The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1854-12-13

cate their children, and obtain all the ep,ymsnts
Of country Life. But With eight inches Of SNOW, and
the merry thinking of sleigh bells sounding in my
ears Am atmonished 70 drop this subjss until after
p. s. Dec Il, O'Clock A. M-An addisIoas
quantity OF snow fell last night, and 1t u coming
down dnely at this moment A.
The Financial Crisis.
rFrom the Boston Telegraph, Dec. H.
Several of the New York papers, among which
tent with the money pressure as exists appear TO
be doing their very best TO get up Downright panic
So far a. appears the motive OF the HERALD Is the
mere wish Gao often appa rent Ia that journal, and
indeed somewhat too much the beset.ng sin OF the
New York press generality 10 get up excitement
NO matter at whose or what expense. The Tribune,
bent upon more stringent tariff Gan obsolete idea
TO which that paper clings like fond mother to o
histortsus-and having moral to point, lays on the
color high, With quite ~ much regard 70 effect as
Yet no doubt the state Of th,ngs in the city Of
gloomy iorebodtngs, in the eyes Of those who see
the whole Union concentrated In that city. No no.
fectSng person who, during the last five or ak
years has been in the habit Of occasionally visiting
New York, can have failed to notice the career Of
alm9t insane sxtravagance which that city has
been running buildings going up in almost every
direction, OF the vastest size and most expensive
character. The great decline in the value Of real
estate u ONE Of the worst symptoms for that city,
speculation has gone in that direction. Then tho
expensive railroads leadrg into New York. in which
50 many mercha nts have invested tneir surplus
earnings have proved anything but available to the
stockholders in the hour OF emergency. But this
10 not the worst Of It. Tho lifeblood Of New York
il the foreign traffic, Of which II has come TO be al
most the sole CENTRE and the immense losses In sur
Cd the present year In that busness are chiefly con-
centrated there. The seven years Of plenty-the
longest period Of uninterrupted prosperity ever
jo, cd by our merchsnts-has been sue ,eeded by q
year Of famine, which threatenato swallow up no
email part Of the 40 unulated profits OF the plentiful
years that preceded it, even where those profits
have not already vanished In consequence Of wise
Investments
The extravaganza 30 conspicuous In New York,
where its operations are concentrated IN narrow
space, has, doubtless, prevailed TO no small ex-
tent throughout tho Union. developing ITSELF esps-
cialy in the railroad mania which has ragged to such
an extent in the Western States. That eculation
has had result which every praseenIt; person -,
my must have foreseen But Of this sort OF fore
sight very little was exhibited, even by mon from
whom it might most have been expected; AMI how.
ever beneficial in the end these railroads may prove.
whether in their effect upon the value Of real es-
tate or as private property, very few OF thsr orgi
nal stockholders seem likely to make much out Of
them-st least not If they had themselves under the
necessity OF parting with their stock In the present
state CT the market.
Nevertheless there is rothog ia the present state
of things to excite any apprehension OF crisis like
that OF lS27-42. In the first place, that crisis was
greatly aggravated in its results by the efforts made
stave It off ard overcome it, Taese efforts con-
sisted first in SUSPENSION by the banks, ard BE-
condly In immense loans obtai1ed In Europe by the
sale OF State bonla, and through the management
of the Philadelphia Biddle Bank, by which the
crash Was aggravated just In proportion as 1t was
postponed As TO borrowing money in Europe,
that, fortunately, Is out Of che question. We came
to the end of that rooe some time since. The re-
cent decline in the exchanges, by check'ng the ex-
porteton ofspecie, has taken away the only ground
upon which suspension Of specie payments could
possibly be suggested, while the closing OF so many
weak banks has shut the mouths Of those fcom
whom such ruinous proposal would be most like
~ to proceed.
One great inducing cause Of the crisis Of 1887
vas the short harvest The present harvest is al
legged to be some what short but there is great DIFF
ference between the two cases. Then We were idl.
pofteIs now we still continue exporters, ard indeed
il is the foreign demand rather than a,y deicien-
cy in the supply Tor home use that Keeps up tue
price.
The railroad expenditure is already checked and
is being fast reduced within safe limits. Toe bal
sDce OF the foreign trade is turning In our favor.
There is no suspension Of specie payments to tempt
men to endeayor to escape from one eInbarfass nen;
by pIngipg headlong INTO Others. The railroads
and buildings, and other costly improvements OF
sway. They are productive investments, though
generally perhaps no TO the extent of the expecsa
IioLs OF those by whom trey are made. IhoY are
substantial additions to the wealth Of the country,
sr will rebound greatly TO the enrichment Of capt.
talsts into whose hands they are passing.
The coarse Of curtailmens and settlement which
is rapidly going on, will, TO doubt, swamp num-
Der Of Individuals GREATER or less-but excspt in
some special localities Of limited extent, there
seems no reason to expect any such utter derange-
ment OF affairs rs some foreboders apDrehend. Tae
city Of New York is no doubt the plsce in which
the disorder exhibits itself With the greatest severi
ty, but even there We apprehend, things are by no
means likely to turn out 80 badly as some seem TO
anticipate. At all events it seems to us that those
journals which were DO active In stimulating to ell
sorts of spoculations- TO the absufdity Of Pa
cidc not to be the first 10 raise the
cry Of all's Loaf.
The Fugitive Slave Excitement In Chicago.
[From the Chicago Press, Dec. o.
During the forenoon II was rumored that warrants
for some fifteen fugives were in the hands Of U. S.
Marshal. Col. Harry Wilton, and that an attempt
would be made TO arrest them during the day. It
also leaked out about noon, that In anticipation OF
resistance, the Marshal had ordered the Light
Guards, Capt. wyman, and Company A Of the
National Guards, Capt. Shirley to assemble at their
armory at O'Clock P. n, and to hold themselves
subject to further order. Of course these rumors