The New York herald., 1851-08-04

M q N Il Y M A II X Il Il.


preston greater than has been experienced any time
within the past twelve months and there is evidently on
the part of holders Of fancy stocks detre to get rid
them rapidly possible, without causing undue
depreciation Railroad stocks have fallen OIL much
a. any other class Of securities the
vorable monthly reports made by each company, of in
Gomez and such Is the want of confidence in the public
mind that those who disposed to purchase at prices
ten and twelve per cent above those now current will
not now touch them at ruling rates. Stocks of more
fancy ORDER are almost entirely neglected. and have
therefore, fallen of more largely in market value
Government and State securities have been COMPARE
lively quiet Capitalists looking more to security than
have been content with such
knowing vGy well that they will be the feel the ef
fecs Of tight MONEY market and that at any time they
be realized without serious loss In times like thes
that is very important question for consideration.
Such is the apprehension Of many capitalists in this par
ticular they prefer to let their remain
post in bank without interest that the principal
be commanded at any moment, in OF emergency
want Of confidence in financial and commercial affairs
has therefore, tendency to increase deposits and
cumulae available funds in the hands OF capitalists
Such state Of affairs exists at this moment and the
effect is likely to be most disastrous upon that class Of
business and spectators who have ventured
beyond their depth require aid to keep them from
sinking. There thousands in that condition, and
see no way of preventing crash among them. The
ease with which money has been obtained during the
past two three yearsthe low rates of interest which
have for some time past ruled-the facility with which
any could obtain credit, and the reckessness with
which people have entered the various speculative
ments Of the day particularly operations connected With
Caliiorniahave placed many in position little able tc
bear the slightest withdrawal of capital from the market
the slightest change in public confidence The pro-
pensiy to credit to its utmost great and general
among the mercantile classes that every opportunity
to do 80 is made available. The effect of such ex-
panson never seems to enter the minds Of those
cerned Revulsors in former years. which have been
the result of such fatal errors appear to have passed
entirely beyond recollection. The reckessness of the
commercial classes is without doubt ncursbe and it
useless expenditure Of paper and ink to the pub
lic against past errors. We have done so repeatedly
notwithstanding which, upon the verge of
revulsion, which fear will equal in intensity and
tent that of any previous period.
The suddenI ess with which the money market
tracted and the rapidy of the contraction produced
panic in the public mind, which, for time threatened
the most fatal consequences The effect has not yet
been so disastrous anticipated, but have hardly
yet the beginning Of the end Hundreds Of houses
in this and every other city in the Union struggling,
staggering along like laundering ship at sea- previous
pitching headforemost to the lowest depth
Hundreds Of merchants and spectators at this
ment able to tell whether they will be able pre-
their mercantile existence another week. and no.
thing prevents immediate dissolution but the hope
that some favorable change will take place in their
affairs, to keep their heads little while longer above
water.
During the past three years. have been rapidly run
ming up an indebtedness to foreign countries Our i'm
ports have largely exceeded exports that during
period Ct about two years, amounts of our
public securities rsmitted to quidae the balance
sgainst u.s. Fortunately, at that time public credit
abroad very good and stocks freely taker
by European capitalists So long supply Of the
right kind Of securities held out there necessity
to look for any other way Of paying foreign debts
individual Obligations replaced with government
AMI State liabilities The operation Of this movement
run up prices for public stocks to very high point and
they became permanent investments in the hands o.
large capitalists Within the past year. specie has
taken the place Of stocks for remittance, and the
shipments have been very heavy. When we were
sending out nom hve to ten millions Of public ecurss
every month, year after year, 1t subject Of cen
graduation, and great joy manifested that Ameri
can credit stood so high in Europe The cause or conse-
guences ot such remttsrces were Not for 6nent ~or
tdefed and the weekly reports Of transfers of United
states skies made to foreigners supposed TO be the
best evidence ip the world Of financial ana COM
mercial prosperity and progress Not the first thought
was given to the annual drain upon US for the PAYMENT
of interest upon the enormous amount Of such remit
lances upon the ultimate effect cf such indebtedness
to foreigners. When the shipments Of specie com.
menced the scene was changed At first they created
no alarm as 1t was the universal impression that our
receipts from California would more than counter.
balance the exports but time rolled on the ship
ne ents increased until they reached an extent well cal
he f.ar rf,,l
be seen by the annexed statement -
SHIPMENTS 90 sPEcIE FROM rnr Posr OF NEs YonK 1871
January 81 100000 May ........ s45O6OoOa
february. ..... lo0I,0o0 June ......... 64o2OOc
April. 3,462 600
iV'ai. .''..'....... SO o9j0 900
In seven months the exports of specie from this port
Exceeded the aggregate pment from the United States
any previous year within the history Of the couarr
The total receipts Of California gold dust at the United
tates Mint, Philadelphia, this year, up to the lst Of
ugust slightly exceed twenty three millions Of dollars
therefore appears that the exports this port have
uring the hrst seven months Of the year been nearly
NO miens more than the imports from California The
old mines Of California have kept up our supply ospe
previous to the LIST Of January last but we do not look
pon this as an unfavorabe feature except 60 far as tn
fect may be upon the minds Of timid capl.aus,A So
ng as we are indebted abroad the shipment OF speci
payment, Is much better than remitances OF stocks
"a expectation OF specie Is calculated 20 have a
'oraole influence upon commercial affairs ia two
ays-hrst by checking a further expansion Of
edits and prices at homeland second, by produc
9 greater abundance of money abroad-gene-
hy in the most extensive foreign markets for our pre-
c-a more active demand Is likely 10 arise at better
ices, which would aid materially in relieving our in.
''edness The existence Of unusually large amount
specie in the vaults Of banks Is sure to create
responding expansion in the movements OF thos
'uuons which invariably leads to all sorts Of specu
ons-to an advance in prices Of every description o.
rchandise-in fact to artificial, unnatural diseased
''e u uade' IN all Its ramihcations whereas on the
ler manu- moderate amount Of specie in the banks