The daily Gate City. [volume] (Keokuk, Iowa) 1855-1916, 1857-10-23


At the commencement Of the pressure, the
Southern papers were full Of exultation that
their portion Of the country had escaped the
shock, and Was sailing along so grandly and
serenely in the midst Of sea Of didiculties.
The reason was attributed to their pecu-
liar institution. Commercial affairs we're
steadied by it. Industry and oil things de-
pendent upon it were preserved in steady
eauipoisc by the conservative influence of
Slavery. They had little Of the busting in
dustry Of the North, it was true, but they
had also little of the unhealthy excitement
and reckless speculation consequent upon
the display Of such boundless energies, and
the rapid development of material resources
and enhancement Of values. Their progress
was slow, but uniform and certain. The
non-excitable character Of their population,
and the unvarying amount and value Of pro-
duction, secured them against the conse-
quences Of feverish excitement and CONNER
cial disaster. In the midst of danger, more
than ever did Cotton prove itself King, and,
sitting upon their big bales, the lords Of
servile race could laugh to scorn the peri!s
that surrounded them.
This sort Of thing had some rlausibility to
superficial thinker and hasty observer,
though it never was supported, in fact, by
even temporary evidence, and it's sole found
ntion was local vanity. II Baltimore, WASH
ington, Richmond, and st. Louis are South
ern cities, the argument 10 certainly fallaci-
Gus, for they were among the FIRST to feel the
pressure Of the times,--Baltimore and ST.
Louis being among the very 6rst, and among
the number that have been the most severely
distressed. If it be replied that they are in
acme sense Northern towns, observe how
rapidly the troubles spread to the extreme
Southwest, to the very midst of the pro-
foundest repose with which british indus
try has blessed the land. Quick upon the
suspensions Of Philadelphia, while yet the
banks of New York continued to pay specie,
followed the bank suspensions Of Charleston,
Savannah, and all the chief Southern cities !;
and the banks of New Orleans and New York
closed simultaneously. Three weeks ago
New Orleans was wullowing in gold. Now
money 10 worth two per cent. month 10 the
Crescent city, and Savannah and Charleston
are almost as "hard up" as a paper town
on the Western frontier. The South, as O
section, taken together, felt the pressure as
soon and as severely Us the North. II will
feel it for longer time, for it has not the
recuperatiye energy that the North enjoys In
its unfettered industry, in its intelligent and
skillful laborers, free to change the charac.
ter OF their employment and to flock to any
any field that promises remuneration. And
they have yet one blow to feel, the FIRST force
of which will be spent upon them, and which
will affect US only through their distress.
Cotton is good crop. 1t commands a
certain market, specie funds, and high
price. But the South lives full up to the
average value OF it's great staple, and canno,
afford to see the demand diminished or the
| price reduced. 1t has got to see both Wait
till cotton falls, and the demand is cut Of
onequarter to one-third, and you will ssce
| sights"
| CoScgRr PosTPoNEp.-ln consequence OF
| the Indictment weather the concert Of tho