The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-09-14

But What do - nov ses mol srom NE nus oaasss thas
Formerly provoked the remark on aAolner 90
oasion OF financial dtYust snd pane DO NO no literally
see our "cenais Solitude and oar lakes dssc" VASE
or waaeYSfn
70 New York for forty five cents and one sixth OF cent,
who for moment hesitate 10 believe thai such com
position nos ruinous Dos only 70 the osnan on. 70 sne
roads which do such freighnns Canal for wardefs say
they cannot take barrel OF -four from bunAao 70 new
York for twenty cents, and yet hls would 90 ~ sney
would nave Anr paying tolls tney were Mm . ~ IA
get anr paying running expenses and repairs OF way:
Who be surprised thai railway stocks are down and
men,S And down they will 20 until they reach the bot
tom, when the whole stock capital will be wasted, aud
nothing but line q old worn oat rails, rotten ties dAp
dated bridges, broken engines, used mp oars and dirty
dep0s, left TO pay the funded and floating debv-oebb
contracted in The noble and par,o &c eors Of DOUG bas
at dead loss So that whatever OF the Stockholders
capital has been e by the rsureys viii be nset up in the
benenceDt effort to The carrying trade OF the Western
States and Canada for no compensation
But where does this leave canals In the present state
OF things with falling prices In tho market and no means to
bring crops forward 1.-THE prices we're such a. to
more than 5000 since the last dsc year. aud every
prospect that the failing OF In The fall trade will produce
In the next more than $500 600, where we SAX the
prospcc OF paying the interest and redeemng the prnc
pal Of the public debt except 10 drawing from the peck
cts Of tie people in the shape OF direct taxatonf
We learn by recent report from the Canal Auditor to
the Fund Commissioners that loap the cred. OF the
mixing Fund.- of some 100000 win soon be required t,
ny Interest on the new canal debt. II has not, We DO.
ieve been usual TO make these loans at higher rate Of
interest than i've per cent We think the Commissioners
viii be lucky they get par for such bonds when
large amount OF State stocks will be thrown upon the
ke from the broken banks that havs gone into quidaou
and we know not how many more are TO follow. We
have no wish to hear Of any more.
MONEY PANICs.
From the Albany Journal, Sept. IL
The Pennsyv house Of Reeves, Back Co. employed
two thousand men in the manufacture Of railroad iron
They have Suspended payment" This they did three
years ago. So wealthy In property and the ma
chnery Of producing wealth. that the extension which
sugsr.m.nts prnous and ink resi-, Al maturity u 'A'"
The incident Of their failure, ~ il was called, was the
material out of which monetary panic Is made Vague
unreal irrational all will call IT. In the past two years
this house has made large profits and possesses in
manufactured and manufactured stock real estate and
machinery, proper worth donble the amount OF their
MARKET shey cannot reduce their assots into cash and
puncsualy pay their notes, capitalists 90 into panic Fat
men, with olanched cheeks rush tn ough Change crying
Reeyes, Buck Co. have failed" and 90 incontnenty to
their cah boxes shut down the ds and sit ihem with
IN memorable and ponder sus defiance.
The infection OF terror sudden and complete through
the money MARKET Capitalists lock up their wealth and
lock their faith In man, and throw the key awaybut
money panic il Blind deaf and cruel It cannot see
the hArves OF wheat OF ard Of hay with
which Ceres has enriched this broad land ~ was never
before enrched- cannot the wealth OF tobacco, Cot
Ton rice and sugar, hvshy given this autumn coming TO
the South and 70 70 viii listen to no demonsrAhon
aibe the spe cacie OF two men, whose
summer il drawing close and whose winter with It's
fros!s and 10 costs coming asking for the restoration Of
confidence In the really solvent employers who furnish
them with the means OF fe II makes no distinctions be
tween borrowers, but involves in common suspci
and puts under BAN the responsible and the
bankrupt and solid and the hollow, find sits on IL chest
till its derum tremens Of terror has run its course.
Thanks 10 mans constitution oil passion IL short lived
thanks 10 tho constitution Of money lenders the desire Of
profits and the abhorrence or dleue Of cash, quickly
aupervenea upon do nothing panic The tide Of fear II
already the ebb the keys are on the turn There OF
the produce or the ground enough country pay
all s enormous and unpardonaby contracted debt abroad
The money 70 move 70 the sesboard viii gradually come
forth. The healthy current OF business under healthy
credit stem, will be resumed; and thea wiser, II
experience, will resume career 10 the
weahes, and mos, prosperous condition ever attained by
. people
part OF that experience been OF the prodous evils
that grow out OF allowing usury 10 he taken from
por.tons, that Gov from tho unbridled gambling In
stocks and from the oaning Of banking capital to be
10 the purchase Of paper and securities usuous
discount Over ana above oil ID OF the ruinous policy Of
buying abroad instead OF at home, and OF contracting
debts TO foreigners for articles which manufacture
for ourselves, and tho profits Of Whose manufacture
Can save TO ourselves, instead Of throwing them TO
Strangers.