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New York, New York County, New York
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In Pontiac, Michigan, on Nov. 20, 1857, unusually severe winter weather has frozen unharvested crops amid economic distress; farmers withhold abundant produce for better spring prices, leading to no market sales, unpaid debts, and circulating currency shortage among others.
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Correspondence of The N. Y. Tribune.
Pontiac, Nov. 20, 1857.
It is seldom that we ever, at any time during the Winter season, have more severe, blustering and windy weather than we are now having. It is fully equal to the worst storms of February. Many of the farmers have not gathered their garden vegetables. Potatoes are undug, and corn is not husked, and we are having a solid freeze up. Perhaps the business men in the northern and eastern part of this State feel the effects of 'the times' as much as in any other agricultural district in the Western States. Our crops are abundant, and the farmers have, in consequence of the high rates for their products for the past few years, become art, and independent. Their granaries are full of wheat; there is an abundance of the coarser grains; but rather than to sell their wheat, their oats, corn or butter at such prices as will bear transportation, they have no hesitation in telling the merchants and others to whom they owe domestic debts that they will keep 'their stuff' until Spring, for better prices, before they will sell and pay up; and it is not unfrequent that they suffer themselves to be sued and put in a stay of execution, rather than to sell their products and pay their little debts. It is this disposition rather than the want of currency that has kept our crops back from market. And to mechanics, the hired laborers, and the traders, there this cause we may attribute the fact that among the is no currency or circulating medium. Even the cranberry crop which is a good one, is withheld from the market for higher prices next Spring.
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Domestic News Details
Primary Location
Pontiac
Event Date
Nov. 20, 1857
Outcome
crops abundant but withheld from market for higher prices; no circulating currency among mechanics, laborers, and traders due to farmers' reluctance to sell at current rates.
Event Details
Severe, blustering, windy weather in Pontiac, Michigan, equal to February storms, with a solid freeze-up preventing farmers from gathering vegetables, digging potatoes, and husking corn. Abundant crops have made farmers independent, leading them to hold back wheat, oats, corn, butter, and cranberries rather than sell at low prices that won't cover transportation and debts, causing lawsuits and stays of execution. This disposition keeps crops from market and results in lack of currency.