New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1853-06-22
The financial Crisis.

From The Bankers Magazine
England, whenever in the hight OF financial and com.
merci prosperity, wholly escapes the wild aggres
sions of q mania Trace her annals far back YOU
may they Immediately lead to the discovery every
presumed redundancy Of wealth has been invariably A.
tended by arage for speculation, which, however legi
mate In its origin has bsfqueuty expanded rspdy
only tstroy the beneficial influence Of the projects
FIRST brought under consideration but also to disturb
general relations Of trade and entail greater lass loss
upon all classes Of society The history of the South Sea
""""env the misery and ruin caused by tbs wholesale
-,v--,r-.. -'-' -ariod the ''-~' -~ '''-
TSnD~ and oin stock specasicss 81 sl-95 With the
subsequent sacrifices occasoned by the American crisis Of
lss6-S7 witch finally followed by the msmmo,h
jobbng IN railways red" special detail to bring their
peculiar ieaIur yvidiy collection; the whole o. thei
splec+ Cents If not within the experience Of the present
generation being sufficiently patent to induce proper sp
Sreciaton If their mscheVous results and Of the rep0n
sihily incurred by those who participated IN them
on the whole Of the disastrous specuiation which have
occurred in our day, none have pr"O1oly proved
more fatal than that identified with the extension OF tne
railway system Encouraged by the success attending rs
early introduction the large dividends paid Oy me b
mpyham Crest Western and oher Companies ana tue
facilities Of communication so Freely stordea t9e lmp7ss
Give 10 the formation Of undertaking. ~ length De
came mary ellous, and capital instead ct being sups-i
In manner insure steady and progressive develop
ment the advantages connected WITH tae new ouv "
conveYsnce was rtokOned by hundreds of millions, the
pubic In their mad niatuaon, having patronzsd any
hiug and every thing announced under ths enueog h'e
How bankruptcy and ruin were spread far and usar
th1opeh the explosion Of the bube sud how universal Vas
The suffering from the probation of all kinds OF railway
securities some degree halo ceon tountoo iso
The events Of 1856 while 81 the present hour they
are not likely 10 be readily forgotten,
Indeed it may be asserted that, since that memorable
epoch there has no. until lately been revival OF tas III
demitsbe sp Of NJ venture which 50 greatly distinguish
This country in periods of plethora and that although nov
while in the midst of horde Of petty pr9ect~ many r.
sembe in Their heterogeneous chacter those brought io
vArd twenty years ago apathy fortunately prevails waca
prevents the possibility cf an enormous SupunI o aante
being inflicted except IN especial channels and among
parties who have ncOn scerly rushed IN the vortex 81
general speculation. The caution and prudence thus as
played is sly attributable TO the salutary wirnug cea
viewed by The final termination Of the preceding mania
which certainly has ia this )ect not been Withhold ~
benefits whatever may have been the cost OF tse tx
perienee.
b,e influence upon this country both in internal sod ex
nal relations Will attach the credt-f credit there BE- IN
The Ultimate resalt--of having provoked movement
which has again given stimulus % JOINT stock enterprise,
and directed attention 20 fresh fields OF adventure Inc
mineral resources II California prolific IS they have pro-
we'd associated with the Wanted privileges OF the Ire
mont grant originally melted the formation OF under,ak
ires 10 work the auya o and quartz veins o. TIE aa
posa district and these being 2niEed III shares OF
each they were very e3sy got in crculAon ana may De
considered to have formed the primary OASIS o. 'ne 1eS
speculative era Similar companies eonc1Vtea IN rrNo'
andBelgium not successful, bur having Oesn IN
PRODUCED here they apparently prosper snd Win JONI pro
prieariO the kDglsh subscribing capital ana ne rieo
permifting them avail Themselves 81 the priNleSs "
partnership oovzaHdt the obligation has been re-
earded as mutual they continue 10 exist ttne stlie
time that California mining has been attempted iOIegn en-
fsrprse has not been Dormant aud. customary Fhon
a ound that England possesses abundance Of means We
have been surea BY oers Of high OF interest 20 M
:, in foreign loans end railways ths latter being prnc
aIly ulsced under the management OF accredited oontre
- Tbe s.cu tive mania has al-O been remarkably 40
i've In Paris aac Influenced by the State Of business IN