The republic. [volume] (Washington [D.C.]) 1849-1853, 1851-10-03
New York Correspondence.

Oetober-Ths Hall Street Gloom Sensitiueness of
the Money Markst-RefusaI 10 receive UnctTrent
Money-LGrge Sale Of French Goods-DIagnif-
cent IMPROVEMENTS The Searching Expedition
| Heaiy's Picture Of Webster.
New YORK, October /, 1851.
October was ushered in this morning by as bright
and beautifula day beamed upon the earth,
and, atmospherically speaking, it seems like the
gala day of all the year; but it has been of the
bluest, blacklist and dismalest days in Wall street.
and ts vicinity, that has been experienced there
since the time of the great panic in the palmy days
of Jacksonism. There never has been genuine
financial panic under any Wing administration,
and do not believe there is any serious prospect
of one now; but the healhest of constitutions are
subject to i'll turns, and there will times be bad
days in the most prosperous years. Yesterday
there were indications of :" let up' in the money
market, and speculations Immediately commenced
The bottom seemed to have been reached in the
downward tendency of things financial; the tide,
it was generally thought, had turned; the aspect
of the street had changed, and prices were going
up again. That was the way everybody talked
as though our indebtedness to Europe had been
suddenly wiped out as with sponge, and the cur
rent of precious, metals, which has been pouring
eastward 50 strongly, suddenly damned.
The reports of pressure in Boston was rather
alarming, but they produced no marked effect in
Wall street The news by the Canada, from
Liverpool this morning, not particularly
bad, nor particularly good and when the
stock board opened prices were higher gen
orally than yesterday. But suddenly rumor
was ~bruited about that the great money chan
gers in Wall street had refused to purchase
any uncurrent money. 1t docs not take long
for report of this kind to take effect for such are
the rapid changes in the stock exchange that men
have not time to investigate facts, but arc COM
PEELED to act on the strength of every rumor as
though it were known truth So prices fell at
once from half to one per cent and very deci-
ded state Of gloom settled upon the denizens of the
street when it asccrtained that the report in
respect to the brokers true. So great a guam
tity of out of town bills had been recently thrown
upon the market that the brokers found it mpossi.
bic TO continue their daily purchases without
assistance from the banks which, being refused on
application, they-the dealers in uncurrent mo-
ney--this morning resolved TO buy more,
and let the banks take the consequences. And
the consequences to the banks likely to
be much more serious than TO the brokers'
| The effect of this movement cannot be otherwise
than dreful; it's first effect has been to create To-
cal panic and depress stocks its next effect has been
TO prevent those small traders who were dependent
upon their daily receipts of uncurrent bills to pay
their notes bank, to let their paper be protested
The CONSERVATION will spread into the country, the
banks there will refuse the accommodation which
the country merchants have relied upon to pay
their obligations to the city jobbers, and great dis
! tress must follow, as a matter of course. And all
these things are happening for the lack of specie,
while we arein the full enjoyment of the flood of
| gold from California! What would have been our
tha ~ al, a,
covered since short of specie in spite of it?
One of the largest sales Of French goods
which has taken place in this city, by auction,
is now going at the rooms of Messrs. Foster
& Livingston, in Broad street. The prices, it
is said, are very low, and must leave q heavy
lose to the importers shippers. Still there
ia no outward show Of existing pressure in the
money market; the city is full of gaiety, life,
hustle, building, strangers, and merriment. Even
old residents of the city, who have been all their
lives accustomed to the growing magnifcence of
our streets, amazed at the costly mansions and
superb stores covered with rich and massive sculp-
ture, that rising on every side. giving indica-
ton of luxurious habits and unbounded pros
perity.
Among the events of the morning which has
caused the most talk, excepting always the financial
PRESSURE ia the unanticipated arrival of one of the
Grinnell schooners that went in search of Sir John
Franklin. 1t appears, from the report of Captain
| De Haven of the Advance, that the discovery OF
the graves of the three men who formed part OF
the crew of the missing ships, and the first
reliable traces of the explorers, were not
! drst made by the Americans, the English re-
ports had led US to believe, but was made by the
English and Americans together. The Rescue, the
other schooner of the Grnnell expedition, has not
yet made her appearance.
Mr.. Healy gave private view, this morning,
of his great historical picture of Websters reply to
Hayne in the Senate. 1t is exhibited in the large
room of the National Academy. and will prove at
tractive. But, from n half hours look at it, ! dc
not think it will be ranked among the chef dOurres
of art century hence. II is painted in the deco
rative style peculiar TO the French school of the
present day, and reminds one too much Of the
paper hanging style Of art. have seen it stated
that Mr.. Webster very well satisfied with
his own appearance in the painting; but it would
hardly be becoming in a man to criticisc q
picture in which he is himself the principal figure
II MIR. Webster is satisfied with his portrait, his
friends should not be; for, while it exaggeratcf
some of his palpable points, it is far from being
Just representation of his intellectual character
or his bodily presence The gallery ia full o.
figures, all OF them portraits and as Astounding il
anachronsms Dutch Holy Family. For in
stance, among tho spectators is Couture, tho
French painter, who never on this side tn,
Atlantic, and was undistinguished youth at tn,
time when the event pictured took place. Philip
Hone, he looked few months previous to hi
death, and not as he appeared at the time of thu
debate, is among the spectators in the gallery; anc
Mrs. Webster, dressed like bride, is the centra
female figure. II is an interesting collection o
heads, many of which laid low, and as
representation of ono Of the most interesting events
that has ranspirod in the Senate, it will always h
valuable for its historical veracity, but never,
think, for its artistic qualities. S. X. $.
Ex-President TYLER and family, and Majo
/ Genernl Wool arrived in New York ON Tneadav