The weekly pioneer and Democrat. [volume] (Saint Paul, Minn. Territory) 1855-1865, 1857-11-12

From our Regular New YORK csrrcsponaen,
NEW YORK, Oct 80. 81.


The smoke Of our great crash is gradual
ly dying away. and people are beginning 10
look about them. to see how they stand with
the world. The events which have followed
each other in rapid SUCCESSION since the fall
ure of the Ohio Life Il Trust Company,
were so totally unexpected and apparently
impossible, from past point OF vlew' that
the whole community was stunned, and our
financial history during this disastrous period
seems like brief aud bitter dream. bu'
here we are. Three months ago we were
PROSPEROUS. We live by trade, not by pro
duction, in this city of ours. Trade was ex-
celleut that is, the grain and cotton grow
ers were well supplied with the means Of
raising money, with no prospective difficulty
in raising it, and therefore were disposed 10
buy largely of the foreign and domestic lux
uries which this market offers to the conn-
try at large. Our currency has been bro
ken up domestic exchanges are paralyzed
people can neither buy more nor pay Tor
their last seasons purchases. We who i've
by trade are, Of course thrown out OF em-
ployment when trade ceases, and those who
have accumulated nothing, or whose accn'
mutations are locked up in stocks, once re-
garded profitable investments, bnt now tenn
norariIv yaIuelcss this class are feeling the
gripes Of poverty.
The Banks are somewhat more liberal IN
their discounts this week but rs they have
already broken half the business communi-
~. or forced them TO an entire or partial
SUSPENSION, there are few traders whose pa
per they can safely accept. The condition
of the dealers in fancy goods is especially
promising. q The value of suct conmodi-
ties as fancy silks and other dress goods
cans and articles Of ornament, depends on
their being disposed Of during the seasons
for which they were especially prepared
When they are not Of fashion they are worth
30 per cent. less, or, are often utterly unval
liable.
Large stocks of this kind of goods had
been manufactured here and imported for the
fall trade, in the anticipation, which clrcum
stances three months ago seemed to justify,
that trade would be brisk and extensive. As
things are,the loss TO this class of trade will
he very heavy, and many houses engaged
in it will be broken up altogether.
We are likely to have a scant supply OF
brcadstufs this winter. The stock in this
anil all eastern cities, is reduced very low,
and the western farmers seem inclined TO
hold on to their produce, the bulk OF 1t at
least, in the expectation Of realizing better
prices in spring. But this course, ifpursucd
will be- disastrous TO the prosperity OF the
country, and cannot. therefore, fail to react
unfavorably upon the farmers when they re-
ally wish 10 dispose OF their stocks. The
effect further will be to raise the price OF all
manufactured goods, by next july or Aug
ust, ut least 30 per cent, as importation and
home manufacture will be cut down to the
smallest possible point. Cotton and wool
may be lower and probably could be made
tower, if we do not get the bulk of the crops
forward this fall. But who has the capital
to 90 on manufacturing goods, even at the
iov.-u pricca for raw material
The Eastern manufacturers cannot even
raise money to pay their hands. and Tor
cigners will get their fingers burnt 80 81
verely this fall by the failure Of their Amer
lean debtors, that they will be very shy OF
consgning goods here for the mex, two sea
sebs, AMI nothing hardly will come ont TO
order. that is, on American account, Tor The
sufficient reason that the parties generally
engaged in that traffic have lost one half or
the whole Of their capital by The sacrifices
they have been obliged to make this fall TO
sustain their credit.
There is a little anguid movement among
politicians, bnt the mass Of the community
DO not seem 10 be interested. Very few
merchants will 20 out Of their way two
blocks to cast vote this year.
In amusemen's We have little that ia
worth noticing. Two galleries Of French
and English paintings have been recently
opened in this city. which attract much at
,cntion. The Crystal Palace Fair KEEPS
open another week-the performances of the
steam organ are very attractive. The music
Is rather jerky," bot sounds well at
distance.