The Evansville daily journal., 1860-12-07
a EennIhIh NAetr

Ihompson's Bank Note Reporter of a
late date says of matters in New York
We would respectfully urge upon every
body the necessity Of keeping cool ana
quiet in the present political agitation -
There never was a solder bottom Of pros.
perlty; and with mastery inactivity, a
quiet confidence, and graceful forbearance,
all our financial, commercial, and political
troubles will soon vanish then we shall
wonder that the present foolish fright was
so powerful in panic making.
We had a panic within our day very
much like this it was when jackson re-
moved the deposits from the U. S. Bank in
1884, we think. The crash was terrific; it
soon died out, and in 60 days all was pros
pcrity again. That, like this, was a politi-
cal panic Biddle, like South Carolina, was
on stills, bent on ruin. He bought some,
but frightened more !; and finally subsidized.
That was jackson vs. Biddle, alias the Ad-
ministration vs.. u S. Bank. This is Sonth
Carolina VS.. the United States. South Car
olina, population 100000, half slaves,
against the United States, population thirty
millions, one-eighth slaves. 1t requires no
great trust in Providence to see the end. We
advise quietude. The fever will have its
run and the more docile we all are, the
]
that much real damage can be done by
South Carolina. The injury arises from ex-
citement and foolish crOaking. If there had
been no telegraphs or sensation papers,
there would have been no scare.
Our exports are largely in excess of our
imports, bringing Europe largely in debt to
this country. This balance is drawn for,
and the exchange is sold in the market in
unu 3ual l!an 1unts and. uR'ortur a'ely ut this
time the politicians have destroyed the
financial and commercial balance wheels, so
that credits are circumscribed and the mon
ey market made stringent Hence sterling
bills are selling at $4 44@4 so per pound.
| A pound sterling, in gold, is 81 SOTO wit,
a sovereign. Sterling then, is GG19 per
| cent discount.
! The price Of our great staples cotton, to
/ bacco. provisions and breadstuffs-re upon
the foreign demand. AS things are now
shaping, the producer, by reason of the po-
litical panic, is the loser by the fall in ex-
change, of 7(91O per cent on the amount y
| The loss of s. per bale on cotton, 50c per
barrel on -four, and the same rates on all
exports, in the one item of exchange, is but
a moiety of the loss that the producer suf-
fers by reason of the political panic now
raging
Dealers in the great staples, in the South
as well as in the North, necessarily resort
to credit The usual channels for borrow
ing being closed, and all competition de-
stroyed, the producer, by reason Of this
state of things, is at the mercy of the very
few buyers who have ready money to in
vest iu great bargains. Taking candid
view of the present state of affairs, we yer
lily believe the producer is bound to lose %
per cent. of the fair value of his crop.
Whether this dead lock in our CONNER
cia and financial machinery is to bar Il.
from filling the European demand in ad
vance of other countries, or whether muct
of our crops will remain on hand to glu
our markets at some future day, when NJ
foreign demand exists, rests much pn tht
continuance or cessation of the troubles.