Washington sentinel. [volume] (Washington [D.C.]) 1853-1855, 1854-04-18
C0rrfsp0n0fmte.
The question Of an approaching reoulsion--
state of'ttiags IN Neao York.

SIute " WUtyS H 1seW IOTN.
New York, april l3, 1854.
To the Editors Of the Sentinel
An idea. prevails in this community that there
is a commercial and financial revulsion impend-
ing over us, and that it will infinitely surpass
in its sweeping effects the universal explosion
of 1887, and the general bankruptcy which fol-
lowed it. In fact there are many persons here
who believe that before the year 1856 Con-
gress will be called upon to relieve the specu-
lators of their embarrassments BY the sponging
process of another general bankrupt law.
Let us calmly consider this all-important sub.
ject, for a few moments. Rents and the prices
of real estate in this city are inordinately ex.
orbitant indeed, there is some justification
in the opinion of the numerous tenantry ofthis
expensive Babylon that rents are outrageousl,
excessive and extortionate. And the raise
which has been made by the landlords is Ger,
tainly taking the full advantage of their power
Stores and dwellings, it is all the same the
rent having been increased in many cases more
than one hundred per cent. A modest sort o.
house in the suburbs will cost now a rental Of
$500 or $l000s stylish brown-stone house
in what is called an eligible locality" is put
at S5. 700 or $4,000 per annum. Stores may
be had according to size and situation, at from
$500 to $4,000 and upwards. Take an ex
ample Of the laisc of tie landlords" A firm
of booksellers OF my acquaintance have occu-
pied for, several years one of the small main
front stores OF the Astor House. The room is
about fifteen feet wide by some thirty feet deep
Last year their rent was 81 400; but this yeal
the landlord put it up to $1,000, which being II
figure beyond their notions Of reason or pru
dence, they were left no other alternative thai
to vacate the premises. Thousands OF Others
have been served the same way. Many gooc
people, perfectly at loss what to do, are still
holding back, Notwithstanding the general NOV
ing day of the lst of May is at hapd They
are hoping that rents will be cheaper, that ther,
must be i, change; and they are anticipating
with an indefinite kind Of impression, but still
with something ola conviction, d general smash.
ing up Of the spectators, general reyulsion,
and d tremendous decline in rents and real es.
tate, as a necessary consequence.
Apart, however, from this vague apprehen-
sion, there are many men here with some pre-
tensions to sagacity, who believe that we are
fast approaching the crisis OF another revul
sion like that of 1887, only upon much grander
and more. extensive scale. The apparently
heavy reduction in the receipts of gold from
California, and the portentous aspect of affairs
in Europe, are made the basis OF this prophecy.
Stocks are fat, the fancies are quite down,
mining stocks have been growing small By
degrees" until they have become beautifully
less" the bears are paramount in Wall street,
the bulls are frightened badly, and ore very
quiet; and yet, with all this, the money market
is easy. In spite OF the existing want Of con-
Gdence in the future, there is no actual existing
compression in Wall street to any great. extent
lhis aatness on change is mainly due to the
European war, and the apparent giving out OF
the California gold miEes. The stockholders,
without knowing exactly what is to happen,
are waiting, like Wilkins Micawber for some
thing to turn up"
Now, what are to be the consequences to us
by the impending general European war, time
alone can tell. They may prove to be highly ad-
vantageous in monetaryand commercial view;
they may prove to be deeply disastrous. The
result will depend upon the relations which we
may hold to the. parties in the grand conflict.
If the struggle is prolonged, we can hardly
avoid being mixed up in it in active hostilities-
how or where, the reader may conjecture. In
becoming involved in this European melee,
there will be a revulsion here, greater than that
of 1897, in the suspension Of our commerce and
the arrangement of our exchanges ana none
tary operations. five maintain our neutrality
through the war, we shall make money by it;
and, as the last advises from the British cab
net are lluISdtlfc VI lHc pIesctfdlioH VI our
neutrality, we can see no good reason for the
present symptoms of an approaching panic in
Wall street. Let us remain neutral, and Euro
pean capitalists will far more largely make
their investments in good and bona fde Ameri-
can stocks than they have done heretofore.
The rising Of the revolutionary elements Of
the continent, if that terrible calamity to the
despots should come to pass, will drive the
European money lenders and holders across
the Atlantic for safety and thus we shall re
alize immense pecuniary facilities for our State
works Of internal improvement, &c.
Wall street, however, is sensitive--is alarm
ed-aud is holding back. Some vague appre.
hehsion Of trouble, perhaps war with SPAN
and her allies concerning Cuba, haunts the
bulls of Wall street, and the bears gloat over
it, and cry beware! But in the mean time, on
the war question, we cannot perceive any pres.
sing necessity for the fears Of the stockholders,
or the prevailing apprehension of o revulsion.
Our merchants have been greatly reducing
their imports, while our exports have been in.
creased. Look at the following table of i'm
ports, made up from the books Of the custom
house, for three months Of the year 1854, rs
compared with the corresponding period in
1858:
Imports Of The .following articles at NeD York
from Joreign ports Jor ttree months from
January lst
The quantity is given in packages when not otherwise