The Perrysburg journal. [volume] (Perrysburg, Ohio) 1853-1861, 1857-10-22
The Money Panic.

Our county has never experienced such
reverse in financial affairs as at present; AM
this is rendered the more remarkable when WI
consider that no unusual causes have combined
to produce such state Of affdirs. We nevel
had better crops, more gold anl silver. or les:
demand for money. Our exports should be equal
TO our imports, snI yet near two hundred banks
have been compelled to suspend business. and
| hundreds of business men, who have been label.
ell ''sound.' are crushed beneath the general
mass Of ruins.
| A perfect avalanche Of editorials have been
writtelI--s volume ofsernons have been preach
ed-and men Of all shades and compilations have
discussed this matter, but the cause is as yet al.
mos, mystery. The Immediate cause is m
doubtedly a withdrawal Of public conf ence
from stocks aud blnks. The public conf lencc
is in fact almost tn, only capital stock on which
many of our banking institutions are bls I'd, aud
Wien that is withdrawn, thy must necessarily
fall. Rail Roah and other stocks, in time like
the present, must also depreciate in value an
those bills which are secured by ths pledge of
these stocks, are left without ample curity, and
bill holders must be losarsif they force the banks
to raise specie on their securities. Stocks which
were worth th,ir face one year ago are to-day,
in soms instances, not worth fifty cents on the
dollar, aud The notes which they are pledged to
secure, are proportionably diminished in value.
As yet, this general crash has been confined
to the Eastern and Middle Stats We tro.t it
may not extend beyond those states, but there
H., 81. IL rh,,N
md the E lst are too closely allied in interest
und trade not to be affected each by the others
or adversity. Exchange is so high.
specie so scarce, and bank bills so uncertain,
that western merchants who have purcha sed large
stocks of goods on credit, must suffer, and many
of them cannot escape the general ruin. Wes-
tern banks will doubtless be run upon by Els-
tern bankers and brokers, and every one must
know that the specie requisite to redeem their
bills is not to be had. Viewed in this light, we
have but seen the beginning OF the end OF our
financial troubles.
state Of affairs, may most probably be found to
exist in the prevalent disposition among busi
ness men TO do a large business on small capi
tai and at small profits; spending much NOR
for interest and extravaganza than their incomes
would justify. Mn have resor;cj to every
species Of credit-to every possible device---to
obtain money or merchandise, aud fashion has
carried away profits and principal until bauk
ruptcy must be the result. Banks have thus
had constant drains upon tn ,ir profits. Rail. |
roads have been SO badly managed for the stock |
holders and 50 well conducted for the officers in
charge, that stocks have necessarily deprecated
IA value enormously, aud is has ruined many
honest and fair business men. The ruin is thus
made general and man who falls when th-
great are falling all around, although an unscru
pulous speculator, will have the sympathy of
he people. lfa man must fail now is his time,
when he will have plenty of good 'mpany and
good excuse 10 offer 10 his creditors.