The Oxford intelligencer., 1860-12-19
Monetary.

" Monetary.
I-Tm-vmonsszhrri;sskers have become siafmists,
and ara seeking to Aishtsn our peopIs froufse-
cession b pfophssying pll imaginable and unr
inaginatle calauites as certain 20 overtake the
South id &c event Of dissoldtion of the Union.
Few of thsm arc SO indiscrest as % hint that The
North WI whip" us inds SUBMISSION, but thsy
all csneM in the prediction that we shah be in
yolyed in financial ruin. They tell Ms that we
shall have no money in the country, thatproper-
" win Adepreciate in value, and that universal
bankruptcy awaits all classes Of our citizens
The present scarcity Of money, in connection
with the low price of cotton, is ascribed to the
discussion. of secession nsssnsatss aad ID 10
sagely, argued that II such is the efsct of talk-
ing about dissolution of the Union, dissoln-
ton Itself must be ffaught with utter and hope
less pecuniary disaster 'g'ist,H li.utl
We presume, however, thst Intelligent people
among us will hardly be scared out Of their
wits" by the croakings Of those who regard the
Union as being per Sc, 'the paramount good"
It is generally known, we suppose, that the exl
listing panic was artihcally produced, and that
it had its origin in a concerted movement par
ticipated in BY bankers and brokers at the North
and at the South, which was designed to crush
out the spirit Of secession IN. South Caroline,
and the other cotton states, by deranging the
currency, and destroying the ersditef thesouth-
ern States, It was hoped, by the, parties to
this Ubiquitous conspiracy against the liberties
Of the Southern people, that Che pressure thus
occasioned would avert secession, and remorse-
lessly have they followed out their programme
Banks and brokers in the free and border slave
States have refused to take, OF have heavily dis
counted, the notes of the banks Of the cotton
States, well knowing that they were perfectly
good. This operated, in effect to compel the
withdrawal Of large proportion of the repre-
sentatives Of value from circulation, and thereby
greatly embarrassed all commercially operations.
The banks Of Tennessee, pursuing the same I'M
patriotic course, suspended the payment Of coin
upon their own obligations, and yet refused to
do anything for the relief of their customers,
although they might have obviated all the local
pressure without the slightest hazard to, them
selves The New Orleans banks, with specie
fund equal to their circulation, have not sus-
pended but they have ceased discounting. In
this manner, temporary and artificial scarcity
Of money has been produced, and, in conse-
qucnce, the price Of cotton has receded, in the
very face Of favorable news from Europe. This
state Of things will not long continue to exist
Only small proportion of the crop of 1860 has
been forwarded to market The unsold portion
will command money enough to make the South
entirely easy in its finances; and the money
will come among us in gold instead of paper.
No sooner was it known TO the manufacturers
abroad that the Southern banks had ''shut
down" upon their own people and refused to
make their usual advances upon foreign bills,
than arrangements were set on foot for sending
forward the gold that was necessary to supply
the hiatus in our currency. This operation re-
quired little time, and good deal of incon-
venience was sustained whilst II was going on !;
but it has now been fairly ihauguated, and its
effect is already apparent in the increasing con-
uuchSe ehat pSf'auSS tiS puuhS ihihu t.
There is noreason why hard times should be
anticipated by our people. We have made good
crops, Of every description. Our great staple
must in the very nature of things, continue to
command remunerative price. We are about
to sever connection which has annually cost
us many millions more, in the shape of indirect
taxes, than were returned to us in the form Of
benefits. We shall exchange state of uneasy
apprehension for one of undoubted security
and, just as soon as the event shall have demon
strated the utter falsity of those predictions Of
evil which the Union-savers are shrieking into
the ears Of our people, we doubt not that such
an era of prosperity will dawn upon the new
COnfederacy of the South as will far surpass
anything that has been known in our history. b
4