Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1857-11-06
An ryr,v,.e policy.

The announcement that the public works will be
pended or materially contracted received with univer
sal CONSERVATION by the working classes throughout the
Union In this period of homeopathic, when thousands
of mechanics and aborers thrown out of employment
by the financial pressure it was not expected that the
Government, with overlooking millions in its treasury
would take occasion to increase the general distress by
stopping work the public constructions. The plea of
retrenchment in the Government expenditures sngu
lary out of time in this moment of national suffering
when cold and cherries winter is closing in upon tens
of thousands of honest and Industrious fathers of m
lies wo are loss which way to turn to find the work
to supply food and shelter for their helpless ones
When the commercial sky first darkened, and all OBJ
serving became conscious that the reckless system
of inflated specuations with the collateral imitation and
extravaganza had reached its limits, and about
bursting there large surplus Of gold in the treas
ury Banks, with issues of paper stockgamblers,
fancy railroads. and dashng spectators, were the first to
call for relief against the crash they had brought upon
themselves and the country The Secretary of the Treas
ury, in order to aid hen-and undoubtedly hoped the
business classes through the under authority of Con-
gress-paid out about six millions in gold by redeemng
the United States bonds at sixteen per cent premium
No other government paid such sum as 100000
to hire its creditors to take their money before it
due but this unexampled liberality will not be
planned Of by the people it does not react too severely
upon them in this crisis of suffering.
After having paid this bonus of 100000 to the banks
and SPECTATORS to and take their six millions of
dollars before it was due, Mr.. Cobb dscovers-fwc arc
to believe announcements in the presthat the treasury
has low that it will be necessary to go into Il
severe course of and rerenchment to bring the
expenses of Government down to the means in hand.
The first step in this economical contraction according
to the authority, is to stop the construction Of
buildings ordered by laws OF Congress- and cast
thousands of poor out of work and bread during this
| terrible stagnaton of business
| We do not believe that any such policy this is
really designed will be persisted in. If it wise
to relieve the money market by such liberal dsburse-
ments for the benefit of corporations it cannot be wise
to the ORDER and contract again. when the
effect is to fall directly upon the working classes. To do
this is to carry the Government directly in the footsteps
of the private obbers who have brought distress upon
the country by first expanding unnecessarily, and then
contracting suddenly and with as little cause Mr..
Cobb cannot intend to do anything suicidal nor
would the Executive, we feel assured lend such policy
his sanction Washington States
The second days run on the Banks of New Orleans
worse than the first The Crescent describing the
scene at the Citizens Bank says:
/ hen the door opened of the widest conil-
sion followed. The crowd acted like Bedlam broke loose
-scrambling, fighting, shouting losing hats and coat
tails and densey tanning the interior of the bank in
instant. The bank officers, finding themselves bcseged
by crowd of madmen secured the vaults and mounted
the counters to keep the crowd from scramblng
Others outside tried to Chamber in at the windows, but
were hurled back Intelligence of this being sent to the
Chief of Police that officer dispatched all his specials tc
the They arrived fought their way through the
crowd to the counter, and then turned against them
They got iron door bar, with which they faced the
crowd having to fight freely with their fists at the same
time some of the besegers being highly belligeren-
Finally, the Mayor had to send down sixty additional
policemen, who managed to preserve something like
order, when the work Of redeening the notes
ced.''