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The Panic And The Crops.

The Panic And The Crops. image
Parent Issue
Public Domain
OCR Text

We have at the present moment of uurplus crops airead y gathered and daily gathering the following estimated amounta: Of cotton for export we have 3,000,000 bales, represent k at 12 1-2 cents a pouixl au average value ot' $58 abale, or a total value of $171,000,000. The giirpli of the couutry will yield fully $100,000,000, making the total value o;' agricultural producís not less than 1274,000,000. ïhereis no stugnat ion in the demand ibroatl for these producís. Un the eontiaiy they are mach needed, klly the breadstuffs, by European consumera, and they should be now pressing forward to the seaboard for shipment to the markets ot' London, Liverpool, Havre and "Hamburg. But the usual snjooth mftohinery for raoving and marketing the crops is suddenly and rudely stopped. Merchants and shippers in New York cannot supply their eustoiuers in the interior with money, because they cannot realizó on shipments ot' produce by the ot' sterling and other foroign exohanges. The little foreign exchange that is Bold is sacrificéd at t'rom 4 per cent. to 5 per cent, below its real value. Large amounts of green backs or legal tenders cannot be obtained by men whose faeilities tor getting money have hilherto been uulimited because the banka have adopted the policy of certifyiug cheoka and refuse to part with currency. Time prenses; every day of delay in getting the causes incalculable mischief, but insteadof the emergency being met the general spirit manifested is sauvt qui peut, I ate of affairs, should it last 't (mi or twelve days louger, muist react disöstrously upon the entire producinfi interests ot the interior there can be little doubt. But the greatest anxiety seeins to be feit less tbr the industrial masses wbose interesta are jeopardized than tor tlu! effect that theopmiing of the Sto; V. Ëxchange will have on bonds and securities which have been the primary cause ot' the panic. This anxiety abóul the St'ock Exchrnga is not likely to help matter. The restoration of ability to seli exchaDge and theveby to assist the interior in moviugita producéis a prime condition of relief from bhe presönt stri cy. Tliis is the oiiiy soumi pblioy, and leane for doing this must be providèd if a inuch greatercalamity than the breaking ot' mushroom banks and the depreciation of flotitious securities is tó be averted And the Booner the solid commercial men of New York see to it tliat mcans are providèd for accomplishing this object tlie hetter it will be for thenu and for all of us. Ten millione of dollars may acCOlnplisb now what a liundrcd millions will be inadequate to accomplish a few weeks or a raonth henee. We have rivals tor ilu' breadstuff trade of England both in Russia and North Germany; and if these rivals are enabled by the pieseut dead-look to occupy the English markot in advance of us the loss may be severely feit in every villago a-house of tb e West. The railroad boud panic has lasted long enongh. It is time that we were getting to work on the Imsis of actual e 1 values. - y. i ■'. World, :A11 the American and foreign sch iol teachers in Japan were ordered to oblerve the hólidays prescribad by the nM religión, and i continue their secular work on the Christian Sunday. Tliis order was to ii-icify the excited adherents of' the "ld religión, who exereise great influenoe among the oomraou people, and still keep the aulhciities in fear. The teachers, however, refuse to oby, and the matter droppcd without trouble.


Old News
Michigan Argus