The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1854-12-11
Tux DAILY I1lSfAl07
lNoNnAr MORNING.. pt6E 49,

u
- - TIxss.-The New YORK Herald IN
-. 80 ,ha causes which have led to the
hard t;mes. refers to the enormous 'nna'lOn
~ credit and expansion Of paper mon.y
-h;ch fcllowed the discovery OF CallIo'nlA
,.a,a. IN increase Of iifty millions in the CIR
cu,.tion Of the banks, based on an inclosss
~ t.n millions in specie, affording UNUSUAL
facilities to trade railroads buii1 wi'n money
borrowed ON most disadvantageous terms
m.,ch.nt. importing more than they could
all retailers purchasing more than they
could DISPOSE Of, and private individuals than
thew could pay for. A general rise OF pricts
followed the expansion Of corporate banking
railroad and private credit. and real estate'
produce, labor. and all the products Of indus.
try we're enhanced from twenty-five to ore
hundred per cent. in value.
This state Of things reached the climax in
1883, when the people, discovering that they
had no other guarantee FOR the payment q
their claims on each other than the duration
of the credit system. they sought more SUD-
stantiai security, and reaction began 10
take place. g Each man." continues the He.
raid, .acting upon this policy. the credit sys-
tenn vanished. Hence, new enterprises were
checked, old ones hampered, and general
desire for settling accounts began to manifest
itself among merchants. The consequence
was that - two-thirds of the schemes In ac'
ton were solely predicated on the continu-
ance of easy times, and were not intended to
pay for the first three or four years, severe
disasters occurred. Stocks fell in price
Real estate declined. Houses could not be
let. Ships became drug. Goods were sold
below cost at auction. Railroads passed
their dividends. Bankruptcy threatened cor
porations and individuals alike.
There was nothing strange or unusual in
this. 1t was the natural inevitable conse-
auence of period of undue expansion and
speculation: nothing more than one of those
periodical reactions which occur in every
commercial community at certain intervals;
and which, after causing much individual
suffering, purge the community. and leave
the country better off than before"
The Herald thus refers to the large export
of gold:
One of the incidents Of the reaction Of 1854 has
been tina large export Of gold. We have sent abroad
nearly forty millions of specie and have only re.
ceived about thirty-six from California. Peoplswh
supposed that this excess Of exports Inn
ports of specie. csused the present depression ana
suffering Il mfees to note the figures to prove the
and bonds alone during this year exceeds thirty mill
lions Of dollars that in real estate s probably far be.
s spwss 1 u two hundred million. Of dollars bsve
been taken out of the pockets OF the people by the
decline in values during the year much il the
contain; over in specie st the present
suppose that Ss disasters year caused
export Of $40 co., 600 against an import OF SS6
CO. when the country contains e240 600 600, safely
The cola export !: one Of the eeets not the cause
OF the trouble Gold goes abroad because 1t 10 worth
tobacco DO. When gold ceases to be worth more in
London than 1t II here, it will cease to be exported
But whether 1t goes remains, the effect will only
real souice Of the suffering in the commercial world
lies far deeper.
REV Mr. CUMMINGs.-The announcement
of tho .As;saesion, by Rev. Mr.. Cummings,
Of the Rectorship of st. James Church in
this city, has been received with great and
general regret. Mr.. Cummings, as pulpit
orator, has few equals, and has become en-
deared to his congregation and the commu-
nifty, not less by his amiable and gentlemanly
department in private life, than by his public
ministrations 1t is now little more than a
year since he accepted the Rectorship of St.
James Church, and his career from first to
last has been one of unabated popularity
The large edifce has on every occasion of
public service been thronged to its utmost
capacity. Mr.. Cummings, we learn, accepts
call to the new and splendid church in
Washington, of which Rev. DR.. Butler was
the Rector, a wide sphere, in which we have
no doubt he will shine as q star of the first
magnitude.
The pulpits of two of the largest Episcopal
Churches of Richmond are now vacant. We
hope soon to hear of their being filed with
men equally acceptable to their congrega
tions and the community with those by whom
they have heretofore been occupied.
~ The Washington correspondents o
the New York Herald seem never to tire O
poking fun at Monsieur Pierre Soule. On,
of them, in late letter, says that in diplo
matte circles in Washington, there is new
solution of the question, "Why did Louis Ma.
poleon deny Mr.. Pierre Soule admission to
krance?" 1t is this Napoleon III. having
heard the report that Mr.. Soule was the natu,
raj son of Napoleon the Great, feared that our
Minister this report being true) might set
himself up for the French throne. Know.
ing, adds the correspondent, that Mr.. SouIe
possessed great influence with the people and
revolutionary leaders throughout his empire.
ne looked upon him as dangerous rival for
the imperial honors, and self Representation
dictated the order forbidding him his domi
Mons. The Emperor himself, says the wri-
ter, has the reputation of being a natural
son, which places him behind Mr.. Soule in
his claims upon the throne-the one present.
ing himself to France as the SON Of the great
Emperor, and the other only as the nephew
of his uncle
VICE PRESIDENT OF THE SENArE.-Tbe
New York Herald attaches considerable inn.
portance to the election Of Mr.. BRIGHT Of In.
diana, President pro tenn. Of that bodv. in
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