, 1857-12-04
The Financial Crisis
Money Matters sospen,lous .at ,hs Pm,

10 comments on Tue present financial reynl.
sion, and their columns bear painful ,os,;
mcny that hundreds and thousands of bo0r
business houses-merchants, brokers. bapL.
ers, etc, have been obliged to close ,hei,
doors, preparatory to going into liquidation
Many Of the most extensive manufactpri.,
in the north, and manufacturers in the ma
chanic brsnches, north and south have beoD
compelled to dismiss many Of their empIov-
ees, finding it impossible to raise money ,o
meet their payments. Tens Of thousands
of operatives, mechanics, clerks, and labor.
ers in oil the commercial aud manuractur.
ing cities have been thrown out of emnlov
mcnt.
A Washington correspondent of the N
Y. Herald, undertakes, in despatch IN
that paper, to detail the plans of the ad.
ministration with reference to the pbblie
revenue and expenditures, in view Of the
probable effect of the existing monetary
revulsion upon the national finances TIL.
administration will not call for loan to
meet deiicit ncy in the receipts, but will
exercise the utmost economy in the public
expenditures. Reductions will be made in
the army, navy, coast survey, Lighthouse
and mail steamship services, and the sboli.
tion Of the fishing bouutes will probably
be recommended An increase Of the tariff
will not be recommended. Secretary Cobb
does not anticipate the revenue will fall off
very materially. lie is informed by mer.
chants that importations will soon reyiy.
and the revenue return to an average of
$50, 100000 per year.
1t is estimated on tolerabIy reliable da-
ia, that upwards Of eleven thousand labor.
ers have been thrown out of employment
in New York and vicinity within few days,
from the effects of the crisis"
To such an extent has the present crisis
affected importations. that some Of the
New York importers, it is stated, have
commenced to send back goods to Europe
rather than pay the duty on them, or incur
the risk Of not being able to sell them
The American crisis was severely felt in
England and France, and money through
out Europe was advancing Specie was
being shipped to America.
While the merchants Of New York are
all well-stocked, it is said that there are
now lying in the Custom House stores of
that city, imported goods to the vase Of
thirty millions of dollars.
The receipts from customs for the FIRST
days Of October, at New York, Boston,
and Philadelphia, are as follows:
New YoRK-Oct. 1st. $44, 900; I'd, $780,
900; Sd, $50, 900; 5tb, 5000; 9th, $780,
900; 7lh, SAL, 900; Sth, $4s, 900; 9th, $25,-
900; 10th, $9l, 900.
PHILADELPHIA-Oc 9th, $40, 900; 9Th,
$4,000; 10th, $ll 900,
BosroN-Oct. Isl, SIS, 900; 2d, $4,000;
Sd, $4,000; 5th, $4,000; 9th, 5000; 7tb,
1913, 900; Sth, SIS. 900; 9th, SIS 900; 10th,
$4,000.
! In their present extremity, the eyes Of
tlie commercial community upon the Allan
tic are nnxiously directed towards this
coast-to California, in the hope that the
golden current of tho Eureka State may
assist in driving back the overwhelming
wave Of bankruptcy, which, in an almost
incredible short time has buried beneath its
ruincus surge the hopes, prospects, and for
times Of so many thousands Of honest bust
ness men, and tens of thousands Of reckless,
extrayagant paper money speculaters.
From Forneys PHILADELPHIA Press, Of
Oct. 2Oth, We extract the following, con
corning the great financial crisis, unequal
led in the history of our country for the
past twenty years. That papOr says:
"Since the departure of the last steamer,
the panic has burst upon the Atlantic States
like a'thunder cloud. Beginning with the
explosion of the Ohio Life aud Trust Com
pany, that event was speedily followed by
a suspension Of the Philadelphia banks;
after which Governor POLLOCK, Of this
state, called the rump Of the old Legisla-
lure together which body remained in ses-
sion eight days and passed a relief bill,
which goes into operation at once"
Our limits will not permit US to publish
the bill entire, but the last section fxes the
date for the resumption of specie payments
April 18th, 1858. The same section re-
mits certain penalties incurred by the banks
and authorizes rev bank stock to. be paid
in current funds"
ut will be seen, confines the Press, that
the banks have thirty days TO accept the
provisions Of this act, lat up to this hour
they have not yet decided to do So IneJ
will doubtless accept. After the suspeh-
sion Of the Philadelphia banks, the New