The herald., 1837-05-10
Already the effects of speculatons made mad are

beginning to be in the extinction OF oil decency
in social life. Bankrupts, who have failed TOR 1her
hundreds of thousands, are yet driving up ana down
Broadway in their splendid carriages, while their cred
tors walk on foo-their beautiful families are skip
ping gaily ever while those they owe for dress
are working hard for souP-and the same extrava-
gance Of Dress style, and squpage are induged IN by
great proportion, if they still retained their bloated
paper fortunes. These men are unhinging the moral
tone of society They talk about their assets and their
surpuses, when they ought to be studying retrench-
ment-lopping off gewgaws-and bringing back their
families to moderation and simplicity. Have they
forgotten the outrageous gaetes of last winter? How
many of these very men who have fallen by exrava-
gance and speculation and trade, have been living at
sl2, 900 to $4,000 year? How many gave Their
$1,000 $4,000 routes and balls and soirfes last win
ter !? How many took fortune to furnish Their
houses? How many set up carages-hred servants
kept their studs of horses-and looked with con-
tempt upon those who moderately lived on their own
means?
Under such circumstances can easily excuse the
first burst of Indignation, any thing or every thing
at the appalling discovery, that in the midst OF such
wealth and fanced grandeur they learn the melancholy
truth that they are not worth doar-not a damned
dollar. Such sentiment is natural in the first ebu
itons of disappointment but it ought not to last
Instead of agtang in Masonic Hall, their better en-
plSyment would be the studying the finance OF the old
school, and endeavorng to begin life on more econo-
mcal principles. As to their enumeration of
Losses on real estate, S40,0O0,O0O
Losses in stocks 500
Losses on goods at old prices, 30000,000
making in all ninety millions, which the committee
put FORTH they will permit to say that half Of
is moonshine and no loss at all. They worked up
the prices Of their goods and chattes during the last
two years. ninety millions in paper currency-let
them work them down, in specie currency-pay
their debts and then be exravagant their surplus.
The goods ana chattes are as good as ever, and SO
are the men and pretty women who will own them
year hence. AT present. property, like blind dog,
does not know its ewner.
MEETING AT THE MERCHANTS ExcHANGE-Sus-
PENSION OF SPECIE PAyMENTs.-Have our Merchants
and bankers eaten Of the insane root? What is TO be
the result of their futile schemes, and mad policy
The other day committee sent to Washington,
to induce Martin Van Buren TO abandon the decided,
avowed policy Of both himself and his predecessor
What folly, to expect that the merchants of New
York could by threats or entreatics, make him aban
don his ruinous measures, when the avowa of those
very measures procured his election Now that plan
has failed another is TO be tried committee was
last night to have been sent to Albany TO make the
modest request that the representatives of the people
of this State would authorise suspension Of specie
payments by the banks, throughout the State. They
dare not suspend without that PERMISSION for the peo
pie threaten them hand, and the Chancellor
holds an injunction over them on the other. That
they can stand the ran which is making upon them,
their own acts prove hey themselves doubt. Will
H. IL II
doubtful. The only hope they entertain, is to lnfu-
ence the stockholdng members of the legislature
through their pockets. But what If they do? Will
bank paper be at par7 Will the community receive
the promises to pay demand, Of those who have
already procdred act freeing them from that con-
tract2
If the same course is not pursued at the same time
by every state in the Union foreign paper will flood
the state TO the exclusion and depreciation Of our
own New England and southern money will be
preferred to New York. And even should The whole
Union adopt the same course at the same time,pa
money would depreciate more than ever, or what is
the same thing, the prices Of every thing else would
rise, and universal ruin be the consequence. No,
not wont do. Ii is both dishonest and mpolitc The
Bankers are damning the Herald for the course il
has pursued-for having the sense to sec through
their policy, and the honesty and independence to
tell the truth. II the banks have been loaning their
money to spectators and depnving the merchant
for whose benefit they were chartered of their ac-
commodations, if they have brought on this state Of
things and are now unable to stem The torrent ha, is
pouring upon them, let them mule their robes about
them and fall with decency.
GREAT PIcKINGs IN THE Vino PARTY.-The divi-
sion Of the corporation Offices by "our party" last
night (which we shall support only so long as they
aredece nt, were principally determined upon, by
private caucuses in the Courier and Enquirer Office
Joe the chief manager We understand that there has
been great struggle in our caucuses betweena Wall
street clique Of politicians, and the uptown Wings
who fought battle gained the vctory-and DO