New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1857-10-12

from So, 100000 to $3OO0O,O00
Panic A" aud "Pressure" are words often used
nterchsneehbly and pdiffereDtIy, but most incor.
rtcty, by writers and takers with regard to our
financial troubles. Panic ID selfish, foolish, COW.
ardly, suicidal The lsborer Who feeling or fear
ing that hard times are upon us, draws his little
hoard from the savings baLk converts it into coin,
and slows it away in some old stocking or cracked
teapot OF buries it under the cellar wall and thus
does his best TO create or aggravate the desrth Of
employment ard wages be apprehends, is fair
illustration of paIic. Pauic We fight to the extent
of our ability, calling on all men to face the storm
with dauntt resolve, d. their utmost to mitigate
it, ravages ard trust that ii will soon be mastered
and allsyed. Panic is a shadow whereof Pressure
is the object or reality; and the foOlhar1iness
which in its affected contempt OF the shadow, pre-
tends not to see the thing Swallowed, is on a par
with the tmOrous weakness which Gees the sub
stance nsgnifed fifty fold in the shadow. There
is pane now raging which needs to be scout.
ed and dissipated but there is pressure be-
biz it which must be rec ,gnz and slleviated or
endured.
For jn,tance: A. b is the head Of a mer-
e4ptilt b. use having capital OF $500 OOO, aud
selling goods to the amount Of S5OO,OOO per an
num- On the lat of September, it bad 800 coo
worth of goods On band and $500, Ot0 owing it from
ito custc mers while it owed to importers or manu-
fscturers 5000, 600 The notes it yes aud those
owing il are daily telling due; the latter are in good
part unpaid at maturity, wbe the former must be
taken up as they mature. The Banks cannot In
crease their discounts-they help all they can but
that il little; and the house is absolutely compelled
by interest as well duty, to convert into money
whatever it can sell or pledge at whatever sacrifice
A b. has $40, 600, say in New York Central Rail
road stock, which he believes worth par; but
great many other holders are subject to the same
necessity with himself-they must realize, if posi-
bic, while buyers are timid aud few. In con-
sequence, this stock runs down, with others, TO
eighty, seventy sixty, ffty.fve at which this $lO,.
900 is sold to pay this days notes, realizing but
g., 500 Here is sacrifice, the effect of pressure,
| but panc-at least on the sellers part-had nothing
| to do with it. He sold because he must, and for
the most he could get postponing the sacrifice to
the latest possible moment, and losing thereby.
| Who but fool would lecture him on this sale as
evincing panic on bis part
But C. d. is a capitalist or retired merchant,
living on bis income, and having part of his proper,
ty invested in Railroads. Seeing Central stock
depreciate so rapidly and fearfully, and reading in
Tbs Herald that all Railroads are corruptly aud
prodgally managed, that nearly all are insOlvent,
and that it is the dictate Of wisdom and prudence
to sell out and abandon the wreck, he pitches has
stock also on the market and perhaps, though he
10 in no urgent want of money, obtains even lest
than fifty five for it. His sale assuming Contra
stock to be worth eighty or ninety, though We pre-
tend to no peculiar knowledge on the subject) il
the result of panic and is calculated to aggrsvats
needlessly not only bis own losses but those o
others, who &C, under a compusion which he can
not plead
Let this vital distinction between pressure ant
pspic be kept ever in mind Panic aggravates tht
evils Of pressure, bVt panic Has not the oripina
cause of pressure. That is To be found in over
importing, over-buying, over borrowing, over
banking, over trading We have bought Of Europe
many Millions worth Of Metals, Wares and Fabric.
that We should have produced at home. We have
surveyed out too many lots and planted too few acres
We bayefanc.ed We were getting rich aen we were
only getting mutually in debt Let us not stop
to eliminate and recrminate-let US not seek to pu,
all the blame on the shoulders of the importers,
the merchants, the Banks, or the Spectators; fol
nearly all of US are in for it in one shape or another
Let us endure our several troubles a. best we may
helping each other 40 we can and leaning on "A n
other as lightly as possible. Let US eschew panic
confront panic defy panic; but let US not fall int
the sballow blunder Of imagining that al the com
plcated disorders Of the times may be cured by our
merely getting together and giving any number Of
Sientorian cheers We must retrench, and lquida.e
and o. tile 81 our mutual liabilities; we mu,t de-
v,e, if possible, the ways and means Of giving WORK
at come rate TO the destute and thus securing bread
to the hurgy. We must Try to modify in tho night
direction tho National policy, but net forgot tasl
indisilus, idts,sss sx.rsvssanee sod uisosioais-