The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1843-12-07

The largest import in 1885, which, as will be seen
by the foregoing table, the year of the greatest bank
expansion The mporations, have, however been very
regular, and the exports equally The trade of New
England has been confined within the limits of their
than that of any other part of the country.
The banks Of that section compelled suspend
sPeciepaymens heywcre drawn into that by the
movements OF those in other cities. The New Orleans
banks never recovered from the shock they received
that time That city, being the focus of cotton operations
planters received every facility from the banks which
could not be called in to sustain the credit of the ins
tons when most required Philadelphia was worse of
from different The banks of that city resumed
the payment of their liabilities and suffered re-
lapse that ruined them-operations in exchange
conferred there which created a speculation that
drew them into the whirlpool that engulphed
other cities. In New York, the head quarters Of
all movements of speculative nature the banks expand
ed beyond possibility Of supports every individual
tracing debts that never could be paid every dollar the
banks could make borrow used up in bubble the
fragments of which, explosion, would return sim
gle dollar the thousands required make it, all these
things created a state of business that obliged the
banks to adopt the course Of those at the South
But the final result of that movement has not yet
been experienced. The explosion before took place
amongst individual houses thousands were ruined by
becoming involved in the spcculaons the banks created
by the expansion ofther curency our merchants were
sacrificed, and the institutions that caused their ruin
saved themselves for time by suspcnng Banks never
fail They circulate their paper and they not find IL
perfectly convenient to redeem when presented they
close their vaults, but carry business usual II
business firm does not meet their paper maturity their
credit is gone, and they declared bankrupts After
the banks Of this city led merchants into difficulty,
they abandoned them in their necessities. Now the ia.
bles turned the legitimate mercantile classes have
All ned he md he ban hay
culalon, in which they deeply interested than
any other class They specializing in stocks without
any value but what created by the of
interested individuals entirely their responsible
y and suffer by their downfall but their stockhold-
Boston has never experienced the evils in her bank
ing system that every other city in the Union has The
merchants of Massachusetts have had more actual captal
to back their operations in trade-they have different
kind of enterprise to those out Of that State. Every
that will build up their business resorted to- and
the system of credit is abused Railroads have alb
sorbcd vast amount of capital and its being
voted to overtraing. The banks have by their INV
verng regularity controlled the movements of trade and
kept within reasonable limits. Business In Boston,
present is conducted safer basis than usual Not.
withsanding the railroads that diverge from
that city to all parts of the Union, with regular line of
steamships that connect her closely with Europe her
trade progresses gradual her wants require The
six New England States depend themselves than
all the rest of the Union put together Their internal i'm
provements have local benefit than others They
make country ofthcmseves and within their boundaries
have resources sufficient to carry a very extensive
trade independent Of any other part of the country The
of Massachusetts, have continually increased
under every policy of the general government and every
condition Of the currency Those Of Lowell the
extensive and show similar increase TO those Of other
parts OF the State =
MANUFACTURES sr Lowell, ron touR YEARs.