly
leap. Let every Back that can, stand,
unIe-s II is assured that under suspension
1t can render some positive and general
relief.
10 see that suspension will not give re-
Iie', look ut tho state Of the case. tx
change drawn on our produce cannot Le
negotiated now and in this country. no,
even IN New lork. Then no relief can
come from New York, and no present re
hel can be obtained from produce. The
reiirt must therefore COVE from Europe.
and SUSPENSION cannot hasten OF enlarge
n-that is palpable.
II produce cannot he sold, can anv nd.
vantage he gained from our suspended
banks diScounting their paper money to
oiy 1t lhe crops cannot 90 forward, if
exchange cannot be sold for specie or its
eqw,atcnt; and no amount of abuse
against New York and the North can
avail, or be other than gas. Our suspen-
oed banks can only furnish drprecta,ed
'""'ry L" bay exchange, foreign or I"mes
TIC, Aid yet neither our CURRENCY nor ex.
chaLge are available in the hands Of the
pr"'Incc lavcr or the merchant AMI if
not available TO them, then worthless "A,
present To forward the crops or to pay
what wesowe .at the North. Ye: these
'npract'c"b1o thi"gs .aSc the prctcxts Of
the advocates at suspension.
II cotton could he sold ar hough, at the
North, the best present resource uf our
merchants would be to buy 1t here and
tender II there III payment oi their debt.
Dnt at this JunctuTr, even that ls uuavaiI
my. Produce is Ms Irnmuyeabls AT the
North rs here. Cotton cannot and will
"ot be sold any where ia America, until
Europe sends its funds for il and when
this IL done II will sell rs promptly IN
Charleston aud New Orleans rs ia New
York. We might add that bank bills at
par Will avail u, better, andvr every exi-
gency, ;han the deprecated rags of su.
pen4ed Banks, but We vii, be answered
;nat the first cannot be obtained in sufli.
cient qnahuiy, and that under suspense IN
any amount Of the batter may br. Yet
we show that bushels or millions of them
wouA not serve now Tor any VI The ends
urged for suspension. Neither at the
North or SoutG will they pay debts. move
forward The crops or break our depen-
dency.
The argument that drain Of spec;e
from Europe to move our crops will extend
the re'u SION thee, is absurd when given
as reason III favor OF our >uSpems,nn.-
II we suspend, will there be "A less drain
has II not been shown, and is it not
palpaLle, lhat Europe has TO come for our
crops! Not 10 have them would COS,
there hity times the bankruptcy, that the
small dram OF specie, necessary 10 start
them, could produce. But the argument
is mere assumption, and founded on con-
lecture. Equally so is the cogna;e one
HAT the dram OF specie will be subs,i.
tuie for imported merchaniize. II is not
SO much the gold we want, as confidence.
The tnanciers Of WaILstreeI openly laugh
at the idea Of gold in itself giving relief
we have IN thus country as much goG rs
WIDEN We went on swimmingly. Il the
movement To buy the crops with gold in
hand, and the movement of the crop for
ward, which are necessary TO restore con
fdence. When that is done, aud the cr,,rs
get abroad, then their proceeds will be
put IN goods not IN gold. Hence the pres
sure on Europe will ultimately be "a baga.
telIe, and the lew millions sterling neces
SaTy Tor Tie movemcu. q lr!he 10 ils rs.
sources.
The ridiculous rotion OF taking as our
guide for present action the revusion and
procedure OF 1887, which hurled cotton
down from IL to o cents, subjected The
country TO five years Of pressure, and los:
the South hundreds Of millions in the val,
ue OF property, products and credits, is
just about as fit an argument rs can I've ad.
duced in favor Of suspension now.
We have shown that even discounts
and expansion by suspended Banks can
do the country at large no genera! good.
J, may relieve s lew debtors, whose ueb;s
hav. 10 I've paid here. But virtually this
Is achieved by the rsne~as the Banks
freely give. But for every dollar Of such
relief ut the South, the prostralion OF pro.
perty, credit and character which suspen
sion would entail, will cost il hundreds
The relief must come in month or so. IL
We do not suspend il we do, the pres
sure must contnae year or so, because
the expansion under suspension is but an
enlargement OF Indebtedness, without any
increase Of resources.
The Banks which 90 no, suspend will
be the rallying points of rcstorauon--ihe
few good who will save our financial So.
dom from financial perlition. Such we're
the position aud influence Of the Bank Of