The Lancaster ledger. [volume] (Lancaster, S.C.) 1852-1905, 1857-10-14
The Money Pressure and the Banks.

I TOanglaI pressure
one hundred and Il irty.einht. of which
| twenty ciyht were in y. York State, iwrn-
! tv.ninr in PrnnS,lvania. rinhtcen in Mary
land, eleven in MuiEr. three in Vermont,
eight in Rhode Island, seven in Ohio. three
in Indiana. one in the District of Coumlia.
| two in Michigan, two in New llampshirc,
! three in Massachusetts, cinht in Conuecti-
cut, seven in New Jrrrev 1.-Two in Tennessee,
! five in Illinois, eight in lcrgiui:l, and three
in Wisconsin, This. OF course does moi
include the private banking houses, many
of which have gone BY the board.
| lie sa, - further that 'hc South stands in
an EN- liable position, being upon the eve Of
large cotton receipts, equivalent to specie,
! iinaEciaI circles here are not likely To suffer
anything more Than II temporary incunveni-
encc.
The News correspondent comes 10 very
natural conclusion, aud yet II requires money
! I" get the cotton int" market, ard ii the
| Banks refuse to furnish means Ia the mcr-
chants, the nc"n> cncncr il likely to last
longer 'han tncr" Is an actual Necessity for.
! We hear of cotton being s,"rcd away in the
! mp country markets because the Iricc offer
! ed /" planters is three or four cents below
! its proper value, and at one place We see il
! stated that cotton fell three cents per pound
! III one day. This can only hr attributed To
! the Tact that ,'nc cotton merchants have not
} the money TO orcrHt" wlui \" other cause
can hr assigned FOR decline, for the for
! riSn markets., which govern ours, have been
| steadily advancing aS Indicated b! each new
arrival and COTTON should he worth here, IN
! any "i the np'c"nnlry markets, not less than
from twelve To fourteen cents,
Banks are said to have been chartered for
the c"h>ehI'hce ana accommodation q lhc
people IN their respective localities, but that
'ley have had The very opposite effect, Is
apparent to all who have observed their op-
ef''l"ns. Their capital l. so much drawn
ir"ih the currency oi the country "nd BENG
MS II" ono h'i the "'"eNhoider"' This ap
P"'' l" the company banks that have been
,"'''y '""f'ereai Those "t Columbia and
('''''''S'o" II" more legitimate business
anu VI '''e o'u '''''o"'N "'S'"ha 'hcy nave
!" VIC F"eN'h' e''S's' o! e"h'rrence win
'''" ''''', oS"' ''''' "''''u '""f'S 10 ''e
warning ." "' '"c "''ih'h" pressure and
''''' "''" '"''' resources l" 'he o'st inter
'>' VI ''"'''i'''''' e''e'eS' n"' no" mas II
"' wv "P 'o"'"9 o"'A@ ''e'y char-
''''' - ''P"''eu 'n'' the rrr''deHt OF
""' VI '"'''T's OH St"t"S tour North buy
"s up Tue paper o. oo"'htFh merchants at Il
"'"'N "'''o"h| i"e! '""" advantage OF a
'''o INC '"'' III" gro" lat upon The financial
'''N'n "G"'"' We near OF 'h''r agents ia
VIC " ','' 'A'"'''.o 'he'r own ior bills
't'" '"' '''"' o"''"'' "'" '"' ""'th 'h'y
"'"'''''" '''' 'P'''' - 500" ~ fo'e'VeH.
I',' I""'''''"' '"'''eS from A'"o''na' that the
f'', o'"" " '''''' ''"'e ''"""' gel
",''''"" ~, '''' "s'"'' VI "e'r h''sh'
~"''' 80 '"' o'""S arc 'c'i'e"
- w. "v''o''"
nv" p"''P" "ie''''""S are a"he IL
VIZ" =, u" '"'''' T. ''e"' upon '"'"
- f''''''S' ""''e ~ ''o"'e' "'e'e
"'' f"''"'"y needed NJ
INV '"''' '"'' ''' "o'' = sc"n'P'r"'''e-
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""'"''"y We '""'''' H"SI '''"t one o'
'''"''" ~ u''c"u"' Notes of
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"s'' " "'' ia! "'"'' "'" eer'a'"
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''"'" ''o''' again.
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