Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1873-10-02
The Situation In Augusta.

There were very perceptible indications
yesterday of a continued diminution OF
the panicky feeling created in commercial
circles in Augusta on Thursday by the
suspension of currency payments by seve-
raj Of our banking institutions. Deposi-
tors, where assured of the solvency OF the
institutions with which they were doing
business, begin to appreciate the utter fol-
ly OF lashing themselves into a lnid-sum-
mer perspiration simply because they can
not get possession of their entire deposits
in currency, SO that they may lock 1t up
in their own Strong boxes against remote
contingency that they wi'i.require every
dollar for business purposes They begin
to realize that upon just such food panlcs
GROW strong and increase their BREADTH
and have made up their minds to-he salts
fed with efficiency ofcuErency, TO "a an
swer their most pressing demands; Inc
exhibition of this disposition has neeh oi
inealculable financial relief throughout
the city and adjacent country, III encour-
aging our suspended banking institutions
to resume and continue the payment OF
small checks, affording III the aggregate
great relief to class of deposltors which
otherwise must have experienced severe
deprivations, from lack OF money to pur-
chase food supplies,and seasonable cloth
ing. The benefits Of even these small pay
nents permeate the whole community,
and gradually find their way beck to the
individual or institution making them.
A MOST GRATIFYING SHOWING.
The National Bank of Augusta W. f.
Jackson, President, throughout Yesterday
stood the pressure Just as If 1t were Il
veritable financial Stonewall' all''-:neetlng
all demands of depositors Among It's
heaviest payments were $500 to the Au-
gusta Factory. to pay the operators OF
that establishment; between $4,000 and
$1,000 to the city of Augusta, to pay the
canal hands, and $1,000 on a check OF
the Orphan Asylum in favor Of w. d.
Goodrich. In addition, a number OF checks
for. smaller amounts were paid to mer'
chants and other depositors. And yet, at
the close of the days business, the depos-
its of currency were $1,000 to $4,000 IN
excess of the amount Of currency with
which the bank commenced business IN
the morning.
The Georgia Railroad Bank remained
firm and 'unyielding as "Gibrateri" wax
ing,still stronger in its currency supply,
while hononng all checks Of deposltors.
This institution is a recognized king OF the
present monetary crisis, and Just about as
safe and strong as human institutions get
tobe.
The Merchants and Planters National
Bank, ex-Gov. c.. Jenkins, President
resumed the pavement in currency Of small
checks yesterday, and effected settlement
oflarger amounts by certified checks, now
current in the city. This institution ex-
poets to be firmly on its legs next week.
dong bushes as usual.
The National Exchange Bank, Alfred
Baker President. continued to pay small
checks in currency yesterday, and make
settlements with depositors' desiring to
accept first class securities.
Messrs. John ]. Cohen & Son, bankers,
paid in currency all demands made on
them Yesterday, and will gradually be
prepared to pay currency to deposltors
dollar for dollar deposited with them
They will resume business on Monday un-
der the same schedule as. run yesterday
Deposits will be received and checks sold
arrangements having been made by them
for the same.
The Commercial Insurance. and Bank.
ing Company continued TO meet all de
mands Of depositors.
The Freedman's Savings Bank remains
in possession Of its supply OF currency,
under the sixty days notice rule. But
few notices have been filed by depositors
andby the time the sixty days run out
they will doubtless be fully satisfied tc
leave their deposits where they are.
Commercial circles promise to weather
the storm, and our merchants are herol
cally addressing themselves to the labor o.
turning the poorly creased wheels OF loca
tyadeSdoing the very best they can The
aspect of affairs is certainly encouraging
and hopeful. Money is expected from
New York by some Of our cotton men
ABOUT the middle of the present week
with which to purchase cotton, when 8
general contraction oflengthened counter
ances will foIlow-GGc cnstitutionahst, 2Sth
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