The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-09-09
FINANCIAL AND CONNER CiAl.
M q N II Y M A IL X EFT.

M n n n M n N n K H
TUESDAY Sept SOP. n
Tho stock market was again panic suack today.
very important decline in prices realized and stocks
were sold In largo quantities. There hardly "a ex
cepon In The entire list The good, bad and indifferent
all tumbied down together The quiet, steady state OF
things which appeared In the stock market for
past has given way for OF excitement and Increased
csru There appears 70 be bottom 70 railroad stocks
or the old, out concerns tell where the
bottom IT, certanly has not yet been touched. At the
first board to day Virginia 6s decln Cd per cent Ms
souri, es, III California IS, s Erie bonds 1871, l. I'LL.
pos Central bonds q Park Bank, g. Della and Had.
sen, i; Pennsy ivana Coal Company, AZ Pacific Mall
Steam Snip Company, III New York Central Railroad Ia
Erie, 81 Harlem, NJ La Crosse and Milwaukee, 1; Read
Ing, y; Michigan Central /; Illinois Central Railroad, s.
Cleveland and Peburg, l. Galens and Chicago Il ceve
land and Toledo, ~; Chicago aud Rock Island, az; NIL
waukie and Gssisaipp g. Indiana STATE SIS advanced
per cent; Tennessee $ ate os. l. Canton Company y.
This 10 . state Of thrss that may well cause . panio
Holders Of these stock securities daily see their
substance gradually melting away, leaving behind
very little except finely engraved certificate,
presenting 20 many shares In certain Incorporated
companies The value Is Of present merely imaginary.
What the future viii bring With II one ~ present
form idoa one Of the moot unfavorsbe features OF
The present revuson the erec, far tho banking
short tmo since this stock selling at premium The
stock or other banks declined considerably. No
seems 10 fear tho suspension or our CITY or country
banks, far tho circulation Ia concerned Holders or
bills appear 10 have the most perfect confidence In the
ultimate redemption OF ths issue Of the suspended banks,
and fears regarding the banks which have not yet
pended The currency IL therefore sound, and have
rothc dcuy 70 contend With IN the proscn. revulson
that caused much disaster 1887 hen the currency
WIS Of Wild character and when the banks suspend
cd their bills worth jns about nothing ut ALL Nov
the OF paper currency sold and substantial
and every 10 the community perfectly understands
the system by which the bin he holds 10 secured, and
ress therefore sAsned The banks ran the
- private concern, and wind up In the way We
must look for very many failures among the banking In
s,,uous Of this STATE The West and the Northwest. rhs
banks have been less connected
with railroads, and they must break Many inks In
New England have loaned what called su,renoy largely
10 railroads. and the railroad companies default the
banks mus. sum- with his exception, New England
section win NOT suffer- much by the railroad collapse now
going The railroads OF New England collapsed
time snoc and for years have been undergoing pr
Of reform. BY suspension Of dividends tncy hare nqui
dated mc~s Of their aoAng debh, and are nov Just
emerging from long period OF depression The time has
now arrived when cher sections Of The country 20
vsa territory and represent Immense o,pisAi the
entire wcss and Northwest have made fAs
oonat ucon Of rArt sds and mus psy The penalty
Tho lids OF emasoa has 20 strongly thai wsy for many
Year, past, and given impetus 70 al sorts Of spe-
cuiAtiou and sxtrAvasAnos Public improvements arc
far In advance OF he wants OF the country, and
- thsss Internal improvements prsosded, instead
of succcedipg settlement and population, hey have Civ
undue impulse 70 speculation and progress, and
nnd .hem lingering and prossd for The want Of the
elements Of support In o.her words railroads have been
constructed fssr than the county required could
pay for The debts which have been contracted,
The immense credit syssem which has been orested the
amount Of individual liability involved have all had their
share In bringing about the financial revulson which
a This moment sweeping with such fatal efea over the
North snd Western portions Of hs Union. We have only
70 draw The line OF latitude bcAwess the North and the
south 70 limit the boundaries Of this collapse In private
and public credit, and In drawing this line the real
must more clearly appear, while the North and IVES,
have been neglcctng the mos, important Industrial pur.
suits 70 engage speculation and the construction OF rail
roads The South have confined their capital and their
enon solely 70 the production Of their great staples The
North have been engaged In Specializing In land, while
the South have been engaged in cuinvsiirs the land
while We was pursuing the shadow, the other va, Sc
curing the substance, and We zee In the comparative
condition or each the rcsun Of the efforts Of
each While the North and West are laborins under su
the dangers dosaes Of financial revulsiou wbsre
fortunes fade away day 20, The south ID In HE midst
OF prosperity and plenty free from debt and therefore freq
from danger The political dcmasosues Of the North have
for years been directing emigration 10 sections Of
The Northwest 10 their zeal 70 make Kan.As free and 70
create specuarops In pubic lands tbey have aroused
feeling or fauarc,n On NE sublec, OF slavery which has