The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1848-10-30

In former times reduced value Of the sW material In
creased the consumption, and gave great activity Il
the movements Of all articles Of trade, but no
the now Cotton low as 1t Ia az pre-
sent, and no indications Of increased mf
ton. Stock securities of every description wer>
so much reduced at present. and there is dispo
sion to purchase them for in vestment 1t is most
unnatural state of affairs, and it is impossible to tell
when it will end, and what will be the result.
The whole world is filed with all the elements OF
wealth and prosperity The material for food and
rsiment never was more abundant than this season,
and still there is disposition among spectators to
operate There spirit among this imp GLASS
of dealers and the courage usually exhibited by them
has completely evaporated the transactions made
literally from hand to mouth. Manufacturers have
for long time bee heavy losers their fabrics and
are likely to be long time to Producers OF
breadstus have been but moderately for
their toll and have not found markets their sur
plus supplies Cotton pa nters have been compelled
tomake enormous sacrifices on that staple, and many
must have become involved In difficulties that will
take years Of high prices to remove All these things
have however, happened many times before, without
producing iota of much distress among all
classes-without deranging, to such an extent, thu
commercial affairs of the worldwithout creating such
an utter prostration of public and private credit such
q complete destruction Of confidence, and such uni
versal and humiliation of every species
of enterprise. 1t would be difficult to account salts
factorily for such condition of affairs and qually
difficult to point out a remedy. We know that the
cause does not exist within ourselves but is entirely
of a foreign nature There is nothing in our ewn
commercial or financial systems giving rise to- Civ
ing strength to such state of things the remedy
cannot be found in changes in these systems On
the contrary it Ia attributed almost entirely to the
stringency of financial SYSTEM that not
hopelessly involved in these difficulties Merchants no
doubt first felt restricted in their operations by the
existence of the Independent Treasury Act the banks
no doubt were compelled to contract their credits by
the steady demand created by that SPECIE and
this they considered sufficient for complaint
and opposition but where would one-half of the mer
hants and the banks have been, at this moment had
t not been for the check placed upon them by that
act imperfect it is and loosely its provisions
have been admi We will venture to say thai
they would not have BEEN this moment in existence
The revulsion which commenced in England, and
spread over the commercial world would have found
them so much expanded in their operations that they
would have found impossible to have sustained them
selves and we should have had many bankruptcies to
record as 1887 occurred in Europe during the
past year AS is have suffered seriously and hum
dreds of houses still in existence have severe su
ferers by the failures abroad
swept of every fraction of their capital and strug
Cling along day after day sacrifices uncer
tain whether they will be able to weather the point or
not We must look for remedy for the difficulties we
laborng under somew here else than any i'm
portant alterations notifications in our financial or
commercial systems, if we would have permanency in
the improvement required. The evils we are suffer
ing originated abroad, and the remedy will have
to come from the same quarter. The bane and the
antidote must originate from the same source.
The annexed statement exhibits the quotations for
stocks in this market for each day of the past week.
and at the close Of the week previous 1t will be per-
ceved that prices for of the fancies closed
several per cent lower than the previous week -
QUOTATIONS FOR THE PRINCIPAL SrocKs In THE New
YORK MARKET,