Burlington free press. [volume] (Burlington, Vt.) 1827-1865, 1860-11-30
Ulre 4ree Nxess
GEO. w. u q. G.. BENEDICT.
EplrcRs AND PRoFRi EToRS.
~. For terms see last page. q
URLINCTON
FRIDAY MORNING, NOV. 80. lsC0.
SURLINC NCTON:
STODOyC NAV 90 ISIO

BURLINGTON:
FRIDAY MORNING, NOV. 80. 1880.
DEATH OF GENERAL PANIC.
"P.nic is dead. The political and pro-slavery
rsongrel, died on Wednesday at P. NJ, and
Yesterday his funeral was one which pro
duced very general rejoicing. Every body appear
ed 10 rejoice over the violent death OF this great
disturber Of the public peace; and we are sorry
to say, that many who claimed to be the friends
Of the deceased when living, were among the first
to treat with contempt AMI cOntumely his dead
carcass, kicked about from pillar to post without
anybody to claim an interest 1t, much less TO
mourn over, and do it reverence. A murder had
been committed; and yet the conspirators who
perpc:ratcd it, instead Of shrinking fEo the cJn
sequences, boldly aYowcd their responsibility for
the homicide, and received the thanks instead of
the dcnuncia:ions of the community The BHaFS
ayowed that they had deliberately assass;nated
General Panic; and the Intelligence was rendered
doubly acceptable by tho announcement that in
tao contest which resulted IL his death, General
H9r7bay was mortally Wounded and General Con-
fdence restored to the command and control of the
fiscal aff,rs of the city and cCuntry.--s. Y. CoUr
g Enc irer.'
\ report ola special committee of tie
Board of Currency in New York, was made
on Thursday evening last-the Com. having
been charged the duty of inquiring into the
causes Of the present financial diiiculties,and
of suggesting appropriate remedies. The re-.
port was presented by the Hon. George OPP
dyke, IN behalf of the Committee, consisting
of George Opdyke. VIM. y. Booth, Joseph
Lawrence, Matthew Morgan, and James
Callatin. 1t was unanimously adopted.
The points Of the report are US follows:
The Efforts of political asitators, and
threats of secession, have produced sudden
contraction of credit, anl impaired public
confidence. This constitutes the whole diff
Guilty. There IS as much money in the coun-
trv as there has ever been, and more wealth;
but the circulation of both is suddenly check
Cd by & want occ2nfdenco in the immediate
future
All admit, say the Com. shat in the political
agitation and threats referred to lies the I'M
mediate occasion Of the embarrassment, bu.
some suppose that this occasion only reveals
some Inherent unsouRdness in cur financial
or economic condition; but this opinion is
an uusouud one, rs brief view Of the facts
will show.
~ no former period has every section Of
cur country possessed 50 much wealth OF en-
ioyed an equal degree of prosperity. Nj
branches Of productive industry are in an un-
usually sound and nourishing condition.
During the current year agriculture has pro-
duced abundant crops, for which there Is an
active foreign demand at remunerating prices
Manufactures, with scarcely an excep-
ton, have yielded liberal profits. Commerce.
in all its departments, has been active and
healthy, with an excess Of exports over I'M
ports, which shows we have not Overtradcd.
Railroads and canals have earned larger re-
venues than ever before, and the shipping in
terest was never more activcl y and prottably
employed.
The currency of the country has never
been in l sounder condition or more stable. y
Tho specie reserve Of the Banks is upwards
Of $50, coo 600, which is nearly twice as
much as they held at any time prior to the
crisis of 1857.
Even the Banks Of the South, though sutt-
e1inc from Il rapid increase Of wealth and
business in the southern community without
oo.4cspondfng increase Of currency to Keep
the machinery of trade in easy motion are
really in a strong position.
Though the commercial difficulties at
the South were somewhat aggravated by the
drouth OF last summer through injury 70
corn and other crops. they would, doubtless,
have disappeared with the first shipments
Of the present cotton crops, but for the pollt-
ical causes already referred to-"
ii is safe TO say that the commercial and
financial interests Of the whole country were
never in . sounGer condition than they are
today. And yet We see them suddenly
paralyzoI by threats from some of the South
ern States that they will sccede from the
Union accompanied by the declaration OF
portions of the public press that mercantile
debts due to the North will be rePudated.
Is there any thing in these mcnaccs to de-
ter the - bankers, capitalists ana merchants
Of this city from pursuing the even tenor OF
their business. We will first suppose tha t
they are made in earnest, and that they have
the power of carrying them into execution.
What would be the effect on the financial and
commercial interests of this city? 1t would
seriously cnbarrass the houses that have sold
goods to the seeding States, and, doubtless,
bankrupt some of them. Bat there is no
reason why it should impair confidence in,
or affect the credit Of any other houses; ; nor
is there any reason why it should affect orr
money market, or any class of securities not
connected with those States. IL short, there
is nothing in this worst possible aspect of the
| case, that should seriously alarm the bankers
and merchants of this city.
{" But the suppositjon is too absurd to mer-
it serious consideration. The threats OF re-
pudlation come from the public press and
excited politicians.
The merchants at the South are stralning
every nerve to meet their engagements at the
| North.
.:But secession cannot take place, either
neoceablv or forcibly. There can be but lit
| tie doubt that large majority 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
a maiority-if, indeed, they are there; but
if such should prove to be the case, they will
be utterly powlrless against the united voice
of the other States and the power of the Gen
eral Government.
The existing financial embarrassmcnts,
then, have no real cause. In other words, it
is sheer unreasouing panic, as unsroundcd
as the baseless fabric of vision.
The remedy for phenomenon so disc-cdj-
table and go unworthy this commercial me-
tropolis, is sufficiently obvious. II is simply
this Let every Bank officer, capitalist. and
merchant lay aside his unmanly fears and
pursue his appropriate business in the usual
way, without any excitement or diminutor
of confidence in himself or in others. The
Banks have set noble example to the busi-
ness community. In resolving to purchase
sterling bills to the extent Of G500, 600, ant
to increase their discount lines, they havt
taken an important step in the right drcc
tion. If necessary, they should promptly
take another in the same direction /; and tina
!