The Hillsdale standard. [volume] (Hillsdale, Mich.) 1851-1909, 1861-01-29
run AuF WV
HARD TINES.

Among the delusions now prevalent In the
extreme South is the the notion that the St
cession of South Carolina has struck general
terror into tue North and has produced sc
terrible panic that commerce is arrested. la
boren out oremployment,and almost universa
starvation desolating our cities. The absurd
ity Of these ignorant misconceptions OF the
condition Of the North, and Of the imporla ce
OF South Carolina in the affairs Of the world,
is almost too great for serious refutation. Ii
South Carolina, instead Of proclaimng her.
self out Of the Uaion, had sunk, with all her
cotton, into the ocean thousand fathoms
deep, her disappearance would have given no
ve-y material check to Northern prosperity,
and would have produced scarcely any other
porceptibe effect than the natural horror and
pity due to such ca,a'trophe.
The best evidence of the condition Of our
laboring class is afforded by the Savings
Banks, the deposits in which are made alr ost
wholly from their surplus earnings.
From the annual reports which these institu-
tions have just made TO the Bank Department
at Albany, it appears that tho total amount
Ct deposits in the four larger Savings Banks
in this city, on Jan. /, 1891, was S33,294,
994, wh' the aggregate Of deposits in the
smaller institutions is from $S,000,000 to
100000. From this official statement
il will be seen that the laboring classes Of New
York city have in bank subject to their or.
der, in hard cash not less than $40 900 900.
Now, this sum, which is merely the suEplus
investments Of our laborer,, over and above
what they choose 10 spend or to invest in
other ways, is actually 81 900 900 more than
tho entire valuation Of the city Of Charleston +,
negroes included and counted rs property at
so much head, and at the prices which pre-
vailed before the present distress there. On
Iy threo years ago, in 1857, the Mayor Of
Charleston stated the population of that city
at 60 900, and the entire value Of its prop.
erly of all kinds at $36, ,l27 ISL. At his es.
innate of the population it was so per cent 100
hiL b, the recent censes having shown that it
amounts, including slaves, to only 40 900, g,
it may reasonably be inferred that his esti
mate Of the property also exceeds tho truth
But taking Charleston at its highest valuation i,
the fact is certain that the poor Of New York
could buy aud pay for in harl cash the whole
place, and have a capital Of 81 ,O00' 900 left
for improvements. They could do it, with
out SO much as putting their hands in their
pockets.
Not only have our laborers this great
mount invested, but they arc continually ad-
ding to it. The deposits already made during
the present month average in some banks four
times as much as on the corresponding da,.
Of last year. The total amount of deposits
on January 1857, in the four larger insti-
tutions already referred to, was s22 ,347 1903,
or nearly sll 900 900 less than the aggre
gate now on deposit.
In Massachusetts, according to the report
of the Bank Commissioners, there are ninety
Savings Banks in operation. The amount of
money on deposit in these banks Novembcrl,
1850, was S45 ,054, 235-an increase from
the previous year Of IS ,G20 sic. The Ia
borers Of Massachusetts,, therefore, with their
surplus investments, could buy Charleston,
and have more than 50 900 900 to spare.
Contrast these official and authentic cvi.
dcnces of the prosperous condition Of the la.
boring classes at the North with the state
men's that reach us by every mail Of the dis
tress which the rebellion of the Shareholders
has brought on South Carolina. Not ony is
business ut a stand, and external commerce
ana Out l'ltlc money III chcuIa
ton, but even food is scarce an'l dear, beef
selling at tbirty-fve cents pound, and Other
provisions in proportion. Depending for her
supply Of breadstutfs and meat on the West
aud North West, with money exhausted and
credit ruined, South Carol ma, at the very be.
ginning IF her mad attempt at Independence
finds herself on the brink Of ruin. Where
will she 10 when war in earnest comes ulon
her in al! its grim raalty'