The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1853-11-22

v
nips sa'i,n' 10 and from our piers, streets laid
ut ana . Ait up with magic rapidly, hotels
pehea Ikieh surpass European palaces, i'm
oi's III .dexports Increasing at a feverlsh rate
pro krcas and all the other tokens of i'm
nens eprosperity and enterprise-it is all very
Vei so'ssy that such appearances are glorious,
u deserve 10 be the boast of our country
sese things are no doubt a Legitimate source
efpride; bit they have their cost. They cost,
IN the first place, the peace OF mind of half onr
grown-up men. One-third of our merchants
purchs Sc them at the expense of their health;
others ct that of their private means, lost at
last in some splendid speculation, which en-
riches New York, but reduces its originator to
a garnet. They cost, moreover-and this is the
most cruel item OF the prlce-the virtue, the
honesty. and the fair name OF q large number of
our young men. Scores upon scores of those
who have fallen could trace their ruin directly
to the results of the reckless enterprise and the
consequent extravaganza, exhibited in New
York life.
1t will not be difficult for our city readers to
find practical application Of the statement
Despite the contradictions which have appeared
in some newspapers, it is well known that de-
facations to very large amounts have recently
taken place in several leading banking institu-
tons in the city. More money has been taken
away than the bondsmen's deposits will replace
and heavy losses must be borne by the share
holders. 1t does not require much experience
to foresee the shape their annoyance will take.
The fercest anathemas will be launched at the
beads ofthe culprits for a few days; and then, as
soon as the wrath of the victims cools all will go
on as before. 1t is almost utopian to expect that
any thing short of a general bankruptcy will
bring our mercantile community to their senses.
They have seen defalcations before, see them
now. and will see them again before long; but
they never thought Of devoting one instant OF
the period consumed in lamentations over their
losses to calm inquiry into the ultimate causes
of the disaster.
And yet it does seem hardly possible for any
rejecting man to witness what is going on be-
fore our eyes without Selling at once the real
anomalies Of our position. They may be sum-
med up in two phenomena: The first is the in
ordinate, absurd cost Of living in the city. New
York is now by far the most expensive placein
the world. Merchants and professional men OF
the first rank spend $4,000 to $4,000 year,
or more, in mere household expenses. The
same class of men in London and other large
mercantile cities. seldom spend half this sum-
unless they have country houses, or other aris-
tocratic channels through which their money
floats away. People who keep house, who are
not considered rich, and possibly have not
shilling of capital they can call their own, live
economically on four or five thousand year.
Lodgers in boarding houses-and this class in
cludes the bulk Of young merchants, lawyers,
clerks, &c.-unless they are content to inhabit
an attic, find it hard to make both ends meet
on less than 81 800 to So 900. The same class
in England live in snug houses of their own. on
$500 to $1,000 Every thing is in proportion.
OF the new houses above Fourteenth street, not
one in twenty rents for less than s 900. Rents
Of $3.50 ard 81 500 are far more numerous
than those of $3.50 Fuel and lights are enor-
mously dear. Mny kinds Of food are more
expensive here than elsewhere. Clothing Is
out Of all reason.
II to counterbalance these taxes on the purse
The general value Of labor were greater here
than it is in England or elsewhere, there would
not be so much reason to complain. But though
the mechanic and day laborer receive higher
wages here than they could obtain in Europe,
the same thing is not true Of the professional
man, the merchant. or the clerk We do not
think that these classes are. as general rule,
better remunerated in this city than in London.
They receive no more, and must spend twice as
much to live. This is one of the causes which
leads to defalc atoms.
The other is equally obvious. It is the
fever OF speculation which pervades all classes.
There seems to be something in the air of New
York which impels people to speculate. A man
is not happy he does not hold stocks or trade
in notes. He may be in such position that he
cannot pay if he loses he may be able to pay
with other peoples money. and SO be
tempted Whether or no. he must buy
and sell goods of a fixed, certain
value, like iron or -four; but sham stocks
issued by mock auction companies, which he
buys for few cents, and expects to sell for as
many dollars. This is the sort of speculation
which has SO many charms for clerks and young
merchants A man may be in a good, safe
business, which gives him reliable and suff-
cient income-under other circumstances, he
would not think of anything else-hcre sur
rounded on all sides by spectators and opera
tore, he becomes infected with the mania. and
soon takes to gambling himself Hence, trials
of all kinds. Stock operators seldom ualEe
money in the long run and when they loaa. ii
they have not wherewithal to pay honestly,
they need unusual courage to resist obtaining
it dishonesty. There are many, we doubt not,
who possess that courage; but how many there
be who do not. history of the defalcations
which come to our ears and the secret tale of
those which are never discovered or are hushed
up, could tell but too plainly.
Mr.. TooMBs OF GEORGIA, AND JEFFERSON DAVIS