The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-09-07
FINANCIAL AND CONNER CiAL
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srrosr, Sept 6-5 Z.
ANer week Of panic and excitement suoh ~ we have
seldom In long experience, tia ma'kst ccsoa
yesterday heavy and daprcssed Toecan which ussuray
follows saoh = storm VIII b Injurious than
the most viosea, al aop tn thu pusac mini, We have
Passed through pancs during pasi three
months ard The PROBABILITY is taat will be realized
for the preae bat state Of things may upon
Public confidence has Almost entirely dlsap oeared.
Contraction in credits must now 80 on ssAsiy and dsootd
y. As iiarida,son progresses business VIII flCa and
look for long period OF Inactivity smoax soma tr
most important .erests The Arss excitement and
Jeff IL Of BANKING in,,ituons and noi
yidual houses rhs quiet! oaclye rnss that must f,oa
vii prove more fatal The money market ouiy
be relieved by s1ua.meat Of bsanoss reducing the
demand and the warts OF the community. That
NOT be done IN week q month. Mss slow process at
the best, and while 1t gsng may lock Tor much
Commercial emosrrassu and bsnxrlpey. Tba bank
ing institutions OF this city 10 blams Tor mach
mos; OF ;hs oss OF confidence And cretl
The shock projaoea by ths different panics In snaa
ca affairs csassd directly By the pursued by
our banks for ,as past ss mouth the expansion tss,
continued for weeks IN She free OF aaimoscn Of foreign
products ard in speculation IN so ,ecuri.e upprecc
den,sd 10. estent and activity scen 70 alarm ali who
closely observed II, eIcept tnose Immediately concerned
In the movement The .oans and disc w week
efer week one ana two mlo1s OF ceiars, until an Hgrs
gate reached far be ond any previor, imitation We
frequently alluded to the condition OF the bsaSs
urset them to commence contraction before
too late In their blind folly they needed enc, and
oosnued their until suddenly brought up by events
they could not control The result FAR 10 In the
failure or two OF them and 10 the daily dcul,es cxpe
risnced among the rest nj The clearing house On Friday
there wns all sorts OF be- ard eleven banks had he
helred through. ore bans had 70 aid nssyiy dossn
others In adjusting thor b,srces inc Val stree, papers
would up aud disguise his state Of things. rney
would !ssge me public in isno,sase OF the condition
OF our banks, to icss largely by the failure o.
mere Of taem. We have yes 70 learn tina,
banks entitled to any consideration thar
rNiIrtad companies when their condition endsnyers
he interests ~ those Who rua them w. lock for
trouble anopg .as banking !us.isa o. tho city
and country. For years thee have been ,ng
on With full liberty and heerse TO In late every speculative
bubble o. the dsy and 70 lend the c.cu aud credit 20
every ipeyes, but ,hose of legitimate character TAe
commercial only goa what railroads other
public protests could net gea When railroad paper be.
dangerous 10 trust Al any margin the mercantile
munty received much is portion OF ravcrs Toe
result o. the systo OF cDsnceriug banking Institutions
have fesiered and juraged for many years pat
shall soon sec In It's most terrible form.
The sxpotiatou OF specie from this port Ia, week
follows -