Daily Ohio statesman. [volume] (Columbus, Ohio) 1855-1870, 1868-11-09
The FinauciaIPanic.

This commercial panic has been long
brewing. Efforts to stave it off until the
result of the election was known, resulted
successfully so tar as the staving off was
but in the end it will prove
the more disastrous to the commercial and
other business interests of the country.
! While Government has no business to
regulate trade, for trade will regulate it.
self, the Secretary of the Treasury and
Congres IS havesboth attempted the expert
ment and both have failed. And now, Mr..
McCylLeCH, the Secretary of the Treasury,
net satisfied with his experiments, which
have but made bad worse, proposes to reissue
several millions of redeemed Greenbacks
and to throw them into the money market.
in order to retrieve his error of selling the
gold coin OF the Treasury. at large pre-
MUM, and receiving pay therefor. in
Government promises, one-third more for
Gold than Greenbscks, thus admitting that
the pledged faith OF the Government to re-
deem its promises to pay, are worth one.
third less than. the coin in which the i'm
piled pledge is, that they are to be redeem
ed. We fear that the unlawful reissue of
the four hundred million dollars in Green
backs, while it will-give momentary re-
lief, will, in the end, aggravate the evil.
That portion of the United States which
in the better days of the Republic, with its
cotton. rice, tobacco, ETC., formed the
great articles of export, which brought
money to the country and was used to pay
our debts to foreigners, is now but as a
desert waste, where not enough is produc-
ed for home consumption, much less for
export. The South used to be the great
m arket for the West, where the surplus
c,rn, flour, pork and bacon found ready
N ,rket. With the evils of the so-called
reconstruction-the holding of the people
Of the South as having no rights equal to
those of the race late slaves -persistently
urged by bold, bad men in Congress, and
carried into effect by a large standing
army, thus largely increasing the burdens
Of the people,-cutting off the profita-
Bile trade of the West, has produced the
commercial causes which prudent and far
seeing men long expected. NoTmatter how
much temporary relief is obtained by the
reissue of greenbacks, it must continue at
stated periods, until the proper relief is
afforded in the settlement of the great
question which results in the restora-
tion of the people of the cotton, rice and
tobacco growing States to theirrights un-s
der the Constitution, so that without die
tation from officers of the sarmy
Of oi the Freedmen's Bureau-without
fear of negro violence, urged on by
carpet bag politicians in search of office,
the people OF the South are permitted to
manage their own private and domestic
.ffairs in their. own way, subject alone to
heir laws made in conformity to the State
Ind National Constitutions.
When the South again become producing
States, whose fields blossom with their
great staple, and they again furnish mar
ket for western produce, and their exports
# cotton and other produce which that
egion, favored by nature but aecursed
y Radical misrule, produces, and which
more than equals the money value of
ny and all the exports of the
United States, brings its rich return of
reasure, then, and not until then, will
uch money panics as that which followed
zen GRANTS election, cease, or be so few
nd far between as to be considered of but
little cause of fear. a rs
A redundant paper currency is always
ollowed by money pressure. 1t pro-
uces over trading and luxurious living,
nd these are certain to be followed by a
ressure, always aggravated by political
uacks attempting to regulate the laws OF,
rade by statutory enactments and by
'reasury influence. No country can be
rom them whose imports exceed its ex-
'0rts--that consumes more than it pro-
uces. gL1Ila --..----... ~ -f51 t'FIfj
Restore the country to what it once was
live to the Southern planter the protec-
ion of the 1aws-restore to him his rights
nder the Constitution, and again the
outh will become a producing region
That done it relieves the great west of its
,reat want and gives 1t a choice of markets
or its surplus grain. Now the South has no
money to purchase provision-the govern
nent feeds the negroes in idleness and the
ill has to be paid in taxes by the people.
This increases the panic. Justice and only
his, is the way to bring order out
# chaos--good .our of evil, and to do
way with commercial panics in the future
Had the Democracy succeeded to full power,
estorations would have been among their
Irst acts, and this done, the exciting cause
'eing removed, as sure as the sun shines,
d sure would confidence have been re-
tored, and commercial .panics have. been
hings of rare occurrence. 1t would have
'nabled the property of the South to have
,orne its just proportion of taxes to pay off
he great war debt, the simple interest to
,e paid on which now falls with such
rushing force on the industry of the coun-
ry. Its the true, and the only permanent
, ,anacea tor the ills we have. gl.-
The panic in New York has extended to
he West, and it will continue to extend,
Ind many who, on the day of election
leemed themselves rich, find themselves
penniless. --
Now Force Revival of business.
The Ne,o York Herald on the 9TH, the day
before the panic invaded Wall street and
alarmed Banks and Brokers for their safe
ty, and caused business to stand still every
where in the city, under the caption we
have put at the head of this article, pre-
dieted an almost instantaneous revival in
all kinds of business. In this rose tinted
the Herald urges these truths up
on the consideration of the Republican
and General GRANT: a-
ave shall have, as we said, fresh and
good start with the settlement of the politi-
cal excitement and election of General
Grant to the Presidency but the prosperi-
IN -at the country NAV be retarded hu I'M.