Juliet signal. [volume] (Juliet [i.e. Joliet], Ill.) 1844-1???, 1861-06-04
The Currency Crisis.

= The financial storm long since predicted
BY this paper has at last commenced in good
Earnest, and begins now to be severely felt.
JAN the banks of this State, having any
considerable circulation, have been unable
Z TO redeem their notes. And the same has
been the case with those of Wisconsin,
The consequence has been that our circa-
iating medium has deprecated from ten to
seventy per cent. on the dollar.
Never before have our people experienced
such pressure in the money market. In
deed, there is scarcely dollar of solvent
money in circulation amongst US. A sense
Sof general insecurity prevails and alarm
and CONSERVATION have seized the breasts
Sof our people. We are in the midst of a
commercial revulsion, which is sweeping
over our land, and, We fear, will not stop
until it has marked its progress by the
wrecks of ruin scattered in It's path.
We wish that some public spirited man,
SwhO has the data that would afford rea-
ssonable basis for conjectured calculation.
would furnish us with the immense amount
sof money which has been lost in this State,
BY the laboring classes particularly, in she'
discount upon uncurrent bank notes in cir
|culation. The amount lost on the bills of
the banks of this State alone cannot fall!
below four millions of dollars. This vast!
sum must be substracted from the wealth.
,of the Stase-from the pockets of the peo-I
'ple. Not only they who were the authors.
lot our stock system of banking, but, un-..
fortunately, they who opposed it are mades
sufferers. And We fear we are doomed toI
feel the effects of the revulsion with fars
more intensity, before a settlemen. Of curl
present political difficulties.
But it is susceptible of the clearest dem.
onstration, that while the whole people ex
perience the effects of the depreciation of
paper money, the loss must come at last outs
of labor. The entire sum paid for the disc,
count of the deprecated paper falls inn
the end on tho farmer, tho mechanic
the laborer, and is rung out of their sweat;
and toll. The grocer, the merchant. thel
professional man, though they may have
large sums of uncurrent bills on their
hands, will put their per centsge profit,
and tx their prices at such a range Is to
remunerate them for all losses sustained byE
broken banks. And thus the farmers, mel
chanics, and laboring men, arc not only
made to bear their own share of the loss
but are indirectly burdened with that of +
the classes wao live without labor. Is i'll
not, therefore. plain to the dullest appre-
hension that the producing aud laboring
classes are made, not only to produce all5
the wealth of the country, but to bear all
the disasters and burdens of society.
We admit that circumstances, unlocked
for by many, have been the main cause OH
the present financial distress. But the
primary cause of the evil 10 deeper than the
political troubles of the last few moutbs
which, doubtless, have aggravated and bur :
rled them on. The evil is chargeable, I'M
the commencement, to our erroneous bank
ing system. 1t is founded on basi, which
cannot stand great political changes or rev.
oiutlons. The stock security banks NAV!
be secure enough in time of peace, but I'M
war and in times of political distress thew
afford no security to the holders of their
promises to pay.
In conclusion we have few su,ce.,;ons IL
Tor the farmers, mechanics. and laborer.-
the producers of all the wealth of society
We believe it is in their power now to ridN
themselves, in great measure, from i'm,
in the future. Let them resolve
o be imposed upon no longer. We would
lsk them why it is that they who do ali
he work and produce all the wealth. are
he poorest? Is it not because they sub
nit to be the dupes of the scrip nobility d
Host certainly. Therefore, let them. In
he future, know their own strength. Let
hem combine together and demand for
heir produce and labor real money, instead s.
the wretched substitute that has been
aimed off upon them hitherto. Let them s
emand for their tod. and its fruits, gold or
liver, or that which can be converted into
be came without loss. Ifshey receive nm 8
\ this, no power can deny them why
ley do it?