New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1843-07-19
T
History of the Silk Culture -. No. Ill.

Yet this was only the beginning of the trouble
There was at this time, interest enough, and
confidence enough in the Silk business, in the
community, TO have sustained this shock, severe
as it was. if there had been nothing more, OF
nothing worse. But in this critical juncture OF
affairs, luncturc demanding the utmost cool
ness, and f7nness on the part of all interested,
unirersai and uncontrolled panic seized the great
body OF the smaller dealers-The men who had
invested from $50 to $500. and who constituted
the great numerical majority, perhaps nineteen
twentcths of the whole number interested IN
trees. As by some unseen, uncomfortable power,
these men were every where seized with fixed
determination to get rid of their trees at any
price. and on any terms. Talk with them As
well talk with the whistling wind. Explain to
them the financial causes that had been at work
to produce this temporary depression on this, and
on all business As class, they were too lg-
norant OF general business to understand any OF
these questions. Unfold to them the essential
merits of the Silk business, the great principles
on which it is based, as a permanent business OF
the country? 1t was too late in the day to teach
them this neglected lesson. Selling trees, selling
trees-this was the only thing their eyes had been
SO per cent in few weeks, they were deter
mined to be rid Of them at all events No W.
struction. no remonstrancc. no lntreaty was OF
any avail Fear had taken full and uncontrolled
possession of the mind; and every days rllmor
ONLY extended and augmented the panic. Hence
they at once began to upon each other. If
A. offered his trees at 20 cents, before night B.
offered his at IS, and the next day c. had az
at Il
take less, rather than lose a sale, as he wanted
money. SO the alarm spread like wild fire. They
run from one to another trying to g0uge each
other, and from neighbor to neghbor. bctraylng
the utmost anxiety, and rcsorting to all manner
of devices to effect sales. Wagons loaded with
trees were driving, Jchu-likc, from town to town,
and in every direction, each load OF course
cheaper and better than any that had gone be-
fore, or would come after.
In this way it did not take long to run the
prices down to 5 or cents. From 2 to weeks
did the Job most cliectually. Here the whole
trade was brought to dead stand. AT cents
some small sales were perhaps made, but below
this, nothing could be done. All the interest OF
the community in the business had been CON-
pletely used up and all confidence destroyed. NO
body would touch a mulberry tree at any price.
All CnITc TCVlllSOU lldu llluccu CciiiS o'Si WV
public mind in regard to the whole matter. The
great body of the people understood not, even
our more intelligent business men unlnterested
in the matter, understood not, the special causes,
as here stated, that had combined to bring this
business into such iorbidding and omlnous
shape; bet now that they are stated you will at
once see the whole matter, The truth was the
owners of trees proclaimed, by their conduct
that they themselves had no confidence at all IN
the intrinsic value Of their trees, and 1t was
perfectly natural, therefore, that every body
should believe them. and refuse TO take them at
any price: so that they now have this cool com
fort, dat they. themselves, by their own folly,
ruined the trade, and brought down upon their
own heads the very evils they were struggling to
avert. Beyond all question, all the trees in the
country would have been put in requlsiton for
making Silk. at 10 to II cents if none had been
o+4crad 4or loss