Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1857-10-09
Will the Banks Suspend.

This question is asked by almost every person
meets in business circles, and to it is frequently added
the wish that they should do so the declaration that
they must That general suspension of specie pay
ments by the banks would give temporary relief is be-
yond question. We coming down from the house
top of bank currency to the basement of specie
cy and suspension would let down easy step by STEP
whereas now pitched headlong from top to bot
tom at once. To common expression, it is going
to play the devil with property and debts but we do
not see how it can be helped. The banks must not in
fact cannot suspend Their securities would be thrown
the market at once by the Superintendent at AL
bany and their bills redeemed with the proceeds of the
sales in specie. If they go paying specie themselves
they may break every merchant and every country
bank but if they suspend the sale of their securities in
Wall street would have still worse effect Until that
sale takes place, should all be relieved but then
should feel hard times worse than now, for they would
be worse. We see no possible remedy for our pre-
sent ills They will not last forever-a few banks
will fall but when there does pause the bills Of
those who hold out will be taken freely by every body
and their circulation will be better than ever.
The effect of the recent failures has been to drive all
country money home for redemption. Our traders are
afraid of everything but city bills and as the country
money goes out of circuaron par funds take its place
This, though death to the weak is gain to the strong
banks, and will, in the end, be better for ALL
The newspaper writer's all the. country very
prolific of speculation on the causes OF our present diff
fcultcs and we make daily extracts from their articles
tom of the subject or get at the real cause of ALL
But few see that the fault is not in the want of conf
dence the lack OF property but in the fact that too
many have lived too long the earnings of others
Our debtors have not produced anything done any
thing for the producers that they wanted done for the
last few years and therefore they have nothing to pay
with
They have lived and lived extravagantly, Oh credit,
exchanging off one representative of property such as
bonds aud stocks for another representative of property
bank checks and bills but they have done nothing with
real property except to eat and destroy it. They have
called their business trade and themselves traders with
out thinking that trading in the representative in
stead OF the real is not only not necessary and therefore
wrong, but positive injury
Trade is simply necessary evil that the producers
creators of property submit for their convenience
So much for it, therefore, is necessary for their
yenience is good and profitable. The representative of
the property exchanged the measure OF its value, is
should be used only weights scales and measures are
used to facilitate the exchange or trade To trade in
these weights and money, representatives
an evil of immense magnitude. The issuing of vast
amount of bank bills railroad bonds notes. stocks &C.
is increasing the representatives not the real property
and inviting the trading in fictitious values encouraging
extravaganza and giving facilities to men TO inict
positive wrong on themselves and society Our country
is full of these men they are all debtors and have
nothing real or substantial to pay their debts with We
must get rid of them all before can see the end of
hard times.
The correspondent of German journal, writing from
Vienna, under date Of September l. says-"Last week
several failures occurred here, well at Prague and
Pesth The most important of these is hardware es-
Establishment, with liabilities amounting to several hun
dred thousand guders and having extensive connections
abroad. There never was time-not excepting the
years 184L and 1848-when the failures were so hume
rous as now every day one suspensions an
nounced The worst is, early improvement cannot be
expected The Bank Of Credit has limited its transac-
lions, and refuses all applications for loans, giving
the for such conduct that it is not in con-
dition to expand its business"
Nor SO BAD-The Georgia papers tell the following
with characteristic JUNCTION A lady, formerly resident
in Georgia. very much discontinued with Mississippi life
and longing to return to her native land shouting
at campmeetng last year, and became SO exceedingly
happy that she exclaimed Glory to God feel like
scas IN Georgia"