The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-10-05
The Progress Of the Ksvaision-- Cleans OF
JORR


The arrival Of the S ar Of tne West, with 81
26S734 in treasure, aud the comparatively slight
disaster which marked the much dreaded 81 Of
October, will enable the mercantile community
TO enter upon the new week with better feeling
than they have known for long time. II bad,
long been inoustriously preached thai Saturday,
the Sd, Oh which day several millioos 81 msrcan.
tile paper fell due at bank, would witness an uu.
parslleled humber Of mercantile failures; ii is
gratifying TO perceive that with TIE exception
OF one domestic banking house, whose emhu II
rassneDts are imputed TO the disorganiz stiod Of
our domestic exchanges and 10 the unfortunate
operations Of q Boston branch, the houses which
suspended payment on Saturday were uniiormly
second or third rate. Indeed, last week, az a
whole, wac lees severe thsn some Of its prede-
cess1rs, though there was no apparent relaxation
in the stripgehcy Of the money market.
IL is quite ridiculous to suppose, as some Of
eur cot mporaies seem to do that the reyulsion
is over, aid that We may fall to aud spend money
like water once more A revuliOu ike the pre-
cent is not the affair Of a Day or q week, or a
month. II took twelve years % prepare; it will
take at least some months 10 work out TIE e.
vulson which followed the war Of 1912 ls.tad,
three years that Of 1926 la cd two; that of
1887 lasted four. Aud iholgh all attempts 70
strike an exact parallel between tuese periods OF
disaster and the one in which va are nov moving
must fail, simply because ever! day differs from
he last, and 20 to ages or ras. or eveots, or
M, ale exactly and wholly alike, yet still there
Il sufficient general anslogy between these va
rious conn, rcisl cries 10 enable US to conclude
with some coincidence that they will all have Ger
tain features IN common. II Is contrary to ex-
perience std 70 common sclss 70 suppose t5at
the pr,seut rtyulsion sdl 800 short half way Ia
the carter which was conpi,tsiy flied BY it,
predecessors
There are, however rCs-lns for believing that
The present seasou Of cIamlllos will be bnefer
tbsn any former siu,lu period Railroads,
steamers and tlegrspbs have actually condensed
time: we live year IN thirty days, old style;
we croKd into q week movements and events
which occupied The last generation at Last a.
month Merchants al Nes Orleans lean Of the
suspension u their correspondents here the same
Gay, end are ensbed q act, one way or the
Other, without the loss u many hours, and Cd
vie The same before The dsy is out Shippers In
New Yo,k obtain q settlement from their bankers
in London in twenty four days Formerly these
Operations CONSUMED months, durpg all which
the revplsion dragged IL slow length aloup
Now we economist ureefourtbs OF the time
spent In waiting. Ii.nce, though the presen.
convulsion must naturally be more extensive IN
it's effects than apy former one owing q the
prodigious extension # our commerce, aud the
infinitely increased area Of mercantile credit and
financial expansion which l. exposed to tbe
storm, il is pot unreasonable 70 expect that Il
msy b. much fooner erded than former acct
dents Of tn kind, sod that the country may re-
cover irom the eaects in an unusually short
period
Toere are Other reasons for hoping that, In
spite OF the enormos losses tbst musi befal those