Delaware weekly Republican. [volume] (Wilmington, Del.) 1841-188?, 1857-10-01


The MONEY MARKET.-The suspension of the
banks, the stringency in the Money market, and
the failure Of business men, form the chief and
most absorbing topics of conversation. There
nave seldom been more exciting and trying
times. Business is paralyzed, men arc thrown
out Of employment, and although money may
become easier, there is prospect of much suf-
ierng this winter among the laborng portion
ofthe people. They may thank this free trade
policy oil the Democratic party for this, as it
ied to such large importations that the atock
Of domestic goods has accumulated to sucb
extent that the supply is more than equal to
the demand. five could stop further ship
ment Of British fabrics into our market for only
month ortwo, Wholesome effect would be
produced and every factory in the land would
be called into active operation. A demand
would exist for the different fabrics, and the
money would be found to pay for them. The
shipment OF gold for foreign goods. although
exeriing doletorious effect, did net produce
suspension Of the banks. That result wasbrought
about by giviug heavy discount to speculators
who soaghtto control the priceof the entire crop
ofsugar, and were mistaken in their calculatiops
The price after having risen to an unprecedented
figure begin TO recede, and they wero unable
70 meet their engagements and had to fail
Inc result was that their notes were nrotested
and the banks were forced to greatly curtai,
their line Of discounts, and the rate of intero,,
oh goou paper rose from six cents per annum to
TWO, three and even four and five per cent. n
month Rtilroad companies and other ipdebt-
ed parties could not meet their engagements
notes, were returned protested, the cndorsers
were unable to take them up, and the banks
ooing legitimate business were TINS crinnled
ana rendered powerloss to those who needed
ana were deserving OF loans. The failure NJ
Urge spectators who were heavy borrowers ot
the banks, created suspicion among the bro
kers' they alarmed the people by their suspi.
cions, and hence tho run on the banks. II
tnese institutions had not loaned SO LARGELY IN
Spectators there would have been 40 distrust
no panic, and no suspension for sometime To
come Speculation in sugar and other articles. |
ala The business, and the banks themselves ara
much to blame for countenancing and enoopr.
aging such wild transactions. Nicholas Rid.
Ole was crushed in his attempt to control the
Fteo =. TUG co'toh crop, and now many men OF |
wealth have beeu broken by their effort. TO !
carry the entire production Of sugar, and in |
their fall have dragged down hundreds of
Others. Had the banks confined their dis. |
counts to those engaged in legitimate business
this catastrophe would have been averted, or
at least have been put off for years to come
When we hear of Presidents and Cashiers
ioauing half Of the capital of the bank TO a sin
gle hrm, our indignation is excited, and we
think there should be severe punishment for
the ehence' Men who have done the commu.
nity'iar less harm, have been imprisoned for
iife' exported or even hung, in Europe; and in
many o! cur western states, most summarily
disposed of by Judge Lynch. Many of the
banks have been managed well, and arc in no
way censnrabe for the suspension; but they
should endeayortO accommodate the people
with small change. II they do not do so, thew
may lind some trouble ahead.