Staunton spectator, and general advertiser. [volume] (Staunton, Va.) 183?-1849, 1840-05-21
THE TIMES IN NEW YORK.

Inc Express oil Monday afternoon presents
the following picture ofthe business concerns
CT n. Y. at the present time
1t Is singular fact, that Exchanges on all
parts OF the world are in favour of n. York.
on England, France, and other parts of Eu-
rope, bills are full one per cent in cur favor
In the West Indies. and in ali parts ofSouth
America, Exchange on this place is above
specie, and at premium. In all parts of
this country, particularly at the South and
West, the rate is greatly in our favor. Ac-
cording to received notions, all the world is
In debt to New ork. If this is really So,
we ought to be the most iourishing and pros
porous city on the globe. and rich beyond all
precedent. Yet, in the face of all these ad-
vantages, what are the facts. New York is
more PROSTATE than it ever has been, even
during the periods of embargoes, nom inter-
course and war, which prevailed from 1903
TO 1916. Real Estates is below any point it
has ever touched. Fine stores rent FOR less
rates than ever. For example, those fine
stores on Broadway, above the Bowling
Green; running through to New street, four
and SIX stories high, and which rented for six
thousand dollars per annum, now rent for
SIX and seven hundred dollars. In many
parts OF Pearl street, the falling off is nearly
In the same proportion. The dry good inter
est, as body, was never more PROSTATE, ma
ny OF the oldest firms, that have stood the test
OF quarter of a century and more, have with
In the past year, been compelled to suspend.
Most Of the suspended houses of 1887, which
got time to liquidate their debts, have been
unable to meet their first notes. There is less
building in the city than there has been for
years. Mechanics wages were never lower,
and not one-half of them are in employ
Good joiners are glad to get employment at
fifty cents and found.
Every branch Of business and trade, save
and except one, and that is the shipping, is
In most ruinous state. The mercantile COM
nunity, as whole, have not made their ex-
penses for two years past, and until within
very few months, Che shipping interest has
been as bad as any other. Some of our finest
packets ruin all last year, and not only did not
make any thing, but brought the owners
largely in debt. The banker and capitalist
are no bettcr off; there are comparatively few
that can employ money, and fewer still who
can give security. The consequence is, that
there is larger amount Of idle capital than
ever been known. Large sums have been
loaned at five per cent per annum. All this
Is faithful picture, not by any means over
colored. The facts here set forth, are not
hearsay, but are within cur own knowledge.
It's serious question to answer, how is
all this, with the world in debt to us. With
all the elements ofhealth and strength in the
country-with finer and more abundant crops
on hand than ever known. vet we are a pros
trate community, confidence impaired. q LARGE
portion of the population, if not idle, not pro-
htably employed. The truth is, the breaking
mp of the u. $. Bank, and the destruction of
the currency, lays at the foundation of all this
evil and distress. The removal of the demo-
sites was the first step that led to this train Of
evils. Confidence is broken down, all the f.
nancial arrangements between banks, capital
lists, and brokers throughout this wide spread
country is broken up, and cannot again be
formed under the present financial system.