The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-10-13

In cases where 0o party na0 uOt PteaWuAoAy
examination. Remarkable Inconsistency!
STRENGTH OF THE New York BANKs.-By the
Bank Statement published this morning 1t will
be seen that the anticipations INDUCED in az to
the inability of the New York banks to maintain
their position prove wholly groundless. After
the terrible week through which we have passed
q we unprecedented in the annals Of CONNER
cial soffezing-they have actually gained specie,
and remain stronger than before. There can be
no greater proof than this Of the soundness Of the
system on which these banks are conducted, and
of the benefits which it is conferring aud will
continue to confer on the community after the
panic is over.
II is the position assumed by the New York
banks which constitutes cur chief element Of
safety at the present moment. But for the stand
that they have taken the panic would spread
through all classes and the savings banks would
in their turn experience the loss Of confidence
which the failure or suspension of the former
must lead TO- We have already seen in the re-
suits of the foolish run which was commenced on
two or three Of the savings banks, how
much they were strengthened by the position Of
the other banks. But even without that support
there never existed the slightest grounds for IN
easiness on the part Of the savings banks depo-
sitors.
AS we have repeatedly shown, there is no
scarcity of specie in the country which would
Justify the idea that we are suffering from cur
rency pressure. On the contrary, money in its
metallic form was never more abundant amongst
us. Since 1S4S $500, 900 900 Of gold from Cali
forDia, and $500, 1000 900 from Australia have
been added to the specie Of the world. OF this
amount, at least 5000 1000 are circulating
amongst us. 1t may not be found where it is
wanted most, as is seen In the present anomalous
state Of things but its presence amongst US is not
the less certain and ascertainable.
Wherefore then should there be run for spe-
Gle on the savings banks or other institutions Of
| undoubted strength? Those Institutions are con-
Quoted on principles which offer the fullest qua
rantees of security to the depoaitors, and any
proceedings that may embauass their operations
will only be productive of injury to the working
| classes When it is recollected that besides the
| specie in their vaults these institutions make a
large proportion of their investments in national
stocks, which are convertible at almost any mo-
ment, it will be seen that they can experience no
difficulty in meeting all the demands that may be
| made upon them Within period Of two days
the New York savings banks have II in their
power to convert into specie government secu-
rites to the amount Of S5,000,000, a sum
amply sufficient, with their other resources, to
enable them to surmount any pressure to which
they might be subjected. 1t Is unnecessary for Us
to say to depositors under these circumstances
how foolish and Injurious it is to their own int.
rests to exhibit at the present moment any want Of
confidence in these institutions By Withdraw
ing their money from them they viii only lose
the interest upon their little capital and run the
risk of being robbed of it in the bargain.
The POLITICIANS OvERsIAuGHED-In the
midst Of this terrible crisis, the efforts Of our pc.
litical party managers to raise the steam are
absolutely ridiculous. The Know Nothings and
the black republicans call their meetings here
and there; but they present most "bcggarly
account of empty boxes for the people have
other fish 70 fry. The democrats do little bet
ter, for they have the spoils Of the Custom House
and the city treasury to pull at. But as for the
"time honored principles of the democracy" and
oil such clap-trap preaching, it is just now about
| as seasonable as q strawberry picnic on Coney
Island. However, upon the practical issues
which have reduced this metropolis to an Albany
provisional government the democracy will
doubtless on election day sweep the city, and we
should not be surprised were they to carry
the State. The managing stockholders Of
our political parties are beginning to look with
longingIeyes upon the administration, the Sub.
Treasury and the spoils Of Congress as the last
resort and the people are satisfied with Mr.. Blu.
chanan. A margin of month or two more would
make these facts perfectly transparent, and even
as it Is the inevitable political revolution before
us may be inaugurated with our November elec
ton. When all Wall street Is turned inside out
and all the financial affairs Of the country are
turned upside down, II is only the tub that keep:
ia bottom that will hold water.
1
REACTION OF OUR FINANCIAL EMBARRASSMENT
ABRoAD-In another column will be found an
article from the London Chronicle on the UMPIRE
cedeniedly rapid expansion Of British commerce
as shown by the returns recently issued by the
Board Of Trade. From these returns it appears
that for the eight months ending on the lst Of
September last the expectations had reached q
total Of esi ,666,7ls-exceeding by nearly seven
millions the entire amount for any whole year
anterior to 1853 In 1866 the eight months ex.
ports were valued at GA. 6S9. 1884, and In 1855 a,
e6O,l54,l7s. The gross expansion In the eight