The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1873-10-01
COLUMBIA, S. c., Sept. o5, 1873.

FAlR-UUSlNESSe eRpStES1Ss
COLUMBIA, S. c., Sept. 25, 1873.
Editor AbJecNlc Press and Banner:
The financial gale, asat travels South
causes a painful uneasiness here, but II
is to be hoped our bankers and mcr'
chants may weather it. Indications are
that they will, although through the
unguarded and, at this juncture, almost
to be considered malicious remarks OF
some papers, a most unpleasant conul'
ton of things was commenced IN shak'
ing confidence in the banking instltu'
tions. These reports-which, when
started, travelled like wild-tirc-have
been promptly contralicted, and it is
to be hoped there may be no further
trouble arising from them. Up to this
time the regular cotton business has
been done, and the advances made to,
day have equalled those of any preced'
ing. Cotton took a downward course,
and in two days went from II to loi
cents but this was anticipated. a run
here on the banks, if it shall happen,
would be most disastrous to the whole
business community. The banks can
60 through the pinching times all right,
if there is no scare gotten up; they can
carry the large amount Of merchants
paper, as they are now doing, and move
the cotton crop, but should an unwisc
course be pursued, on the strength of in
discreet rumors, disaster alike to plant
ers and merchants must follow. Up to
this writing, fortunately, tic storm has
passed around Columbia; it has whirled
into Augusta and Savannah, Ca, and
Selma, Ala. In Augusta, four banks
and the firm of John J. Cohen & Co.,
brokers, are reported as suspended TO-
night, all with ample securities, but
owing to the lack of currency, there is
no market for them. In Savannah, a
run was made all the day long upon the
savings institutions, but they have held
out nobly. In Selma, it is reported, the
National Bank has had to go under for
the present. In Charleston, although
business is flat and nothing is doing in
cotton, for the want of exchange, the
banks are reported sound-the Savings
taking advantage there, rs they will
here, OF the legal notice in case of run
upon them. The Government will not,
it has announced, place any more Of the
forty millions currency reserve than is
actually authorized by law. In
Richmond, Cincinnati, and several
other cities, the several exchanges
have passed resolutions for pro-
lection, and large meetings of the
merchants have becn held for the same
nose. Perhaps, even before you have
published this, the storm will have
blown over, but at the present time it
is thickening.
The types could hardly vary dates re-
rarding the extra session of the Legis!a-
thre more than have the people at the
State House. 1t has leaked out that
the President of the Senate is not in
clined to fix it before the 9Th of Novem-
Der, while many others have fixed upon
the :2Sulof October; the last named date
is, it may be said, just now, the most
popular and probably nearer correct
than any other. An unusual number of
members of both houses of the General
Assembly have been in conference with
the State officials, and it is rulnored that
the pulse of the coming session will be
exactly timed as to the schemes that
may he brought up fer their considera-
ton very shortly after they meet. That
there are very heavy financial measures
TO come up, there is no longer room for
doubt; and that some of them will have
their conception III the Office of II. H.
Kimpton, of New York, formerly fnan-
cial agent, is very generally believed.
The suggestion of your correspondent
IS former letter, that the smiling Les
lic, he of Land Commission repute,
syould soon appear on the scene, was
not far out of the way. 1t is supposed
that he is here in the interest of some of
4he schemes referred to, as the most fit
ting person under the sun to put them
through" 10 work successfully, lie
,nust be member, and the fact that al
most Immediately after his arrival he
started for Barnwell County, his old
stamping ground, would naturally
enough indicate a purpose to come as
member from that County. TO do so he
would be compelled to cause vacancy;
u short time will settle the matter.
Partly official statements authorize
the rumor that the next tax levy will be
twenty mills; what will the people say
to this? How much of this will be for
the purpose of paying the interest on
those five Morton j. Bliss bonds, decided
upon by the Supreme Conrt? These
are questions the taxpayer may very
properly PROFOUND in anticipation of
how his hard-earned money may be
spent.
Speaking of bonds, it seems that their
value here is rather less than in New
York, for this week twenty thousand
dollars of them were sold by the Comp
troller-General at auction, in front of
the Court House, for III cents Oh the
dollar. Eighteen of them are what are
known as conversion bonds. aud four Of
them of the class issued for the rcdemp-
ton of the bills Of the Bank of the
State. They are deposited by the Andes
Insurance Company, which is insolvent,
and were sold by order of Court, to sat
isfy judgments against that company.
The decision of Judge Carpenter in
the case between the Water Power Com
pany and the City has been rendered,
and is in favor of the company. 1t al
lows the company $4,000 and interest;
yalidates the contract, and enjoins the
city from applying the water rents to
any other source than paying the COM,
pany; also compels the city to pay Il c
costs. Some are cruel enough to s:y
that many claims must have been eaten
ut that "balle" in r. I. to have sug-
gested the able ideas contained in this
decision, which covers thirty pages of
closely written foolscap. You know
physicians are Of the opinion that no
food stimulates the brain so much as
fish.
Were it not for the present financial
crisis, it might be written that there was
never q better prospect for mcrcantilc
splendid stocks have been secured. In
81, L.. nY.n1, 70 hny-