Abbeville press. [volume] (Abbeville, S.C.) 1860-1869, 1866-06-01
TIE FINANCIAL PANIC I'm RNoIAND.

/
] cedented money panic prevailed, which had
produced in twenty-four hours, failures and
suspensions involving over eighteen millons of
pounds sterling. an almost total suspension of
business, general distrust in the public mind.
a suspension of the Bank of England Charter
Act, aud the advance Of the rate of interest to
ten per cent Various causes are aesipned for
the disturbed condition of affairs. Tho Lon
don Tines attributes it in a great measure TO
ver'trading. and says that "reief can only be
looked for by sudden CONTRACTION" There is
no oouot but that the present warlike attitude
OF the German powers, and the feeling of un-
certainty as to the chances of q European war.
has very much to do with the present fnan.
c'a' situation. The effect upon this country
mas been to create IN extraordinary demand
Tor specie-nine millions of dollars having
been exported in a single week. On accoun,
OF this heavy export and the probability of
| further expectations, the Tribune argues that
the country is in very bad financial coudi.
tion. and urges an increase of che tariffs.
contraction OF the currency, and an carly re-
sort 10 specie payments.
| On this subject the Charleston Courier re
marks
I'VE agree with the Tribune tha: the Gov
| ernment cannot spare nine millions of gold a
week ior many weeks and not be seriously
embarrassed. Although the receipts of Gust ons
are larger, amounting from the Is. of July
last to Si2O. 600 at New York alone, It
must Dc remembered there are gold inte, ests
| To pay and large nt1mber Of other gold ex-
pend'tures to meet People may talk as much
ns they choose about the unfailing money cd
resources Of the country aud the perfect euse
with which Government meet these enor.
! nous foreign demands for coin. but it dnes not
require an unusually penetrating intellect 10
perceive that if the bulk of our foreign del;ts
could be paiI with the products of tile coun.
try, our condition financially would be vastly
imnroved. BY parting with our specie we are
lett without means for sn early resumption of
SPECIE payment.
SOME months ago we Ind f,;,t Inn. ,,,
II would not be long before the soiled aud mn
t'lsted currency, which We now use as a legal
tender. would be supplanted by the old familiar
METALS This hope was baeed on favorabl, re-
por's received from Washington of the rapid
and uninterrupted cnnceIl,ng of the war debt
and the earnest desire Of the Northern peonle
TO restore to the Southern States the social and
political privileges Of which they are deprived
Had Congress adopted just and reasonable
course IN the latter particular, the South ut
thls Jdncture would be prepared to do much
more than it is doing towards keeping gold in
our own hands. The North does not hesitate
10 acknowledge the dependence placed on the
South tor means to liquidate the national debt
| and yet 1t sanctions the course of those radical
members of Congress who are violent in their
demands that the South must remain in a sub
Jug ated. consequently unproduclive condition.
we trust that these gold exports will have the
effect TO turn the att ention of Congress TO the
inteIefts bf the whole country
---~
IHR TRIAL OF JEFFEnsoN DAvIs.-It is an
nounced by two Of the New York pdpers-the
1amcs and the 1ri6une-upon what they claim
as good authority: that the trial Of jefferson
Davis will commence al Richmond, Va, Oh the
FIRST Monday Of June. The defence, j: is ad-
.ded has been entrusted to Charles O'Connor
and james T. Brady. of New York; W. B.
Read. Of Ph,ladeIphiu; Mr.. Brown, of Balti-
more; Dir. Pugh, of Ohio; and George Shea.
formerly Corporation Attorney for New York.
The arguments, alike for the prosecution and
the defeuce. the Times remarks, will, iuvoly.
tho most comprehen sive and searching itouest
Into the constitutional authority of the Gov
ernme't, and the relations of individual States
thereto that has probably ever been made
since the foundation of the Union
-->-~-
lnE CONFEDERATE DEAD.-We are eratified
10 learn that the ladies Of our village are ac
nveiy engaged in pcrfectin:, nil necessary ar-
rangemeEts. for the purpose of raising fund, in
behalf of our Confederate dead. An Enter.
tairment' is proposed to be given at the Mar
S''aii House on Friday evening. the 18th June.
and the various preliminariss are being ar
ranged.
other sections of3the District we trust, are
zealousIy cooperating in this praiseworlhy en-.
terprise. and we hopeto see, in due time, a
suitable response to an appeal which addresses
itself 80 foreibly to the public spirit and liber
atty of our citizens.
The North Carolina State Convention met
again last week. The motion to adjourn ,;ne
d ie made on Thursday was laid on the table
mess"ge was received from Governor " or,h.
in which he says he has no Recommendations to
make for reconstruction measures, but the ac
ton of Congress must be waited for. He sava
ell are loyal there, including the Coneressnen
elected. The President is heartily endorsed
ana ei'h government is 10 complete operation.
% jet Davis has been allowed the freedom of
the Fort on his parole, retiring to Carroll Hall
at night His counsel, O'Connor and Shea, are
admitted to long private interviews with him.
IL is stated that they will demand an imms.
d'ate trial, and If the Government asks post
ponemen, which is possible. they viii demand
h,s release on bail His counsel are ready n
give ten millions bail.
>i The Court, Of Equity for our Di,tr;ct ,,oo,,
on .he "a Monday Of the present month. Chan
ee''or ": p1ohnsoD, of Marlboro presiding.
..IHE& DpAsrRous CosrtAaaAnos, ~ NV
Yonk:-Fhe fire. which occurred in Nav yn,I
on J he ae 22d instant wastlas most d.sf,no,,.s
that has taken place in that civ 2for 49,
YeRra. .Inclndad In a.. - 49, -. tNany