The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1853-03-09

and the SfEor to retcnch, unequlvocal; sttll We
! learn that much moro stringent measures arc In
contemplation, and must be resorea to; and should
this process Of curbing speculation be much further
forced. it il well known, to those acquainted with
the past experience Of this country that large sums
loaned here will be Immediately withdrawn. either
by direct application to the borrower or by sending
back our bonds for SALE In l845 one Of the largest
banking houses in this city was suddenly converted
from lender to borrower, and such was the emer
gcncy that all tho dscountabc funds OF our banking
institutions had TO DO granted to meet the extraor
binary demand consequently, a. soon as the house
referred to thus temporarily relieved, it turned
abruptly its customers, and, where returns could
not be instantly made, the stocks and securities held
in deposit were forthwith sacrificed. And now, in
contemplation Of former parallel Of unantici-
pated trouble we see the most unerring signs that
we are rapidly approaching corresponding crisis.
There no greater element ofdistrust than have
constantly exhibited in the unrestrained and unlimi
ted amount Of bank capital which has been formed
anG in the process of construction. At the present
moment we have more than double Of what existed
in 1886, and which proved so fatal in 1887, when
the banks with almost one accord, suspended specie
payments, carrying through the preparatory contrac-
Libed signs of distress and had to seek relief from
those who were In selfdefence compelled to yield
assistance by culling from its discounted paper the
most apparently responsible securities This Is not
the only instance where the cry has been, "Hep me,
Cassus. or sink" An institution Of greater magni-
tude, Lut with less eclat, had to pass through the
same weakening indulgence.
We make these remarks by way Of caution We
believe them sound, and portentoas Of coming
events, which no prudent man ought to disregard;
and these who remember the old adage: "An ounce
Of prevention Is worth pound Of cure should with
out further warning, prepare for tho future. We
have too many banks--too much paper captal-and,
what is much worse too little concert Of action
intelligent confidence.
II tie news hereafter to arrive from London should
exhibit greater depression Of the specie assets Of
the Bank of England, the fatal end we anticipate
20 witness here will present itself with the most
fearful co.'s equences. Already do our experienced
bankers doubt the stability OF our present position;
and being thus inoculated with distrust, they are
pursuing a course Of gradual and cautious contrac~
ton, such as should teach q lesson of wisdom to
those Institutions of more recent growth who. I'M
wnrned by the knowledge which has been derived
from practical experience, do not imagine there may
be breakers ahead.
The variations in quotations to-day, at the first
board compared with those ruling at the close Of the
market yesterday were as foows:-Morris Canal de-
clined per cent; Florence and Keyport, "a; Ncar-
aqua Transit, II; Cumberland Coal, Il; Potomac, /;
Erie Railroad, IL Harlem, 2s; Stonington,
Reading Railroad. l. Hudson River Railroad, H. :
At tie second board the panic continued with
greater violence, and quotations run down rapidly.
Nicaragua Transit fell off "a per cent; Cumberland
Coal Il; Erie Railroad, Ia; Long Island l; Florence
and K~ypoIt, Q; Montgomery Mining, 1. 1t is to be
| hoped that we are pretty near bottem. A decline
ut tie rate rallied to-day for many days would
break down every bull in the street. The bears will
make great mistake if they press the market much
harder. 1t is full time for them to realize-to con-
tract their operations, by delivering their oon-
tlacts. They should not lose what they can now
make by looking for greater profits. Prices may go
lower, but the fall has already been 80 great that
reaction must soon take place. 1t may be only mo-
| dcrate and it may be but temporary.
| The Jefferson Insurance Company have declared .
| dividend of three dollars per share.
At meeting Of the members Of the Flour and
Grain Exchange, held this morning, the folio owing
gentlemen were elected members Of the Flour Arb-
tration Committee:-S. Valentine, J. B. Herrick, F.
| P. Sage, j. B. Wright and p H. Holt; and of the
Grain Arbitration Committee-Joseph Ketchum, Jr..
John J. j. Kingsford, Amos Howes, William H
| Powell and Edward Bill.
After the adjournment of the board, this morning.
the following sales of stocks made at auction,
| by MIR. s. Draper
$a5 600 Northern Indiana R. R rs, 1862 ..0Xa92
| 20 Geo stock Mich South and Nor. Ind. R. R.. 10
l4OOO Iauthin and Suslueh.nna bonds ...... 30
| 5000 Ohio Land Marble Co. rs. ........... 70
! 47uCO Pacific Mail S,eam-hip ST. Ok 106h
| ITO shares Suffolk Bank. ~
| 60 do. Metropolitan Bank. .......... 105k
leo do. Knicker booker Bank ........ 100
Is do. kage Fire Insurance l3