The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-11-25

A question often presents itself in these times
to imagining minds. 1t is-How were the
British capitalists and their agents, shrewd men
and well versed in business and. other rascal-
ties, SO thoroughly deluded and humbugged as
they seem to have been with regard to the con-
dition of business in the United States and more
especially with regard to the stability of the
principal railway stockss
For it is quite plain that the panic took
everybody by surprise in Europe: no one in
England seems to have had the least inkling of
what was about to happen. The first idea,
when the news Of the beginning of the great
fall in railway securities reached England, was
that certain stockholders here, aided by the
New YORK HERALD, had succeeded, by misrep-
resentation, in knocking down certain stocks
for gambling purposes; and that as soon as
these gamblers had made their pile, the stocks
would return to their old level, and business
would go on as before. When this theory was
disturbed by events as it very soon was, others
were adopted in its place; but from first to last
the British public as whole, seems to have
been hopelessly blind to the real state of the
hand nor even to have realized it when it was
a fact in the act of accomplishment before their
eyes. What is the secret of this singular mys-
terry?
The key must be found in the conspiracy
which was formed between several newspapers
of this city and the principal foreign bankers,
for the purpose of hoodwinking and-to use the
right word, though strong-swindling foreign
capitalists. For the last two years all the jour
mails of New York, with the single exception of
the HERALD, have necessarily urged upon pub
lie notice the value of all kinds of corporate
property in the United Safes, and the excellent
thing it was to invest in stocks of some kind.
For two years the burden of the song of all these
newspapers has been prayer and counsel to
the public-abroad and at home-to buy stocks,
especially railway stocks at any price. The
strain was of course kept up by the bankers
who had stocks to SELL For two years the
bankers circulars have preached the same doc
trine as the papers-namely, that everything
was going up that railways were the best pro-
perty in the world, that they were all earning
enormous dividends, and that a man who want
ed to double his money had only to go into the
market and buy. This view has been pressed
on public notice in every form and shape; ora
tory, statistics, argument, defamation have all
been pressed into the service; no unfairness has
been matter Of scruple for the purpose of dis
crediting those who were not in the great Bull
Plot against the Foreign Brooches Pocket.
Incidentally to the stockjobbing interests,
to serve which was the chief object of the Plot,
the commercial development of the country
was also subject of concern to the conspirators.
1t was proved IN the confederate papers that
trade was never 70 fourishing, and that nobody,
not even the dry goods dealers or the bankers,
was in the least degree expanded, or unduly in
fated. This was repeated in the bankers cir
culars; aud the perfectly sound condition of
every branch of industry was deliberately
proved by figures.
If any one ventured mildly to suggest that he
did not think floating debts benefit to railways
or oyertrading to merchants he was frowned
down as maniac. Upon the HERALD especial
ly did the wrath ID the conspirators fall in tor
rents. No term of abuse. no insinuaton of
fraud, no suggestion of black mail, was spared
to satisfy the public that our warnings ought to
60 UNDECIDED, and our predictions he scofled at.
For more than o year not q mail went out
to England without one or more earnest
appeals to English capitalists and mer-
chants to suppress that mischicvous pa
per, the HERALD; to discontinue their sub.
scriptions, TO get IL out of sight to keen
il away from the moneyed men of England.
The Anglo-Ameriean bankers did US the honor
to consider our suppression in England as al
most essential to the success Of their schemes of
stockjobbing: and very vigorously, no doubt.
did they struggle to achieve their purpose.
They succeeded 80 well-they obtained per-
mission from so many to substitute the
New York papers which were in the plot
for the dreaded IIERAID-that when the crisis
came, II burst like thunderbolt on the British
public, and found no man prepared for II. The
HERALp's readers had been prepared for 1t
long before but those who had relied for in
formation upon the confederates Of the Anglo
American bankers we're of course taken by sur
prise, and suffered accordingly.
Fate seems to be awarding to these conspira-
tors very different reward from the one they
expected. They calculated. with the help of
their pet papers, to be able TO sell enough rot
ten stocks to the English to make a good thing
for all parties concerned; but the fortune is
long in coming and hard knocks are plentiful.
OF the two leading daily papers which were
mainly instrumental in getting up the plot, the
chief propretors Mr. Wesley, and Mr.. McEl-
rath, have both unfortunately failed; and
close on their heels the proprietors Of largely
circulated paper which combined trade with
piety-Messrs. Bowen 4 McNamee- also be-
come insolvent. Another chief proprietor of
another leading paper-which was also In the
plots now likewise on the verge Of insol-
vency. Now the bankers are catching IL.