Year: 1873




pie here no money. Gan that our people now
need,n said Captain Granger, "is that they shall
6nd nnrdhssers 70 aap s1en the pe vane Of NJ
newspapers as barometers OF the condition OF the
community In which they are published, your cor
respondent called upon Mr.. Bernard, the editor OF
the Star, one OF the most enterprlsing paper pub
fishers IN the Southern country. He believed that


MATTERS HAD REACHED THEIR WORST STAGE
In this city during the last half September; that
since the elimination OF the financial troubles In
New YORK affairs have steadily though slowly i'm
proved here, and that all that IL needed TO produce
comfortable commercial and financial status IN
Wilmington is that a ready market be found Tor
the depot. In consequence OF the absence OF the
great manufacturing establishments go numerous
at the North there has been little suffering occa-


THE DISCHARGE or OPERATIVES.


The negroes discharged from the sawmills easily
find employment in other branches or labor, and
they require very little to meet their simple and
inexpensive wants. ! have heard OF the discharge
or employees at few manufacturing establish
ments within the city limits, but the number is
small and there Is not the slightest indication OF
unusual suffering among the poor OF the city.
A More Hopeful Aspect Than Might be
Expectcd-A Little Accom- mmodation
Only Necessary TO Bridge the
Winter.


RALEIGH Nov. s. 1873.
Although Wilmington is the chief CITY, both in
commerce and population. Raleigh is the money
centre OF North Caro- lima. The three banks here
control half the banking capital IN the State and
their lines Of discount have usually extended &C.
commodation to Wilmington and various OF the
other business centres OF North Carolina.


1t Is credltable to the intelligence af the people,
and public confidence pays handsome tribute TO
the character OF the men who constitute the pank-
ing ana commercial community OF the State,
that at no time has there been panic In North
Carolina. The criss olow prices seriously stagnates
trade and impedes the progress Of business, but
panic, loss OF confidence, there is the least
evidence OF here Your correspondent has been
at considerable pains 10 get at the true state Of
affairs here and throughout the State, and, after
three days Of patient inquiry, is enabled to give
the Impressions OF the leading men representing
the various lines OF business in the State.


STATE FINANCES.


According to the last published report OF the
Comptroller OF the Currency, North Carolina has an
authorized and outstanding circulation OF 42o
against banking capital OF 600 before the
when the laws OF the State allowed the banks 70
issue three tor one, thus making a circulation OF
$4,000, 600 at the breaking out OF the war. The
actual capital was then more than So per capita
ana the circulation some SO, as against per
capita circulation OF 81 62 now. The Comptroller,
in his report, makes the mistake OF limiting the
ante-bellum circulation Of South Carolina to the
actual banking capital authorized, whereas the
laws Of the Safe permitted an issue or So for every
gold dollar held by the banks am as ked here
TO cau his at ention 10 the error.


Under the national banking system North Caro-
lima Is put down by the Comptroller being en-
titled to an issue OF six and halt Millions appor-
toned on population and wealth, whereas she
actually has little over a million and half Busi-
ness men here point to the fact that the Eastern
and Northern States have issued much more than
their share, and thus overfavored by the govern
ment and overied with currency they have gam
and distressed the country with this temporary
ruin OF trade.


THE PEOPLE CONFIDENT.


But the people here are hopeful Well-grounded
In confidence, one for another they all working
together determined to weather the Storm with
out the loss OF single one OF the crew,
satisfied that they are on the course to and daily
nearing the harDor OF "peace and plenty" Not .
single failure has thus far occurred in Raleigh, and
scarcely one attributable TO the present crisis in
the State, and bankers, merchants, capitalists and
farmers all seem determined that there shall be
none. The banks Of this clty-and the same is true
OF those OF the State-are in better condition than
SiscontnSea dscounting and Keeping themselves
in condition to meet every legitimate demand
upon them they are still affording every possible
relief and accommodation to the public.


COMMERCIAL sECURITW


The merchants are In good spirits and confident
OF meeting their obligations as they mature Their
customers and those to whom they made advances
for the cotton crop are coming up and paying part
and in throwing Just enough OF their produce into
the market to relieve their merchants all hands
appear to feel satisfied that the worst the crisis
can do for them Is to dissipate anticipated profits


THE COTTON TRADE.


OF the crop OF 1871 Raleigh handled about 1900
bales OF 1874 000 and Of the present crop $4,000
was the anticipation. 1000 bales, or nearly one-
fifth of the expected amount has been already re-
ceived. and compared with the operations in 1871,
up to the same date In November OF that year.
AS against this date last year the receipts are 500
bales short. Cotton was then quoted l7c. 171sc.,
now 1t is IL &c.


RAILROAD FIEIeHTs AND TRANSPORTATION.


DR.. w. J. Hawkins, President OF the Raleigh and
CASTOR Railroad, informs ne that Doth outgoing
and incoming Geights are greatly diminished and
travel much stagnated, but he is confident OF
time, wages, nor discharged any OF mis- force
either in the shops or on the road. Mr.. George r.
JONES' agent OF the North Carolina division OF the
Richmond and Danville Railroad, reports heavy
falling of in freights.


Colonel Thomas M. Holt, OF Alamance, one OF the
largest cotton manufacturers OF the State informs
your correspondent that +. M, Hot's Sons and j.
Of Of saxapanaW. and III Holt Moore Of o Haw RIVER
are all running on full time and wages, and that
they will all continue to run without change.


Ny Information from Fayetteville. in the south
east OF the State, Is to the erect that the Bun,
Rockfsh and Beaver Creek cotton mills are all
running on full time, and the same is true OF the
other cotton mills OF the State. apprehend, how
ever, that there must be some reduction in the
manufacturing operations Of this State, but no
total suspensions.


The large tobacco manufactures at Durham and
elsewhere are all reported to be running on full
time and wages, though reduction IN both may
take place any day. lam confident that the pe6-
pie Of North Carolina have the ability and the de-
termination to preserve themselves from serious
disaster, and that they Will stand In position to
gather the first fruits OF trade when il shall
open again. All interests appear to be working
together, and one helping another. The farmers
are masters OF the situation. They have generally
paid their labor, and while many do not owe any
thing, the bulk Of the Indebtedness resting on
farmers is with the commission merchants and the
banks. Farmers who owe are selling enough cot
ton to keep their merchants afloat and the banks
are taking part pay and extending paper. In this
way business Is going ON to successful issue.
The State has produced a fair supply OF breadstuis
and is amply provsioned for the winter, and in any
event there cannot be an unusual amount OF suffer-
ing among the population OF North Carolina The
climate is mild, nearly every family has produced
some thing, and fuel Is convenient to almost every
household in the State. The situation In prospec-
tive presents North Carolina in light more ad-
vantageous, in many respects, than many other
States OF the Union, and the circumstances OF this