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

IFrom ths Baltimore American, Sep< y
me circle Of disaster q New York v widening and ~
osssqusnoss becoming ncre hurtru, until there
means Of accurately telling <hen the panic win - aus
PEELED and confidence restored Inc experiences safough
which thai city 10 nos making IL way 10 but new demon
sraon Of the senlitvepes. or the entity which desis
nao pubic confidence and renewed warning or the
busiDess proc~dures These demonstrations have before
been made and The lesson repeated amid Of imam
osl ruin thai ought TO have impressed the memory
but We s ind the routine OF banded speculation, In
cautious confidence and general syste Of ooGo financial
ethics encouraged enoiDg - they always mua In the
downfall Of those emo excite or permit their exstenoe,
pursued with readiness that be explained upon
bypobess OF sound reasoning reliable business pyin
ople The care With which wealth be achieved Ia
this couBTy the prom tness With which the immense
resources OF the land cradle us 70 recover from these
eonsi disasters are causes which may explain the enigma
the ev fnks yasnhinr from s,,tem y.dc.i,v srs
In many points essen ally corrupt
The existing crfs in New York IN all the steps Of iM
progress has exposed tho fAsy Of the system which gave
II birth Ind permitted the wide sweep 70 which IL has
tended evident that the failure OF the ohio Trust
Com-spy Wa owing to no unforeseen emergency that
troy placed reach the means OF the insttu
ton; but the result Of vicious sy stem AMI
wise and unlimited confidence reposed b, thousands in
the soveDCy Of bank Of whose real standing they were
permitted 10 know nothing 10 the hour OF it, failure IL
kood nigh in oSeois, and trusted among the safest
Of the depoeories OF the puoos funds But recently
he'd declared semi annual dividend Of Ave per cent
,hi faot mad been placed to It's creo result or shrewd
management, when ought 10 have excited inquiry not
suggested suspicion. Yet a that moment the company
really iDsOvent, IT. affairs conducted In hap hazard
adventurous style, and almost every security which
possessed for stability pered the chances Of tho
board h,s this obe~pering Of credit this readiness 70
take the outward show for the inwG reality, the oredu
~ with which even discrte, and competent business
men rcpo,e uDon the statements Of corporations,
where little OF the shyewdness and fore light they
hibr In be OF their
money ed nsttuops into improper courses and gves
u adven urous culasors the faculties for continuing
their Practices until They have Aggregated Thorn Into ys
tenn fAacious In all ii component parts and always dan
gerous the pusho interests no ~eves much may pro-
cunni-g INSCRIPTIONS nnau,ers whose occasional
rked success II envelopsd 10 meriricous glare that
binds the multitude to the dapgsy. hopes and
despoIed regulations that the trophies Of the victor
Inc origin Of toese MONETARY pressnres, coming upon
the country 1t time when IT trade and not
20 essentially crippled - 70 necessiiy produce them IL
attributed 10 the gambling st the stock board which, In all
New YofS has assumed the most monstrous proportions
II may be The mort apparent cause, bat, the matter
be traced back. still more original source will be dir
Of the banks and The doubts existing ~ 70 the real
condition OF our railroad oompanieS, would be
sus to The whole furnishing wis s .s basis O.
fancy stocks and facilities for the advt ntu'ous rtk OF
means If every siocs holder or bond owne. In rail
company fGy informed Of the actual state OF
The com any In VII Oh hs means we're invested, ,ud
be impossible to &c. up the Sudden fluctuations upoa
ray, If the competition the banks for the employ mens
Of their exorbsn rates OF interest exposed
the Spectator would nnd himself deprived OF The
Of carry ug n the desperate game For genea rule,
Ii undeniable that those VINO tho active opera
tors In sooss who sppa oDily risk the most and fire.
qucnlly have their connected with operations
s,eaes msgl ude, not men o, capital The poser
sion Of weAh rarely fails to have conservative effect
10 Instruct its posfeeecr 10 the wisdom Of holding
what no has got In preference 10 rskpg upon uncertain
chs Tho bears and bulis Of the nook market trade
mostly upon the capital OF others and the oreduty OF
public IN geperal their shrewdnees, tact,
apsude TO seize the without any scrupuous
nicely TO the morality OF the means 1t bat accom
pI,sh the deered end Whheat the real investment OF
dollar they depreciae millions OF properly, and make for
tunes or OF the weakn S. fol ,es ana crimes others
Such syste, is evident, mid not c1ist In the broad
light OF proper knowledge Of The conditoo OF rail
roads and adequate esposure OF he operations OF those
Who provide tbe means for The game Lot the result
on be iesohef o, making the rep"rs and financial
nstemeHt OF al ranrosd companies honest, FULL
plete, and undefssncsb scd the stock exchange win
sink from m pr sent inflated ryo portions into ~hAs 1;
should be- venepco for the negotiation NJ bonds
and tocss VII % operations will " restricted 70 bona ds
Ga es and real In yestm ns But until the pton aud
the mssn to crafty the ,mbpg mania are removed we
zee way 70 AGATE evil that soptnue to asssrh
the caci 81 OF the country In o pursuit. and subject
ve business interests To the Dangers at spasmodc pres
sures and faieeiy creaed pAncs Neither 10 sgainss
Time ekles OF stock homldes The mmora ity ofsock
speculaons, viii effect cure, unless the stable nteests
OF Me country, reofesenng M ubstantiA capital, shsl
sss upon fDo spg exacJy ~here stands and keeping that
fact always plainly exposed 10 view.