The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1854-12-19

n u UaHionia trade hsgaa 10 launsA sst in
large investms mis-, grand financial entsrpsises,
splendid establishments, magni6 emit stores, and
the like Next outsiders were seized with the
eoptag on and callei upon the banks The
banks responded-tae country was filed with
paper money. Upon this fictitious basis Of
bank rags the credit d stem was inflated like .
bag Of wind 10 It's fullest tension. Millions
were absorbed in railroad adventures, in min
ing bubbles, in mann 'actories, in importations,
in go endid houses and splendid stores Real
estate at . single bound advanced some thirty,
some sixty, and som huudred per cent. All
to be paid for in the good time to come. A
general strike for higher wages, on account Of
high rents and the high prices Of provisions,
followed among the working classes, and .
general advance was conceded. Now the whole
fabric is tumbling down; and within eight
months from the strike Of the employed for an
advance Of wages, we have general strike
among tie employers for q reduction.
In this jubilee Of paper imitation, EXPANSION
Of credits, s!ockjobbing, speculations, wild
extravaganza, luxury, fast horses, and swim
ding, the parties concerned unfortunately omit
ted in heir estimates Of the day Of settlement
the probable drawbacks Of the European
war, the general drought, the marine disasters,
and losses by fires and frauds Of the past year.
But in contagious stampede of speculation
all practical estimates are lost sight Of and
fools and sensible men mingle together upon
morus multicaulis, or South Sea bubble, with
the same avidity. Still the piper must be paid
and in this instance the dance has been sudden
Up interrupted by short crops, and peremp!o-
ry demand from our European creditors for a
liquidation. No more loans They are alb
sorbed by Sebastopol; while short crops cut
short our credits in the estimates Of our proba-
BILE exports from the years productions. Thus
the evil is magnifed; for while bushes of all
kinds is ruinously reduced, including reduc.
tion in the wages of labor, the prices Of the
prime necessaries of life have increased and
are still increasing.
Now, the following table will serve to illus
trate the comparative working of this whole
sale revulsion as between the North and the
South, or the slaveholding and non slavehold-
ing sections Of the Uuion -
Banks in the United States. 200
Depending upon them for discounts, en-
ployment, OBSERVATION-DISCLOSURES. 2,500, 600
Manufacturing establishments in the
United States. 5000
Operatives and others employed in them. LOSE, 900
Railroads in the United States. 400
Depending upon them for dividends and
employment. ACKNOWLEDGEMENTS. 100000
Employed in ship building and in shipping 100000
Population. $3.50, 900
From an examination Of the census statistics,
touching the locations of these banks, factories
railroads, &C., we conclude that not more than
one-eighth part Of the five millions Of people
dependent upon them live in the Southern
States. Nearly four millions and half of
these dependents reside ia the North; and so
the pressure of these cruel times falls most
heavily where these banks, manufactures, and
railroads are most numerous and where, to
the greatest extent, they lie at the basis of the
business operations of the whole community.
For example, here in New York the business
of ship building is perhaps not more than Eve
per cent Of what it was year ago. house build
ing not more than one per cent and our vast
mercantile business of all kinds in the aggregate
s diminished to not more than twenty-five per
cent Of the aggregate Of last December. Simui-
taneousIy Cur Northern manufactures are
running one half, one, third, or one-quarter
time, such as are not closed; and the
diminished work in the construction of our rail-
roads is equivalent to the employment Of one
man out Of every hundred employed within
less than year. Not alone does the prevailing
evil extend to the operatives, in vital point
of view, but people whose little capital has
been invested in banks, railroads, &C., find
their dividends cut of, and themselves reduced
to absolute want, or to q ruinous sacrifice of
their investments. Hundreds Of widows and
orphans of this class may now be ranked with
the laborer without employment.
The Southern States are not responsible for
this reyulsion. It is due to the banks, the rail-
road and manufacturing monopolies, and kite.
flying fnanciers of the North. And we feel in the
North the dead weight of the reaction, while
the South is almost free from its pressure A
high tariff would not relieve US. The thing is
an absurdity, Barnum humbug upon its face.
It would but initiate the bubble in another form,
producing, in general collapse, the same bitter
fruits Of widespread destitution and misery
among the poor and the defrauded, while the
monopolists and rapacious financiering gam
blers would very naturally take good care to
provide for themselves, as they have done,
are now doing, and as they always do.
What are the remedies for this accumulation
Of troubles and suferings? Liquidation, con-
traction, economy and charity. Harsh medi-
cines, with grain or two of sugar yet none
but these will restore the patient, Time, too,
will be required to effect perfect cure and
in the interval the crisis of the disease has yet
to come. Our reports exhibit fearful amount
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