The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-10-11

interest," But hanks are pubic institutions
.ssrs-s .ss .,an ss p..srs =, .ss osesns %
nent subject Tor pubic crfacisr-and n - IN this
view We venture, before much damage has been
done 70 raise the mote q warning against the policy
unless thls severe pressure ~ the banks against
each other ard unless united sysxe al ope-
rsilons y devised and heartily carried out by TIE
whole oi them, for bringing oat and carrying 70
market the vast crop nov stirred In the grxnare~ Of
our farmers, fUr the guarded s-sisanos of our mer
chants, and Zoe tne rratnai rcdac.ion of present In
debtedn~~, q period " monetary embarrassment
wi shortly ensue that the hAnks themselves will be
the first " repent having prod0oei.
IL there one large bayer u wheat or oats or oorn
or b~riey. or timber, no~ IN pse msrke. from one
end of The province % the otherl Not one tast We
bear o. The bsnks dare not furnish the funds on
the ordinary terms OF accommodation lest the bills
how bach on them for specie. And specie demand
"a bs vAcmi Net by the farmer, certainly, for
they ike The ao'es better than scd Nos By the eoan
try merchant for be carries The notes direct 10 the
wholesale merchant; ard no, BY the wholesale
merchant, for he carries them straight 90 toe
bank is payment ~ his dehts purchase- the very
dram given 10 buy the wheat. Very t-ue-out the
merchant may keep bis account with another bank
and Seyesitiae tie hsn there, they viii come IN for
specie al pext settling day. Here hes the whole
trouble. ~ this morbid ieu OF each other the
banks are deferred from oper4tions safe and profts
Bile In themselves and beneficial " the ccantry-
operations moreover, by which alone they make the
wealth OF the country available and reduce the oblt
Canada IL NOT Ike England or Scotland. OF even
like the United States with great accumalsted
wealth and vast NJ ancsl resources, shich by pres
can be brought 10 the relief of the money mar
ket Our wealth v In farms and houses, corn. cat
tie and lumber. We have conscls 20 sell on
emergency, no stocks 20 sacrifice when . crisis
comes. no Australia or Cslfornia 70 make gold an
Article Of merchandise. Our hank eurrcnry and
bank obligations represent real wealth and abun-
dance OF IL: but Is not 80 monentarily tangbe ~
the wealth Of other countries. You may apply the
screws hard a. you please. but all you can make
forthcoming, amer exhanstng the ordinary circula.
ton, is the produce OF the soil and the forest and
the mine.
The month of October Ia passing rapidly away
hardly ak weeks Of navigation remain 70 us. No
portion Of our vast crop has ye. been sold; none Of
II has yet left our ports And what, IL the present
state Of things should continue, winter come upon
us without relief and the entire crop he len In the
| spring? Are we told the railways can take II dur
ing the winter?--the railways have not capacity 70
carry it; and If they had the COS. Of transport at the
low prices now ruling would forbid their the AID being
forward by shipping before the close Of navigation
Inevitably the vast bulk Of il must remain unsold
and unproductiye for ak months 70 come. Then
what follOwsl The farmer cannot pay tne msrcham
and the mechanic; these cannot pay the importer
and manufacturer; and they, in their turn. cannot
pay the banks. The whole Canadian fabric rests on
| agriculture. Get out the crop-ssll it-and the
whole machinery moves; leave the crop IN the barns
| and the entire system Is sagnant.
| We are persuaded that ali that is now wanted q
harmonious and united action by the banks 20 re
lease the crop and enable all parties 70 meet their
indebtedne by the only means within their com
mand. Nor should this be difficult OF arrangement
The s0lvency OF any banking Institution In this
country the ability OF every one Of them 70 meet
all demonds, Is beyond question Why cannot they
come 10 arrangement that certain fixed propov.
tion Of specie shall be retained by each bank az.
cording to circulation outthat certain rate Of ac
commodation shall be extended TO the public ac.
IN nd draf "a nj Ion a al
be received In payment Of balance? Let the Prcsi.
dents and cashiers OF the several banks agree on
some such basis az this, and all fear OF financial
| troubles in Canada will be at an end. But let the
\ present fear OF each other continue a few weeks
longer-et them continue 70 strive who An squseze
4 The hardest and draw heaviest on their ne'ghb1rs.
and shall have times not seen in this country be
fore. We speak thus while IL Ia yet time. The banks
of New York forced sl3 900 900 from the merchants
| OF New York in few weeks, bat they have already
lived long enough TO repent Of the operation, and
there not the fears and not the INDUCEMENTS 20
paate such a course here, which might have just
fed Il in the great commercial mart of the United
| States.
HARD TINES
| Several Of the manufacturing establish nents in
| Newark ". j., and vicinity, design Recommending
operations this week. and Will employ large pJr
tion of their old hands. This is encouraging.
E.F. wbittemore 4 Co., exchange and biz Bro.
kers, of Toronto, Canada closed their doors on the
7th inst II Is understood that the firm IL quite able
to meet all is liabilities in full, and toa' IL present
temporary difficulties are chiefly occasioned by the
extraordinary pressure on its correspondents 10 the
United States.
The suspension of willett 4 Co, Of Ne~ York,
Affects the whaling interests OF New London, 70 the
amount OF 100000.
Messrs. Starr & Underhill, l2T Maiden lane, Who
have recently xuspended. were largely engaged in
the manufacture OF bats, which we're made In Bloom
Geld, Orange and Newark, N. j., and Stapleton,
Staten Island. They furnished employment % about
IN Il. -
payments from 81 900 TO 81 800 every Saturday
The bank suspensions in Philsielphis have
brought TO light an old beggn w,rnan, who -
mourning about the streets over her loss of sixteen
hundred dollars
The "hard times" are operating very opprsssively
upon the poorer classes Of people at Eizabethport,
MI. A large number Of men have been thrown
out Of employment during the past three weeks.
The Lynchburgh tys) Courier, says that the
banks Of that place are having an easy time OF IL.
recent suspension excitement has been css by thou
sands Of dollars day than in ordinary times.
The Springfield (Mass) Argus states that the
Lyman Mill, at Holyoke, has commenced running
agsn six days in the week and eight hours in the
day. IL there is such an improvement IN financial
matters as TO warrant this movement, IL will be likely
to affect other mills in similar way. The relief
viii be most welcome 70 the thousands Of operators
teat are now ous OF employ.
SERMONS ON THE PANIC.
DIR. CHArR ON rBE yrrAScrAL vRorBLKs or rBn
COUNTRY.
Rev. Dr chspinr church vss on Sunday everIns fued
win large audience many o, whom anticipated thas TIC
pastor would, In his evenings dis,ourse, snuse v tss
prescr. nraHcai voubea Tney were pos disspposkd
fov the learned doctor chsse hs subject for bh theme
taxing for bis text ,wsn Of lSe seventh chapsr
of Eoclesasties -
For vsdom Il . defence, And money defence but
the ekn5y Of hnovledse 70, that vndom svcsh nfe
them that hsveM
Bo said --rnere siu,es ~neu 10 mos, srphsscauy
Me care hss events preach Upon such occasions tbe
thoughts and the hearts Of men are Irresniby ds Into
. COMMON currsss sf exsemens and vhasvsr their pri
vsie eaS0 ntsrcss they mrst sten the prevailing
shsme. Bach 10 ths oass sov. In ns storm Of anss.
clAl dIsaaer, when frissds and neIrnbon are rosns
dovH-when " mons hearts are failing tbem fos
fear. and for looking sres shoss ihises vbcn are
coming smore extrnatn hirsalf from Ne