The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-10-10


and boads to nss~. IL o'clock 81 the xsr.aaEis VIZ
change.
There were numerous reports 0s natures - dsy and
several Of The largest hoases Ia Me city wsro ssned'
Later In the day ali tina important ones CUsrs
diosd and ws do u feel justasd In panE any Of tnsm
Among The ress WA the name Of large private banking
house.
Every little clique or merchants and nnaac,ers thai may
happen 70 meet In any hotel private houe u called
meeting FOR the purpose OF taking Into consideration tho
vuison and liz probable consequences Tha wise sayings
Of there savsns arc given 70 the world with all the mpor-
arce She subject and shs ndvd GALS can command but
have yet 70 see how much good will DO The rscs 10
that the speeches and the opnoss these respectable in
div.tuas are worth just netting Ut ALL They really know
very little about Me matter and there not or thsm
20 far - We have seen, capable or originating financial
plan remedy a. all ieashlc applicable 10 the present
emergency.
Banks or this STATE who wish 10 rers their circulation
for short period instead or selling stocks
feed 70 the advertiser en-. OF Mr. John Murray, Ia the
financial column.
We have daily reports OF private meetings among our
Leading merchants, and consultations with bank pres
dent, and Ill sorts OF relative the revuson it,
progress, iA duration, IT. eTecz the iy, &c go ali
OF which amount 70 just nothing al all The present posi-
lion q financial Ars 10 not very difficult matcr 70 OK
plain Everything connected with trade and commerce
has, The past cars going ahead upon the high
pressure principle Expansion extravaganza and speou
lAon had fall swing, and almost every in the
community has got Into 100 deep waof. They cannot
touch bottom and have therefore, nothing to stand upon
Everything has been demo Upon credit, ard anything q
could do upon credit he has not hesitate mo.
meu sboo. dolUg. The banks have iod the way.
and or course all were bound 70 follow. l: Is worry
seldom that the banks have any money to lent
without finding parties willing 10 take n! The
care with which money obtained created new classes
Of borro ser and the most prominent and ravenous
lies In the Geld the railroad companies rhe banks
seized upon railroad accepances with svsity; railroad
companies paid high rates OF interest," and they glad
to get every dollar the banks had 10 lend at price In
tits way all parties were suited; for the banks dis
po'ed to loan any extent and appeared that the rail
road companies could not get enough The or
Inc banks have this way been abso bod 70
smount We have only to look at the floating debts OF
leading railroad companies 10 form pretty good hea
CT The way banks have disposed or their money Tho
mercantile oAses HAYS not been tho reopisnts Of their
usual portion OF bank losns Tho railroads ocud afford to
pay better prices for money and they therefore had the
preference. The floating debt Of the Michigan Southern
Railroad Company amounts 10 about 81 the Erie
Company, $1,000 COO Cleveland and Toledo, $3.50 COO;
HUDSON River Railroad $500 oos q esn Illinois Central
5000 soo Michigan Central ST. 800 900, and others pro-
mrent In this market TO full Ave million making
fetal Of SIS the bulk Of which held the banks
In this city Their to this extent locked In
these securities and not many weeks since, with this re-
vuson right upon ~ tho Erie Railroad Company raised
from certain banks In Wall street 5000 0t0 Instead
lending money the full line OF their loans 10 the
mercl classes doing legitimate business the banks have
licked up full ooO In railroad acoeptauoos which
not worth average forty cents on the dollar. We
have in this fact the first great cause Of the collapse Tae
credit system generally, for some time past, has been
enormously inflated We have for years boon engaged all
OF exuavagance Years Of prosperity had created
. feeling OF recklesness In the public mind that re-
oognzsd ressAnt aad steady but rapid expansion has
been going In crodin Tho bsnks have run their limos
OF discount tens OF millions higher than before known,
upon smaller and weaker basis-shcy have reached
aggregate Of hundred and twenty two millions OF dol
lars-and thcn told thorn what would be the result
me contraction has since been rapid than The pre-
vous expansion md the effect has been 70 dsprecia the
value Of their aggregate assets more than twenty I've per
cent In depreciatng thor they have deprecated
those In The hands Of the public s large, and hundreds
upon hundreds Of millions Of dollars would not make good
10 day the reduction m the mnkss value Of railroad
rites alone Afsr having made much mischief, after
having brought the whole country into financial revul
sion and endangered tner very eTisenoe, they have
learned little wisdom, aud pursuinE oonsevva
tive, udoious course, which trust will ultimately
extroase themselves and the community from the embar
rassmess and difrcuaies surrounding Thorn.
The National Insurance Company OF Boston city has do
elAred seml annual dividend Of per oens, payable
demand. The New England Glass Company have do
clared semi annual dividend Of per oeni, pap abba
the Eio Fire Insurance. Company Of Bosssn has
declared semi annual dividend Of per cont payable
October Ia.
The amount received for tolls ell tho canals OF the
State for the fourth week Of September .S9ts9
In 1885,. ..iW,sSs
ms amouns received drsing The fourth weck Of Sep