Belmont chronicle. [volume] (St. Clairsville, Ohio) 1855-1973, 1860-11-29
Stringency in the Money Market
No Cause for a Panic.
I From ,he N. Y. Couriersnd Enou,re,


From she N. Y. Courier and Enquirer
A panic in the money market is ulwsy
to be deprecated, but when certain OF the
City Banks, we care not by what means, of
whether accidentally or not, make them
selves parties to such panic, they virtually
become responsible for It's existence, and
almost invariably fall before it. What Is |
the state Of things in Wall Street at this
moment! ~.
In the first place, we assert without fear
contradiction from any quarter--nye, with.
out fesr Of contradiction even from the fewI
Bank Presidents who oolshly embarked in |
the panic-making, not seeing where i'll
would lead-thst at no period in the month
OF November, during the last twenty years
has there been such abundant and over.
whelming reasons for an easy money mar
ket and a superabundance Of money, as|
since the frs, day Of the present month of
November, 1860. And yet what is the
existing state Of affsirs' Not only Panic i
and money almost impossible to be pro.
cured; bht an absolute certsinty that unless
the Banks come to their senses, and that
quickly, too, a suspension of specie pay
ment will become matter of absolute neces.
sity.
In 1857 the Banks very !oolishly rushed
on to precisely tie existing state Of things
They then. but with greater cau.e than at
present, produced the issue now rapidly ap :.
preaching; and that issue is whether the
Banks without cause, and surrounded by'
every element Of prosperity, shali break the
Merchants, or whether the Merchants, in
seg-defenss, shall break The Banks! We stand
where we did in 1857. We stand by the
Merchants; and we tell hem now, us we
told them then, either compel the offending
Banks to do their duty to the community, orr
make them suspend specie payments. But
says the innocent reader, il there be no
cause for this panic, how hos it eccnrredi
We will enlighton him. In the first place
the South never pays, and is never expected
TO pay up its indebtedness, until December
and January; Of course, there is no pressure
on the money market from that quarter
Secondly, Exchange is in or favor with
every point on the Continent, and the
foreign exchange unusually so: And thirdly
the grain crop IN the West. 10 double what
it ever was before, and has thus far been
moved with unusual facility and everything
combines, as We said before, TO render
money more abundsnt and trade more
prosperous thnn ever before in the month of
November. And yet ruin stares US in the
face; and men Of substance and credit, and
high mercantile character fall before the
blast! We answer, from panic among few
"a very few weak and incompetent Bank
officers.
Before the election it sui ed certain poli-
f'c'dns to get up panic in the money mar.
ket to defeat Lincoln's success, and as Bank
officers are but.men, and men are generally
politicians, it is not strange that certain
bsnk officers loaned themselves to the crea-
,ion of that temporary panic. Doubtless
they thought they could control the panic
thus created; but children must not play
with edged tools; and the parties alluded to
begin to discover the appreciation of the
aoage. Well they had their anie-elsction
panic; and no doubt all concerned in IL
made money, and then suffered things to re-.
sumo their usual position in order 10 realize
the fruits Of their ill-golten gains. After
Lincoln's election was known, and South
Carolina proclaimed her determination to
break up Government she could not rule +,
the panic makers gravely determined that
another do'e would do no harm, but yield al
rich harvest, and at the same time iniure
,he incoming Administrations.
We have known and observed intimately /,
every Pulsa,ion Of Wall street and of our
monetary system, for thirty-,hree years past !;
and II not exceedingly stupid, we should by
this time. know something of the subject
upon which wo write. And we venture to
say to those Of less experience, that the
only certain mode of preventing mischief Il
now, Is to resort TO what proved the remedy
for the folly, and ignoronce, and madness
and arrogance OF 1857. There exists no
earthly cause for panic or stringent money
market, except in the inscriptions conduct
of polric ians who desire TO embarass the
Administration of Mr.. Lincoln BY inIuring
1t In advance with the people. Time will
prove the truth of this remark; and then, I'll
we mistake not, those who have produced
this ruin and disaster Tor vile political and
selfish purposes, will find that tho evil they
have done, will not be Immediately forgot.
ten by an intelligent community.