The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1855-06-26

represt nteO, ana not only Old ne not get
notice to quit that State, but he had actually
never been subjected to the slightest personal
injury or personal insult.
That dsposes of all the assertions that have
been made in regard to this gentleman.
The Times.
Much attention is at PRESENT directed to the
promising condition of the crops. 1t is said that
in certain districts of the West they never
looked go well, and though we have not had as
much heat as might have been desired. the con-
slant succession Of showers has on the whole
been attended with very gratifying results. As
usual, people are in high glee in consequence.
Not farmers only, but merchants aud men of
business generally, who are naturally accus-
toned to regard the harvest as the criterion Of
prosperity, and to shape their own expectations
according to the measure Of its plentifulness.
Business has received ON impetus, and stocks
have risen in price. Whether orders from
abroad for the purchase of American securities
are increasing, or not, the transactions of the
past ten days in Wall street seem to indicate
that private capital is coming in freely from the
country in search Of temporary investment.
Money is as plentiful as it used to be in June.
Altogether, there is a wide spread impression
that the hard times are over, and that the flush
times of 1852 and 1853 are about to return.
Experience warrants no such expectation. 1t
would be absurd to expect the tide to flow
before it has ebbed to low water mark,
or to mistake the fux and reaux of
the wave for the unerring movement
Of the sea. Not more foolish, however,
than to confound each temporary reaction in
the commercial world with permanent re-
yival of confidence, or to expect that trade can
regain its solidity before the causes OF injury
have fairly wrought out their effects. The
coDvulsion of last year can be traced plainly
to its legitimate causes The reckless expan.
sion Of credit--the creation Of valueless secu.
rites in the shape of railroad, banking, canal,
mining, and commercial paper, all which
obtained more or less circulation in consequence
OF the general fever of conference.-the wide
spread extravaganza in living in the large
seaboard cities-the mad speculations provoked
by the discovery of California gold, and tee
fatal errors of political economy to which that
startling event led-all these, combined with
the sudden outbreak of war in Europe, and the
consequent destruction of confidence in the
stability of commercial enterprise on the other
side the water, rendered, as early as the spriug
of 1853, an approaching commercial crisis
inevitable. Far seeing men then foretold the
storm, and by taking in sail in time escaped
the wreck. But by far the greater part of
those concerned refused to be warned or
terrified. In the intolerance of their prosperity,
they defied fortune; and when the crash came
this and that rogue precifitating matters by
exploding long train of huge frauds they
were of course the first to be overwhelm
ed. This was the first stage of the crisis.
None fell but the most obstinate of the
fools. AS it passed over, and men read the
paper in the morning, and saw that stocks had
not fallen, nor bankers failed, the more sanguine
cried that the storm was over, and it was safe
to put to sea again. Never thought they that
SO far from the real causes of the trouble being
removed, they were actually increased; the
avalanche had fallen few steps, but instead of
gaining surer basis, it had only increased its
own size. Soon came stage the second: when
those who had spent all their endeavors in scar
ryipg" securities in the hope of revival, cpald
wait no longer, 2nd their backs broke under the
load. This was worse than the first, and we
care not to mention how many solid houses
silently vanished under the pressure. Then
came another calm when stocks were steady,
and men dared to breathe again; but twas but
for o very brief space The crisis hal weighed
too heavily on the financial institutions of the
country. The market was flooded with securi.
ties seeking forced sale. What money might
have been used in staying the crash was shipped
to England, where the war had created an in
satiable demand. More failures folio we'd, and
for a time it seemed as though the whole con
vulsion would spend itself in one terrible effort
But it did not. After time, reaction again
took place, and q calm began which has lasted
ever since. 1t is on the strength Of il, and of
the promising crops, that people anticipate a
Iesurn of flush times.
But how stands our financial condition?
True, the amount of money represented by the
securities and banking paper at present ahoat
is less than it was three years ago, because
prices have not yet regained their former level;
but still they are utterly out of proportion with
the thing represented. All the railroads in the
country would be well sold for one half the
amount represented by the present market
value of the stock and bonds. They must fall
to this. So Of the banks. A very great proper
tion of the banking securities afoat are wholly
unsecured, and must give way on q recurrence
of the strain Of the past two years. So of
trade. Despite the curtailments Of 1854, IL is
still expanded far beyond the necessities of the
country. People still live far too extravaganza
ly for the capacities of this community. Alto.
gether, though something has been done, doubt
less, to relieve the United States from the dis
temper which threatened us last year it is by