The Lancaster ledger. [volume] (Lancaster, S.C.) 1852-1905, 1857-11-04
Correspondence Of the L,nca .,cr LEDGER.
New YoRK, Oct. 27, 1857.


ers. The truth is ! started on Il Journey
over Jordan, but thanks to the docturs OF
a strong constitution, or both, | turned
back; and am willing, assurr you,'o post.
pone the Journey, for many days to come
OF what shall | write shall it be of the
oil engroSsng subject of iutcrca. here if
so ; my subject thence will bc.thc hardness
Of the times, and the ruin that has flier
upon many; and is impending over many
more, great and small, rich aud poor
Money, money, is still the cry, and still
money is wanting. The banks Withhold
their bills which creates deficiency Of cir,
cllation in the city of about six millions OF
Dollars, at least. This is a startling drlicii:
and unless ii is supplied, ruin will come to
many n house. | say about six millions.
A few months since and much larger sum
was IN circulation, but it is thought that
with that sum we could get along.
Since wrote you last, all of our banks
have suspended, save the Chemical! Bank
alone. This institution wenlhcrrd the
storm in 1887, and came through that trying
tmc with its colors flying; and now caied
by lis ancient glory it has nailed It's colors
to The mast and has determined To overcome
all difficulties. 1t is to bG hoped that be
fore long the Legislative bodies of our COM
mon country will hit upon some plan
whereby all banks may be made like the
old Chemical. Dishonesty has brought
ruin upon us. Speculation of all sorts. and
in produce, money and stocks and IN en-
travagance that would give the 90 by TO
eastern courts arc the main cause Prar,s-
cd rs they have been, they amount to dis
honesty The immediate cause, however.
or that which brought it On at this particu-
lar juncture, is the fact that many Of our
Wnll-strcet chieftains .ooi it into their
heads that they were not making enough
by buying and selling certain fancy stocks
They began 10 put them down, that they
might buy at Il lower figure. Seeming not
to understand the extreme rotteLncss OF.
the monetary machine, they have built up,
and with which they rule the country they
bore down little too hard and this most
terrible crash is the consequence. Many of
these roguCs in high places, have been crush
ed in the ruin their own hands have helped
to bring upon others; and my sincere pray
or is that every one of them may share the
same fate.
The moncd aristocracy Of the country
rules it. Revulsons in the money market
are too frequent What can be done to
remedy the evil. My opinion is that there
can be but one remedy for it and that is
TO go TO n cash system altogether. As long
as the credit system prevails, just so long
will the moncd nabubs have il in their pow
er to rule. DO they want your grain, ycur
rec, your cotton little cheaper, that they
may make spce brightness in the mon,
ey market" is straightwuy made and the
work is accomplished. Stocks H. put up
or down as they are incIjnea4dSSI or buy.
In fine money is plenty or scarce +; and
prices rule high or low, rs these rich rogucs
of the country may desire. Take away the
credit system altogether and you have a
remedy. The only mode by Legislative en-
Gctmcnts that ! can think Of is TO take IL
way The right 10 sue for debts, made
for anything else !han for property that will
be n permanent investment, as lands, ne.
groes in your section, &c. The merchants.
both great and small will cry out against
this from Maine TO Texas, more loudly than
they do against the homestead acts passed
in several States. The object is to secure
to the honest, poor, Woodworking man and
his family home against all contingencies,
by making his property toa certain amount
not liable TO levy ard sale under execution.
Yet your merchants cry out against suei
laws--thcy want all that man has and
they don't like for law to place it bcyon
their reach. And so will the cry be raised
against my proposition. II debts made for
& 'ods or anything else than permanent
investment, cannot be collected by law, the
shop keepers see bat "A slim chance TO get all
that people, who trade with them, are worth;
much as they do under the credit systcm.-
Nevertheless recommend my plan. Ii
might be hard for awhile, but we would
soon get used to il, and then prosperity
would follow. How is it. that so many
men of the country, work hard, and make
o great deal, but at The end of the year can
scarcely make lhe two ends meet The
man who understands the ropes--Hnder-
stands how financial specuatOrs cheaper
his produce in the nick of time and raises
the price of what he wishes to buy; and
looks over his store bills can easily tell
you. Pay as you go, is an old and good
maxim. Tel your readers to practice it,
There is not a shadow Of doubt, but that
in this country of ours, rich in soil. man
may play half his time ard make more
than enough TO support on and would
do so, but for the credit system and the
speculation II engsnders in monetary af.
fairs.