The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-12-25

OPINIONS ON THE REvuLsIoN.-An obscure
and ignorant journal has lately republished
two extracts from speeches lately delivered in
the Senate, on the commercial and financial
prospects of the country. One was from
speech delivered by Senator Seward, and ran as
In my judgment, the accccraton of business is going
be rapid just proportion TO the rapidy with which
business has decined exoect 70 see every day. nd
every hour Of every day marked by rise in the pros
pery OF the country graduated Just exactly by the sud
derress OF the depression The causes Of the disaster
gone. think there is nothing before but great revi
va, OF business and p!ethors o. money revive il in all
departments ma! be mistaken in this, but a,n will
ing to stand by IT,
The other was from a speech of Senator Dix
on's, and was as follows
wish conld believe, with the distinguished Senator
from New York that this evil was entirely teaporary
acd that the recovery would be rapid as the fall.
hoIe is true cf the State OF New York which he repre-
sents here but in that part Of New England from which
the State Of Connecticut the troubles Of the day
by Indeed, not at their height
and intensity there at this time symptom of
payment Of debts. The banks have money They can
loan money to-day but the difficulty with them is find
paper OF business character which they think
10 make their loans There is apparent relief thus
from what have already suffered. am in hopes that
the brilliant prospect pointed out BY the Senator from
New York viii prove to be true but think that when
stand here hence shall find that then the
recovery has only commenced.
1t is pretended, in the columns Of the journal
in question, that these two extracts contradict
each other. This assumption is based upon an
ignorance Of the facts. The two Senators may
be and to some extent are both right Each is
right from his point of view. Mr.. SFard-the
representative Of State whose banks pay spe-
Gle. and which possesses q sound banking sys-
TEN, immense internal wealth, and unparalleled
wrong when he assumes that the revulsion has
spent its force, and that the tendency of every
thing is toward recovery; while, on the other
hand, it is natural for Senator Dixon, of Con-
necticut-who represents State where the
banks do not all pay specie and are not in a
sound state, and whose manufacturing industry
has not yet and will not soon recover the blow
inflicted by the revulsion--to assume that that
re,ulson is still in full play, and that further
evils are yet to come.
Every reyulsion gives birth to two parties:
the party Of new men, or new construction
party, and the party of old men, or the liqui
daton party. Every financial crisis breaks
given NUMBER OF houses, ana snakes Others
Thus, after the first burst of the storm
has passed over, the field is occupied partly
by young men, new Corners, who offer to take
the place of the broken houses, and buy old
houses which have not broken, but which are
struggling through q process of liquidation
For three or four years there is usually strug-
gle between these two parties; sometimes the
new construction party having the preponde-
rance, and sometimes the liquidation party
looming up 80 large as to appear to cover the
whole ground. Whenever the latter prevail,
the commercial horizon looks black and
gloomy when the new constructionists are in
the ascendancy, the horizon appears fair and
promising.
Senators Seward and Dixon represent these
two parties. The one sees the hopeful exer-
tons Of the new men who are struggling to
take the place Of the houses that are gone; the
other the desperate throcs of the houses which
are endeavoring to liquidate. This explains at
once the difference Of opinion between tbom.