The Abbeville banner. [volume] (Abbeville, S.C.) 1847-1869, 1857-09-24
From the New York Jomrnai Of Commerce.
ONLY ONE PAGE OF A LEDGER.

ONLY ONE PAGE OF A LEDGER.
The experience Of our money market for
the last fortnight has been severe enough
10 burn in some useful lessons OH the memo
ry; and yet, judging from tho past, these
will probably bo forgotten rs soon rs we
are once more ont Of the breakers. 1t is
well, therefore, while our calamities are sore
upon us, that we should follow the advice
of Captain Cutie, and make notes of them.
| If our merchants should devote q single
page of the ledger to the posting up Of the
errors and burdens of whicl, they are now
so sensible, they might find it at some flu
ture day to be the most profitable account
in the whole alphabet.
'tAuyust 18Th, '57.-Rcfused discounts
at bank. Couldn't raise money to pay du-
ties, and obliged to warehouse valuable
importation of goods. Cashier says come
again next offering dey. 2lst.-Wcnt and
saw matters ten times worse. Saw the
President, who told me deserved to be
pnched for importing so heavily, and that
| needn't come there again for six weeks
Couldn't discount a dollar. Concluded TO
call on b. and borrow few Thousands
Found note on my desk from b. begging
me to lend him some money or he would
break. Tried G. Same luck. 22d.-Pitched
cut at another bank. Customers in, want
ing to see that fresh imp rtation. Spent
three hours trying 10 borrow enong III to pay
the duties. No success. 2+th.-Ohio Life
and Trust Company failed. Tried TO sell
paper in the street ut three per cent.
month. No buyers. Fortunate remittance
| from the West-know tho post-mark-
| Jones is good fellow. Draft five thou
sand dollars--on the Trust Company =
25tl,.-Noto on collatcrals due at the bank.
Couldn't get it renewed for a dollar. Made
temporary loan. Stocks down 20 per cent.
, Best securities unsalcablc at half price,
] 2Gth.-Loan called in. Begin to feel cho-
G Ky in the throat. No appetite. Tried to
S sell out my importation of dry goods at
+ twenty per cent. less. Nobody any money
|, to buy. Went home sick. 27th.-Resolved
! never to put myself in the power Of the
n banks again. Miserable institutions. Spent
o the whole day trying to borrow, and barely
y escaped protest. My own notes sunk in
., my face at three per cent. a month. Over
e heard broker say, "You're gone man, i
d you can't take your own paper at tina
u price," Feel very much so, but got to keel
70 stiff upper lip. 2eth-Four bankers
d failed. Times worse than in 1887. Fee
" sore with running about to raise money
Id Cau't collect dollar from the country
at Everybody out on the same business
borrowers no lenders. Desk full Of bills re
,c ceivable, perfectly useless. Specie line o
re the banks down to so,Ooo,Ooo. Wish II
ed never seen piece of foreign dry goods
ur Would have been as easy as an old shoe
d. had not imported. l had no business t
e. build that new house ; the old one was goo
enough. Ought to have been content wit
The moderate things, and lived on half til
money. Store rent too high. Obliged
es' spend out too much on credit to pay C!
ID penses. 29th.-Neighbor failed. Ban
"a failed. Friends call to ask if the rumor
hg my failure was true. Air black with fo
esS reports. Half.past two P. NJ, accou'
lie overdrawn and notes unpaid" With
ate page like this occasionally to fall open b
an fore him, as he looks over his ledger, a ms
er- might become more prudent dealer, al
re- learn to give up the ambition of display f
CO. the sake of moderate success, an easy dige
ose ton and sound sleep. He might learn al
nat TO trace his misfortune to their real sour
ION instead of charging them on banks; f
I'LL happily, man may govern his own affa
Is successfully, in spite of the faults of th'
tie administration.
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