Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1861-01-25
From the New York Tribune.

Among the delusions now prevalent in the
extreme South is the notion that the seces-
sion of South Carolina has struck general ter
ror into the North, and has produced so ter
rlble panic that commerce is arrested, labor
out of employment. and almost universal star
vation desoating our cities The absurdity
of these ignorant misconceptions of the con-
dti0n OF the North, and Of the importance
of South Carolina in the affairs of the world,
is almost too great for serious refutati0n. II
South Carolina. instead Of procaming her
self out Of the Union had sunk, with all her
cotton, into the ocean a thousand athoms
deep, her disappearance would have given no
very material check to Northern prosperity,
and would have produced scarcely any other
perceptible effect than the natural horror and
pity due to such a catastrophe.
The best evidence of the condition of our
aboring class is afforded by the condition Of
savings banks, the deposits in which are made
almost 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 the total amount Of
deposits in the four larger savings banks in
this city, on Jan. l. 1861, was S33. .294, ,995,
while the aggregate posts in the smaller in
stitutions is from IS ,OOO, 600 to $4,000, 900.
From the official statement, it will be seen
that the laboring classes of New York city
have in bank, subject to their order, in hard
cash, not less than $40, 0,000, 600 Now, this
sum, which is merely the surplus Investments
of our laborers, over and above what they
choose to spend, or to invest in other ways
is actually SiO00,0O0 more than the entire
valuation Of the city of Charleston, negroes
included, and counted as property at so much
a head, and at the prices which prevailed be-
fore the present distress prevailed there. On
ly three years ago, in 1857 the mayor of that
city stated its population to be 60 900, and
the entire value of its property of all kinds
at 1886, ,l27,75l. As his estimate Of the pop
ulation was so per cent. too high, the recent
census having shown that it amounts, includ-
ing slaves to only 10000. il may reasonably
be inferred that his estimate OF the property
also exceeds the truth But taking Charles
ton at its highest valuation the fact is certain
that the poor of New York could buy and
pay for in hard cash the whole place. and
have capital Of Si,000,000 left for improve
ments. They could do it too, without so
much as putting their hands in their pockets.
Not only have Dur laborers this great a.
mount invested but they are continually add
ing to IL. The deposits already made during
the present month average in some banks four
times as much as on the corresponding days
of last year The total amount of deposits
on Jan. l, 1857, in the four larger institutions
already referred to, was S22. .447 1913. or al
most s 900 900 less than the aggregate 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 Nov. l, 1860
was SI5,054, ,235--an increase from the pre-
vious year of S5,62o,sl7. The laborers Of
Massachusetts,, therefore, with their surplus
investments, could buy Charleston, and have
more than 50, 100000 to spare.
Contrast these official and authentic evil
denoes of the prosperous condition of the la
boring classes at the North with the state
ments that reach us by every mail Of the dis
tress which the rebellion Of the Shareholders
has brought on South Carolina Not only.is
business at stand, and external commerce
annihilated, and but little money in circua-
ton, but even food is sc4rce and dear. beef
selling at thrty-fye cents a pound, and other
provisions in proportion. Depending for her
supply Of breadstuffs and meat on the West
and North West, with money exhausted and
credit ruined, South Carolina. at the very be-
ginning Of her mad attempt at independence,
finds herself on the brink of ruin. Where
will she be when war in earnest comes upon
her in all its grim reality,