The pilot. [volume] (Baltimore [Md.]) 1840-1840, 1840-05-01

The times in Neo Yor:he Express of Monday afternoon
presents the following picture of the business of ~
York at the present time:
singular fact that Exchanges all parts of the world
are in favor York On England France, and other
parts Of Europe bills are ull one per cent IN our favor In
the West indies and in parts Of south America Exchange
on ts place Is aooVe ci, ana d. pfed W. IN ps
greatly According To received notions, all the
world is in debt to New York II this Is really So we ought
oushng and prosperous city on the globe
and ch beyond all precedent Yet IN the face OF all these adj
vantlge tie facts New YORK is more PROSTATE
than has been, during the periods OF embargoe
nonnt recourse and war; which prevailed from 1905 TO 1876
Real E.t1te is below any point has ever touched Fine
stores rent rates than For example, those fine
stores on Broadway, above the Bowling Green, running
through to New street, four and six stores high, and which
rented for six thou and dollars per annu for
and seven hudr,d dollars In many parts of Pearl street,
the falling on is nearly in the same proportion The dry good
Inherit n INDY W a never NOR. pro rate many of the
oldest firms that nave stood the test OF quarter OF century
and mOre have within the past year, been compelled to S
pend Most the suspended houses of 1887, which got time
10 qudae their debts, hive been unable TO meet their first
There less building in the city than there has been
for years Mechanics wages were never lower, and not
hall of them in employ Good oiners are glad to get
employment at fifty cents and found
Every branch OF bu mess and trade and except one
and is the shipping il in most ruinous state The
cants community, whole, have not made their expes-
years past and until within very few months, the
shipping interest been bad any other Some of
finest plcdets all last year, and not only did not make
any thing but brought the owners largely in debt The bank
and capitalist no better of, there are comparatively
few employ money, and fewer still who give
cuy The CONSCIENCE is, that there Is larger amount of
idle capital than has been known. Large sums have
been loaned at five per cent per annun. All this is faith
full picture by any coloed The facts here
forth, hearsay, but within own knowledge.
Ii il serious question to answer, how is all this, with the
world in debt With all the elements OF health and
strength in the c0unty-wh finer and more abundant crops
on hand than ever known vet we are PROSTATE commun
w. confidence impaired large portion of the population il
not idle pr0taby employed The truth il, the break
ing the United States Bank and the destruction OF the
currency lays foundation of all this evil and distress
The removal Of the deposits the first step that led to this
train of evils Confidence is broken down, all the financial
arraagem bsw banks, capitalists and bankers through
this wide country is broken and cannot again
| be formed under the present financial system.
| To The EGltOr If The ETpress.
Sin: i have read your interesting remarks on
The subject OF the exchanges and business rea-
lions OF New York; and, although they present
Clio my picture of the great emporium, which
bu few years since was the pride and boast OF
our country, | fear lhalyour people have not as
vet experienced the climax of depression des
/ tined to be inflicted upon them by the pernicous
tendency of the measures of the administration
The apparent bilance of trade in favor Of New
York, as indicated by the rates of foreign ex
CHI nge, may b. readily accounted for, by the fact
hal Your institutions and merchants are indebted
10 Europe at least twenty millions of dollars
which they are unable to pay, and of which a
large proportion will be eventually lost 10 the
creditors The trade Of New York has also
been gre lly decreased by the continuation OF
. cash payments, whilst the States south and west
with which her merchants have hitherto dealt SO
! extensively, wisely suspended their payments.
New York appears 10 be retiring from trade
: and if your banks and merch lnts continue the
winding up system, the condition of the city can