The Columbia herald. [volume] (Columbia, Tenn.) 1850-1873, 1873-11-28
The SituatiOn..sCauses anC
Cure fSDF. MEFe Panic.

The n..sCauses anu
Cure for GIre Panic.
We have never denied that there
was a panic in the country, and that
money was difficult to be obtained
and apparently scarce. Many hands
have been dismissed, and the wages
Of others reduced. This is the result |
of the most useless and unnecessary
panic that ever afflicted this country.
IF not caused, it is certainly kept
alive, by just such articles as our
contemporary, i'a'ocently, no doubt Is
publishing weekly. Money is as
plentiful now as it was in the sum-
mer, but It does not circulate. Conf
dence is destroyed by croukieg men
and erodking journals, and that causes
men who have money to hold on to
it. and not use it, either to pay their
debts, to buy property or to engage
in enterprises of any kind. They are
alarmed by just such articles as ne
writes, and as the sensation journals
of the country have been publishing
for months. There is no ust cause
for this condition of things. 1t has
been in a great degree caused and
continued by croakers on the streets
and at the head of newspapers,
There is as much real wealth in the
country now as there was six months
ago. 1t is true cotton is selling lower
than was expected, but this Is owing
partly to the panic, and partly to the
supposed large crop made this year.
If cotton is low and everything else
Is reduced in proportion, things will
eoualize themselves, and will soon be-
gin TO How in their natural channels.
One good effect Of the present condi'
ton of things will be that hereafter
orr farmers will learn to raise more o.
the articles they need for home con
sumption, and rely less upon raising
only one staple to buy everything
else with. If man now has plent.
Of corn, wheat and provisions of al
kinds. and has his workstock in goo'
order. and none of it to buy, he doe
not suffer from the "hard times.
Cotton at twelve cents pound
when a man has no supplies TO buy
will bring in handsome amount c
money. Twelve cents a pound
$4,000 bale, and this will bring
the South s175, 100000. So long as ou
people rely alone upon cotton, an
buy all their provisions and worI
stock. they will certainly be suRJe
70 he distressed with money pon'c
created by Wall Street speculate
and sensation journals. Let us leal
wisdom from the present condition
things. Whatever enterprises Il
necessary and useful, whether house
hams, or railroads, should be undert
ken now as well az at any other tim
Whatever enterprises are unnecess'u
should never be undertaken. The
is rs much labor in the country
there ever was, and this labor C.
make these Improvements now
we'll as ut any time. 1t cannot
maid as high, and therefore the L
provements can be built at loss co
but when the labor is lower the pr
of articles consumed by the labor
and his family will be lower, and
this way thugs will become equ
If We dcspond and croak, we "
make times worse instead of bett
Stop all enterprises of every descr
ton, and you destroy the country
turning millions Of men out OF c
pIovment. 1t Is true, We think, Il
the volume of currency should
increased, but what we n0lC need
a free circulation Of the currency ue Ia
This will never be the case so long
pauicty articles fill our newsPap'
and 50 long as croakers control PuI
sentiment by whining about m
lines and scarcity Of money III
arc hard and money is made sea
ley this very cause.
Let us pursue a liberal policy
wards each other-let the creditor
press the debtor, and let the del
nav the creditor a. far as he is ah
let confidence be restored, as it sho
and must be before we will have
relief. and then the country will S
recover from this Wild and w
spread panic, which is as foolish
unnecessary as is the panic in an
my when there Is no danger N
. In thar case whoever shouts,
enemy is AT hand, and we are o
wbclmed.- increases the pane a.
the croakers who now shOrt,
country i ruined, and there i
hone IN the future" They both
duce the same disastrous results
,be counscls Of both should alike
di.rcgardcd,