Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1839-10-14

II the merchants and bankers Of this country had
attended to the counsels given them through the
columns Of the New York Herald-if they had been
wise and sagacious enough toace themselves in the
position Of seeing the TRUTH we do and
the Independence that always feel-many Of those
men who now lament the present calamity, might
have avoided their dishonor disgrace, and final
bankruptcy.
In the years 1886 and ST, we furnished the Ameri-
pnblic with the good advice relating to the
aPproachiss crisis ofMay in the latter year. During
the fan Of 1887 and the subsequent winter and spring,
We continued to preach sound and wholesome doc
trine m finance TRADE; and in the sumusr Of 1885,
Ne visited EaropA for period Of six months, to
anime the elements Of currency and trade in that
hemisphere. The readers Of the Herald are sufi-
eiesty aware Of the Opinions statements and truths
we promulgated from New York during that time.
On our return to this metropolis in October, 1889,
We made another observation of the commercial ee-
ents asain going into notion and again discovered
II TIT the circle of consummate folly had
bogus The following striking predictions extract
cd from oar moRey market articles, beginning in De-
es1hor, 1855 and coming down to the present nonth
win set this matter in its clearest light.
DrcEnsEn g. 1855 general appssrances Of the
<rctal world elements motion regenerating
sS corny and i Esrspe nersas eo".u%poa o OF he
~ MATERIAL all these combined with the
~ sf Of talent and capital 10 brought to bear in
petition staple production, eoon sufficient guar
sntees OF speculation is at hand which win be
rapd It's and disastrous its results than
an which zone before it. In the fortunes will
ard lost while the mostsk and prudent will
MAncn a. ess-t appears from he statement Of Mr. Bid
de the president of the u s. b. comes into power
with saS r. Do. e. An what ct
Tat gentleman has hsreofos been at the head Of the
foregn s.ehssEe Is:s. are hsws,sr some aR
Jrsr axov then What viii be the result = the Io. and
Who sse7 The Cotton spectators and the banks concerned
with them will be swept away causing confusion and
panic in their immediate circles But Me the sinking Of
ssr Sed for action The planters viii sss Be ass.es BY Inc
fs Ger the cropha nearly all passed from their hands The
Ts.s ana sosou S.sl. viii moi they have remained
have dollar Cor dollar specie in their vaslt Trade with all
classes has been very limited scale, short credits and
VEGA II pst themselves in the power Of the specializing and
borowinx institutions Of South Nov that Day likely
monopoly and spsculaos The confidence
Of our Banks once mere restored new impulse Will be given
Free trade and individual rights Will once more
be the MOTTO Of the dealers.
Jusr H-7e ,chols Sorroscine ring system
u<f expod Fortunately however, the increase Of indebted
ss hss rot been large BY Northern
dealers will great have been anticipated
,,i. protests q exchange and acceptances as we'll :.
the fall prices home The banks IN New Ysyk stand in
The centre Of hi, eire Of imrsa.ns s.n.Pes They .sns
xy aay been the extent Of their
Their is therefore. entirely within their control
me OF business done his spring IN New York and
which has been such Of triumph TO Philadelphia
friends, win prove her salvation ,.
JvEs % The revulson which will certainly 'st portion
Of The United States months have passed will be entire
Nv or different from tina, Of iss6 will De- brought
about by and greater than that which created
shs troubles ssce and that and
viii regulate mercantile transactions OF the whole world
ana ssee them on and solid foundation. There
eloudn the
veers at this a Threatening aspect
s;ss ss ere the expiration OF the summer cause sii
greater yepuscn The comercal worid, and consequent
sss.ss se ~. bee. rar...a both b nSon.
and the The period has arrived when The
borrowed money must be paid and nothing has been provided
G OOOOOo Be RENTED 10 England
Of the state stocks at the same time arg.
amount or Southern post will fall due which msst be
p>,d we have therefore nothing look forward to but
se~~si ssoson cf faeSA'ie ella" Of the boisterns sor
yuIs aTbe financial affairs both Of Great Britain and Of
shs country and such - to ele'te fsrs Of aus
- nnt banks have caused the currency
n fssw demands Of trade but have attempted TO stay
govern it, course BY raising barrier Of paper
s-Ip looking around upon the general condition Of
she money market we s.c ooh 'n GU sss 'ns a
fs markets have passed the aP
Jr,Y iS-Phadephia and Baltimore have yet feel the
eject Of hei- credit operations during the last spring business
hsp banks prevented merchants
in rrssi measure from falling into the same snare
Aveusr Tile de,elopemen which viii take place IN the
weeks viii undoubtedly be such as are little antcps-
ssd by Ae public: bat they sriH inroirs Tie vn ~ scsd
~, iss, 81 isnk and dsslsrs who better ew " s way
The eormvsy large may hail the event as inc oo~no'
MONOPOLY and the CONNIE cement Of free trade.
eerosrn 4-There growing Impression ~ Wall street,
that the Philadelphia bssks must swped also re-
ported that great anxiety exists IN Philadelphia Tor The New
York banks 10 take the lead In such a movement
From this will be that none Of the banks or an
situations throughout the country, have been benefit
ted by our counsels, but those Of NewYork and New
England, excepting perchance the Providence. The
whole press Of Wall st. under the influence Of polit
clans, was engaged in leading the public astray and
in this sefsricus business, they were joined BY the
ignorant press 81 Philadelphia, Baltimore and other
cities. The ridiculous and ignorant money market
reviews published by the Courier and Enquirer Dai
w Express, Journal Of Commerce, and other similar
papers, have always been the opinions promulgated
by the press generally Of the other large commercial
cities except perhaps Of thosein Charleston, Mobile
and New Orleans. Alone, in the midst Of arrogance
igporanee and folly, we have dared to publish the
truth, the whole truth, and nothing but the truth"
IN all matters Of currency and comnerce--
Oar means and sstainments TO do this are greater
than all the other newspaper establishment. in this
country We have ransacked the whole commercial
-o~lS II Tarene and Asneriea for information and