Western Reserve chronicle. [volume] (Warren, Ohio) 1855-1921, 1860-11-28
The Money Panic.

The financial skies are little cloudy
about these; days the Wall street bulls and
bears are in connection. The panic has
some effect here in Ohio. Western money,
especially Illinois, is thrown out by the
bankers, and as there has been q eonsidera.
bic quantity Of it In circulation in this
State, it makes q buEzing. The banks Of
Illinois are secured mostly BY State stocks,
and those of them which hold stocks of
AOEe Southern States which pirate Of Sc
ecsaoo. and whose stocks ~depreeiate in
value just exactly in proportion as they
SEGA in earnest about seeding. snfer the
taest Ia credit. The Cleveland Leader Of
Monday. says
The following arc the rates Of discount
BIZ our Cleveland bankers on Saturday
MfssOuri, Illness, Wisconsin and Iowa,
l5e; Tennessee, -l0c: Louisiana SC; other
southern banks, no qactstiOnS
The Banks cf Washington city, and all
The Pennsylvania backs, except the bank
Of Pittsburgh, alsf the banks in Virginia,
most ifsOt all Ae North aud South Car
olina Banks have already suspended. and
it is probable that many in the other Slave
States will follow suit. A large amount
oi bills Of the Wheeling, va. banks arc in
circulation in this State, but as they are
redeeming their bills in currency as fast
as they are presented. little alarm need be
felt on that score.
of all the many panics which have come
under our observation, or whose history
VIC have read, this is the most eauseless
and baseless With a country full of the
material, and sources of wealth, just after
the close of one of the most abundant kar-
vests this land ever produced, with EMAIL
1StiOnal debt, at peace with all the world,
without. with mSney accumulated in the
banks, and moro of it in the country at large
than ever before, Notwithstanding all this,
the bluster of a few pot house politicians
has caused the financial sea to be tossed
with a tempest, and many a gocdly busi-
ness craft will sink beneath it's waves.
The money changers, brokers and notC
shsvers will reap q rich harvest, and as
usual, the weakest will suffer.
We would advise those holding bills Of
H. Virginia and Peunsylraais banks, tc
keep cool and net suffer a severe shave
keld on to the bills for a little while, and
this teapot secession tempest will proR-
by blOs Over without breaking any bones.
Ohio has reason to be proud Of her
banks. There is no State in the Union
which has . souDdcr currency, bone whose
banks are in better credit, the country
sver. Through the panic Of 1857, they
stesd firm as rocks and every bill holder
could get coin or its equivalent, in exchagne
for ;keir bills. at their counters. Just 60
they will do, this time, let the winds blow
IS sley list
The following ecnsible ertrle re cET
from the Memphis ArgHss
TAe Monetary Panic,
Since the determination Of the Presiden.
tisl contest in favor Of the Northern party,
t&cre sccas to be a disposition IL the South
TO set ePS UOmentary panic with a view
70 do an injury to the North. This oan
emily be done by inaicting a stll CHESTER
injury upon the South. DO the Debtor.
Of the South intend to wipe u their
Northern engagement as with q spOnge?-
There n no hope Of this while the Union
endures and the courts can perform Their
proper duties and should the Union bt
dissolved there Southern debtors will find
that q greater injury has been inflicted
upon their pccuniary prosperity than could
possibly result fren the payment of their
Northern dues. But, as we have often
said hfere, there can be no disunion. fol
the simple reason that masses of the peopl.
are against it. The Union sentiment il
the South has always been strong and gen.
oral; the disunion sentiments weak and
partial The former exists among th,
wealtA5 planters and ~nscrchaats, nechan.
ies add traders. and is particularly pro
dominant among the older and more con.
Fiderase. The latter is rife among the not
headed and irresponsible-men who thiuI
they have something to hope for, snd know
they have nothing to lose. The most VI
ok': contestants Of the slavery question il
the South arc men who don't own q slaS,
and can never exIcct to c~n, while thC
large Shareholders as a body are content
with things rs they are. The notification
doctrine which drove South Carolina mao
tPontfo forty-bak theory Of Calhoun ant
MeDUhe, which nobody now believes, op
Grated in the same way. The complaint
vas an cnerous tax. and that portion Of tn,
people who had kftle or no tax to pay wal
the excited portion. calling loudly for &c
ccsson and disunion for causes which nov
exist rs veil Is then, and arc noticed b,
aobOdF. Let US not get up o monetary
panic 81 the ground Of prospective disun
ion, q tAing not nore likely to happen thai
that the whole South will be flooded b
*AeRa