The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1854-11-16

From turret to foundation stone,
was the language Of the curse and the prediction,
and is the measure Of their fulflment.
Like In edifces, the business interests Of city
ere builded together, and to great extent, support
and hang upon each other. Tue flames Of confa-
grafton leap from pile to another. and the shock
which one creates In falling tries the stscinty OF
al tn neghbors. Besides toe numerous links which
in1esest Il perpetualy creating among business men
:: ; !, ~ q &c ann 81
which every Individual Ia 70 some extent the repre-
sentative. The primary causes, TO which the pro
senteendioH is the natara! sequence, have for the
tms being ppoduced their effects upon the popular
Character and Of that popular character the events
a the past few days are the Legitimate offspring.
CiAsiniad and Ohio have developed . condition Of
general bankruptcy, In the production Of which it
Il difficult TO say thai ono order Of men have been
ncse instrumental than another. That its features
ore more prominent In the case OF private bankers
than others, u the consequence Of the character
ther business full as much Is Of any especial error
Me whole system, choosing. perhaps, the weakesi
plAee 70 commence its ravages.
u hes been observed for several days that tho
condition Of pecuniazy affairs has been growing
month, when several Of the banks Of this city
forced to suspend, although the outward manifesto
tions Of run upon those whi,h continued 70 stand
wee supprss.eG Is y undoubtedly true that deposi
parbg for storm, while the banks were growing
daily weaker. II was known that large amounts OF
bils were returning from the East, protested for
sAisuons heretofore reported to be sound in other
parts Of the State, served TO divest the public Of
what little remains of confidence it had hitherto
retained. It was known that several OF private
bankers, departng from the line Of legitimate bust
ness, had invested largely in railroad securities, now
IN melancholy state Of depression, and In real es
tate, whose tendency Is the reverse Of upward; and
No enc was assured that the others had not equally
involved themselves In similar speculations. Conf.
dence was st end and the law OF self preservation
become paramount TO all others. The social bond
gave way before the individual necessity, and the
latter became the rule Of action, and must continue
to Be - for time to come.
The closing Of the banks win have tendency to
give rapid increase to the number Of suspensions
anoDg business men Of all kinds. The banks have
turned the keys upon their money. They cannot
pay, much less afford relief. Whatever may be the
character and extent Of the ultimate security ex-
hibited by the bankers, the process Of suspension
and oeDsequent liquidation will render it unavAil-
able for indefinite period It has lost the charao
ter Of money, and become merely assets, whose
value b yet 70 be ascertained Still it will not do
pron0ur ced too sweeping an anathema against the
dealers in money. The business owes it existence,
e well e its SINS TO legislative errorerror that
selves. They have not only been actors, bat
acted upon. That course Of legislative action which
drove capital from the State and deprived the bus
Native influence, has also placed integrity ct dis
oount-thrown obstacles in the way Of legitimate
busness-nade speculation che rule, instead Of the
exception, in trade, and stsuck staggering blow
alone, would have been one Of the soundest aud
most truly energetic Of all industrial communities.
But while the sky, in almost every quarte-, looks
dark and threatening, it will not do 70 indulge in
dependency. Amid the first depression incident
70 such events, thugs almost always appear worse
than they really are. There il An immensely OF the
elements Of real wealth in Ohio, aud in Cincinnati
We are young and energetic people, and time, the
&~kk Asnsw u,
many ways, produce relief and compensation. Toe
character Of people improves under misfortunes,
and wisdom IL learned in the hard school OF adver
siy. We may have reform in our financial legis
the tyranpcal provisions Of system foreign to the
popular character. Besides, mon do not lose thei
Identity; il they are men, they do not lose thei
courage Their Is glory N
calculated to develope tire noblest and best attri-
bates Of manhood. In the light Of false System
We shall learn TO place correct estimats upon true;
and in view of the inevitable consequences Of an I'm
sound practice, the value Of real integrity viii be
more apparent
Wo are inclined to believe, from what we have
been able to learn that the concitlon Of monetary
Affairs in this city is not quite as desperate ~ Il
Vas represented BY rumor yesterday. In times Of
panic, reports originate, no one knows how, and
grow with great rapidlty. The stoppage Of . bank
y assumed, for the time being, TO be . total loss
70 al it, creditors, of all their claims. While no
bank Of loan and deposit can be expected to stand
. sudden demand for the payment Of all its iabil.
tes, the business, when prudently and legiri0atey
conducted s one of the safest description Its char
aCter IL SUCH and 81 10 the nature Of its transac
lions, shat-unllke bank Of issue-with many Of
he tcreoito ultimate security il all thst Is requir
3D.. So far ~ it Il depository Of savings, this &C.
surky is BY 10 means to be despised, and is In gen
er suoient Its debts are represented By its bills
receivable; and experience has shown that these,
even in times Of great pecuniary depression, const
tate one Of the ssfess species Of property Those Of
eur banks, therefore, mat have not diverted their
means into channels ether than the demands Of
uade, have In their hands the means at 10 distant
DAY. 70 make Anal settlement with their creditors
Nor is this city totally unprepared for the ap-
and many have felt, its approach, and for months
past much has been done in the way of retrench
ment Purchases have been light, fewer debts have
been created, and the process Of taking in sal pre-
Il l. true that much yet remains to do; but trust
the warning has been sufficient to reach the desfest
ears. In mercantile practice necessity has already,
70 extent, instituted new rules Of forbearance
Where the failure to pay becomes univess patience
must b the rule instead Of the exception as is "
n better times; and the sooner the great law OF
mutual interest, which is the bond OF business 80
sisty, is fully recognized, the better tor oil. When
huud win have arrived; aud 1t is not necessary for
~ TO say, that l. all the mate als for glorious
structure, We have an abund nee.
We refer to our commercial columns for more
fnn detail Of the condition OF things as developed
yesterday. From thar it will appear that some Of
ehe materials OF which the panic was composed
were false. We have the assurance Of men in
whose characters AMI business ability We have been
custoned to oonfde, that the Clinton Bank Of
Columbus Y iesdy and aule to psy Its issues on
demand, AND there u re son TO hope that the q T.
zens' Bank, Ellis Sturees, and hessrp. Goodman
have means TO make their depostors safe We
speak Of these concerns without Intending &,
de6act from the reputation OF ultimate sovancy OF
sDy; and merely Do ause our means Of informsti'n
have been more full In their cases than iu ot,er.
In the meantime 1t v the duty, and for the interest
of al, TO guard against useless increase Of the
present panic through the circulation Of d,ootful
Isports-
Lord Dunkel1ln's Capture-The Post Master
General q England.
Your historical sketch OF the capture OF lord Dan
kelln ~ roou;res some correction The Naruuis Of