New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1857-10-07
Newa1 prk Dailn @ribnape
FROM BOSTON.

From A. Occasional Coue'sondepe
Boston, Oct 5, 1857.
These are bsd times for an occasional correspond
emit, as we'll a. for people in trade, because they
furnish him with no pleasant occasions Of CORE
spondence. If you viii take peep st Wall stree;
you will have realizing sense" Of how State
street looks. Gam,borougb's famous Blue Boy
evidently grew up and became the Progenisor of
race Of Blue Men, who are TO be met in sny quaint
ties on the flag stones Ct those wo thoroughres of
Mammcn. There is scarcely any exception 70 the
azure tint which gives its hue to the scene for even
the artists, usually so cheerful and animated a.
times like these, who exercise their tonsOriA skill
on notes Of hand, show tinge Of indigo in their
compilations. There are many OF them In the pre-
dcament Of the shaver Of boards, who, when Oper-
atne upt Frepchman with his finger On the inside
of the pa sients cheek TO provide basis of opera
tions, and interrupted by his cries Of "Sare you
have cutten me" exclaimed Indignantly Damn
"your anthorn jaws, have cut my finger through
EN- So a good many Of this clsss of shavers have
cut their RDgers by the nOrdinae sharpness Of their
operations ON Others some of them " the tune Of
many thousands of dollars, but, somehow, their
mistortunes do not seem 70 excite much general
compassion.
We have been exercised here, as you know, by
serious doubts whether or not j. were worth our
while to pay our debts. It appeared to certain
portion of that large and respf class In every
community that owe more money than they can pay
that it is an unpardonable weakness which gives
way TO sentimental sympathy for creditors, and
nuddles capital away in paying them. 1t was this
exemplary class of political economists, it ia under
stood who called the meeting held on Friday to
consider what was to be done. The balkrupts of
the city were TO meet in general assembly, and
counsel all the sound men to place themselves on
their own solid nom paying platform, and particularly
10 advise the banks 10 their vicious habit OF
paving their banknotes according to contract and
law, and TO relieve poor debtors by general swim
1,e Of the whole community. The time was not i'll
chosen. The failure of Messrs. Lawrence d Stone
and the reported assignment ny Mr.. John Amory
Lowell Of his large estate to meet the Liabilities
which the changes and chances Of this trans.Ory
world had subjected him to, had created general
copsternation and the common talk Of the street,
artiully promoted doubtless by interested parties,
was that stoppage OF specie payments * prefer
this blunt Saxon word to the more delicate Litnism
suspension) was inevitable, and tLs apprehension
was very general that the bankrupts would have it
all their own way.
men of Boston," whom Mr.. Webster had often in-
yoked snd not in vaiD came together and took pos
session of the meeting. 1t seemed to them tha.
there were other parties interested in this ques-
ton of universal bankruptcy beside the trading
classe. That the wo III and all that il inherit
was not made exclusively for shopkeepers. And,
further, that it was better that individuals should
fail than that the entire community should commit
an act Of bankruptcy and take their place at the
bar of the world in the attitude of nsolvents. Tbs
almost unanimous feeling Ofthe meeting was thatthe
Banks should pay their debts IS long as they could,
and that the worried classes should give them all the
announcement and help they could IN following hon
eat courses. Mr.. Amasa Walker was the only
speaker of note that supported the policy Of stop
page. Yet, not being merchant nor yet a citizen
of Boston, his presence was merely an amteus c"r'G
and his advice purely grstwtous. Az any rae, u
had very little weight, and presume there will be
DO serious question of stopping payment here unless
You set the example. Should The people Of the
United States ever make me President for Life, with
absolute power, shall make many uselul reforms in
the present banking system-which / dare say
thus correspond with Mr.. Walkers views as far
as they would 90. But could not conscientously
urge the Banks TO dishonesty, even II l could
thus discredit them and hasten the day OF my re-
form atoms. My notion is, that paying ones debts,
though PEI haps a weakness is yet sn amiaole one,
and 10 be encouraged rather than otherwise.
The New. England system Of dong almost every
thing by means Of JOint-StOck Companies, has re-
ceiyed a heavy blow from the discredit thrown On
them by the recen. failures here, and BY me failure
of 70 many Of themselves into the bargain. IL Is
no argument against the system Of American Manu-
features, that Investments in our Corporate MiiIs
have been 80 little remuneratye, as general tnihs,
Of late years For nothing could Wen De more
clumsy and wasteiul than the way m when tney are
managed. The chief object Of many OF ITEM now
see ms to be 70 give employment and subsistence 20
the younger Suns and younger brothers OF iafuenai
families, or as provision for deeayed merchants or
broken down political hacks. In due cCurse OF tune
the Cooperate system will die out and their esedo-
li.fmenis be taken in hand by individual capitalists,
who will work them to good advantage. ror mo
sums now paid to agents, treasurers commission
mer chants and other middle men who stand between
the shareholders and their divide nds lof du.ies
which the ipdewndept owner could do much better
himself, Would alone BIZ satisfactory return w '
capital, and whatever dole is now oecssonaiy IN
parted to the shareowners would be 80 muen al,
dioDal profit. 1t Is a curious fact IN inc Nataia'
History of these Corporations, that they Amos i
rariably earn enough to pay nc ss'Hs - s -
penses Of those managing and dire :hng lnen',
ever short may b. the commons OF inc P''p''o'V''
who own them. 81,
The ruin. however, which has OvertAken some Of
the men most prominently connected VIII me hli-
ufaciuriDg interest of this State, Is moi 20 hncn
owing 70 the absence Of any pfotecu'e Pohcy v, W
spy losses uroper and natural 10 the ousheas tney
carried on. II ia due rather 10 the amol,oh ~nitn
urged its excessive stimulation beyond IAe noIls'
demand for lie productions. The great hrm' WI 81
10 stosser under the weight Of fictitious cities
which crushed them at last The success OF Lower
prompted ambitious capitalists to essay zoe i,onts
tion Of rival cities, which were 10 riss " nc
Ions from the fslls Of the Mcrimace and the Co..
nectieut. Now, apprebend that cities grow p
inst where and when they are wan'ea. leo cnly
two planned in cold blood and Of eood SO pysF.se,
L...tf ~ - NJ "a
Great AID Peter Toe Great who were no. Ss'.y
men Of s,uinr, bu, bad imperial resoureea Of men
and .rsasnrs A. her command no seNeihsH