The daily Gate City. [volume] (Keokuk, Iowa) 1855-1916, 1860-11-28

Common sense About the m oney
[trom the Phiadelpds Evening Bulleinl
Nothing 10 90 insane - . money panic 1t
Increase like rolling snow ball. 1t grows
like the story Of tho three black crows. On
| the last dAy OF Octobcr-ln4t three NAAks
since the banks were begging for paper, and
/ Qnr hoavy uorohAnts were actually refusing
1 TIE money offsred 70 them. The beginning
OF . panic then arose like cloud no bigger
than a mans hand. Notes, that twenty days
/ ago would have been discounted freely ~
4 eight. per cent. to the amount OF hundreds
of thousands, have zone up TO ten, twelve and
| eighteen per cent, until now paper can hardly
| be made that will sell a. less than two per
| cent. month.
Now it our readers will listen to Us for
very few minutes, We will show them that
this 10 oil folly. There are actually no ele-
ments Of panic. The country is sound to
the core, and men are annoying each other
| 10 the most needless manner. There never
VAS time in the history Of the country when
there vas Ices occasion for u furry.
In the first place, the imports Of foreign
goods are Tess thnn last year But this sby
no means the whole or the case. We have
reliable information that business abroad, 80
A
quit. dull. The import OF next spring will
be comparatively email. The exports are
nueh larger than those OF last year. The
eaaaaa GRIP 81 last seasoa vas about half a
mt!lisn OF bales lstgcr than il ever was. II
t,ssA~i nearly four milfions and half. 1t
4 | - h@sn steadily increasing ~ the rate Of hall
millson VI bales. The grain crop OF the
N~ss se all sncw 10 immense. The presen,
erar, indeed. will not pay its entire debt. IL
All. tab another one. But the back accounts
~ our merehspts are rapidly diminishing. =
The West are paying up. The merchants
~ho deal With the West have all received,
and are now receiving largo sums OF money.
| The South are not paying 40 we'll. They
, owe the North probably from two to three
hrndred millions Of dollars. A portion Of
IL ! must Dome forward. say that fifty mil.
liens Of it are paid THE year. Their crop OF
cotton and sugar for this season 10 fair. We
, know that there is talk Of = short crop, bat
!, il probably ameuBss TO little. larger
breadth Ut laad Was planted than e~sr before.
But the crop o! corn. and. Of coarsA, FORK,
IL short. This they must suy from the " est
and for cash. Here 10 another item OF mol
less than City millions, so that hundred
millions OF monev most come this year from
t ! the S1uth ~ th- AsftAr
4 II il said that produce and cotton bills or
. Enror. are being sacr feed nj New York
. We know it, but wbys Simply because W.
! are nearly out OF debt to Europe. II ther,
we're a large back debt, there would be
Quick demand far sterling bi.ls. But IL take
9 time to move the cotton and grain crop q
: Europe; pending that time there IL bat iisti,
/ 70 draw sgain~t. But this il only sno,he
sign Of prosperity. The truth il that it vii
i soon be difficult TO pres ent specie from flow
ing back from England.
Now how different all these things were II
1867, all thinking men know. The specuia
= sions then had been immense. Everything
: vas IL fated. Hundreds Of millions OF rail
road bonds we're neg otiatcd; everything wa
upon q most exsrav.gAnt scale, and when y,
we're deepest in debt, two thing. occurred -
] The FIRST was a draining demari for epeci
= for the crimean war, and then first paftia
u failure Of the grain crop for enc year, ant
for two years an Almost entire failure. la
stead OF most every element Of pressure q
= then, We now have absolutely none but pc
u Atical one.
But even THE political trouble, wha. can i
am unit TO fnanciallyf Provided We DO no
n absolutely GO 10 cutting each others throats
it can amount to but little, unless tee q,
lose our common sense. There are tw,
;. points here, and only two. First, what tn
o~ath sell, and second, what they buy
A As~ cotton. Suppose the South shoul'
undertake. lat to sell cotton to the Ncrth.-
), very well. hey send it ali TO Europe. Blu
), there are millloo or so OF bales that Eng
:. band does not wnnt. Aisasrs. Cash l. Co., o
9 Lowell, Mas. send to Iiverpool an orde
:, for cotton and buy it. Nh&. ,s the effect !.
~ this operation? Simply this: that The A orfy
bays cotton at the market price in L,..r.
: pool, aided 10 the carriage to dmerirG
= rhteh carnage the South p ,ys.
As 10 ~hAt they buy Tuey must hav
= hats. boots, shoes negro cloth, locomotive,
!" machinery, and hundred other things v hic
:" they 10 not make, and which they cannot e
- abroad. They buy almost all their manu-
- featured articles, clothing aud groceries
tbs North, and must bus them. III they bu
>. IN Baltimore, they are Northern goods q
the sane
Ihls panic then IL al folly. Lst tn bus
-, ness men borro,r spar,nely. They DO n
It need as mich money ss they think thes d
-, The money IL In the country, and 10 comir
81 TO them. Let the banks, brokers, bu ine
lps men, new.paI ers and politicians ali Ike.
Ter cool We IRE making q money panic out
I've nothing, and only need . little conm
IL. sense.
an Wr. KareysA FareMctI 10 L0nd on
ion The London News OF Got. Goth has I
mas following:
ne % SATURDAY last the great American hor
NJ tanner took What be stated to be his de-
AM leave Of his English friends at the trys
Palace. The whole OF the immense Hane
Orchestrs was crammsd to the roof, and .,
ssnted most impes,ng appearance. I
cen came may be said Of every portion OF /
veI transept that WAS not rallied cff as an arcr
iau whiist the fret, second, and even third 9,
Wy lerieA exhibited each ito dense and eng
no rows of human faces. The Russian amt
ne sador and numerous suite occupied
81 Queens gallery, and there were afro 20,
no, tered amongst the lower crowd m exeae
" 'ngv numerous. and conspicuous sprinkle