The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-10-20
1Hs REvULsIoN OF 1888 AND 1897.

biz mes sge 70 Congress yetcng ths Unls.d 9es 3Aas
snd In ,hs mosa cf ostoSeY following, inc dopsiss,
awoun 10 about forty millions of dollars wsre rsaove
urious banks ,hroushou, hs cccnry. Ths proceeding
the part u lhs aIsouSss created ntsnso poAsa ex
oismess all The Union and ~as snbseq1eosy soi
owed BY revuhion In the Aoanoa, CONDITION. Of mo o9an
" sboh attended with she osa disastrous Teuor
rhe eeds Of he bank ocodennei snd sonpunced hs ss
at NE President thai Of usurper; xhs hs sapao':es,
On he her hand, sopauasa ~ mo only nsaoa OF rree
rs sne ooIs..y fson IN instuaen ~non ~cria oVsrsa
all sap ho very foundations os public hsevsr by tho In
renss power which would place in .hs hAads OF oor
m 4 and unscyrpalcus govornmens wnssysr may have
heen she sss oS his mcvomsns urnn sho political eros
fasors destiny al the country, hore osn be 10
dcubf, however, Shas tho sdo spread depression ina
s.lloxed had M ura;n in tho voso Of tno Prcsi
ien and ne removal Of sno deposits. Tho nssituoo,
snasg vhich they were disssbussd wero kno tae
pet B.an," and for soune yesrs sossqaens . bitter
anss.l war oAsr,sd b.e ,aem Aad ibs 6eak
II he United aies. La 1889 thc high Tariff Shsoa wAs
also cA~d he ooOp,oSo .Ar1 weni into oe alien visa
Avsr.ge nsn = 10 DoS oeEa bas sh shd:ns soas
rsducsig tae drcs rsse OF per cent osS anasm
A. hts 'nne sLs O. m neaced tno cncrmou, bank ezpao
ID hich grow OF veto the removal oS zoe
depcsiO 70 TOO ,so banks and which amounted 20 thirty
sshs mall NJ Of cosrs. rho removal o! the dsoos H.
ba thero aools bo gress oressare the n,ny
market o 'eeu.rce 70 avert prev n n p e
dent Ruho i2sd ciGerens Stale D.nks ~ sni
lbey did 10 An esco0ke oxieni nS movement ~as fol
bowed By imaS thep =; u the U. lied iEie, Bsnk
and she Sishul expansion whica thus svsase led
70 the widc tex'-a9egDce t. speculation Unde7 TAO
p, ,se Tins given to Uaos tie Imports go IN 1eg
tears rapidly hs b l i5ss snognted 90 oco o.
sh.lo the ssue Of The banks crossed from $3.50 ouy
10 $s2s zoo coo IN 1885, lsae'37. rns impostons
extensive ,ha ,hs country dysEsi Of ths oais,
Of IA rpscs 10 rs,fy ho c,As os reign orecisns
Trtm BssoD sons sse naioa of rpe-io fo- tho
Msron, 1888, amounted 70 s23cii5 ,his the isapor
iar ,hcs p-sied DID 70, cSccsd $iS ooo, sn,wDs
b,anre Of safe 0 ayalrst uons sder.ng mo damsot
foy seo In Ire corE,7s IS sao unae, sac aao AL,
quaoy vhh tho expos alops from He~ rk sad c,s,r
eiues sginusy sG c.ed tho rncncy ke: vsca xe hst
te On orIis 70 Enh, IN ratctiog sle .ls1oy p,o
drcsd BY this DRAIN or ~ avers ho bakrucy 70 uayes
witch the Ehole rs.icn was 10 rap,aly krdiag. Nos
usastsnfrg ths Il 90 am5unis Of s,tcs exported,
ne beosne heavily Indebted to EuIopS for pr0dacs.
Of Ter nssuIsc:nye Then tho specpssi3B In villa
lsasE, Ian - nrdoy "a or, and land, sh IN nsd 40
exsa pce bot "a pspey o. Ia taa fss.io b-Mnn Of
sho epccula1ys, -es Al IVA height. tho c.opHinS whou
fsuss sbs, 5sd Been psrpo rassd n @ kat OF spooi
aroD hAd siyen The TO- and he aid whch IL SAID
given The esler 10 ssccnprah ,hcse 'sasis ~ u
.save bank ossdh, TIE II dcai eY tns Unlled 3ales
Issued Treasury CIRCULAR "a the llsh II july, 1853, In
snuc,1g The receivers pusto money VA, asr he iMh
OF Ass following aey rero 20 receive N OAyusat fos
be paDno lands Do,Lns gro ps soia aoi silver. r1a
sybs qaep:y leo 70 such cmosr S,smers in ne money
ma kei oCined 60 Far 70 sa mo bills Of
specie psy Ing Sanks receivable.
The p.cuhAsiy Of these eosieienI was that having
bss 70 rs. apoa .aey broke down Ct iae e,scs IL
vslvps In bsnsrupso for ;hs greater psrs ITO Who
enssg,d IN ,hcn. Tne gambling in land sas coaneed
AMONG eSis6iTes, ~ hal Ito debts asd nAhles .efo
riped OFT By sSe serol bankruptcy IN maay ins.ADcss
he o.nes Of land printed largely BY .hs insoih,y
Of ibe1 debtors 10 pay, and thcss who hs5
cousht partly mortgage met uas. qaeni oss ~nsevor
mcpey trey nsd paid by fsrecioaura Tns o~rsr of =
srse ia Loos bsna sca for oos hursrca ssousaaf
dchA,s my Thousand beng received in
being morsssod FOR ihe meus Of tho rcSanins afy
thsusAnd. Tso t,rir, ho~over expired before lie
ss could 30 ca csuea AMI the tAsisg AdvaAss
Of he osasce the pol ersy reverted 10 his poe
sesssn Hurd Of instances iko ths oocafret in tnh
10 modiAie v,oinsy.
Tho hrss isdcson NJ the pressure was the failure Of
tho 1tss oai king house OF the x<ssn. Jose2ls %
rhs creaseS ns sxcio threaxa
rot se mr.. asd general de1yes Ion fell uyon cge'y
siri osbpiuoss rhe pusosc.a coz u1asy sxicsen
~Eh tspo sbca lie sElsNps CT bsk - itLtes
sIosp, aad was asts ~ arsns .hAi they upao
so meet saosa Is Wa h,pe1 ri ;ae Ara, n Z tasy
would 10 Abso 70 resume pay mssa, an t0ss oio's
avesugsaOa nio NE ooniaoo OF their Affairs The prspaa
uoald appear rore iavc ah,s rhss liabilities osu
uaedea ~ Com 70 eighi miH,ns Of dolars
sAsss stated exceeded inse oy s,ou one ninioa-
Yes In isse OF asse facts ssnsaDe expo aaSns
orskEsa .hat tssy wosd os mAira.n Ihss soven
oy The reiui, hos over, proved how sroundlcss sss
hopcs wcre ard tho report Of heavy fArros oil e,sr
he eosnEy shv~cd how vide spread and bow dn.
Nhcus the pyessuye had become Boon NeY the fall
# tbe J1phs tie Aars OF Of ihs mos; extensive
brokers In Wall sRo0s WIS reported IL s0 mo arm Of
Na gAE o. wsoss chief bu;ness coasis,sd 10 No 10
te5.uon Ct couay babs ?sSev rney The agents. ~
nearly tsy:y oo~s.Yy banks In Nss England, and mag
suproea, their failure produosd ue>s sonsssm No
county macy o7uld be eAargsd and al haak n,ao. from
Wsli suso This inSyeasd the DIN, iy, owe ssed
ciiomens nAa toe sssYs Of The J-pos.
Up tia sms sts nSmoer Of fs,iures unod sDss
1iy and ihs pressure snd panic an osed every Of
rsde Al ,ne orAfss h,cn BANKS Ia oai,,
stsvD New York, unc'nAAi and ens~nere pad Issued
e, able q kcrlan W ."e returned unds, proes.
Of ne asicn. and reUrded from dav 10 Tho bcr
bashrupssie,, hs Ions before p~sdoss u csndia5a o
ns,ii,by lead 70 ssos . result. h, anoanl
al ~hoh ths faiiurcs vee estimated ~ss over sky mil
.ne tss - Ous1nef ~ 1880 and Ap ~ ls5.
:. acG 70 tno daouiues under = hcn tao o,acsfy
aborins, ihe shc tnoss In the rsps Of ia3s taken
aovApsse cf By bunbsr Of the cspiiAiss Of Banre,
sev YoIk, fkade pliA ard onsT pAsss, Who osnoiasd
for the parposes II speculation. and n, wiis that vcv
,~stsenr ,hrorsnoui The country 70 rucnaas al iae
Sour ibey could obtain on une. Tne croo
found 10 be assus tso tniros Of usual qass,isy-s
dDiprsion hch paysy o~ink - the badness " me
a3c the Bsglsci cultsa ION caused by ihs
s - vpecrsor and rcstessncas f hs Asricu,tuyal u
tsfess rhrorsh the scsro,sy -htn eAssd in no
m,raei Aou rvse from 81 20 10 % per Barrel
In Ma speco ~ ~ Semiuia Of firm 10 % Ia por
cent sl On the iblh oS ihe ssna mnah aeS jpecs
oicu,ar vas ss1td over tns sho,o Ansnsio coast D.
e.Gs ors, poim ami drcc cd
receive In pay ert OF pab deSh SO 10 o. ,he noses "
apeeie rsyns haDss but ~ snere ~ toe time no
speoe psynE IN any OF ns ~ oonmercial cities,
srs 0ccr essa sirorG feeling cf indsustaa ,as
ar Of ire nsirhans to~ Ards mo fove' nheo -ks the
oerecston Of We napsr money ano ths luly Il pro
coSbG change hert mp IN: cxchsmcnt anons Tho GreA
booy o, ihe tcope axairsi the na=ka
From the day which no faiure OF tho Jssephs was
announced 20 the moth .. say, no nunpnr hesvg
sua rtnsins Inc carr " 2ec Ing Of o,ant
Ter apes, ~hch In tins ash n mi lions
,.kep the . count IL Two Ia housss In New o.
\ ~ a rt ogirR Of