Orleans independent standard. [volume] (Irasburgh, Vt.) 1856-1871, 1857-10-09
The Great Money Revulsion.

severe money pressure in our great
cities as at this moment. 1t rather COM
menced in New York, but soon extended /
TO Boston, Philadelphia, and nearly all
Of the Atlantic cities, and has travelled /
across, even to Missouri, and visited ST.
Louis. It's march was like that Of the /
Cholera-a pestiIence upon banks, stocks,
and money and so great has been the /
demand, that good firms have been fam /
to give one per cent a day for the use Of
money. The question now arises, what
are the causes and what the cure? DIFF
fcrent men have different theories.
Over trading has been one cause ofthe
fall, and that has been practiced in every
department. Importations have been
fundamentally heavy for years, and that
has been the cause Of the large surplus in
the national treasury. Had it not been
for the wonderful influx Of California
gold imporiauonS'so much eNceed'nS oui
exports would nave brought Oh the CRISIS
long ago. Indeed wherever imports ex-
coed exports II drains OH specie ana con-
tracts oahh'hg "o'l''y a. wen d 'i'e "o'''-
~ OF the cnun'ry' but imPof'auohs
never largely eNceeA the demand HA-
travagance has called ioF lInPoHauohs'
And, indeed the city, u not the country
has run wild with extravaganza Inc
question has not BEEN as OF yore, now
cheaply did you purchase, but now GEAR
No one boosted ofhis cheap bargains
hut every one wished to have it under
stood that he or size paid the highest.
This was true in in the city for gewgaws,
and in the country for horses, until credit
seemed to stand rather upon eXtrava-
gance than capital He who made the
most extensive parties, gave the costhest
suppers' ana co'heu MS fanny j" 'he
most fabulous hnery' could get cTed't at
the banks to the greatest amounts sIImu-
lated by these Accommodations these gen
try purchased largely. In oreadsluils'
sugars, and other commodities they com
manded the market holding for still
harder prices - with no capital, were
monopolists. In the country, too, credit
was formed on a false basis S5,OOO
horse, or shares IN western paper cities
When man went to market he carried
little or no money, but showed that he
possessed so many lots IN some new city,
just about to throw Ne" lorN or Lon
don into the shade ana lie got creui'
on such representations. Al all events
men made these answer IN lieu Oi pay
ment To requests to pay the reply was
have DO money ! have invested all
my money IN lands
Before this great revulsion burst upon
upon the cities it was felt that this state
Of things could not contiuue-pay day
must come at last, then these paper cities
must be tried, and probably would tum
ble-all there was Of them to fall. Bu
no matter. They furnished ground TO
confidence for the time being, and conf
dencc WAS all that was necessary as basl
for trade. Gold would come from Cali
fUrnia. Well the most High, in his good
ness saw fit to give us bountitul yea
in all the Paoducts Of the earth. Bread
stufs. Of which, before there was iai
supply, only that they were held bacI
from market by these baseless specula
tors, now became so abundant that witt
all their fictitious credit they could u,
longer monopolize the market. 1t mus
now regulate itself Then these gentr.
were doomed, as they well deserved t
be. Sugars, also, Of which there wer
acres held by similar characters, in New
York and Boston, to compel the higI
prices Of this year. were also abundant
Still the Spectators held on till the nev
crop Of both began to come into market
and then heavy provision and suga