New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1860-11-23

nffofn !
ddcn contraction of credit and impaired public con-
f9ence. THIS constitutes the whole difficulty There
10 as much money in the country az there has ever been,
and more wealth; but the circulation of both is sud
denly checked by want of confidence in the immedi
ate future. Those who have surplus funds are I'M
willing TO Tart with them. They prefer holding them |
to meet their future wants, or more favorable oppor-
tupities of investment Consequently, those who |
need money! neither borrow it, nor realize on prop
erty or securities without heavy sacrifices
Ii is generally conceded that this is the true explana-
ton of present endorsements All admit that
their immediate occasion is the disTust created by the
political agitation and threats to which we have
ferred But there those who believe that this Is
merely the agency that has given action TO other and
potent causes and that these are 10 be found In
some inherent unsoundness of our financial or economic
condition. brief survey Of the material interests of
our country will prove the usouDdness OF this opinion
At period has every section Of our country
possessed much wealth orenoyed equal degree OF
prosperity. All branches Of productive industry are
In an unusually sound and hourshng condition. Dur
ing the current year agriculture has produced album
dant crops for which there is active foreign demand
at remperating prices Manufacture, win scareely
an exception have Welded liberal profits. Commerce
in all It's Itments has been active and heahy Win
an excess of exports imports, which shows we
have not oveitraded. Railroads and canals nave
earned larger than ever before ana inc snip
ling interest was more actively ana proh'aoy
employed. 80 -. :; .
sounder condition or more stable. Notwithstanding
he Inherent defects of banking system, the move
ment of the banks of the United States since the nan-
eal crisis Of 1857, has been marked by great Pru
dence and uniformity Their increase OF circulation
and deposs has scarcely kept pace with the increase
of population and commerce. and their specie reserve
is now upwards of 0JJ 600 which Is nearly wice as
much as they held at any time prior to the crsis ol
1857.
They thus occupy position of unusual strength and
secnriiy-a position which is doubly fortified by IA
yorable balance in foreign trade. 1hls balance
already large and rapidly accumqatlng must ne nqul-
hya W q ain
rent of the precious metals Instead Of shipping them
TO Europe as heretofore, shall Tor some months AT
least be receiving them thence These receipts, To-
pefher with the usual three millions per month from
california will be likely to give the banks OF this city
sIecie reserve Of S3O0j00OO by the Isl of February
An must admit the general truthfulness OF tins PIC
tme lit requires any 4nhea9n' is In rTn onou
market las existed in that section for some MONTHS
| but your Committee believe il to have been caused
rather by uuwonted prosperity than by dehclehcy OF
caal or sluggishness OF trade The Last three years
| laNe leen wears Of uueXampled prosperity 10 the
ever before and they have been sold al prices Tar
growers of cotton. The crops have been larger tnah
above the average. Toe natural results nave oeen
| am increase OF wealth, a growing commerce,
and large investments in negroes and new
! lands at high prices, without corresponding III
crease in their currency Tor thc oalhS % aHo
South are not unduy extended their reserve OF specie
heing equal TO that OF the Northern banks, while their
inu ediae liabilities much less. In word, the
chief difficulty there, has been RAPID increase OF
wealth and business without corresponding lCIoaSe
Of currency TO keep the machinery OF trade in easy
| motion. Such difficulties always temporary ana
harmless and, although those at the South were some
what aggravated by the drouth OF last summer through
injury 10 corn and other crops they would, doubtless,
have sap with the first shipments OF the present
cotton crop but for the political causes already refer
| red to.
tary condition. it will be that they free from
every element that could produce, even aggravae,
financial crisis On the contrary, 1t Is safe to say that
the commercial and financial interests OF the whole
country were never in sounder condition than they
are to-day And vet we see them suddenly parayZed
by eats from OF the Southern States mat tiey
will secede from the UniOn accompanied by the dect-
ration of portions Of the public press that mercantile
| debts due the North will be repUdided.
Let US examine these menaces and see whether there
il ANYTHING in them Which should deter the bankers,
caI italsts and merchants OF this cy from pursuing
the even Tenor OF their business. We will first sup.
Tose that they made in earnest and that they VIII
| have tie power Of carrying them into execution.
What would be the effect ON the financial and CONNER
,il interests of this city 1t would seriously embar
rass the houses that have sold goods to the seeding
States. and doubtless bankrupt some OF them. Bu
tle il n0 reason why 1t should impair confidence In
or affect the credit Of any other houses; nor Is ther
any reason why it should affect our money market,
any CEss Of securities not connected with those States
Ii ii ort there is nothing in this worst possible aspec
OF Tie that shorld seriously alarm the banker
| aud meIc chants OF thls city.
| But the suppoeon is too absurd 10 merit seriou
considerations The threats of reputation come from
|
naely those are the parties indeb ed to the North
he debtors merchants, and their ruling sentinen
j. honor and fidelity to their engagements Even now,
in the MIDST Of the panic ana consequent embarrdss-
mets produced by these noisy menaces, the merchants
Of the South stgining every nerve To meet their
engagements the North and secession should
aliy take place, it would not change that sentiment or
abate these efforts Therefore, the worst we have TO
apl rehend in any contingency, Is less proptitude IN
| G. Elections from the South; but II could not pro-
| du, q any ersble effect on the money market
10 l4a nth no
foroiby There can be little doubt That large MAJOR
ity Of the people OF the South with the entire North,
will oppose it. 1t is believed that IN no state save
South Carolina are the Secessionists in amalortyit,
indeed they are there but if such should prove TO be
tie Gaze, tiey will be utterly pOwerless against the
united voice OF the other States and the power OF the
general Government.
| The existing financial endorsements them have
10 re al cause They the result Of fears and dis
trust Of the future excited by threats which are not
even fraught with real political dangers, much less
with real hazards 10 the commercial and financial liz
terests this city. In other words Is sheer I'M
reasoning panic; as ungrouded IL the OdseIess laurie
| OF a vision.
Tie remedy for a phenomenon so discrediable and
80 unworthy this commercial metropolis, II sufficiently
| obvious. Ii is simply this: Let every bank officer,
cal italist, and merchant lay aside his unmanly fears
ana pursue bis appropriate business In the usual way,
without any excitement dimnuliOn Of confidence III
Himself or IN Others. Tie banks have set noble ex-
ami lie TO the business community. In resolvingto pur
| chste sterling bills to the extent Of to0OOtO,
| and TO increase their discount lines, they have
! taken an important step in the right direction.
| Ii necessary they should promptly take another
| in tie direction; and that IL to unite lii a
| receive 10 discount at once to liberal extent III
excess Of their receipts provided the ght KIND OF Dusl
ne,s paper il offered them This your Committee con-
fdeniN believed would at once restore confidence, per-
nit eas0n TO It's Iightul sway In the minds OF
the busiuess community, and thus eecually expel this