The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1867-05-25
Fraser, Trenhe,n, & CO.

Fraser, Trenhe2nn d CO.
The failure or suspension of this
vell-kpown commercial house has
already bssn announced In the Ph9-
mir, by cable dispatches from Europe.
The Charleston Mercury, in noticing
the disaster, pays the firm the fol-
lowing compliment:
Nothing is known as to the liabili-
ties of the suspended house, nor as
to its prospects of obtaining suffi-
cient extension to enable it to make
the most of the large stock of cotton
known to be on hand.
The firm in Charleston, whose
business Inns been chiefly upon nc
count of other parties of known re-
sponsibility, will, no doubt, become
embarrassed by the Liverpool sus-
pension; but their heaviest engage-
ments had run off, and we understand
their present liabilities are not large
in proportion to the supposed mag
nitude of their business. Their ulti-
mate position, we should think, must
depend upon the event in Liverpool.
Fortunately, the house there is repre-
sented by n agentleman not merely of
high integrity, but of business capn-
city and nerve, equal to the emer-
gency.
For some fifty yenrs. this house
has stood amongst tue foremost mer7
Camille houses of the United States;
and although, by the course of time,
many of its members have changed,
the strong ground of integrity, fideli-
ty and skill, on which it was origi-
nall.y built, has carried it through all
the financial convulsions which, dur
ing that period, have shaken the
mercantile world of England and the
United States; and never WAS it sup
posed to possess higher elements of
mercantile honor and ability than
now preside over it's extensive inte-
rests. Why the firm in Liverpool
suspended payments, we have no
means of accounting for. except the
fall i'll the price of cotton, with n
failure to obtain the banking facili-
ties formerly extended in Liverpool.
1t is well known that, early in the
season, tho Bank of England delibe-
rately adopted the systematic policy
of refusing accommodations, pre-
viously accorded, to those engaged in
this trade. The effect has been to
put the holders of cotton in the
power of the buyers; and the mer-
chants, factors and planters # the
South have, i'll the depressed price of
cotton, throughout the spring, felt
the baleful influence of this gigantic
and controlling institution. The sus-
pension OF this house we believe to
be only the illustration of facts which
bear heavily upon us all. It may be
that, rather than sell the cotton they
held at the depressed prices, occa-
stoned by this bank policy and aggra.
waited by the passing apprehensions
of war in Europe, the partners 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, acceptances, &c.
This would be an awkward and pain
full alternative; but, under such cir
cumstances. the suspension would in
no considerable degree affect the re-
sources of the concern.
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 deep sadness, we record
its suspension; yet we cannot but
hope that, under the guidance Of the
able and honorable gentlemen who
now rule its destinies, it will again
arise in all the splendor of its former
enterprise and usefulness and power.
If they had acted from mere motives
of interest, they might have left us,
as others have done, and gone to
other lands, to enjoy the affluence
they possessed. But they have pre-
ferred to stay with us in our ruin,
and strive again to redeem the COM
merce and fortunes of our desolated
city and country.
THE FAILURE OF FRASER, TREN-
HOLM e Co.-Thc Treasury Depart
ment Yesterday received information