The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-09-28

LESS Of the country, because we are far more
rich and popuious, and the general revulsion is
now limited to certain sections of the country.
The Southern States, and particularly the cot
ton growing States are in great MEASURE tree
from the wild spirit of speculation that has char
States. They have busted themselves more in
the Legitimate operations Of growing cotton 81
gar, rice, wheat tobacco and corn, their surplus
Of which they have sold at almost fabulous
prices, so that they are now rich and abundanty
able and willing to pay their debts In addition TO
this our own city and State banks generally have
have lately been well conducted, thanks to the
watcbful teachings Of the HERALD, and are now
in as wholesome and sound condition as banks
can probably be, They will have to suffer some
less, for they have participated in some degree in
the expansive policy of the times But to sup
port them and the South in bringing about
healthy condition of affairs after the crash il
over, there are far more elements than existed in
1887.
We have ffst the five hundred millions of gold
which have caused the expansion. This still ex
lists and unlike the paper issueso, 1884 IS and g.
will be available as soon as the spectators have
ell brrsted, and the public confidence in our true
business men is restored. Then we have the i've
hundred millions which has been borro we'd in
terprises which, under the stimulus of the In
cIeasDg prosperity of the COUNTRY. anG relief
from the payment of exorb.ant commissions
ard fictitious dividends, will soon become remu-
Ieratiye. We have also immense crops of cotton.
wheat, sugar and tobacco, which will soon find q
sale at good prices, though not exorbitaut ones,
in the gold inflated markets Of Europe These
must he carried TO market and now that tie
prices Of staples have hopeful prospect of CON-
ing down to the ability Of the people to consume,
both the domestic and foreign carrying trade
will revive, and our ships that for more than
year have either been idle or doing losing bust
ness, will again find profitable employment
But before this desirable state OF affairs can
come about, the spectators in Western lands
city lots, cotton, wheat, flour, sugar, and all the
nsces aries of life, must go down. They have
been doing business with borrowed capital GU a
wrong principle, and the consequences is that
property is now all afloat seeking its real owners
Men must learn to stick 10 their legitimate bust
ness When newspaper men try to be bankers,
Or stockholders turn journalists, OF editors be-
come SPECTATORS, they must break, as they have
d me in certain instructive instances in this city
Business must be conducted on the true plan
in order to be permanent and abiding. Ia
fact, there are but two institutions in the
country that have conducted their affairs
Wholly in accordance with correct principles
These two institutions are the United States Gov
ernment and the NEW YORK HERALD; and In the
midst Of the general shaking and upheaviug
around them, they stand calm and unmoved like
the Roman poets "man resolved and steady to
his trust" with large surplus revenue in their
breecbes pocket.
But the spectators that have 30 long been eat
Ing out the substance Of the people, and building
magnificent brown stone and marble mansions
rioting in luxury and dissipation, must all 60,
and cur people must give up the Wild extrava-
gance that has peryaded all circles. II is 10 be
regretted that in their fall they will carry down
many good men and true, who have become in.
volved in the maelstrom Of speculation. These
must rub out and begin anew; and one thing
must Be urged upon Congress at once for action
during the coming session. To enable the honest
ubfortupates 10 begin anew and bring their ex-
perience and their energies to contribute TO the
welfare of themselves and Of the whole COM
munity, we must have a general bankrupt law.
There is no need Of wasting five years Of good
mems lives az we did previous to 1872 and then
passing an abortion, as was the Law Of that year.
Let us have at an early day we'll digested Law
for the relief end discharge of honest bankrupts,
uniform in us operation throughout the whole
country. And there is one thing the next Con-
grcss need not trouble itself about; II need not
take To itself any care about the disposition Of
the surplus revenue. We shall not have any thing
Of that kind 10 trouble our politicians next year.
DAN SIcKLEs IN SEARCH or CHARACTER.-
We insert elsewhere the report OF certain proceed
ings had on Saturday before the City Judge, in
reference 10 legal movement set on foot by
Dsn'l L Sickles member of Congress elect, With
tie object Of finding out character for himself
ard Of establishing a fair reputation prior to
taking bis scat in the next Congress. There never
was u more melancholy and sorrowful instance of
injured innocence thn that just now presented
by Dan Scklee, after 50 many years of well known
exploits of all kinds 10 Ibis community, In his
commencing an ection OF libel 10 reference 70
remark on his character, which was principally
Of political natura An attempt or two was
made to prevent Developments, BY suppressing
The regular preliminary examination, and carry
ing the affair directly before the Grand Jury
But those attempts have been frustrated by the
decision given by The Judge in ordering the
whole proceedings back to the magistrate who
Issued the warrant originally 1t lie probable
Al. H..