Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1867-05-29
From the Charleston Mercury.
Fraser, TRENHOLM & Co.

The announcement of the suspensioa Of
this house vas received day before yesterday
by Meesrs.. John Fraser & 20. here, and we
UNDERESTIMATE it was as great a surprise to them
as the telegraphic, dispatches; published in
our yesterday mornings payer, were subject
of'astonishment and regret to our entire! com
munity.
Nothing is known.as u the liabilities ,.of
the suspended house, nor as toiits prospects
of obtaining sufficient extension to enable
it to make the most Of the large stock Of cot
ton known to be on hand. 80 =.
The firm in Charleston, whose business has
been chiefly upon account, of other parties OF
known responsibility, will, no doubt, become
embarrassed by the liverpool suspension.
but their heaviest engagements had run off,
and we understand their present liabilities
are not large in proportion to the supposed
magnitude Of their business. Their ultimate
position, we should think, must.depend upon
the event in. Liverpool. fortunately, the
house there is represented BY gentleman
not merely of high integrity, but of busi-
ness capacity and nerve equal to the emer-
gency. a.y g. z-:s NJ .s. :..,s, .;.s !.
For some fifty years, this house has stood
amongst the foremost mercantile houses Of
the United States and, although BY the
course Of time, many Of its members have
changed, tie strong ground of integrity,
fidelity and skill, on which it was originally
built. has carried it through alL the financial
convulsions which, during that period, have
shaken the mercantile world of England and
the United States and never was it suppos
ed to possess higher elements of mercantile
honor and ability than now preside over its
extensive interests. Why the firm in Liver.
pool suspended payments, we nave no means
| of accounting for except the fall in the price
of cotton, with failure to obtain thebank,
ing facilities formerly extended in Liverpool
It is we'll known, that early n the season
the Bank of England deliberately adopted
the systematic policy Of refusing accommo-
da,ions previously accorded, to those engag.
ed in this trade. The effect has been to put
the holders of cotton in the power of the
buyers; and the merchants, factors and plan
tiers of the South have, in, the depressed
! price of cotton. throughout ths Spring, felt
the balcful influence Of this gigantic and con-
| trolling institution. The suspension of this
house, we believe, to be only tae illustration
of facts which bear heavily upon US all. II
may be that rather than sell the cotton they
hold at the depressed prices, occosioned by
this bank policy and aggravated by the pass
ing apprehensions of war in Europe. the part
ners in Liverpool preferred, both on account
of others as well. as themselves, to suspend
payment temporarily, and hold the cotton to
realize the full amount of advances, accep-
tauces, &c. This would be an awkward and
painful alternative; but, under such circum-
stances, the suspension would in no consid-
erable degree affect the resources of the; con-
cern. "
This great house seemed the chief if not
the only steady light burning amidst the
mercantile gloom which rests upon our city
and land. With feeling of deer sadness we
record its suspension, yet we cannot but hope
that, under the guidance of the able and hon
orable gentlemen who now rule It's destinies,
it will again arise in all the spleudor of its
former enterprise and usefulness and power.
If they had acted from mere motives of in
terest, they might ehave left us, as others. have
done, and gone to other lands, to enjoy the
afauence they possessed. But they have pre-
fc-red to stay with us in our ruin and strive
again to redeem the commerce and fortunes
of our desolated city aud country. o