The national era. [volume] (Washington [D.C.]) 1847-1860, 1857-11-05
THE PANIC" IN MASSACHUSETTS.


The Anti- SaUery Standard, of New York,
has Boston correspondent who is rarely sur
passed for wit, sarcasm, or humor. Rumor
hath it that he is no other than Edmund
Quincy, the "Byles" of the Tribune, and the
novelist of Putnam's Monthly, (deceased,) and
the atlantic Monthly, just started. The afore-
said correspondent writes to the Standard a
letter upon various matters, and among them
upon the "panic at Boston, and in the State
of Massachusetts. He says:
81 was rather too swift, fortnight ago, in
Dragging of our intending to keep on paying
our debts, here. We have concluded, on the
whole, to discontinue a habit which would be
attended by the unpleasant incident of parting
with our money. 50 we all stopped payment
last week. The Giant Panic has devoured us,
too. All our comfort is, that we were devoured
the last. He ground your bones to make him
Bread as the Ogre in the nursery tale said or
sung, before he crunched US up. He granted
us that Polyphemean favor, at least; and we
make the most of it. Everybody says that the
banks could not help it, and what can't be
helped must be borne Almost everybody, that
is-for there is a remnant, and a large one,
that believes they might have held on and put
you, with your metropolitan airs and graces, to
an open shame. Gold, am assured, is drug
in the market, and brings nothing in large
quantities. But don't pretend TO know more
than my neighbors in matters Of this kind.
Only do think that the necessity Of any really
solvent bank refusing to perform its contracts
is strong argument against the system of
banking in this country. | believe the remedy
will ultimately be found in the abolition of
banks of circulation. Banks or bankers there
must be, but there is no reason why the one
any more than the other should be allowed the
royal prerogative of manufacturing money, and
especially of making their debts (under the
alias Of deposits) basis of circulation"
Here is fact worth noticing, as a sign of the
times
"a gentleman of fortune and standing here,
and Hunker of the Hunkerest kind, said to
me, the other day, When you have abolished
Slavery, l hope you will undertake another
crusade, in which will join you-one for the
abolition of banks | assured him that was
entirely ready to enter into the movement at
once, without waiting for the preliminary But
this chance word, uttered by just the sort of
man that said it, showed to my mind what a
change has taken place in the minds of sub
stantial men, on the question Of banking, with
in twenty years. At the time Of the last sus-
pension, in 1887, think it was, the whole race
of capitalists we're the fanatcal uphoiders of
the New England system of banking. appre.
bend this Is far from being the case now The
Legislature which will be elected next month
will be chosen mainly upon this issue, and, you
may rely upon it, it will not be made up of
blind believers in our present system of paper
currency; and it is very likely that its continu-
ance will be made contingent, on the admission
of very material notifications The prohibi-
ton of the emission of small bills may be one
of the regulations imposed, and blessing
surely, or at least a comfort such restriction
would be-"
Abiding to the proposed change from a
paper currency to that cd Aimed entirely of
specie, the correspondent say
at is very possible that sucha change would
hinder the sudden mutations OF the balloon Of
our prosperity in which we delight; bat it
would also regulate its ascenH aud keep it un-
der control, and prevent it from collapsing and
scattering US sprawling TSdiculousy all over the
country, every few yeEts. | make no preten-
sions to political economy. Only | know that
gold is a safer curVe ncy than any paper promise
whatever to-rsy-ff, and that whatever encour-
ages men to engage in mercantile adventures
before they have acquired by labor or skill the
capital necessary to carry them on successfully,
must be mischieyous in its tendency and re-
suits. Credit cannot be abolished, for it has
its foundations in human nature, and it is bat
good faith and regard for promises applied to
the business of buying sod selling; but, to be
safe, it must rest on personal character, backed
by solid capital, or these revulsions will be as
regular as the returns of the govt Of still gor-
mandizing alderman"
The trouble is, that capitalists make too
much money out of our paper money, and they
will not give it up. Possibly in time, for ideas
are propsgated slowly, the people may take the
matter in hand, and give the country security
against these distressing panics.
During the fiscal year ending June Both,
100000 worth of silks, embroideries, and
laces, were imported into this country 1t
seems, then, that if the business world is bank
rupt, the people at large indulge in luxuries.
Ray- The Richmond Examiner copies "a
Run on the Bank" by Mrs. Bell Smith, from
this journal, without giving proper credit.
DAr Four ships arrived recently in New
York with cholera on board, and were quaran.
tined. One of the ships had lost twenty pas.
sengers.