New-York daily tribune., 1861-06-22
THE POSITION OF PBILfDELPHsA

the great father of lies has been writing Southern
paper that all the Northern cities insoven their
merchants but up, their aborers starving their banks
broken, and Philadelphia is nothing but great aims
house, She IL poorer and more demoralized than any
other Northern city," What food for fools Some Of
my readers will be indignant at learning that mon
stroua calumny should be set aoat concerning them,
while others will east it aside with smile and Sigh,
possibly fugitive lament at the depravity in which
alone il could have originated Doubtless it will he
received with cFedulOus avidy at the South. But so
far as this city is concerned it needs contradiction
here i grant that business mourneIs go about the
streets; that in every former crisis, many aborers
stand idle; that manufacturing is at pause; and that
every phase Of commerce and traffic, except such rs
belong to warlike movements is depressed But this
glorious old city Of Philadelphia neither be made
nsolyent, nor impoverished Since the Continental
Congress established the first Bank Of North America
among us banks have gone on increasing in number,
and in the long experience Of nearly century but
three of the whole number have failed Even these
did not fall under The exclusive pressure of crisis
Had Pennsy lvania paid the interest her bonds, and
no systematic effort been made by Wall street 10 de-
stroy it., the United States Bank of Pennsy lyania
would be in existence now. The other two vic
tins Of enemies within tbem-not Of a commercial
pressure from without How striking TIE contrast be-
tween then and now. This crisis may be regarded as
al its hight bottom has undoubtedly been touched;
vet every bank in Philadelphia is sonnd Coin may be
had for the asking, and panic in stocks has run its
cpurse.
The remark is common among business men now
idng on their counters in their counting houses, that
Philadelph pha never raw such times these. But no
mistake could be greater. We look only at the disnsl
present ignorant forgetful OF the still dismal
past. In the crafh Of 1897 city was delayed with
the cure OF rag money down to half a dime. The
whole specie Of the country wac swallowed up as fby
an earthquake. IL disappeared in single night. Trade
in tie marke, houses and at tie retail stores was sud
denly suspended for want Of change. Corporations Of
all kinds petitioned by the people to Issue small
notes The Finance Committee Of the City Councils
sat up night after night 10 sign them, and urgent
was the public demm for change, that they paid
out in whole sheets by the qulre the ink upon them nm
dried and the recipients glad to have the opportunity
of cutting them up for circulation So urgent was the
demand thai in some instances the sheets paid
away unsigned. Every little two-penny corporation
within Lund cd miles Of US Issued shnplasters, and
even private corporations did the same. Vast quant-
ties Of these came here and entered into circulation
until the amount OF rsgmoney shcat Elk moptbs after
the suspension in May was estimated at two millions
of dollars. These Issues VIGOROUSLY illegal, hut
the public exisency tolerated their iegaty. As might
have been foreseen extenAve countetciling was pac
,iced and thousands were lever redeemed. Many par
ties is-ued them not intending 70 redeem, yet the COM
munty tolerated all until explosion succeeded explo-
son and the people became in degree alive 10 the
Danger we'll the enorniity OF the Nuisance inflicted
upon them. Many Of my readers must remember this
mi coudifion al tie Ihosa who do
may well lie proud Of our superior condition now;
those who do not utterly incompetent 10 pronounce
Judgment the relative poverty and depression Of bu.
sness in Philadelphia then and now.
Exchange on England was at Is per cent. The
country was stepped in debt to Europe and to pay il
we were stripped Of coin. Bank after bank added ex-
ploson to suspension revealing in many the most
astounding frauds by those who had managed them.
The banks of this city, then but sixteen in number,
reduced their discounts $4,000 within Fix months
The scarcity of money among all classes wss inioer-
erable Public works were suspended railroads ceased
to be built factories, foundercs, and coal mines
rendcd operations. II not, as now, mere pause
in all ordinary occupations but absolute insolvency.
Great concerns, such now merely lying idle then
went by hundreds into complete liquidation. The very
foundations Of business were broken up before that
crisis had run its Every was at the bot
tom Of the wheel 80 low that let it turn which way it
might, he certainto COUP The building of houses
stopped short and whole blocks stood unfinished Silent
to all echoes but that of the sherfs hammer. The
lief expected from the suspension Of the banks dis
covered to be wholly illusory and gave to the commu-
nifty mere breathing spell. We had no exports but
coin and cotton, but short crops compelled to import
grain Two millions Of bushels of foreign wheat passed
westward on the Erie Canal alone. The stock of one
of largest banks selling six months ago at 40,
and it sells at 80; but in 1910 it sunk to 81.
The morning papers Of that day periodical hor-
TOR. From every section Of the Union they chronicled
some new explosion, corporate Or private, even with
out the haste Of modern wires. Their columns show
that real estate in best streets appeared to be
great an encumbrance to the owner the parchment
lien of the mortgage. Every landlord who advertised
his house for sale to rent gave the price in bis ad
versement, hoping to secure purchaser tenant by
giving him the least trouble by answering the primary
questions beforehand. Rents fell prodigiousy fani-
lies went in double, small houses only in demand,
outgoing tenant into remaining by Offering to accept
the taxes alone instead of rent.
Now all these half-forgotten facts must remain as
either green or gloomy spots in the memory of orr
older citizens They strike the balance between
that convuson and tLs without inspiration from me.
But let the eroahe Of younger generation read live
and eGn that in these times heIeis much else than evil
continually. The contrast sas wonderful as il ought to
be encouraging Is there man now bold enough opro.
pose the curse Of shinpaster currency for Phadel-
phiai On tue contrary, while is Inauguration would
cIohe us in sachcoth il would be M re likely 10 cotbe