The Abbeville banner. [volume] (Abbeville, S.C.) 1847-1869, 1857-09-24
THE FINANCIAL CRISIS

THE FINANCIAL CRISIS
An n'nrn, whether from supposed or rcnl
danger. brings mike rnnfusinn aud ,lstnuy 4. more
especially is this true in reference 10 money pan
les The recent pnnic IN New York on account
Of scvcrnls heavy failures, hus been rrnurht will,
great evils TO the commercial interest of the
Country. The Philadelphia Press in un article
upon this subject concludes that tl.c country has
no cause of alarm:
''What do wo fn,l throughout the country to
Justify. then, the ulurm which pcrvn,lcs the com
munity Mt the prcuent time In all the South.
the people nre rich aud fully nble to pny their
debts. In the West where speculation was said
To be heaviest, failures are few and unilnportant
The crops abundant The interests of ugrcul
turc nre not embarrassed. The great staples,
which form tho basis uf our foreign exchange
urc abundant and high valued. "" have n large
basis of specie, which can only be shipped
cumulutions from California rapid and timely.
Then why have such pane? Is it wholly
because men fear, because they dread II general
crash2 A general crash is impossible; because
the general interests are not only healthy, but ab
solutely wealthy.
'Railroad stocks have fallen to that point where
the universal conviction endorses them az first
rate investments. Commercial failures below
this many relIefs TO the Market SO that
as public uila'y?, they can be no worse
and must soon mend
But we have panic, and panic is prac-
tcal bankruptcy of all interests. 1t creates and
keeps alive the distrust Of the ncghbor it with.
draws capital from every pursuit it forces n
general depreciation Of stocks, notes, bonds, and
real estate and, above all, it places hard work
ing business men ut the mercy Of u few money
lenders, who have the power to absorb the earn
6 L.,
character Of years are not lightly to he sacrificed.
Honorable merchants will yield fortune without
blinking, TO preserve reputation. Conditions are
nothing-mrney must be Obtained and thus the
business man is placed wholly in the power of
the money man.
"This is the fruit Of panic-a panic gotten
up i'll the midst of high condition of general
prosperity. And who has been bcncfi ted! 1t was
started by Il few bears. but the uvananche soon
overwhelmed them. and they are amongst the
greatest sufferers.
We put it upon record, that the present Sc
we're pressure will, in six months, be seen to have
been the most disgracefuI episode in business uf-
fairs that has ever occurred in this country. We
do not say that it is absolutely groundless but at
most, that the causes were only sufficient to put
Men upon inquiry. The depreciation of all man
ncr OF sccurities-State stocks huctuating at 8
per cent in single wcck-is unnatural, and
temporary, Of course"
The Case Plainly Statcd-Tho Southern
Know Nothing candidates for Congress tsays the
Georgia Federal Union) admit that there will
he but two parties in the next Congress-the
Democratic and Black Republican parties and
when Questioned as to what party they will act
with oil the slavery issues, they answer, rs did
Mr. Miller, the opponent Of Mr. A. H. Stephens,
Mep srH act NTH Tie Democratic party. This is
an admission of tho soundne>s of the Democracy.
which takes away the fence of appeals of ,h,.
candidates Of the Know Nothing party to the
support of the people. There wall not be over
ad'zen know-Nothing members from the Soutl,
in the next Congress- and they will be compel.
led to vote with The Democracy or with the
Black Republicans. The Union then adds:
The Democracy are in the majority in the
next Congress They will be able to carry all
their measures, without the aid of the South
ern know-NOthings, and i'll spite of the orpos
tion of the Black Republicans. Let the people
tricts III this State remember this. II they put
Barlow, rrippe and Hill in Congress, they Gun
get nothing. If they put Seward, Bailey and
Stephens IN Congress. they put men there who
belong to the majority. and who will be able u
carry out their favorte measures or policy
What sort of an appeal can Barlow or II
or Hill make TO the triumphant Democrat
What right I,ave they to expect assistance from
Dcmoccratic Congress? None at all. Then
let the people bear III mind when they vote, this
fact-a know-Nothlng member Of the next Con
grcss will bc Il mere ciphcr-with no party no
power, and no claims to the forbearance or mag
naninity Of the Democratic party"
From The East I,tdia .Squaelrom-7Ae Treat.
with !Siam.-The Secretary of the Navy has re.
ceivcd from Commander Foote of the u 5
sloop-of.war plymouth, adviccs dated off Mrnan,
River, siam. June l6, in which he announces
TINT he arrived Mt that place, from Singapore c. OIL
the 9th OF May, after the shortest passage Of
the scason-six days from port to port.
immediately on arriving off the river, com.
maldcr Foote proceeded in the kings steamer Ia
Bankok, with Consul Bradley, the bearer of the
treaty lately concluded between the United
States and SIAM During the stay of the officers
in Bankok they were presented to the two kings
OF the country, and treated with great considera.
ton by all members Of tho court. The second
king, by invitation, visited the Plymouth, al.
though no king of Siam had ever before gone OIL
board of foreign vessel.
The kings sent present of lamp oil. rice, SUI
gar, dried fish. and fruit To the ship, for whicl,
payment was positively declined.
Commander Foote thinks that the treaties be-
tween Siam, Great Britain, France and the Uni
tea States; are fast developing the resources OF
the country. Several vessels were loading for
The United States with sugar. the chief etape of
the country.
1t is due 10 the American missionaries TO say
that, through their excrtions, these favorable
treaties have been negotiated, as the Siamese
were previously very exclusive and Jealous of
foreigners Commander Foote reports the health
OF the officers and crew as good. lie also stutes
that the American Commissioners and the king 's
minister had considerable discussion concerning
tho rejection by the Senate of The fifth article of
the treuty.
Rules for Gro,oing Old-At the late com.
mencement of Yale College, Rev. Daniel Waldo,
as the Oldest graduate present, (of the class Of
l7ss,) thus closed speech to the assembled
Alumni:
II am an old man. have seen nearly cen.
tnry. do You want TO know how to grow old
slowly aud happiyf Let me tell you. Always
eat slow-masticate well. Go to your food, TO
rest, your occupation smiling. Keep good ma
turo and soft temper everywhere. Never give
way to anger. A violent tempest of passion
tears down q constitution moro than n typhus fe.
yer. Cultivate good memory, and to do this you
must always be communicative; repeat what you