Keowee courier. [volume] (Pickens Court House, S.C.) 1849-current, 1857-12-05

/ Regarding the recent revulsion in finance
and tic currency, ] will not attempt to emu
mcratc its causes, but will venture to direct
your attention not 50 much to the Banks
as to the system of banking. a system
which sanctions the issue of paper money
to so large an amount, leading to inflated
credits, inflated prices, eXtlavagant habits
of living and reckless speculation, may be
| supposed calculated to produce a crisis
sooner or later, The unhappy sinking of a
ship with bullion from California, or any
event sufficiently exciting to create mo-
mcntary panic, was enough to prccipitatc
it. 1t has had the effect to paralyze the
arm of honest industry, wherever labor is
opposed to capitalize dcprcss the opening
market for rroducc-and to imp0ir the con
tdcncc between man and man. The banks
in this State were affected by the common
panic, and felt the pressure severely. Some
of them, yielding to its influence, have sus-
pended specie payments. The suspension
of specie payments by bank, is a failure
to redeem it's notes on demand-a forfeit
urc of its promise to pay in gold or silver,
current coin, the full value of every bill
issued from its countcr-a promise, on
which is based the privilege granted by
the State to issue bills and to circulate them
as currency. However, it may be supposed
to afford present relief to the business in
tcrcsts of the country, which, unfortunate
y, are so wound up with the banks as to
suffer inevitably from the contraction of
their credits and their stringent demands,
it is dcmoraizing in its tendency
The banks of the State with which am
at all familiar, are well administered. Sew
cral of them have bravely withstood the
shock, and are prepared to do legitimate
business as usual. And, it is believed, are
solvent. If, however there be some so de-
pendent on the banks and brokers of New
York, as to fail in their pledges to the pub
lc when the Northern banks fail, it is
their misfortune to have to answer for the
sins of others, as well as for their own mis-
management The consequences to the
quiet, unintiated, and laborng community,
are alike distrust and loss, leading to want
and suffering, too often to moral ruin and
crime. Tho State, too, suffers from the alb
straction of coin and the depreciation of
credit in the sale of her bonds, both for
the building of the New State Capitol and
foraiding the construction of the Blue
Ridge Railroad. COZ the former, signed
400 certificates on the 4th of March, and
of the latter, 100 on the 4th of Mayo
Whatever the cXigency, it will be long
before confidence is generally restored, and
commerce can move TRANQUILITY and safely
in its usual channels, though not near so
long, | trust, as in 1887. Then the sus-
pension in Charleston took place in May,
and lasted 15 months; now it occurs in
October at the opening of business sea-
son, with fair (though not large) crop of
cotton and rice on hand, as the basis of
commercial communication with capitalists
of the home market, and of exchange with
Europe.
The moment of excitement, apprchcn-
sion and financial pressure, is not time to
leg slate respecting tho banks. The cx-
isting laws, if sound, will be vindcatcd in
practice; if otherwise, it will be wise 20 re-
peal or modify them when the public mind
is calm, and commercial confidence shall
have been restored In cnacting statute
law, the statesman, to whose wisdom and
integrity the public welfare is entrusted,
will not, for the sake of doing something
when in position, yield either to the crude
suggestions of his own observation, or to
the outside influence of opinions, created
by undue excitement on tho one hand, or
by interested individuals or corporations on
the other.
Meanwhile, [ may not omit to invite at
tention to the admirable operation of the
system of finance, separate from banks, long
since adopted by the Federal Government;
in sanctioning which, that Government has
entitled itself to the respect and confidence
which are due to superior wisdom and fore
sight. During the recent confusion and
consequent panic in commercial circles, it
has done much to break the crash upon the
people Of the unstable framework erected
upon the credit system, and to save them
from the full effects of the collapse of an
inflated bank currency.
In a pecuniary sense merely, salaried of
Gccrs are not injured by such convulsions,
which must reduce prices Rut of all clas-
ses the least liable to be affected by them
is the planter, who is happily out of debt
who properly Grains and plows deep his soil,
and whose contentcd family illustrate in
their daily lifc the beauties OF simplicity
and vrtue-thc social cheerGulncss of in
dustry and just economy. Let him send
forward to market his crop, as it is prepor-
ed. Every sale that is made, every debt
that is paid, every hundred dollars which
circuates from hand to hand, will help to
restore the general credit, and to rc-estab-
lish.a healthy currency, so necessary to
prosperous and stable markets Planters,
as we'll as others, must submit to n reduc-