Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1873-10-10
Unlimited <srCCnbsICke >.

congratul&ting their reader, upon the
fall in the price of produce caused by
the strinoency in tie money market.
They want cotton at ten and twelve
cents Il pound, aud rice and sugar at
corresponding rates. As consumers,
they desire to force down every article
they buy from others to the lowest
practicable figure, and ihc European
merchants, who are III the same inter
csta, agree with them. What they I'M
dcrstand by ''cOminG to hard-pan" IS
bringing produce to Il gold price. That
is What the South cannot afford.
The advocates Of Il contraction of the
currency know that the general fall in
values viii bo i'll proportion to the les
scninG of the volume OF money in cir
culation. IN the abst nee Of foreign
demand, the price Of produce and of
every article of CONSUMPTION must ia
uutil the currency il circulation be
comes sufficient for its purchase. Such
Il process Will soon run down the quo
tations for Southern staples. The
effect is already seen. 1t Is said, how
ever, that the shrinkage OF values will
be general, and that what the Southern
planter loses by selling his cotton and
rice at = low price, he will gain by
purchasing what provisions and mate
rails he needs at Il CORE spOndingly
low figure. This is plausible enough;
but it docs not meet the ditficultv.-
Southern people do not, III any inpor
tant degree, make more than they
spend. When they have paid the
North, each wear, what they owe, there
is very little left. The bearing of this
lies in the application Of it. A planter
~, f..tpt, st1n tuHi. tbn faCt,r
owes that money to the bankers in the
North or the produce dealers III the
West. With cotton at twenty cents a
pound in @reenbacEs, or legal tenders,
one hundred and Twenty-Five bales of
cotton will pay the debt. and set the
planter free Bni tight times come.
and cotton falls to fifteen cents, and in
that case it takes one hundred and
sixty bales OF cotton to pay that same
Old debit OF SlO,nO. Let us push 1t to
Il point further. The Northern resump-
tionist3 suddenly bring about Il return
to specie payments, or n panic forces
cotton down TO 4 specie price. cotton
iathen worth twclVe cents IN gold which,
rs a means of paying his debt, Is no
more valuable n the moment to the
planter than the grecubacl>s We're be-
fore the resumption Of the squeeze
took place. The planter has only his
cotton, and, at the reduced figure of
twelve cents, it takes two hundred and
eight bales to Equldate a debt which,
without resumption or contraction,
could have been paved with one hun
drtd and twenty-five bales. And, mark
| YOU! the bale Of cotton sold at twelve
cents costs the planter Just as much as
| much us the bale sold at twenty cents;
| there waa 10 time for him, through a
| fail III values, To accomplish any CON
siderable saving III the price Of labor
and provision s.
1t i plain tl;at the imitation, which
means high prices, is good for the
| debtor and bad for tie creditor. The
South is a debtor, a,nd is likely to re-
! main so for Some time, and If the
South will, for once, think of its inter
ests, the cry here will be, not specie
| payments or contraction, but ttliintUCd
Ylt,ah1cks. Think of it, with cotton
at thirty cents in deprecated green
! backs ii viii take. to pay our debts,
only half us many bales of cotton or
| bushels OF rice rs it takes now. And
when we are out of debt we will preach
"hard money s hard rs the hardcst
apostles OF specie payments. We must
| look out for ourselves. The North adj
vOcatcs, in politics as IN finance, what it
holds t. be best for its own interests.
| We OF the South must come down to
our particular ''lartl-pan" and do the
same. Il tHNlicSiDn -NC3rS 03tG tOttI'itr.
Tie circulating notes of the suspcnd-
ed National Banks are already being
vigorously sought after by various
the hal.ililig business, but have been
unable 10 secure circulation. There is
reason 10 believe, from Information at
hand here, that within Il few weeks
every National Bank which closes
permanently will be sUcct @ led by Il
new one. When a portion only of the
circulating notes OF II broken bank has
been redeemed, Il new bank may uSt
that portion i'll starting, and lis circu-
iation may he extended from time to
time as the old bank notes are taken III.
The Michigan Constitutional Con
vention has grapplcd with the Iury
reform question, and, together with
the press of the State, Is discussing Il
i'll yerT earnest sort of a way. As IL
all cases where the change of an old
established costom Is involved, thel {
is great variety OF opinion, and some
of the ideas advanced have the merit
of being original, If possessed of nc
other value. The reform which is
sought to he engrafted upon the State
Constitution consists of Il clause which
permits the Legislature to authorize
five-sixths verdicts in criminal cases
or, in other words, to make the finding
of ten of the jury equal to the presen
unanimous verdic of the entire twelve
This does not appear to be an improve
ment on the proposition to increase thu
number of jurors and let the opinion
of majority be the verdict to b.
rendered.