Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1873-09-27
rrrRcr OLE TIE cRIsIs.

The liabilities OF Jay Cooke x Co., az
prepared for their creditors, amount to
ST s39, 400; total assets. Sl5,966,2ll.
This is a bad showing, when it is consid-
cred that the assets are made up Of the
following items: Bills receivable, bank
insurance and other stocks, bonds and
real estate, 1885, $40; loans to North
ern Pacific Railroad Company on So
100000; stock of Oregon Steam Navi-
CATION Company, 81 100000; loans to
the Northern Pacific railroad on the
bonds OF the company, $4,O6S,2l5; sec
ond mortgage railroad bonds, stocks, etc.,
$3.50, 1856; total, SIS, 66.2ll. The bills
receivable may be almost worthless, the
real estate is perhaps mainly wild rail-
road lands not available, aud the stocks,
bonds, etc., cannot be expected to bring
par value at an early day. The break is
too great to be recovered from soon.
Little banks cannot always resume-at
least we only remember few--and the
big ones still more rarely. The excite
ment is abatiDg ell over the country and
business men are graphing with the SIT,
uation, fully res olved to make the best
of it in future. The South will suffer
more from inconvenience than otherwise
in this disaster. Fortunately our peo-
pie have not much credit, and their pow
erty has kept them out of debt and out
Of the way of great danger. We would
advise our country friends who have no
particular business in the city
Just now to GO on and pick out
their cotton, bale it up and
wait patiently for the market to open
again. Whatever may be the final result
of the failures in Wall street, there will
be a demand for cotton later 10 the
season at some price. If people would
only raise their own bread. and meat,
and butter, they could laugh at all the
failures of Northern spectators, aud be
practically the most independent people
in the world. II should be our policy TO
become selfsustaining, and not to de-
pend upon any other section of the
country for the necessaries Of life. As it
is nearly all our surplus money finds its
way to the North, and at the end Of
each year we are as poor as ever, if not
little deeper in debt. The credit sys-
TEN has been our curse. 1t ruined thou
sands of planters just after the war,
when there was an artificial abundance
of money and boundless credit. The
lessons OF the hard years that followed
we're not entirely lost. The ruinous
consequences of running into debt were
too keenly felt aud bankruptcy vas too
common to be soon forgotten. Oar
people learned prudence and economy,
and now have an opportunity to
learn the finishing lesson that will
rid them from the habit of going in debt,
raising all cotton, and depending upon
the next crop. Now is the time to cut
loose from the thraldom of system
which has always been detrimental to
our prosperity. The temporary -iucon-
venience felt here in Memphis, and
contingent losses from the panic in the
East and suspension of banks, we hope
will be more than overbalaneed by the
good results that are sure TO follow a
more prudent management Of our indi-
vidusl affairs. We must look to our
home productions aud the develop
ment Of material resources as
the basis Of genuine prosperity,
rather than the price Of cotton, paid
with an inflated currency. or 70 the
amount of that fuctuating currency
which the Government may see TT 70
print and put in circulation. That which
now is regarded as q national calam-
ity may prove to be a great blessing. 1t
is bound to check reckless speculation,
20 dignity labor, and to force large
non-producing class to live within their
income, If they have any, Who have fat
te ued heretofore on q credit While
hea,-tily sympathizing with all Who
are tmporaiily affected by the panic
and ia .,onsequcnces here in Memphis
We have a irm con yiction that the pee
ple will Be on their guard hereafter, and
learn invaluable lessons 81 political