Red Wing sentinel., 1860-11-28
TIiE FINANCIAL. PANIC.

sAlC riNASClAIA pANlC.
On the sixth Of this very month the Re-
publican party Ct the Northern States of
this Republic elected Abraham Lincoln
President; the Southern States Of the same
Republic not participating in such election.
On this same sixth Of November, two weeks
ego, the country was never more prosperous,
and financial matters were never in more
healthy or sound condition. Every interest
inthe country, mercantile, commercial, man.
ufactnring and agricultural, and every branch
Of trade, were prospering. An active foreign
demand for grain kept up the price Of our
overtlowiny graneries. The manufacturing
establishments were all working a full COM
pletneht Of hands, and all ever the land, in
every locality a revived and bouyant conf
'lencc lead the business men Of the
country to expect a continuance o!prosper-
ot,s times. There was not even q cloud in
the sky to indicate storm, and overy kind
Of business was prospecting and remuner-
at:vc. What do we sec now? The foreign
demand for grain exists still. Tho country
has lost nothing by oycrtradins and fcverish
speculation. likeness and extravaganza have
not s"ppcd tie sources Of prosperity but We
arc in the midst Of a financial panic before
which tho panic Of 1857, will sinx into utter
insignifcance. The fluctuations in stocks, and
the prices Of exchange, particularly, are the
very pulses to indicate any disease in f.
nancial matters, and the more sudden the
advance OF decline the more alarming the
disease. Exchange on New York in Chi.
cago and Milwaukee has in ten days ad-
vanced nearly four per cent. and can scarcely
be purchased at any price. State stocks,
especially Southern stocks, have declined
in thirty days from ten to twenty-five per-
cent. Nothing like this, 50 sudden and alarm
ing, occurred in 1857. By this decline alone
millions Of dollars have already been lost,
The evil does, not stop here. These stocks
1re the basis Of all our bank issues. The
depreciation Of stocks within ten days. past,
has been SO great IS to compel the Auditors
Of the several States where banks are So
cured by stocks, to demand, as required
by law, the deposit Of additional security,
but ewing to the striogency Of the money
market, this cannot be done, and one
fourth Of our western banks must 60 into
liquidation. The prospect Of this contin-
ssney has already compelled the holders Of
western money to submit to a discount Of
from three to ten psr cent. with probabili-
ty Of further decline. Wheat has fallen as
legitimate consequence, from ten to fifteen
cents per bushel with prospect ofa still
greater fall. So We 80: the panic has reached
tho banks; the value OF all property has
deprecated from fifteen to twenty per cent.
in two weeks. Such result in so short a
time never happened before, and thereis at
this time no possible means Of determining
the terrible consequences Of this panic.
= This panic is essentially political ono-the
result Of the unfortunate election Of Mr.. Lin
coIn--.we admit that it should not be 50, but
it is harsh, unbendins fact, that can neither
bs blinked or explained away, that the sec.
tional triumph Of the Republicans, has
brought this calamity upon ". 1t has un-
settled the confidence Of monied men in the
stability ofo institutions, and while they
are first to to Lc frightened and first to sui.
fer from panic, its wide spread deselation
must reach every man, woman, and childin
the country. We hope tho evil will bs but
temporary and the effect trifling, bur we
fear for the result, and advise all to prepare
for the storm. Unless the next Ten days
shall give relief. and inspire confidence, we
must expect to sec the first effect Of the pan.
ic in the failure Of our commercial houses at
tho East; this will be followed by failures
at che West, South and elsewhere through
the country, and the crash Of business men
will commence in earnest.
This is tho irst bitter fruit Of this slavery
agitation, this unimportant, unnecessary
quarrel, that has never yet freed one single
slave, or added ono inch Of free soil to ;ou,
domain. This panic if it comes-and we
do not SEQ how it can he avsrted--wil
teach US each day the great wisdom Of mind
ing our own business. 1t will. be q good
lesson to Republicans and fire eaters alike
This. election has effectually crushed Out
st,s' conservative political elements Of the
country, and we hare no Jackson and no
strong national party in power whose in.
tluencs will Be sufficient to quiet the agita.
ton. The Republicans and fire eaters arc
equally responsible, and we would to God
they alone could suffer the penalty. II the
inter. meddlins Republicans were compelled
to sell their wheat for forty and fifty cent,
per bushel and it did not equally effect every
citizen we might rejoice at this striking
practical illustration ofthis impertinent in.
termeddling, but as al suffer alike we pray
for speedy return to . settled condition ol
things. and ~ the prosperity Of few
short weeks psst. See the disasters Of the
t1tst, sectional triumph Of Rcpublicanism
ye ,nislcd interventionists then sing il
you can the popular Republican rally,ne
song: ss - .
SAINT gldd ! joined tho Republicans"