Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1857-10-30
THE WILMINGTON JOURNAL.
. WILMINGTON, N. c., MONDAY, OCT. go. 1857.
The Signs of the Times.


We hear every now and then of the times getting
easer-of the prevalence of better feeling &c' nut
these gvngsout with the prospects OF rehet winch they
present prove to be mistaken and usory Day by day
the circle narrows and the pressure becomes more severe
As the circle of huntsen surrounding certain district
of country keeps advancing to the centre and enclosing
the unfortunate game within narrower and narrower
limits so does the contraction enclose and hem In the
unfortunate body of debtors, but small proportion of
whom will be able to break their way out and escape
unhurt That proportion must depend upon the weight
and compactness Of the narrowing circle and in the
strength and resisting power of those in the tolls 1t IS
now pretty plain that the circle will keep narrowing and
that those who cannot stand its pressure must yield
We confess ourselves unable to perceive any other
solution.
The ssnengons have not resulted in the relief expect
ed from them nor is there any abatement of the panic
or pressure at the great centres of trade and it is in the
nature of these things propagate themselves to extend
as by contagion. The great fear is that this conta-
zion will extend to the other side of the water, affecting
seriously the consumers Of American and especially OF
Southern products Whatever may be said to the con-
trary Europe is hot in strong position France was
severely tried by the expense Of the Crmean war; ana
an appearance of deusiyc prosperity has only been kept
I'D bv speculative means and undue expansions winch
are now beginning to produce their legitimate results
while throughout Germany failures already almost as
numerous as they are with 1t is also question how
far England herself strained to the utmost tension by the
efforts she called upon to make in the East efforts when
all see must be vastly increased and lndlhnltey proong
ed can stand unmoved the immense falling off in her two
greatest marketable East Indies and the United
Sates-how she can sustain heavy drain to the East
while her expected supplies from the West are suddenly
and Unexpectedly cut oHhow she can ship specie to
America and Asia at one and the same time without
experiencing commercial arrangements and perturbatons
of the most serious character affecting the prices which
she can afford to pay for staples especially our Cot
ton We fear that before the present crops disposed
Of heavy reduction in price must be submitted to.
In figuring out the early passing away Of the present
financial difficulties it seems always to be assumed as an
clement of the calculation that our products to go for
ward will be sold at present ruling rates in European
markets which takes for granted that these markets will
remain sound and wholly unaffected by the perturba-
tons that have Frustrated ours. For this we have no
guarantee but every reason to expect at least fall
ING off in prices some instability corresponding to that
prevailing here It is impossible to look for anything
else
Indeed, sterling bills to some extent have already
come back protested and more may be expected to come
1t is not in the nature of things that while New or
importers fail to meet their obligations in Europe, no
failures of similar character should result on the other
side
That the leading banks in England ard the Continent
have been forced to put up their rates of interest is not
the only ominous ature-tha has been done before but
the real difficulty is that this course by no results
in checking the drain Of specie and that this drain not
caused by the demand for expectation, but by that u
easy feeling that leads to boarding, as the result of fail
ing confidence in tno poeiticr IF thing
We took occasion some time since to refer to the i'll
tcaons pointing to probable attempt to make out o.
existing difficulties capital upon which to base an agita
ton in favour of another United States Bank There
is little doubt that out Of these difficulties will arise
questions and Issues bearing upon the financial system
of the country but may rest assured that this vii
cventuatc unayouraby to any extension OF the power OF
influence of the banking SYSTEM rather than in the crca
ton of a great central pecuniary despotsm.
1t is said by some of the advocates of Il Nationa
Bank that admitting the truth of all the Carges whcl
have been urged against the United States Bank, they
can only apply to that institution after it became STATE
affair.
The Bank of the United States, the bill for whose re
charter vetoed by General Jackson had been char
tered in 1876 some time after the close of a witt
Great Britain Well we all know that the war createt
financial arrangement and suffering but it is stated OF
the best authority that before the Bank had been ou
years in operation its movements had created more ser
GUS arrangements and entaed severer losses than ha
resulted from the war. Between 1920 and 1880, com
mercia crisis also passed the country, and it
hardly to be denied that the causes which lead to thu
crash of 1887 mainly put in motion by the scheme
of Mr.. Bi6dle, President of the Bank of the Unitec
States, as a Federal Institution.