The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-09-20
THE FINANCIAL PRESSURE.
PEN NSYLvANIA.
TBH FINANCIAL CRISIS,

PENNSYLVANIA.
TBB FINANCIAL CRISIS,
From ms Phisc cipniA p oss Sept 10
40 alarm are al eea, no slight the actual daa
ger invariably produces confusion and dtima' and ofer
Alters We have had alarm; whether veil founded OF
great evils have already resulted from 70 the oom
IL he doy public Journals under tse crcu ms sncas
fully and oAndid 70 dscoss tbs udiuon OF no c,uorT
70 snAy 70 IL various int rss TO search oot ana exp
scs and to sustain ~ oil possible means the Legitimate
opa~ssions OF business,
I. ls impossible that have expended to-
much money In the construction or railroads In saying
would be unfair 10 that ell railway expen Il
lures have been wAsteful ex.ravag Aad ,s There
many roads-greas theron. roais (which cam ii
a under odctors 10 pay dividends TO tner
soskho ders The very fact thai others have been con
srrot<d ehich OF doubtful ohAac has aided 70 the
profits OF the leading railways
In crisis Ike The presen II cutie obvious that the
rsd into anrepu.e every interest, ever road and BOND
the country has fallen. ~ the slightest reflection must
have v.nced that would fall upon oil ne int rests
OF soety Commerce manufacture sgicul ure, and roS
eesse itEef Money institutions other purpose
such times than 70 absorb csp instead OF providing
u In Aid OF comm srcia neces sites
Those sho have he beet credit and combine the great
est ngh, aong upon the rincip pie OF self
crss 70 shemse,ves he cash capital OF the country Ia
stead OF lending - engaged in commercial iera
tons The yul or THE IL TO dscrei business
Paper anc this dc edit It e seen, places the accuu MA
lions Of business men n the nds OF the capitalists, or,
they happen 90 be PLACED TO be Unable 10 command
a.d. to drive them tuto bankruptcy
csl immunity Of the city OF New York. TO- instance has
hal 70 meet contraction OF the banks OF that CITY, within
less than month, Of niuc millions or aollars Such
proceeding alarmed tmid monsy hoders aud 1t is
too much claim that by such means amount foaching
ak millions more has been ~ihdra ~n fro the channels
OF trade. This weight has been borne FAR
win surprising ability. II proves nos thoroughly sol
ven. 10 the commercial community hoS able Il 10 10 meet
lis obligations maturing under any othsr law than thai OF
. paulc rhe failures hs 20 been fe and CON paralvsy
nnporss The great trade interest, absolutely cat OF
Ind vi yn n ~
and powers meeting Us engagements with wond srai
punouai,y.
the alarm which perVa the community al the present
time In al the South the people h aud fully able
said 70 be heaviest failures are few and mporau, The
CROPS ,uutant the Interests CT agriculture NOT
hs great staples which form the basis OF
Toreee exchange are abundant aud high valued We
have la &c basis specie, which only b, ship ed
ab Dad under easy money mSrkA Oar aocumulAtious
fr0m California are rapid and timely Then Why have
suca q parics is Il wholly he fear-becaase
they dread general crash general crash Is mposu.
BILE because sne general Interests are not only healthy bot
Rsroad siccs have fallen sha, poin, where the uni
vcrsal v:con ondorsc< them frs! rate Investments
CONNIE failures below this May reefs 10
MARKET 30 that, a. We see public affairs they can be no
po,se, ard nLusi sooa Te1d.
But have panic, and panic 10 practical bank
rupcy OF al nterets cTeasco and keecs s re the dig
trust Il the ne.shbor; Il ~iadraws capital from every
.na yes sag and ssays s oscss Ss1a Sors
ing b1s,nes at the mercy Of few money lenders,
Sho have the power sSsc-b the e1rpngs OF years In
few Gays The credit sn1 Character OF years are not
lightly 20 be sacrificed HeroFabls merchants viii yield
fortune w.shcot blinking 70 reputation. Cond!
iors moth iag money nrs, be obainedsud thus the
man
mist OF hien condition OF general prosperity. And woo
bss 5een benefued' Il started by few bears, out
The avalanche over wheiaed them, and ,ney ara
smopzs. the greatest sufferers
put It upon record thai the present pressure
VII, IN six monsns, be seen 70 have oeen lac noss dis
in tbs county, say mat II In Absolutely ground
oss but nj mnsi that The causes we're ONLY saeens 20
sscuIlesrsiaie .tosss ocaaubs eshi Der cent in single
| vees-is unnatural aud ie nporasy, OF course
THs YHAScIAL DrFIoULrIEs.
From lie Phlade lpaia Pennsy ivznian, Sept, II.
Wlleas Q! the utmost coase uencc that the people
should folly understand the that brought about the
pressure and that the proes should continue It's
.ons boldly and irr,hfny pooling the origin or
toe evil With VIC 10 avoid Ia recurrence 10 uturs II
i Of 20 eap ctusequsuce thai measures or I'M neiate
,aec, ou d be ,aoused for the relief Of the business com
upty mere be no d,ub. as 10 the nsu fcency OF
he precious metals ewing as we have repeatedly shown,
eTadua dimh luton OF specie iorcsd,rn Unavoidable
nee % II asiiors rmualed by, and stnius
The c,,, VIII nd "a or All scrp. regessnng do'.sioas
value sad business will be restored 20 sound
and tsaTul stale, Ae The atmosphere alter discharge
c. u sgTpns seercfiy IL ~ Il be hoped however, that
tbe ssiusry lesson inculcaed by the de'trucvonnss OF
this process OF publication may ~, be lot again sac1ld
eerenemhered hereafter tnnt national wealth and
prosperity The result or honesl industry Alone s2d that
Il uausastons no, bssd fd< rroEotlog tue scope
and !nie! s.u Of the later, are detrimental II
OF a nature not 10 be amenAsle 10 law, pubic
OPTION, al eAst, should tens 10 hm their banenl int
,nce, We brand with ignomlny the midnight gambler,
no asgs bis i've dollar bills on the roEy NOR Why
20, ndemn the gambler who stakes thousands, his waoc
fortune, and me comnunIys welfare 90 the ARTIFICIAL
ton, vhich 10 going pnoe our eyes, uscesssry,
but by no means an unInltSaet evil Il will nave ths
bepenral effects. II vii bring about reforms noAn
cal and moral Bat xhie IL asos its course 70 con
snmmsie ibis obsct ell never DO for ~ 10 be Idle
The necessity for aclor VAS never eater snan 81 this
moment. Though MAJ cot be able 10 rest The ssorm
/. d. ALL In cur power 70 al .hab worth sa-nr
geadsred IN me mpure fo1rtan Of fictitious sfecula
ton, and sgsr,vsiei 81 Iener, irdaeerc. 10 HABITS Of
rs5oublec sc-iy and the practice Of economy We mast
tGTn 10 .dvlnsge Our va resources and hu'bI1d our
norcefn should DO kep In good working ordsr FOR upon
tais depends the prosperity of the community and the
couniry and lis collateral branches compelled 70
r;-id operations for wsnt Of means the Inc niabe
reru must be proporticnai ate dlunuon Of the neceua
res Of life. failing "a in ne creation cf tbs. wbich con.
sgtues uslona wealth and which forms the rea osss Of
al bank lnisiniioni II caplt.ise ehRa, the baaxs
and Withhold oe.ott and he banks diarus the public,
reaction follow faal AL oct mos, 4, tie for
per TOR our banking system Il ms'aly based upoa COO
ncense art any policy .hsh tends 10 unie mine MS
feeling must pro ,e suicidal Nor "a such c,nddeucs ME
placed, In times OF comparative scarcity o. specie;
FOR nnd, ~ gGsantse " The 'eouperahye posers Of
Inc land, ana thl particular 1rieni, IN 3. -ch bar
veE -iih which have been blesssd, The n ,ooy u be
resyed from exports the universal practice Of
when directed INTO ne reht ch1neis Ci moreovsr In
the elimination or specie exports. Ves "a from ths stsnd
POINT, bapts appear ~ sound ~ ever they
we're, provided ony depo,in were made G usual, and
Learn Judicousy extended wncrc m)ney aid Repaired.
Bot fiop This ana ore busrcss 0rm a1er she o,ocr will
% buryng under taeir ruins, and the blo~ must
uln n,eiy rebound ~ bsnss AMI capsls,s raa hes.
stocks and payer secu'ltas would then sink far beo
their value, and niaDy even resl estates would be
Affected ~ the r-1sra depreciation II has beeo re
ked az the too obvious 10 re- igre any sps
cal deus r,rson, that 10 proper ion banks resric,
.htiy discoriM reduction OF deposits Immediately foo
Eve ilbess pocy o. this kind ooerses reciy against
their o~r Interests These ass eminenuy worthy Of
the .1cT ann Of bankers and CAPITALISTS, ~ho In re
ally are Nc pors ma msss de concerned 70 me mAnte
nsrre Of activity sud regularly ia bu rness none
tar made 70 the business rremenis
- he CON mv nifty, ihs necessity al The Gpe urgent
AID imge alive o. bringing all those means that exist or
car be made available toto pls and their uvessmcu'
will be - profitable a. 10 secure II oar banks purue
i3e right COurse-n Acy funl THEIR moral obligations
kps-os he business community 10 returning oond
atn.n nlUaAa nanLn b. the laiicf in ihem and upnn