The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1854-08-14

With the last three months we have repeat
aily called the asteatToa'of our readers 70 the
Increasing synrtops in he movements OF the
stock. iolbipg, conn efesl, and foaociai world,
OF an impending monetary Revision, snslagoas
in its causes and Iesaiss TO the memorable
collapse ef4s37.
The yea- 1885 and the year 1886 were years
which carr, away the whole business comnu-
nity on The high tide az IN excessive pet bank
imitation, hey ons all the bounds of safety com
mon honesty, or COMMON sense. A puff of wind
come breach was made in the fiimsy fabric
a roaring storm follewed, aud the magnificent
air -buih castle, from is topmost towers to It's
outside palisades, was swept away into the gulf
OF universal bankruptcy. Van Burc and the
Democratic party were held yespo = lie; and
by an overwhelming uprising of a swindled and
indignant people, the successor Of Jackson was
ANONYMOUSLY repudiated in 1910. Years
elapsed; trade, exchanges, commerce and stock
iobbing gradually assumed the forms of order
and regularity; shinplasters were superseded
by more reliable paper, and the State banks
generally were leoreanized upon something
ike healthy system OF operations. With
slight and temporary fluctuations, the move
ments Of Wall street We're plato sailing till the
gold began to pour in from California.
The fcst arrival Of California god excited
u general incredibly concerning the asto ash
ing rumors Of he iliimitable supplies OF the
preciousSaetal in the newly acquired Ell Dora,
do; but as the shi pmsnts increased from month
to month, unbelief gave way to contideoce and
confidence 10 entLusiaam. A spirs OF speculation
and stock jobbing speedily followed; but for
some time, With the experience Of 1867 as q
warning its highest demands were amply sup
piled by the regular aEd steadily increasing
receipts Of gold from San Francisco in ex-
change for New York merchandise. The Cali
forna mines, were inexhanstible; and the subse-
4uent discovery Of richer washings and larger
" chunks aud nuggets smong the hills and
clutches Of Australia, would warrant the most
of speculation IN mines, genuine or spurious,
interpretations with souls and bodies or with
out either body OF soul in oil sorts of conspira-
cies for fleeing the gullhle public Of their
snp abundance OF cash. They were all ayaila-
bic, and all in request
The summer Of the year 1855 was the culmi-
mating point of this golden epoch of imitation
The Cry stal palace was the comprehensive en-
bodiment of the fact. We adhere to this as
The CryGtal Palace was the thing
which overdid the hiIg-the extra bale Of mer-
or the, one feather more which
broke The ,camel's back, and which gave us,
over his PROSTATE body, the first front
-iew Of the elephant. /. was the inauguration
# the Cry stai Palace thai inaugurated the be
Ginning OF the collapse. The success of the |
oval speculation at Hyde Park had saaamed |
he patriotism Of some Of or enterprising citi- |
sens till the agony was iErupportabe. They
ordered q Crystal PALACE for New York; aor the
London, the Paris, the ST. Petersburg of Anne
rica was entitled tois-and they knew the thing
would pay. Tho PRodncts Of ert, genius. and
from the four winds of heaven and all
the islands Of the sea, collected and arts,icaky
arranged in beautiful glass house, would GER
tainly pay. The country was flU1h of money,
California and Australia bravcly kept up the
supplies, our people were becoming rich, luxu-
,ions and extravagant, and were all agog for
some new excitement In the absence Of Prc
'identiai election. The Crystal Palace was de-
reed fhe greatest desideratum OF the age.
The stock went of at high figure, like hot
axes on frosty morning. The whole commu-
lity was infected with the contsgion. IL was
he old moromania OF the South Sen bubble
he Yazoo scheme and the norus multicaulis
mpostnre, in a new shape. Everybody in New
FORK was to be enriched by It; and the island,
within two or three years, it was predicted,
would prove to be loo small to contain the
people. the buildings and the increased mer-
,handise which would flow In upon us.
And what was tie resalt? Stocks went up
Parker yeins, and veinsin Grass Valley and in
The moon went up, bread-stsns and provisions
went up, town lots end country honlesteads
vent up, marble stores and brown stone pala-
.es went up, and rents went up to an incredible
ig,lre and Notwithstanding revulsion was
distinctly foreshadowed from The inauguration
IF BarnIm's secondhand museum Of industrial
,uriosities, rents continued to go up till last
Nay, when they were raised to such amazing
ignres vi ext0ftlon as to excite sensation OF
reaction, something Of panic and something
# apausc.
The eEadiusting balances Of supply anl de-
mand have been quietly. but to ON inspprecia-
be extent, rapidly working out revolution,
md collapse. Last year, the new buildings
erected in New York might be counted by
thousands; this year, with all the materials to
be had vt much lower prices, hey ore reduced
TO few scattering hundreds. The difference
Is manifest everywhere throughout the city.
Last year, from the naltitudes attracted to
New York by the Palace, or drivea here by
he yellew feveris ihe Scuth, our sales of mer-
,banaisc to country dealers were doubled,
rebled and quadrupled in quantity; and TO an
unusual extent, the goods We're of the richest
Qualities. But hoW could our friends in the IN. 1