New-York daily tribune., 1857-10-22
1857 AND 1887.


To As Editor ef The " Y. Tribune.
BlR, Several Of your correspondents have endeav-
srsa recently 10 show what causes have induced the
state of things which we now winess in respect TO
kssscial affairs.
Some thak it is the result Of the reduction of the
zaif, by which importation has been stimulated,
Airgpg into tie country more goods than our neces
sites depasnded, making IL necessary OF Uouuso \"
Azpozt gold to pay for them in part thus reducing the
amount Of that which is always ard everywhere the
hssis Of Ill transactions relating 10 commerce. OherS
ere Of the opinion that have been piostrated by
Our Donstrous extravaganza. This reason init natey
connected with the o er; for if goods are imported.
sbey must be sold and Of coarse somebody must ouy
ana use them. Others still seem to suppose that all
eur troubles proceed from the spirit of wild spocu aoa
uh,oh RACES ferosly In some parts OF the country:
II nsy not be useless perhaps, % trace some shaio
r and some cont aisle between the present crisis and
Me circumstances attending it, and those OF 1887,
When, a. psw great bnobls barst scattering to the
SDuisr poninslly sIceedpgly rich in fab.lously
Ahort time and with homeopathic amount os labor
One then had only to cit still few months and look
90 upon his httle patch Of mulberry trees and see
tAem grow spsce, which were to produce enough AZ
sx cents bad Che then skoesz price, for him 10 re-
tire upon aLd with his family live at ease the rest Of
AAeiT days. A mans fortune WAS considered made
WAsH be became the osner OF share IL company
Iernsa ~ purchase farm in place which, although
u had never knswn an inhabiLsnt excepting a few
wild animals tinoe the last Of the red rlsn had
Sepsrtss, was to become populous city, cen.
AsT Of trade railroads. and canals with warehouses and
wAsryes and TO be flied with The buste of taze and
bUsine % In ali departments. single lot IN that cty
Weuk mske poor man rich. Half dozen Of them
wssld secure Independence to the f1rtanate holder
0soh the confident feeling Of even those thougat
- be wise in that day. This j. no fancy sketch, for
he writer was witness TO such tanssctiORs end heard
such feelinss often expressed AL wao were 10 active
HE hen viii remember something Like il.
Tk.s.N Nka f..y "a pfvUy
castle into OF shspeless ruin the sudden snd
complete overthrow Of concern which, ~ tie Gay OF
ia going down, stood firm and strong TO outward sp-
yeaIsnCe. Everything went on as prosPerSasly as
ever, when, sometime II April, 1857, Il think II wa,
Shs Josephs, f,n OF brokers ia Ncw-YoIk, win
branch houses in other cities, who stood high a. to
credit ard responsibility with extended business rela-
aohs, went down and disappeared like meteor fom
Ne sky. From that moment failure spcceedsd failure
1sh sarpTspg rSpi,y and Of tlOse too whc had been
sonhdeied npregnaps until fear, distrust and panic
we're universal throughout the country Ihep, 80 new,
ectndehee In men or Institutions was almost entirely
sst, and bankruptcy became general that lsw
tssssd intended 70 wipe out old scores and give al
sesnee " start again on 10 equal fooaog.
10 now the ONO Lie aad Trust Company, with q
ssedit uAiinpared, aud apparently in the fan tide OF
psesperiiy, collapsed and disappeared a. IN moment,
eehug down men and institutions wi b it, these again
o:Asis until the whole fabric Of credit aud trace is
shAhsA to s center. A. In 81 now, speculation in
ssy lots and l, lands especially a. the West has ab
edoeo ~ the srsniion, time and capital OF = large
Doseh OF The business paen and be who could borrow
n no rstsr what rate of interest. enough money TO
Day bls land IN any Of far Western S,etes con-
ndcpo h, iDdepeLdenoe almost secured. lie expsctsd
% hold tor few weeks or months and then realize
Aom one hundred ~ ten thoussad per cent profit.
THIS game Is now played out and has left the game
stsis With load OF nything but specie, which will
cake o long tune 20 throw off, The intriosic vslGe OF
aAe issd juA about equals that Of the mulberry buds
- tho city Lsee Of former days.
Theie ere, however, some striking contrasts be-
tween the present state Of things ana that Ut 1897
ahe most noticeable perhaps is that then speculation
n Wild lands city lots usdeT water Gni 10 the woods in
Der he ard mulberry bushes was .nsrersal throughout
ne gieie county, prevailing with equal force 10 staid
old Eew-Hsven, In Connecuout, as 10 its youthful
asnesake in Ohio or Michigan. Many towns IN the
voeds Of NAME were staked out into city lots SUI
heient In nuInbers ii built S4on, 10 accommodate
ehhon ana half Uf ihh hA5itants, whle the fsnoUs
p1sndon Bank, Nssissppi with It's FIVE millions OF
opnsi, was 10 give ample Accommodation t. the
usrcnsnt ps1nees" vi that to-be metropolis Of trade
eoo eeinmercs. "a not now; at Least not {, any
fhsg hhe ne extent it then. ia spec alaIon il
ssnhieS 10 comparatively small portion Of the ooun.
1y In toe isot hes chsf hone for aa early cnle
sf eaf piesehi neubies ard there - hope in taa SO
many are siLi stanaiDg they On 60 something to h,o
sth,rs pp; While IN 1897, ell being DIVA eseb oo,y
psssssd spOH his nsishoor. I.r.c.'