Weekly Indiana State sentinel. [volume] (Indianapolis [Ind.]) 1853-1861, 1860-01-02
Financial rsc.;ef.

The financial burden which has weighed go
heavy on this market, is little lifted by the
large itflx Of specie, aud the mercantile portion
OF the community begin to breathe more l;ecy
Those who reside in the interior, and have never
been caught beneath such burden, know moth
ing of its crushing weight Ii ia not the mere
apprehension Of bankruptcy which renders this
pressure intOlerable; those Who have q larpe sur
plus OF property share In the suxiety With those
WHO are virtually insolvent. The difficulty is
not in the want Of sufficient balance to The
credit of profit and loss, but in lhe scarcity OF
present available capital. When the money mar
ket is very striogent, the question is not bow
much money is q man worth. but how much has
he to pay7 that determines the measure of his
trouble. During the height of the pressure, now
relaxing in It's severity, it has been almost i'm
possible to convert any description Of property
into ready money. Real estate would not pay q
note at bank; aDd the most imperishsble commo
dities actually in hand, would net save protest.
Staple articles of bTeedstr n could not be turned
into coin; sugar was no better than the empty
hogshead to fill the gap OF a demsLd loan; AID
and even cotton, the epeculator's most fsvorite
merchandise in all past years because of its ready
convertabity, had ne corresponding Cquivs-
lent that would be accepted nc the counter of
bank. Heretofore, in stringent times, the
st effort of the holder of properly was TO sell
OH his assets at reduced value, end thus
realize the cash sufficient for his necessities
When the price depreciated too rapidly under
the pressure 10 sell, bis next step was to bypohe-
cate his merchaudise or other assets with some
srong capitalist or well known commission mer-
chant, and thua obtain g loan o. money. OF an
acceptance that would bring the money in the
street. l. extreme cases, when oven this hgh
grade OF paper could Tot be negotiated be could
export his pro0uc:s and realize the cash at once
upon bill Of exchange. Esch of these resources
have recently failed. The property would not
sell or money-ihe cash could not De borrowed
upon pledge OF it, no matter how wide the mar
giL-the accepsan ces o; the best houses were not
converiible-and, lastly, the sale of exchange
was blocked, and shippers we're no better of than
holders; there was no price, in reason or out o.
reason, which would ommsnd the ready money.
We recount these features of the crisis, not tor
the cake of painting an effective scene, bu, to
explain TO those who were beyond the circle thus
| oppressed, aud yet more or less connected with
its Interests, the difficulties through which their
/ friends and correspondents here have been COM
| pelled to pass, and thus TO Increase the measure
Of their consideration aud sympathy. The fear
! of dishoDcred obligation, is more TO a solvent
merchant than the fear of absolute failure is to
one who has been trembling on the verge OF TO-
sOlveney; ard the laet Fix weeks have added
premature wrinkles aud streaks of grey to many
| fOreheads upoa which the lapse Of years of ordi
nary prosperity would have left no such foot
prints.
We are glad to turn from these sad descrip
tioDs to ths more comforting indie ltions of pres
ent relic! now dawnirg upon us. Aud, just here
we wIeh not to be misunderstood. There i
danger that a quick rebound from the severity o
the financial pressure, will lead some 10 lay asid
all caution, as it the days of adversely wer,
entirely over. The relief we are TO have is
IL Il
prosperity. Wheels of industry have bee
silenced, that can not be set in motion sgail
for months to come. Thousands have bee
thrown out of employment, who will want brea
long before the employer will recall them 4
their labor. These idle communities viii no
buy luxaries, and many must be limited 10 tn
purchase of comforts, if net OF necesslries
This will everywhere check the current Q
ira e, and il must take months to set thes
channels free, and fill them again for useful
/ ness, even if there be no further disturbin
cause. During this interruption there mus
D Of necessity, be a curtIilmsut OF credits, and
D of course, the process OF Liquidation will
3 going on to the effect of narrowing all th
avenues OF profitable siness. The reli.
e which have gained is, therefore, merel
U the means OF facilitating this liquidation-
b, this settlement Of debts. Our aclusl cspitl
' here has increased nearly eight millions
I
>, gives relief beyond the amount thus gained, f
n lt unlocks large surplus OF available meaI
v which had been withheld or boarded for fear of
e crash that would render its recovery impossibl
We may hear Of farther trouble in London, b
=, the dead lock here is removed and with this a.
= ditional help We can now bear the shock of ey
IL tidings. We shall, doubles be stirred up al
!, excited by further domestic political compile
!, tions; but unless have actual hostilities, q
- process of settlements will still be carried
= without being again absolutely interrupted.
4 his is not as hopeful view of cur finauc
is condition ss the sanguine would justly from 81
}. prospect before US, it is at least one which q
> solid merchant will know how to appreciate; a
20 il is SO much brighter in contrast than the s
a. apprehensons which prevailed little while sin
n that we have all good reason to be thankful th
4 it may be safely enjoyed. 1t is too soon to cou
7 up the wrecks from the storm; its greatest fur
l. trust, has been spent, but the future alo
: record the damages we have suffered or are
= to suffer from its violence-Nep York Jour-
. - of Commerce, 9Th.