The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1860-11-30
FINANCIAL AND CONNER GAL,
THURSDAY, Nov. 29-6 NJ.

This being Thanksgiving Day no business was
transacted in Wall street, and business offices were
closed.
From the South we hear that as was expected,
the Charleston banks have suspended specie pay
ments. These banks are good enough, and will be
able 10 pay all their noteholders and depostors
in full as soon as the movement in cotton revives
The St. Louis banks have likewise been compelled
TO suspend specie payments.
The Committee of Ways and Means in the South
Carolina Legislature have reported against raising
money In the present emergency by taxation, and
have recommended issue Of State bonds. The
present debt Of the State specified in the report
of the Attorney General just laid before the Legis-
lature, is A,406,o 600, being an increase Of about
81 800 900 since last year. This debt is mostly
held in the State and in Europe. The pulk Of IL
consists OF five and six per cent bonds which, until
the recent revolutionary proceedings stood at
---~ mar In the London market. Here they are
u"Nho"n. The question now arises, will the new
= "OHa --~'"aand ready salel Can they
pc recommended as an investment to eaptalistsg
II south Carolina were 10 remain ia the confede.
racy and her commercial and agricultural resources
were ina fair way Of being peacefully developed,
we see no reason Why further issue of bonds to
the extent OF million or SO, should not command
good price in the fnan cial markets Of the
world. According to the letter we received the
other day nom leading director Of one OF the
Charleston banks, the State will produce this
year 25,o00,000 worth OF cotton, rice, turpen
tine, &c. Allowing that this estimate was twenty
per cent over the mark, we still have an annual
production Of $40 900 900. On this basis the State
could well Afford 70 owe Eve or six millions-if II
we're certain that no expenses would be incurred
beyond the ordinary cost of supporting a white
population Of less than 900 900, and about a.
rlany slaves. But II South Carolina Is to en-
bark In . revolutionary war, the case, in the
opinion Of capitalists, win perhaps not be 90 clear
II is understood At present. that the United States
viii not use force to retain South Carolina In the
Union. But even the naked right Of secession
be conceded by the general government, In order
70 avoid the calamity Of civil war. there woud
sill remain number Of nice suestions
10 be adjusted between this country and
South Carolina, which might lead TO an
interruption OF peaceable intercourse. No prac.
teal scheme has been suggested for the
division Of the national debit for the partition OF the
national territories; for the transfer Of the national
property within the territory Of South Carolina for
the settlement OF the Fugitive Slave question aeer
secession, &c, &c. In the event Of the recor.
milton by the United States Of the independence OF
South Carolina, all these matters would have 10 be
settled, and IL is hardly likely that they could be
settled without angry controversies. IL these con.
uoversies became so embittered as 70 lead 10 war
The securities Of South Carolina would not stand
very high In the financial world. War would Of
course do great mischief in the North; but II would
likewise involve the blockade Of Charleston. and
consequently the stoppage Of the export Of cotton.
rice and turpentine; where, in this case would
be the $40 600 o. annual productsl Where
would the planters get corn TO feed their
slavcsG These are matters which capitalists
will be likely 70 consider before they purchase
the bonds which South Carolina proposes to issue.
We should be glad 10 recommend them az an in
vestment, because we believe that the people OF
South Carolina-unlike the people Of some other
states-are imbued with a high sense Of honor
which would prevent their attempting to shirk
their debts. But before they can be recommended
TO capitalists, Il is absolutely necessary that the
public should be acquainted with the probable
amount which the State will require to issue and
the probable means which win be forthcoming for
The payment Of the interest Il isurged BY the Com.
uitfee q Ways and Means that the people Of the /
State should come forward periodically and take
the bonds. This Ia more romantic than practical.
State bonds can only he sold at great financial cen
tres where men Of means congregste in search OF
safe investments. In agricultural States capitalists
are rare; people in South Carolina, who have
Esoney, want il for the purchase OF land. negroes
and machinery. ~ the present time especially.
the appeal to thesouth Carolina planters and men
Of means i III timed. The merchants are In great
distress the soundest among them are seeking ex.
tensions. The banks are on the eve OF suspension.
The planters are getting bu, 81 cents for cotton,
which, but for the present agitation, they would
nave sold Tor IL cents. Trade Ia psralyzed, and
great distress prevails throughout the State Surely.
u snch time as this Il is gratuipus 70 expect pso
'le 70 'ats revolutionary bonds.