Keowee courier. [volume] (Pickens Court House, S.C.) 1849-current, 1861-07-06

iEaEeu Win Them IN trado. How the assets
OF tho banks will stand after these failures
is a.problem which is engaging much Ut
tcntiois a ' ~ -
"Tho political and military crisis is with.
out precedent in our history. Neither the
war OF lS47 nor that of 1872 bears any com.
parison with the civil war in which we arc
now embarked. Neither of the two were
necessarily fatal to our internal industry and
commerce. Neither dislocated the joints of
trade, as the present war is doing. Neither
of them placed the very existence of tho re-
public in jeopardy. The principal commcr-
cial characteristics Of tho war which has now
begun arc total destruction of tho cnor-
nous trade between the Nortl and the South;
q arepudiation by the South of a large sum Of
money, variously estimated at from sixty to
two hundred millions of dollars due to the
North; the compulsory failure of the bulk
of the great jobbing and importing houses,
to whose enterprise and wealth tho growth
and prosperity of New York have been main
~ due the probable suspension of the bulk
Of the Northern banks, in consequence of the
worthlessness of their assets, reduction of
from fifty to seventy per cent. in our foreign
trade, in consequence of the stoppage of ex-
ports OF cotton, rice and tobacco on the one
hand, and n general dininution of consump-
ton on the other; the destruction of the
credit of States which have nearly two hun
dred millions of bonds afoat the withdraw
al of nearly million of men from productive
agricultural, industrial or mercantile pursuits,
and their employment in tho unprpductivn oc-
cupation of warfare; and the creation, for
the first time in our history, of State and
federal debts bearing some proportion to the
debts of the European monarchies. These
are the obvious and certain features of the
war. In addition to these, other and equally
grave commercial complications will arise
should the war at the South lead to a general
stampede of negroes, and SO impcril the fu-
ture agriculture Of that section; or should
Great Britain perseverc in policy of secret
sympathy with the South, aud compel the
United States to declare war upon her.
"This condition of things is so entirely
new that it is impossible to forescc it's effects
upon our commercial and financial interests.
We may be sure that these effects will be Sc
vcrely disastrous; but to what extent tho dis
aster may spread, or what interests will sur
vivo amid the general ruin, it is impossible
to discern. There arc reasons for believing
that one of the most marked changes which
arc impending will be sudden turn in the
money market. With the exception of a
brief period Of panic late last autumn, we
have had an easy money market here ever
since the crisis of 1857. This year especial
ly the ordinary laws of money seem to have
been reversed. We have imported gold from
Europe instead of exporting it, and money
has bccn cheaper in New York than in Lon
don. This anomay was caused by the mod
Grafton of our imports, and our unusually
large exports of cotton, brcadstuffs, provi-
sions, etc. If, in December last, exchange
had ruled as it generally does, our banks
would all have suspended before New Year.
We arc now exporting no cotton, and from
present appearances shall export none until
the United States army restores the power of
the government in the Gulf Statcs-which
cannot be before January next, at earliest
The exports of tobacco, rice, turpcntinc, ma
val stores, Nc, have ceased in like manner
Is it not reasonable to expect that the stop
page OF exports must before long begin to
tell upon the exchange market, and revive
shipments of specie to Europc? Can we ex-
pect to go through July and August without
parting with some of our gold? And when
the drain does begin, how can it be checked =?
The great staples which have heretofore paid
our debts in Europe are out of our rcach.-
We have nothing left to pay with except gold
and food. Will our banks be able to stand
such drain as we suffered in 1855, 1857,
1883 and 1860 without suspcnding specie
payments 1t is right that those among us
who have interests at stake should look the
situation square in the face, and dismiss all
dcluslons as to the consequences of the con
test in which we are embarked"
From FoRTREss NIoSRoE..-T The Bati
more E.nchongc, of Wednesday, says:
The steamer Gcorgana arrived from For
trcss Monroe yesterday morning, but did not
bring any news Of Importance General
Pierce, as yet, has not made an official return
to General Butler of the number of killed
and wounded i'll the affair at Bethel The
Gmtablc relations hitherto reported MS exist
ing between the regulars and volunteers, are
rather on the increase. The troops, almost
to a man, swear they will not follow the lead
OF their Generals AS OH all the recent arli-
vals from the Fortress, there comes report
that Gen. Butler would undoubtedly attack
and capture Great Bethel to day Some four
or five of the celebrated Naval Brigade came
up on the steamer en- route for Now York
They give fattoring accounts Of the condition
of affairs in and around the Fortress. They
assert that it is very ordinary affair for the
soldiers to go without food for twcnty.four
hours; and, Judging from the appearance of
tho complainants and the manner in which
they partook of the food offered them, fully
that length of time had expired since they
broke bread. On board, on their way home,
we're number of Zouaves, some of whom
participated in the battlc of Bethel They