Year: 1860

in leading Southern emp3filHls. iudeeu, NC laFe
experienced and are now experiencing, the bad
effects Of pressure brought chiefly upon US by our
Northern business and other connections, and our
own want of enterprise in not opening channels Of
direct trade with Europe long ago.
Had we shaken off the commercial and financial
yassalage which has bound us for years TO New
York, and which now binds US, and set up for our
Selves we would havereaped the Legitimate profits
flowing from direct intercourse and trade with the
old world, which amounts to some scores of mil
lions Of dollars annually, and would now be in
position of positive commercial independence.
There would be no difficulty about capital to move
the crop-no trouble in negotiating exchange-no
obstacles to interfere with the progress Of mighty
and prosperous commerce. All would be plain
sailing with us. New York and the balance of
Northern cities might sink into asea Of redemption
less bankruptcy, and we would hardly feel it, and
could only know the magnitude of the disasters
through the medium Of the public prints As it
is, our connections with New York and other East
ern cities have made us dependent to great ex-
tent upon them; and when their extravaganza,
overtrading, and lack of material capital, brings
about its inevitable consequence, we are sufferers
in greater or less degree and sometimes our IN
doubted solyency and unbounded natural resources



| upon US. This is the case with us now, and will
always continue to be tho case, as long as we pay
New York huge sums annually to 90 that we could
do better ourselves, only 10 be afflicted by these
| rapacieus midale-men when trouble comes upon
them, by the interruption of the usual course of
| commerce and finance. Direct trade with Europe
would make them tributary to lls-would reverse
the present unnatural order Of thiDgs-would make
New Orleans the great importing well as export
| ing city of the continent-would cause the ex-
| changes Of the Western world to center here-and
woald open up 10 US d future Of boundiess prosper
/ ity and wealth which nothing could interfere with
1 except some tremendous conyusion in Europe.
/ And the same nvfgorating influences would extend
themselves over every considerable town and city
throughout the cotton States. Let US, them in the
name of common sense, in the name Of common
| profit release ourselves from this Northern com
mercial thradom, for which we pay SO much and
get SO little, and open direct intercourse with our
best and ever.solyent customers across the water.
| The South is richer now than she was in 1857,
when Northern Insolvency and these very same
business connections brought hard times upon ms.
She then breasted the storm brayely and came out
| trinmphantly. She will emerge from the present
ordeal with equal honor and success and if she
learns anything by these severe lessons, she will
be more than compensated in the future.


But while induIging in these reasonable specula
tions and suggestions, we have no wish to throw
discredt upon New York enterprise or finance
We have no such idea. On the contrary, we fine
in them much to admire, and much we would like
TO see initiated nearer home. In their banking
system, which, although not as good or safe a.
} ours, we find unaninity Of sentiment and actol
governing, which ought to govern elsewhere j.
, times like these. The banks of New York alway
try to help, not crush, the commercial community
in days Of trial. The banks there appear to laYt
& community of feeling and community Of inter
est-and that feeling and interest is manifested il
behalf of their merchants, when, from sudden ant
unexpected causes, emharrassments flow in upo
them from all sides. Bank Presidents and Board
of Directors there appear to study the welfare Q
the trading sphere in which they exist and fror
which they derive all their power and all thei
profits-al their wealth and all their influence
This bank and that bank don't pull apart and pm
sue different lines of policy, They don't ask tn
question-how much can we wiring from this con
munity at the present juncture, by pursuing


sordid and short,sighted course-but they ask
how can we assist this community out of their in
mediate difficulties, in justice to ourselves an
safety to our stockholders, and by preserVn
them, preserve to ourselves long career of pro


porous business hereafter? That is the only que


tion they ask, and we must say they act up to
y with great liberaty, frmness and integrity.


doing this, they display as much wisdom as pr


dence, and we have yet to learn that they ha'


ever lost any thing by so doing.


The times are frghtfuly stringent in New Yor


The money market is tcnfold harder there th'


here The banks Of New York are weak VIII


compared with the banks of New Orleans. O


banks can stand almost any pressure, and the


banks are not in condition to stem panic fort


eight hours. Yet, what do we find the New Yo


banks doing to afford general relief? The te


graphic dispatches published yesterday morni


tell sautary tao--indicate policy which oug


to prevail here. The principal city banks agre
H. unanimously to unite in the purchase of $2,500,o


sterling exchange, agreed to expand five per ee


beyond their income, and recommended the sal


policy to the other banks of the metropolis


stead of attempting to grind the life-blood out


the community, for the purpose of temporary ga


they resolved TO put themselves in some hazard
order to do something in the way of general reli


All honor to them for it. Such wise policy m


bring in ultimate gain aud lasting popularity.
!, 3, The banks Of New Orleans seem animal
od by one common motive-while they have nc


others in common = that of protecting the
. IN selves without any regard to the community Fl


which they draw their sustenance, and with
,,,, which they would be incapable of doing evil


good. onSaturday last the banks Of New Orle
p~' were more than three millions and half in lii
Ties yet they continue the policy the past wee
Eu- and are contracting with unprecedented rapid


This, we respectfully submit, is all wrong. W


the banks of New Orleans governed by "


policy, there would be a meeting of Presidents
pps. liberal course would be agreed upon; peri


union of feeling and action would control the


rious Directories; and speedy and efficient mt
,-ty ures of general relief would be determined NJ
der All this they could do with entire safety, and
A'o9 the same time, make money for their stockh


ers. In their present position they could tax


least two millions and q half of sterling exohar
.r fn still remain impregnabe, and thus do a vast
.o4 towards ameliorating the existing depression.


they oit2


In this connection we will mention another


cumstance, which may be deemed not altoge


unworthy consideration. His Excellency, {


Moore, has convened the Legislature for the
es of next month. Probably, on the first day of
" session law will be passed calling upon the
heo u 4g it,,tin (t,i,