The Kansas herald of freedom., 1857-10-31
The Money Pressure.


The Money Pressure.
Every one knows that gold has been
drawn from the Banks and Banking
Houses and Savings institutions, to the
extent of at least four millions of dollars,
in this city. II is equally certain that
nearly the whole of this vast amount has
been secreted. and is kept out of cireula-
ton. The notes of all the city Banks have
been returned upon them for specie, IN
I'll they have been drained almost dry
st. Louis Republican,.
What is the matter with the money
market, every body asks; and almost
every body tries to give an answer. There
is really no physical reason for the present
state of affairs. The short crops for the
last three years may account for the high
prices of produce; but how does that ac-
count for bank failure, or the decline of
railroad stock, or the suspension of large
mercantile houses?
There is evidently as much property in
the country now as there ever has been.
We have had no national calamity such
as war, pestilence, or famine, to paralize
the country, or dry up the fountains of its
prosperity. Agriculture was never better
rewarded, manufactures never more busy,
and commerce never more extensive. The
country is burthened with abundance.
But the difficulty complained of is, that
those who have, keep. They will neither
lend nor sell On credit. And, unless a
man has cash to the extent of his business
wants, he must suspend. The manufac-
turer refuses to trust the jobber, the job
Der refuses to credit the merchant, and the
merchant the consumer. The circle ID
which business travelled is suddenly OBJ
structed. The bond which holds society
is sundered, and the various parts are nc
longer connected; men have lost confidence
| in each other. Truth, virtue and honesty
are essential elements of prosperity in So
cial, political or commercial life. Take
away one, or all of these, and substitute il
place of them doubt, fear or positive dis.
honesty, and you at once produce the eff
fects we now see around us.
/ The great desire has been to grow rich
The great temptation has been to use funds
obtained on honorable considerations fol
personal and selfish aggrandizement.
Great fnanciers embezzle immense sums
of money entrusted to them by govern
ments or corporations. No punishment
follows the fraud A greater injury il
done to the country by this sacrifice o
honor and confidence for a pecuniary con
sideration, than by the loss of the money
The success being complete, the example
is contagious, and multitudes of men il
every department of business, "fail rich
A mans word is no longer his bond
Doubts and suspicious hang over every
man whether honest or dishonest. Uni
versaI fear seizes the community, ant
every man be he rich or poor, wants hi
own.
The rich man fears to loan. He lock-
his treasure in his iron safe. The poo
man takes his few hard earned dollar
from the savings bank, and buries them il
his cellar. Each fears that if it passe:
from him he will never see it again. The
numerous cases of fraud which are week.
" and daily chronicled in our newspa
pers-the oft repeated vice of seduction
and elopement-the numerous breach
es of trust which are constantly made
public, are sufficient cause for alarm ant
distrrst. Honesty must rise in the mar
ket, before stocks, and virtue must bt
priced higher than fashion, and truthful
ness honored above cunning and crafti
ness, before men can be satisfied TO resume
the usual routine of business, trade and
| toll. This is our remedy for the panic.