The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-08-24
FINANCIAL AND CONNER ClAL


S'NDAvs Angust IS--S y. u.
The progrs. OF speculation Ia this country for The pat
ton gears has been a. rapid durg suy previous period
within s.,ory That II will result 10 a collapse and In
The rvs prosrAen Of may important ntersss no one
Who istes cool and careful Wow OF things for
mont doubt. Revvslops In financial and commercial af.
" have about al periods equally remots from
othsr. In other words, have nad regular financial
revulsoss 10 1917, few years amer the ssi war be-
tween this country and Great Britain, there brcas
down nCspcia and rcisl sI.rs which ere
stec GOOD deA OF distress AMI dlcnly am ,pe The mer.
camille olssscs In 1877 hal another rcvul,on which
swept away almost tho entire manufacturing interest and
up Of capital involved IN commercial
pursuits Numerous failures occurred In the large ousi
and bankruptcy became almost universal. Ia 1857 -e
bed another rovusco affairs which va. more
general and wide spresd In It's operations than any prsv
Gus Al Mai Time the and enhsvasAnce c, orr
foreign trade the direct OF the collapse. The
great bank expansion and the contest BET the differ
baking nsluoos tho excelsior Of domestic credits the
tIpsns,oa % foreign oreets, thu enormous i'm.
rorta,.oas Of foreign manufactures, the efforts Which
every ons made 10 30 large 5uslbes
. small capital, aud mos, Of thai borrowed
or bank, led 10 stale OF things 10 the mero,uls
world which could not otherwise rmiasled but In
revuelou CT srch nature 10 shake all financial
and commercial systems 10 ne very foundation Il 90
ter inmate. Our foreign crcds nj thAf Time upon
the most essvssant and inary Tho three
WIS, In London, kuo~u ~ the America bouses-wihi,
wisgIn and wisou-rere hat lime Inc sources Of all
American credit These houses granted credits literally
70 importing concerns, and through them the great
bulk OF ear importsuons we're made. The load was too
heavy NJ them carry, and they all failed involving
millions upon millions u liabilities. The brunt or the
revulsion for . Tine borne Ivy the three AmeyLssn
In London and they broke under weight
Ans this failure the United pot itself
breach and Attempted turn the tide or disaster; sud
n h well Known that the ane result followed. That
banking Institution soon followed the three WIS, and
hundreds Of fsluros among she closed the
drama gsscvsl rrosrsou Of all domestic interest.
continued cs years amer partial recovery took place
In 1910. uH In lsii q relapse wss realized, when
pubic end private credit srnk dseeer aud deep
or, AMI the scomy state Of things prevailed
which nearly destroyed eli hope From that time
up 10 1871 and isis there important change
In tnese matters During that psriot considerable rro
sre~ made in the oopsruciioo Of rairosas and
we're steadily covering the mos, important routes vnh
those improvements In lsts The California goi discovery
producsd very gres, revolution IN butne.s A. the
product gd Increased and the supply appeared be
perrp.nent r.pd reco.ery vas realised In al deps-t.
neuis u business The capita and credit given by this
accession 10 our ock o. precious metals gave great
psus 10 a. rsnks Of internal Improve men, aud railroads
wore Constructed In evcrY drecoa Millions aud Of
"a ssSs' became uss sosalAnl The isuAad NOR,