The Orangeburg news. [volume] (Orangeburg, S.C.) 1867-1875, 1873-10-11
Cotton and Glao strlngency

3B3E4ta
The advance in cotton is healthy
sign Of the times. It shows the influ-
ence of the great staple in restoring the
monetary condition Of the country. 1t
Has nlmOOt proviisntiai that the fnan-
eial crash did not occur q month or two
later. Had the sotton crop b,cn
shipped and the crash come
with the drafts against it in the hands
F., Of the banks and cotton houses through
out the South, this section would have
been ruined-nbsolutely ruined. There
would not have been prominent bank
that could have survived, and they
Weuld have gone uader before the de
Fssitors could have made run upon
then. As it is, the North, with all its
wealth, will suffer more thaa the South,
-because il has no such powerful reserve
to bring into the field. At this time
there never lis any very considerable
amount of currency ameng as; iaasmuch
o. the supply las been exhausted 10
raising the crop and every interest is
booking forward TO the harvest which
mRst command ito tWo hundred and
dfty millions Of money under any cir
eumstsnces. There il, 10 is true, great
stringency in currency--for any other
: purpose than to buy cotton:
Those who have money are holding
for that very purpose, and others who
have drawn their deposits from the
hankn are holding it back, while those
who receive it from any source are also
hiding it away against tho criSis, Hu
nen Bature is controlled by uelfinterest,
aRd in such emergencies becomes much
more selfish than sensible. Every man
thinks that he must look out for himself,
runs TO che bank, pulls out his nonNy,
sad buries it away in his strong box or
trunk. There is no bank in the country
that could stand peraiStent run, because
the very nature of iss business requiren
that a large portion Of Its deposits should
BE- fnvcsted in securities which cannot
Be realized upon in q moment. The
national banks, too, are under the strict
eat United States law, and may be
shroWn into the hAads Of Q reseivor At
any momsutSSiR ease of its violation.
All these incidents atten d and increase
o panic, and the trouble in community
like 0nrs is,that everybody gets scared
aad wants to do something, instead Of
keeping quiet and cool. The whole
bHsinsns of life is system of reciprocal
relation and mutual dependence, and, in
asasonS Of fnancisl trouble, the undis-
tpEbed tnaintenance Of this normal con.
&itioa Is moro essential than ever. The
man who tills the gound in this section
10 the cor1or stone Of our whole business
supeFDsructuro. He and the merchant,
and the bank, and the factor, and the
manufacturer, are like the hands Of
clock-all moved by the same mAchin.
cry aud at the same time. Obstruct or
defeat the harmonious working of any
or either of these component parts, aud
ysH disturb the whole construction. To
make run on bank in which you have
placed your trust for years, at Such
time, is to strike and injurs the faithful
friehd who served you in difficulty. The
very last hour 10 which to draw from
your bank, both as matter of good
sense aud fair dealing, is whon the
country is in troable with financial
PauiC. However, in the South We can
not Be burt much, for We have the entire
Drop In our handS--thank G God!