The Lancaster ledger. [volume] (Lancaster, S.C.) 1852-1905, 1857-12-02

"H'N" H"'iEtioHS we issue OF paper money
to SO large an amount, leading To inflated
credits, inflated prices, extravagant habits
ot living and reck less speculation, may be
supposed calculated 10 produce n crisis
sooner or later. The unhappy siG king Of
ship with bullion from California, or any
event su I'll :iehtly exciting To create a mono
tary panic was enough TO precipitate it. 1t
! Ead the effect To paralyze the arm of hon-
est industry, wherever labor is opposed to
| capIla'-to deprcss the opening market for
/ rrOdnce-and To impair The confidence be-
/ tween man. The Banks ia this State were
| affected 3v tie common panic and felt the
! pressure severely. Some o.. them, Welding
10 lis lnhuence, have suspended specie pay.
menis. The Suppression Uf specie pay ments
! by bank is failure 10 redeem its notes
! on dcmand-a forfeiture Of its promise TO
/ pay in gold or silver, current coin, the full
value of every bill issued from its counter
IA promise, on WHICH is based tn" privi-
! legc granted by the State TO issue bills and
| To circulate them as currency. However il
may be supposed to afford present relief to
! the business interests Of the country, which
unfortunately, are SO wound up with the
banks as To suffer inevitably from the con.
! traction Of their credits and their stringent
demands, 1t is dem0raizing in its terdency
J hc D'HhS VI NHlS Win Wnlcn |
am at all familiar, are well administered
| Several Of them have braYcly withstood
the shock, and are prepared to do n lrpti-
/ mate business as usual. All, il is believed
are solvent. II, howev0r, there be some so
dependant on the banks and brokers of
| New York, MS TO fail in their pledges TO the
! public, when the Northern banks .ail it is
/ their misfortune TO have 10 answer for the
( SINS Of others, well as for their own mis-
management. The consequences to the
quiet. unn'tiatcd, and the labOring commu.
nItv, are alike di~trust and loss, leading to
want ana suffering, too often 10 moral ruin
and CRIME. The State. too, suffers from
tie abstraction of CON aud the depreciation
of credit III the sale OF her bonds, both for
building the new State Capitol and for aid.
iug the construction of the Blue Ridge
Railroad. cor the former sigued 400 Ger.
tiicatcs on the 5th of March. and of the
latter, 100 on the Ith of MnyI
Whatever the cXigcncy, it will be long
before confidence Is generally restored, and
commerce can move uanquilly AID safely
IN It's usual channels, though not near so
! long, trust, as in 1887. Then the susprn.
sion IN Charleston took place in May, and
lasted IL months +; now, it occurs in Octo.
Der. at the beginning of Il business season.
with lair (though not largc) crop Of cot.
ton and rice on hand, as the basis Of com.
m"rriaI communication with capitalists of
the nome market and ofcXchange with Eu.
rope
The moment Of excitement, apprchcn-
sion and financial pressure, il not a time TO
icgislatr respecting the bank s. The exist.
! ing laws, if sound, will be found vindicatrd
! IN practice; If otherwise, it will be wise to
u H.. 4.
II md is calm, and commercial confidence
shall have been restored. In enacting stat.
! ate law, the statesman, to whose wisdom
and integrity the public welfare is entru slcd
| will not, for the sake of doing something
when in position, yield either to the crude
, suggestions of his own observations or To-
| the outside influence If opinions, created
| by undue excitement on the one hand, or
by individuals or corporations on the other
meanwhile mav not omit TO inyit. NJ.
! t"nlon 10 The admirable operation OF the
| system "t finance, separate from banks,
long sIGce adopted by the Federal Govern
! m'nt-In sanctoning which, that Govern
! mcnt has entitled itself TO the RESPECT and
| c"nhdcnce which are duo TO superior Wis.
dom and foresight. During the. recent con-
huston and consequent panic in commercial
circles. II has done much To break the
crash upon the people of the unstable frame
work erected upon the credit system, and
to save them from the full effects of the
collapse of an inflated bank curreucy.
In Pecunidry sense merely, salaricd Off.
GERS are not injured by such commissions.
! which must reduce prices. But of all elias.
scs the least liable IL be affected by them
is the planter, who is happily out Of debt,
who properly drains and pIows deep his
soil, and whose cou,crted family illustrate
III their daily life the beauties of simplicity
and NIrtue-the social cheeriulness Of in>
duslry and just economy. Let him Sc nd
! forward 10 market his crop, as it is pre-
! pared. Every sale that is made, every debt
| That Is paid, every hundred dollars which
calculates from hand Ia hand, will help TO
restore the general credit, and TO re.estlb
IiHh healthy currency, so necessary to
! prosperous and str ble markets Planters,
as we'll rs others, must submit TO reduc
ton oi prices. They are entitled, also, TO
claim the benefit Of - reduced scale in pur-
chasing supplies. Although the market for
produce must rule lower, 1t will soon be.
come fe"lthy and comPensating, if the
| crops be not withheld,
! THE LAws-Wiih nv best discretion. I
! have cndravored to ensure faithful execu.
'lOh OF me laws. Several cases of hard-h hip
doubtless have occurred. Where such have
not been reviewed by executive interference,
It has been owing to too frequent instances
OF similar kind, imperativeIy requiring ex-
amPles to deter Others from offending
| lis TO be regretted that offences by illi-
CIT traffic in spirlturus liquors with negroes
especially, are so numerous. The too prev
alenI taste for strong drink suggests this
Trade To the UnprInripled rs the ready
means OF making livelihood, OF Of amass-
ing lII.gotten gains. AS the difficulty of de-
lection increases, it may be well to revise
the 'aw and make some amendment as 10
It's sanctions aud the nature Of It's penalties.
IN certain quarters the evils growing out of
It's lnlraction are complicated, and threaten,
unless checked, 70 become grave.
| 1t may be in this, as in some other cases,
that the law would br cffcacious, if those
who are expected to enforce it were more
faithful and prompt There is a tenderness
in our nature, which misappied, detcrs men
from informing against offenders, aud from
carrying out fully the law entrusted to their
vigilance. There exists, too, sometimes.
an indifference as To n proper Knowledge of