The Davenport daily gazette. [volume] (Davenport, Iowa) 1856-1869, 1857-10-07
THE DAILY GAZETTE.
WEDNESDAY,, ----- OCTOBER, I
ne Pfeafnt Crisis...-A Hnaueiol LeekjaW.

The present crisis h Of more serious i'm
port than any that has happened since 1887.
The attacks made upon credit have been
successful in destroying all confidence.
Railroad credits gave way first. Bank Gre
dts became weakened. Mercantile credits
are now sulIerins acutely, and the banking
system Of whole cities and States, o. based
On specie, Is suspended. Foreign exchange
u unsaleable, and though domestic exchan-
Ges are In favor Of New York, rcmittanccs
are almost impossible, from there being such
extreme scarcity Of New York exchange in
tho interior, which has only produce TO send
Forward. Unless relief come speedily, We
lear still larger proportion OF the mercan-
tile interest u New York will be Frustrated.
Each merchant stands trcmulous with
anxiety, either for himelf or his neighbor,
or both. Each regards the other with .
look rs If inquiring whether the other will
isil on the morrow. They do not stand
phalanxcd together ready 70 assist each 9TH
er, but regard one another with suspicion,
and with watchful eve, how each can help
himself The banks have been assisting,
and that in vain, outside institution, sending
help to Philadelphia, Rhode Island and 9TH
er parts, which has been rendered vain BY .
They new should contine their help 70 this
locality; which help would not weaken
themselves, but rather TIC contrary.
The basis Of all prosperity is confidence,
and credit, that springs out Of IL. We can
not avail ourselves Of the advantages We
possess we cannot turn to accsunt the ma
terial wealth within our reach without the
currency u confidence With abundance Of
the elements Of wealth, with most bounti-
hal harvest--cercals In superabundance-
and the raw materials Of industry also
Astounding yet the wlnf NJ confidence in
each other prevents the interchange of com
modities to that extent which would afford
relief. We want the currency Of credit
that viii enable us to avail ourselves Of the
wealth that has just been rcapcd FROM the
fields. We are in the condition of man
with tho lock-iaw. There is food before us,
but We cannot touch it. Though fraud and
imposturc everywhere abound yet they are
but percentage on the general honesty Of
the community. They are like the bad
debts Of commercial firm, In be dclnc- |
ton from the surplus profits 81 good debts
and the general distrust which has been ex-
cited toward large masses Of property is un-
warranted by facts.
These wholesale and inliscriminating at
lacks have however brought into dscrcdit |
the obligations Of the mass Of the trading |
community and consequently into almost |
. helpless and hopeless condition. Yet we |
do not despair. Mutual help is needful
and instead Of pushing one another dowr,
We must ~ far rs possible shoulder one an |
other up. With large amounts OF bills re-
ceivable in hand, some houses, like Messrs /
Garner X Co., have been obliged suspend,
being deprived Of sufficient facilities in the
discount market Those who have expand |
cd their liabilities ON the faith Of an ever
available money market for discounts, and
with large liabilities maturing, are nov i'm /
the EXTREMIST distress. They look for help
on every side, and meet with none. The
present month j. the heaviest month Of the |
fali season Tor maturing notes. The banks |
have to receive largely, and should deal lib |
orally with their friends There Is also
large number Of capitalists, who usually in
vest largely in mercantile paper, but who
have stopped purchasing out OF mistru-t.
Let them look to the paper they hold, and /
which - now maturing and be ready to as-
sist, for their own cake, in aifording the In |
cilitics necessary to the due payment Of |
what they themselves hold. Collections
are difficult, yet there is no moral obliga-
ton greater for those who have the means |
than that 81 paying their debts even in ad-
vance II the usual time. Give the utmost |
to funds. Money exists in album
dance, but il docs not circulate with sufiic- |
lent freedom. The same identical amount |
a money, il circulating rapidly from hand |
10 hand, mnltiplics itself. and Of itself tends /
" make money easy. A nimblc sixpencc, |
says the proverb, is better than slow .hi /
ling. Quicken the circulation, pay debts,
let No advantage be taken BY any Of the
general adverse state Of the market to defer /
who have the means to pay. The |
wants help; and the Apprehend- |
ed evils Of the coming winter may be avert |
ed by iorwardness to discharge monetary
The crisis j. too severe 10 last. II met |
with manly courage and demonstrating |
danger and difficulty in the face, much Of it |
will disappear and the rest may be got |
through with some sacrifices Without, |
however, a full renewal Of credit and conf |
dcnce, we cannot expect re-cstabllshment |
Of n healthy current Of business, and To this
end We should all work.--A u. i.iepsadsat
Oct. l.