Kanawha Valley star. [volume] (Charleston, Va. [W. Va.]) 1856-1861, 1857-10-27
BANKS.

HH9ENi M .sFEGH &-KMEENT AI&
IA panic has seized upon the american
people which threatens 70 be 70 less rum
ous and not less durable IN conse
qaences, than that produced BY the mem
CRADLE monetary crisis Of 1887. This
ragic commenced with tile sudden failure N
I oil that mammoth concern in Cincinnati
ana New York-the Ohio Life Insurance
ana Trust Company-which engenderad
ffeatr and distrust ID the minds Of many
or the sensible and rejecting. in various
pogtions Of our extended country. But
there were many--in fact a large major
aysofth American peope-whobelieyad
Tint there were no just grouads f5r
alakm, that the bapks, generally, through
out the Union, were On a safe and relia-
abe Foundation, and that the country
would soon recover from the shock sius-
tanned By the failure Of that establish
ment. But all these sanguiirie anticipa-
tioas were destined to be blighted
Scarcely had public excitement, created
BY The failure Of the Ohio Life ms. 4 +.
CO. subsidized. before ths public mind
waa again aroused and overwhelmed BY
the astounding tidings of general sus-
penssiion s and failures on the part Of the
banks Id Baltimore; P~hiladelphia and
either portions Of the Northern and East
ern States, which Was but TOD soon to be
followed By suspensions SO numerous, 20
extensive and So %ruinous in their char
actef as to paralize al trade and destroy
all confidence in commerce and business.
Real estate has fallen, public stocks hare
dep{eoiated. private credit il gone. and
dispair and dread has seized upon the
minds and hearts Of the people; and en-
this has been precipitated upon Us ii the
short space q 4 few weeks. in time Of
profound peaces when our country IS
filed % Overlooking with all the elements
Of wealth and commercial and monetary
prosperity. VIC can calculatethe extent
Or Consequences of the fearful crisis
through which our country ID nov. pass
ing? Who is responsible for ii? Where,
and with whom did it commence and
when and how will il end? Where IL
there any other country upon the face Of
the globe, whether rich Or poor, com
m,sercial or agricultural. moparchial or
republican, which is subject tp such ter
ibis monetary reyulsions as our oEn
Mono can be foandl
Tbs crisis commenced with, and has
been brought about BY the Banks. They.
and theysalone, are responsible for it,
1t commenced with the banks. and has
been enge1dered solely BY the Banks
The assertion that all Of our evils have
been brought about BIZ o~ver-trsding ana
spccuIatingIin Western land and stocks. il
but 4 contemplate subterfuge Of LIZ
banksSand a dishonest effort Oh thepart b
the banks to shirk the responsibility b
their v acts, and throw it upon the peoI
pie. Itis but i substitution ofthe eGsct fol
the cd,ise. Ifthere has been oSer-tradina
and oyer-speculation. who erased it?-
It was eausea BY the banks; BY them hal
~ II ~ EE kM w
it besn e~ngendered, fostered, stimulated
and encouraged. and they alone SHOULD
be held responsible for all the evils re-
sulting from i. Il il contrary 70 com
mon sense and to all reason u attribute
the eaase u. our present embarrassmentl
10 any other uoeer, or TO any other sonrc
than tie banks. Hadthey been properi.
organized and conducted. bad the
maintained their credit and their faith GU
country would have continued prosper
u and happy. The people Of Til
United States have suffered create
Losses and distresses from banks thar
from al other causes. How long vii
the public endure the monstrcus ant
rainous evils Of TIE present system \
of American, banking We may hay
more to say on this subject hereafter.
MEtEs EtA& 18Th N&Z ed