New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1854-07-20
WALL-sT-TBE CRYSTAL PALACE.

and beating him. desired TO make honorable eieeP-
tion of Larry, :" for he never struck me when ra'
dorm" Generous, high-souled Larry! tbs pity
tie world hrs so few like you
One little year ago, Wall-st. and her operators
were powerful and popular throughout the country.
From the north from the south from the west, came
delegates in shoals enteatDg her magnates to take
stock in tbs Railroad or sell the bonds of thai, at
least use their influence with British capitalists to
procure iron on credit so as to enable the directors
TO finish and operate their Road-for the good OF the
community the special benefit OF the locality ira
versed, and to the great enhancement oil the
trade and wealth of New-iork. Walrst.
was hsttered, cajoled, magnlhed, and alas
flat we should say it, sometimes bsmboozled.
Her leading men counted up the gains the! bad made
ION paper) by this or that kindred operation, felt
strong and public spirited and took hundred thou
sand of stock or bonds here, half a million there,
three millions in the other company, and undertook
to "place them when money became little easier
or our credit better established in London Ii WAS
in vain that we demonstrated, over and again, tue
radical unsoundness and fray of the whole fabric OF
commercial activity and seeming prosperity which
sted on our facility of running in debt abroad as Its
basis and proved that were mourning new oohga'
tons 90 fast that the mere interest on them would
soon eat us up-no man could afford to wait, but
must have railroad BY his door right OIL and Wallst.
WAS entreated aud badgered into helping him to graf
ify his intense desire.
AT length the inevitable revolution came. Europe
rushed into war and so to spending on fleets and ar
mics all the surplus proceeds of her current industry
and absolutely could not continue to lend us-she be-
gan instead call for portions of the old score
and that brought down the dollhouse in hurry
Wsnst lay exposed to the first shock. and 1t doored
her she owed hundred millions to European and
other CAPITALISTS who "called" her, against which
she held double the amount in the stocks
ard bonds of inland railroads and other en-
etrrrifes, giving vast employment to labor and
promising magnificent results every way, but
from hch present cash could no more be extracted
than blood from turnip. The country could not be
made to take up the bonds and other turtles nego-
ated in Wall-st., while pay or break is the rule In
that busting quarter SO one operator alter another
began TO sacrifice because he must in order to meet
his engagements using up margins and unsettling
"call" loans, until all was dire confusion and
ruin. Men three months ago supposed and suppos'ng
themselves worth their hundreds of thousands, now
fuancer for their next dinner, and nearly everybody
in the street who listened to the syren song OF
PLEASE negotiate my bonds" is cleaned out. Sad
der aid wiser men are they of Wall ST. to-day than
their own selves little while agolighter in pocket,
heavier in heart and with an added sense of the muta.
bility of fortune. Hundreds have suddenly disap-
reared and are looking up the sad remains of their
worldly gear among the golddggings OF the South or
in the corner mines of Lake Superior, wandering,
Marus-like, among the deserted picks and shoves of
the Bubbleton Railroad, in whose waste paper bonds
they still cherish a lively interest. Meditation is
silutary; country air (some Of i) wholesome; travel
and exercise renovate the body and exharate the
mind We heartily wish our absent financial friends
good time.
hut lust see how the mean, cowardly, empty
headed mob is down upon Wall-st., that it has
longer power to WELD nor money to lend. From one
end q, the country to the other the press teens with
fipes and sneers at Wsll-st morality, Wall-st.
finance Walst. honor &c.-all melted by Wall-st.
poverty. The great revulson has unmasked few
knaves burrowing in Wall-st.-not mere than would
be turned up by thorough overhaung of almost any
fashionable and popular church-and the moral sense
of tie million who would like to borrow of
Wast. and can't, is shocked irrecoveraby. Wall.
streets bankruptcy is grinned at by thousands whose
and travel have powerfully aided to produce it, and
the downfall of Wast. is exulted over by many who
will be on their knees before the Of Wall-st for
new loans and subscriptions before three years will
have passed. 1t is a shabby world that We live in,
wherein the general rule is to strike faster and harder
any one who seems to be already down.
The CRYSTAL PALACE 10 further exemplifca-
ton of the same general truth. 1t got up under
the impulse given by the decided Of its L,n
don prototype, when money was more abundant than
it will be again. and cost great deal more than
its projectors intended. eve should like to SEQ the
edfce that did nOt.) The subscribers to its stock
were mainly merchants, brokers, lawyers, &c, be-
cause else chose to take it; and of course it's
original directors chosen from the same classes.
IuexpeTience and pre6ecupation led them into some
errors, which were promptly exposed and sharply re-
buked; their current expenses were too heavy; and
the Exhibition, though the grsndest and most instrue
tive this continent, was never truly pop
plar, and encountered from the outset strong cur
rent of hostility. The managers were driven to
accept remote, Out-of-the-way location for their
eGfce, because they could obtain better and this
proved one main source of their subsequent msfor-
tunes. They were supposed to be flush of money and
likely 10 make more and very many with whom they
had dealings attempted to rob them BY groundess
and exorbitant charges Their capital did not pay
for their building; their large floating debt absorbed
all thei; surplus receipts while they had any; aud
they closed their campaign deeply in isbt-a very
large majority of it to Directors themselves for cash
advanced to pay off pressing liabilities. The EXhibi.
ton had been branded in the popular estimation as
unlueky, which of itself was enough to ruin it, and
il was overwhelmed with urgent and still increasing