Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1857-11-06
EXECUTIVE CHAMBER,

10th lnSt behalf of the merchants and citizens of
Savannah requesting me to withhold any action against
the banks in consequence of their suspendng specie
payments, as the approaching session of the Legislature
Is so near at hand.
should have done you suggested if no such request
had been made gratifed that my convictions are
fortified by the suffrage of intelligent portion of the
people you represent the unanmity Of their voice
would to indicate that there cannot be much di
versity of opinion among thinking men, as to the pro-
prety of cheerful compliance with the wish of the
merchants and citizens of Savannah
do not pretend to be familiar with the great dues
tons of finance involved in the commercial crisis that is
upon but in my humble Judgment the suspension of
specie paying is not remedy; it is only an erpedc,
and will fail to be even an erpedem unless debtors
dors merchants, people, and banks act WITH and to-
wards each other i'll the utmost good faith and with
mutual desire to render each others burdens light as
possible The spirit of confidence and forbearance must
pervade every ramCatOn of business without this the
suspension will benefit but one class-the banks-by
enabling them to postpone the payment of their debts
their bills which not bearing interest and by the
of their specie, and other available MEANS to spec
late in exchange, and screw down the produce market to
specie prices. Such course however do not antic
pate. trust those who and direct the Banks are
patriotic, high toned, and liberal minded gentlemen who
would scorn to use their power to oppress the people,
while they asking tolerance at the hands of the peo
| pies representatives.
will be found in the industrial of the country
nothing but the sweat of the brow can pay debts
and equaize exchanges but this fuitcss without
economy. Who Is so blind as not to see and Obdu-
rate as not to depOrc the extravaganza of the times
the great of expenditure beyond nett profits
This is the of the wide spread malady that
affects our land like the ravages of baeful epedemic
The erpedlem resorted to, if properly employed may
save the patient until the great remedy to the
| rescue.
1t gratifying to believe that the suspension of our
Banks land think those Of the South generality is not
the result of insolvency, but measure of seIfdefence
against the drafts upon their con to repenish the yauts
of those Of the North.
predicate my opinion of the soundness of our Banks
upon the exhibits they present. response to Executive
proclamation Hence billhoders may safely trust them
with generous confidence in their ability to redeem as
the assaults from the commercial centres of the
North shall be stopped.
confess, gentlemen to a feeling of sectional pride
which is irresstably awakened by survey of the cir
cumstances that surround The North is tottering
with the paralysis her factories suspendng her mer-
chants falling and all the avenues business blocked up
with the ruins of commercial wreck. speak not of this
to rejoice over her msortunes but to ask what is the
ultimate, and almost her only hope of relief? What can
revive her commercial prosperity? Why is it. that the
South, amidst the thunder of the crash stands calm and
unawed poised upon the consciousness of her capacity
| to outrde the tempest?
1t is our Three Millions of Cotton Bales, now going
forward to the markets of the world that give us the
eenng OF strengh and safety Our cotton gives motion
to the whole machinery of the worlds commerce and if
true to ourselves we have and must have the oun
dation of the proudes independence commercial as well
as civil, that ever blessed any age Or people
AS germane to this thought, what emphatic illus
tration of the vast Importance to the South of direct
trade between her own and foreign pors and in her own
bottoms? Will she ever awaken to the magnitude of
such policy and by its bold and successful accomplish
ment, break the only chain that etters her giant
limbs This will consummate her independence, and
then she will not only feel she does but she will
regulate and direct the confidence of the world.
beg pardon, gentlemen, for permitting myself to be
betrayed into these random reflections II not positive
called for by, trust they not inappropriate to-
the occasion which elicits this communication
Respectfully, your obed't serv't,
i HERSCHEL V. JOHNSON.
MesSrs. ROBT. HABERsHAM \. A. Hardec r. Hol-
combe, Richd D. Arnold Jno W. Anderson of Sa-
| vannah, Ca Committee.