The Evansville daily journal. [volume] (Evansville, Ia. [i.e. Ind.]) 1848-1862, 1860-11-21


quiet of the country. Hardly are we Re
covered from the effects of the great cris
of 1857, before another one comes upon II
7. Then there was a reason for the seriou
state of things which existed can anybod
, see any real cause adequate to produce sue
~ an indefnable dread rs we now see in fnan
cial circles?
In 1857 a series of short crops and alonl
:. career of extravagance amongst all classes
had impoverished the country. The Yves
was deeply in debt to the East, and the Eas
very deeply in debt to Europe. These
t debts became due and had to be paid. The
J debtors lad not sufficient available means
with which to liquidate their Indebtedness
= consequently recourse was had to the ulti-
mate securities: and property had to be sold
at a sacrifice to satisfy creditors. The eoun-
try was drained of specie to pay foreign in
debtedness incurred for useless luxuries
and in the prosecution of premature i'm
provements. In this manner was our ma
tion--mOre particularly the East, North,
and West--depleted, and its life-blood
drawn off The South, more fortunate in
climate, a2d blessed with rich harvests, and
favored by high prices for its products
measurably escaped for the time being. Its
/ season of short crops and the elimination
/ of its extravaganza and mismanagement
had not yet come.
The people of the Northeast and North
west passed through trying ordeal. The |
weak ones were crushed, the strong barely |
stood against the storm. Retrenchment /
and economy became essential Old scores I
were wiped out as fast as possible. Few
new liabilities were created. Matters were
reduced to the cash basis, and men learned
to live new and more rational life After
q year or two Providence having chastened
our section, and learned our people new les,
sons OF good conduct, again smiled on our
affairs. And finally, the present season a
succession Of general good haryests in the
regions most severely afflicted have put the
people in the way of complete extrication .
onct their difficulties, and rendered them .
support. = in their means of
stricken North, came drought, sterillty' . r
,d;soster to the South. That section, having .
almost entirely escaped the financial storm
which DEVASTATED the upper portions OF the
country, aow finds its "tugn come Fl
nanciaI embarrassment, accompanied by
political discomfort aud rebellion, threatens
tn unroot there the foundations Of society.
This state of things, existing to so great
an extent in our sister section, closely con-
nected as she is with us by the ties OF trade
and intercourse, can not fail TO affect our
wel-tounded prosperity injuriously- We
suffer negatively from the failure of the
South to discharge her pecuniary obliga-
tions toward US, and thus are rendered less
able to discharge our obligations to others
1t is idle to say that with our old indebted
ness so largely Cancelled, with more saving
habits Of life, with y-awakened ener-
gies, and with overhowing granaries aud
other sources of wealth, the Northwest is
so seriously diseased by the prevalent in
fection that there is any real danger to her
material health.
We cannot but think therefore, that this
panic is without sufficient foundation to
Justify it, Three years ago there was ample
cause for the panic which then prevailed
Now. so far as the West is concerned, there
is not. When private individual Is out
or almost out of debt, and is possessed OF
an abundance of available property, he
should not give way to puerilc fears on
every occasion when the money market
tiehtens, and become ready to give ny in
Il, PC
IS not very seriously in debt; she has un-
o told wealth stored away in her wheat bins,
! corn cribs, hog pens, fruit cellars, vegetable
mounds, and horse and cattle stables, etc
She has in her banks plenty Of the real hard
specie to meet her Immediate Eastern obll-
b cations and the way at hand to get plenty
. more when that is exhausted. Then the
n East, and the West through the East, are
: not owing any very large amount to Eu-
Y rope that is now due. Very little specie IS
4 going out of the country. The banks in
New York and other Eastern cities are
strong in their specie reserve. So are most
= of the legitimate banks of the West.
In regard to the Uncurrent Money excite
+ ment especially connected with tie banks
OF Illinois, Wisconsin, and Iowa, there il
some reason for the uneasiness felt. Those
banks, besides predicating their issues OF
the stocks of States concerned in the polit-
ical revolution now threatened, are, many
st of them, conducted on loose if not fraudu
ce lent principles. Many Of them ought to bt
,h wound up as soon as possible. They hav,
Te existed, to wrong the people who hold thei
ch notes, too long already. Their shinplasters
nj constantly thrust on the community, will
be little or no prospect of. speedy and convent
ent redemption, have become a nuisance
and the country would be glad to-get rid 0
T. them if thev could be retired from ciIcula