Red Wing sentinel., 1860-11-21
T HE SENTINEL;
PUBLISHED BY
MARTIN MAGlNNIS.
W. W. rHEL rs, Editor.
TIE FINANCIAL PANIC.
RED WING, NOV. u 1850,


THE FINANCIAL PANIC.
On the sixth Of this very month the Re-
publican party Ct the Northern States ol
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
ago, the country was never moro prosperous
and financial matters were never in more
healthy or sound contition. Every interest
in the country, mercantile, con- mcrcia!, man
uG'ct"rins and agricultural; every branch
Of trade were prosperins. An :c,ivc foreign
demand for grain kept up the price Of ou'
overtlowing graneries. The manufacturing
establishments were all working full com.
plement Of hands, and all ever the land, in
every locality q revived and bouyant conf.
dencc informed the business men Of thu
country to expect continuance o: prosper.
GUS times. There was not even a cloud in
the sky to indicate storm, and every kind
Of business was progressing finely and Ger.
ta:nly. What do We see now? Tho foreign
demand for grain exists still. The country
has lost nothing Ly overtrading and fcverish
speculation. 1dlcncss and extravaganza have
not sappel the sources of prosperity but We
arc in the midst Of a financial panic before
which the panic Of 1857, will sink into utter
nsignificance. Tic fluctuations in stocks, and
the price Of exchange particularly a,o the
very places to indicate any decrease in Fl.
nancial matters, and the more sudden the
advance OF decline the more alarming the
decrease. Exchange on New York in Chi.
eago. and Milwaukee has in ten days ad-
vanced nearly four per cont. and can scarcely
be purchased at any price. State stocks.
espo tally Southern stocks, have decreased
in thirty days from ten to twenty -tivc per.
cent. Nothing like this, so sudden and alarm
ing, occnrrefin 1857. BY this decline alone
millions Of dollars have already been lost,
The end does not stop hers: There stocks
are the basis Of all our bank issucs: The
depreciation Of stocks within ten days past
has been so great as to compel the auditors
Of the several States where banks are So
cured by stocks, as required by law, to
demand the deposit Of additional security,
but owing to the stringency Of the money
market, this cannot bo done, AMI three
fourths Of our western banks must 60 into
liquidation. The prospect Of this contin-
gcncy has already compelled the holders Of
westera money to submit to discount oi
from three to ten per cent. with probabili-
ty Of = still further. Wheat has G.llenas'a
legitimate consequence, from ten to fifteen
cents per bushcl with prospect ofa still
Igreater fall. So We 80, the panic has reached
the 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 their is At
this time no possible means Of lettering the
terrible consequences Of this panic.
This panic is essentially political one-tl,c
result Of the unfortunate election of Mr.. Lin
coln--we admit that it should not be so, but
it is harsh, unbendins fact, that can neither
bs blinked or explained away. that tho sec.
tional triumph Of tho Republicans. has
brought this calamity upon Us. 1t has un.
settled tho confidence Of monied men in the
stability Of our institutions, aud while they
are first to to be frightened and first to suf.
fpr from panic. 1ts Wido,nprcad dssslatiqn
will reach every man. woman, aad child in
the country. We hope the evil will be but
temporary and tho effect trifling, but We
fear for the result, and advise all to prepare
for tho storm. Unless the next ten days
shall give relief and. inspire confidence, we
must expect to see the first effect Of the pam
| ic in the failure Of our commercial houses st
the East; but it will then be lost at once,
and hecrash Of business mon will com.
mencc in earnest.
This is the lirst bitter fruit Of this slavery
agitation, THIS uni1nportant, unnecessary
quarrel, that has never yet freed one single
slave, or added one inch of free soil to our
domain. This panic if it comcs-and we
do not see how it can be avertcd-will
teach each day the great wisdom of mind
ing our own business. It will be good
ccssion to Republicans and fire eaters alike.
This election has effectually crushed out
the conservative political elements Of the
country, and We have no Jackson and no
strong national party in power whose iu-
tlucnce will be sufficient to quiet the agita.
ton. The Republicans and fire eaters aro
equally responsible, and We would to God
they alone could suffer the penalty. If the
inter meddlins Republicans were compelled
to sell their wheat for forty and fifty cents
per bushel and it.did not equally. effect every
citizen We might rejoice at this striking
practical illustration oftAis- impertinent in
termeddling, but Is all suffer alike We pray
for speedy return to settled condition Of
things, and TO the prosperity Of few
short weeks past. See the disasters Of the
first sectional triumph. Of Republicanism
ye nislcd interventionists then sing il