The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-09-30


general feeling q erres ,noSK all commercial oa.sea
the eneot u the MEASURE, = Of relief, remains
2 be tested bus aa vsry oh depends oon sns z. "a
being sill redeemshla In sp6ciswi ward cr many IN
ocnveDiences 70 gich s oasss ~ould ct5sr visa nave
bern N jeos6; but -ithons tho cstsAioe OF keaesA
feeling Of confidence, for eaency cannc
expeo any subs annual h ning Improvement
aHe cd c mas saa n,s as
aste danger OF los the holders OF the bls or Anv 'i
banks and with prudence and caadon sad so aco @
modarg spirit tho forcc Of extreme disastcr may yet ne
HAced or
ccton porary Of this CITY has publ.shed series OF ar
not ling to the mparta.ons OF foreign goods but Is =.
ubuiab.e merely n panic" HIS eiaborasc pToduc
so.. ave studded VI ns mere S.nsios asls .sa ioas
New York. From tho fact that this contraction wsx ever
since 1853, acccnpanied By hisn or osnssge on sood
pspe,, fAlurcs argued that this cars failures
and other evidences os money pressure ave attributable
to The Eud that these have been
vated b. .snio ed In the stock masko.
me contraction Of ioans sta cd by contemporary,
In November, 1858 las bss
me oitfers nee amounting 70 some s. 900 900
In November, 1860, u was 80, ,ela rre difference
rM quenuy Aeou, 50 $40 COO rouao numoes II
H. however, too pspaee that uAvsaouons IKE these In
ma 70 scocun. for ssiamiy 80 unver.al a. tho daiy
eiures of pupesu frm and monetary irsi,;ut!ons
bankruptcies Of fsiroacs the peIsptovy safes OF fon
wOks, the STORAGE Of cotton mills and ciher Industrial
estabshmene the distress Of all CLASSES CT society
one, tho agricultural which ouy seventh or
eighth of The total ppuAop. The fsai OF the matter IT,
that our cotemporary wholly oonfcunds and effect
All lie unfortunate cr5u Instances Nhion have nAme1
No sso ~ ns ,So - a n
stck maYlet, No. but the eecs or one great
Baiin. stasnsses and fAuros py because money 10
procurAbie al usurious rates Of inerest The
Hsrrous induoe msut, taniy 30 eDdefs,
and hey would lend money sg,ns good security II snes
h.s @hn b. il o e
Secretary Of the Trcxury. We have eIpnted.
our ;oiempory Ssess ga ooG % nav. saown since
s34 600 COO srruay average as excess OF exports
over imports or coin and baIlion. We have at tnat In
foreign liabilities greatly during Ia. game
rioo 90 that the London
TO England alone ut flo0 or $500 Geo. which,
M per GER, "amses s 500 oo
Ing all the gold proceeds fom Crhorna wEnn are thus
virtually lost 10 Rerc shen the chief reason Of
distress for money 1t consists IN tho annual oxoess Of
i of foreign goods exports Of domestic produce
to be paid for In bard coin, aDo In the interest o.
consequence Of uttsiy fslsqous commercial policy,
enich policy IL the original 0aus6 nf sfortunes. 1t
bns din ipshed our monetary resources, 10 to render
them wholly Inadequate to the requirements or the
try the extraordinary contraction OF oacs In New York,
about which ooemporary hao 20 50, 90 much, but
nf the ux iour evidences OF nsur cheney OF money
IL only the the WsEs las become and de
pendent the al 10 her TO the
ssaooard upon Ner York. but 80 far from explaining or
cont outirg In any way to o ra,i pna ilsnsion
# the OF financial toubes 10 bat one OF the Of,
Ever sirce 1853 The preaent crisis isve oped
e~erJ year, and IL not sll Astonishing that uaier these
the ordinary contraction OF loans in New
York should have preved fatal 10 somc establishments.
The eject OF excessive expectation OF specie 10 Europe
psqueIt upon the discovery OF gold Ia California, began
70 be @ ls5a The financial pressure In the same year
fssely referred 10 hanks having beon created at
that laie with capital OF 50 10000 This capital re
msned e tsosa Of bnsiaess and csud not therefore
unfayorsoy upon business; and 10 ]. was With tie
$1,000 eco which, tod, have this year been de
voted to similar puFpose AZ % the assertion nAi private
captss had with frs~n $1,000 600 from the market,
IL WI oily without foundation for good security aai
interests being offered rothns bat wright mbe
cilty would Withhold money 20 any copsideraae extent
cuseo. AL theso explanations srs Jalpaoly fslsious.
The stubborn fac; w. TIA, saicieucy OF 10 tho
land and tnGt the condition Of thngs II not owirg 10
panic, bat financial crisis Oar snporary endesvored
excessive importation OF foreign goods by the following
efures:- Exports. Imports
1855 C5ssf6 s26i, ,i6s $50
1900 S26,ce0 s0s 3ii ,o39 9s2
Total. .see5 ois,sss sa36, ,ess oo3
Excess Of ports x23 00s, lpo
From he result OF This calculation ssys ootsmpora
al glance" Bus, fortunately ne did not understand
statistics hi Ia ne underock W handle and the result
terIy false TIE yorts quoted here ooatsn The spe
Gle abroad tie value PAID for the OF foreign
good. impor,e oser domestic sooda exported, 90 tnat
bad pori,d ore hundred millions moro specie than
actually did In the period smed iho result OF
Temporary 8 ruston would been Siys 80 0s0 in
car fAvcr lnxesd Of SIS 0n which sboEs the ao
ssrdiy Of he process which no adopted The account
ssands IN realty ugs:--
MKEcgAsDsE
ErTorls sncIasip. Impors r7clurive
Is56....,............s2l s2ls, 5s03 Sle7, SOS, ,1os
lsbe......... ...........' ssi,xls Wy sio.ss slo