The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-09-26

ORNING EDITION-SATUR
s.t In ,he,e cites; - that from The fr West imposi.
bic 70 decide whom ano what 70 rust In the EasG
Thus stocks Of produce rapidly sooumu 10 the West
ern warehouses the active funds OF operaos in produce
rassed and breaking OF Western banks comes In 70
make cos fusion worse oonfoundcd and draw mp tho
cords of pressure % NE mapping point Added 70 this
stale OF AnArs the inflated prices Of Western lands, the
immense sums Of money invested 10 that most "inoonver
nble" snd unsaeabIe Of oil commodities the incaculabie
indebtedness based upon these ncouS prices OF lands
the utter inadequscy ef the money supply 10 meet ID i'm
meme demand from this sourceand we have fair pc-
suTe Of Duaines: In The west At the present moment
fever OF speculation, In csely reversing the natural
der Of things Where unoocuped land absunds por-
fusion - vast ~ the waters or tho and the popua
ion sparse, the true condition for affairs would be for
lands to rule at the lowest and merely nominal rates. for
competition among purchasers and for small sums OF mo
ney (which .cHce) 70 command Immense quantities Of
But the new type Of the muicauls fever which RACES
the Wes has entirely reversed this state OF Affairs City
lots In Chicago held at higher rates than lots In Wall
ave commemorate with the prices Of ground nrs class
store houses In Chicago bringing $4,000 TO SIS 900
.nnum throwing owing those Of % the marble palaces Of no.d
elevated also 70 the Same rokety heights much that
farms Illinois, thousand miles from Market
down railroads AMI unrippled lakes and canals are held
a - high prices Virginia lands along the na7igable
essuaries Of The within sight Of the white sails
Ard sta ely masn OF our ocean craft
Coming to Eastern cities the Northern seaboard
We see more aggravated stale OF things even than in the
oanf,up. .ns yolcan' West In New York. for instance,
der gust Of panic struck the vessel Of trade, while
,s., under M ral he,dway with all sails 'es and from
would founder and 90 down 70 the bottom, carrying
Along and crew In spite Of all that could be
with sudden tremendous crash spreading dsmay and
dsru.s around their ruins destroying tho confidence Of
banks banks Of banks In individuals and OF individuals
In banks and shaking the whole fabric Of CONNER ial
credits and Trusts. In few weeks the deposits with the
banks In New York have fallen of ten millions OF dollars
III divduAls Withdrawing that from banks they
were afraid 70 trust In the period the banks In
their turn dsruaug their customers have reduced the
amount Of their loans BY twelve millions Of dollars and
the mad work OF panic and dsrus goes it, victims being
other On Augusts the the Ne York banks were
Der IL the loans $ll0 0oo, ,000-ihow wing curtal
mens OF $4,000, 900, or more than ten per ceot in
ten p ps9 from
the August hgures Thus borrowers from the banks
pnchtd by The pressure precisely in the degree that de-
postors with the banks withdrAS their funds from the
bank vaults, the banks Withholding loans from the
munity In proportion ~ the community Withdraw their
Wheace came thi, sudden thurdeYEus OF panic and In
What causes originated, are not subjects Of present
characteristics And not The least Of these s
hc fact that foreign trade for the fiscal year ending
the nrat Of last July well y for the nsca year next pre-
have had for long course OF years Our aggregate
ports for t,e nsoa year just expired 1862
And our aggregate imports. aoo,s0o,l4l
Giving balance on the credit side for 1867
Our foreign .de for the fiscal rear mex proceed Dr the
last, presented these fgurts:-
Aggregate exports for 1866. s326 sS6 6s
Do' impof~ 90 ................ 3lAoe,sA2
Giving balance the credit side of 49, sl2 sa5,s,e
Here is primo acie . very favorable exhibit Of our
IN rayQY
exposes much more ound condition Of thinee than
presents itself II first sight In 1850 exportaons
OF foreign and domestc specie were 346 4s5 all other
poris being s2sl llS the ratio specie 10 other ex
ports being rather than seventh. In 1867
exoor,s were SCI, ,539 ii6 and Of ali osher exports,
1896 400 AT; the specie exIoraons being about
Now sixty odd millions OF dollars in one year is pro
eous drain 81 specie nom our country and the eject Of
the drain, which Il greater than reoepu nom Gall
wealth in isao ~~ sssmsssd Il 81 ,ooo, ,coc, ,ooo,
@ SA:r ~s w: oDs dollar e Ss
ecie to every ten dollars Of Agricultural and manufsctu
ring wealth 10 1850 these two dss.s,msn Of our wealth
specie had reached aggregate Of from $50 900
500 there being s dollar Of specie 70 every
ten or nfoen dollars OF these leading Glasses or wealth
Bat In 1866 (ast yoar) eitmAed that there two de-
partmenu OF wealth had reached s21 900 900, ,oco;
than $3.50 coo $500 00o there beiug only
one dollar OF specie 70 every ninety dollars or these two
clAseee OF wealth. during nh time, or rather from 1884
TO 1885, our mportsions were cxtravassnt 70 rc
qure the sending Abroad or less than e252 coo
sreoie or - large an amount IN twelve years
have in the country.
An anomalous imitation or land prices N the West,
where land, according the laws OF supply ard demand
ought TO se FOR song unnatural imitation Of all prices
nc ~ lthsandu an enormous and growing dspropofton
OF values 10 Ipece the country and universal habits Of
e1havsroe In dres and manner Of life, exciting stupen
deus mpora, Of foreign luxuries aud gewgsws
requiring portators OF any sxty and seventy millions
OF specie per annum out Of soc greatly inadequate
The business wants OF the c3unrv-these are the primo
leading OF the disorders which spreading bank
ans West
We ,ha no, be able 70 cssapc tho pressure in virgnI,
and tho South Tor our banking s,sIcm part or
great system having i centre In Nov York. and por
on OF he system escape i share Of the shock that
makes the GENRE quake
tenn has cen.ered In New Yors 10 already feeling vim
enscsnce the pressure which ID raging In New York
Tobacco OF the qua NY which days ago sold In od
,a %%ps 0r ~ ~ VI, and s'o ,oa ysss,dy Tor 70 sa
disasrous tumblef Becsuse the New York houses will
not como under further faing pay
ihth acrepnces now msturpg thus rudey inscrruptng
the co1rse OF trade and chunkng the wheels OF opera
tors on credit hare, whose breath OF lfs Northern
sroeptsncts The state OF things also the
vhesi and Hour market that exits In tobacco market
OF Richmond.
The end 10 not yet This sudden "snder OF prices
must bring down 10 the ground the large clas OF
tors Who have been working credit and Who have
been lying Kites between Richmond and New York s
sslsn rate during all the late heyday OF speculation
and uouey plethora.
THE PRESSURE IN EUROPE.
EyyEcrs OF rHs AMERICAN yEAsoIAL CRISIS IN
ENGLAND
IRON the London Tines (Uty Article) Sept 10
The last Intelligence from New York suggests some
curious copsd ralons regarding the conditions which
Englhh capital Ia inyested In America The amount Of
bero he nlarfur