Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1873-10-30
THE MONEY PANIC.

IN the fact that q dangerous rock IN tne great
ocean is discovered, and other mariners are
admonished to avoid the locality. The pres
ent financial wreck teaches us an important
lesson. 1t is great loss; but it may be
made great blessing. Thousands of indi-
viduals are financially ruined, but tens of
thousands in the future may be saved from a
similar condition. In accordance with the
principle that "a burnt child breads the fire, y
vast multitudes may be saved from similar
wreck.
The thinking man naturally asks the ques-
tion, "why does the breaking ola few North
ern banks so affect the people of the country?"
The answer is simply this. The people of
the country are generally so deeply in debt,
that they are obliged to have money to meet
the constant demands that are made upon
them. If the people were out Of debt, the
breaking of all the banks would have but lit
tie effect upon them. If the people of the
South, upon whom the present calamity falls
50 heavy, had plenty of corn in their cribs,
meat in their smoke houses, and the means OF
manufacturing their own clothes, and were
out of debt, all the banks might suspend or
break, or both, and the Southern people need
not suffer much Inconvenience.
The lesson which this money panic teaches
US people of the South, is that we must make
our own supplies and manufacture our own
goods, and make just what cotton we CAN.
The northern people have been extensively en-
gagged in speculating in railroad bonds and
various stocks, some of which had a real ex-
istence, and others existed only in name. The
result is general panic. The Southern peo-
pie have been speculating in cotton. Not in
the usual way that speculation is carried on,
but in a new and extremely hazardous way.
Our people have bought large quantities of
fertilizers on time, at enormous prices; many
of our largest farmers have bonded their
crops for bread and meat, and other supplies.
These supplies have been furnished at prices
which no man can bear long, even in prosper
Gus times. Pay day is fast approaching, both
for the fertilizers and supplies, and there is no
money with which to buy the cotton. Any one
can see how the thing will 60. A large num-
ber of farmers will be bankrupted. There is
no remedy. 1t is simply matter of time.
The breaking of a big cotton planter in the
South is like the breaking of big banker in
the North-a multitude of unsuspecting crea-
lures are dragged into the ruin.
This catastrophe will be good thing if it
only makes our people, in the future, more
cautious. But our people seem to be in the
condition of the man who told one falsehood.
He had to continue lying in order to conceal
his lies. Our people in the South, after the
war, s.aked every thing Oh cotton. They
lost, and in order to regain their losses, they
continued each succeeding year to bet all
they owned, and more too, on cotton. Every
year they lost and now the crisis is upon us.
The trouble with us to-day is, many are in
volved in debt and are dependent upon others
for the necessaries of life. Our duty is to get
out of debt if it takes all the property we
possess and devote our attention more than
we have done, in the past, to producing food
and raiment Cotton will certainly ruin the
South ifit remains on the throne long. Re-
duced to subject, it is the best in the world !;
as king it reduces all its subjects to penury.
Some one may say we can hold our cotton
crop until the money market becomes easy
and then sell it for good price. This is all
nonsense The South is in no condition to
hold its cotton. 1t is obliged to sell, let the
price be good or bad. Even could the cotton
crop be held, it would be a risk. 1fthe whole
cotton crop was held for one year, it would
wreck the civilized world. 1t would break
many large manufacturing companies and
put the price of cotton down to nothing for
several years. The man that is out Of debt
and has plenty of corn and bacon, may safely
hold his cotton; but all others are running a
great risk.
SOUTH CAROLINA NEWS.
- Corn was selling at Greenville on Satur-
day last at fifty cents per bushel.
- The fair at Greenville commences on the
18th of November.
- Mr. Jordan Bennett, and Mr.. Nixon
Hemphill, the latter a son of James Hemp.
hill Esq died in Chester last week.