Worcester daily spy. [volume] (Worcester [Mass.]) 1850-1888, 1857-09-17
WNs CEsTE8 DAILY

bridge, - Bellows of Lowell, and j. P. Con
verse Of Woburn
Essex.-AIbert Carrier of Newburyport, War
rem Ordway of Bradford, William S. Meservey OF
Salem, Henry Duran of Lynn and B. F. Watson
of Lawrence
Worcester.-George W. Bentley and c. E.
Pratt of Worcester, Alvin Cook of Uxbridge,
Georse A. Vnton of Southbridge, Nathaniel
Wood of Fitchburg, Emory Sanford of Oxford,
and orson Underwood of Milford.
Berkshire.--John C. West of Pittsfeld, Charles
riHgtou.
dampden.-A. W. Chaplin of Springfield, Reu.
ben Noble Of West6eldi and N. W. johnson Of
Chicopee.
Hampshire.-A. H. Bullen of Northampton,
and Seth Mills of Amherst.
Franklin.-C. W. Shattuck and DR.. Dean of
Coleraine.
Bristol.-George H. Tabor of Fairhaven, Ell
nathan P Hathaway of Freetown.
Plymouth.-Chares Sidens of bingham, and
Alden S. Loud of Plymouth.
| Dukes.-Ira Darrow of Edgartown.
Nantucket.-F C Sanford.
Barnztabe.-S. B. Phinuey Of Barnstable, and
Watson Freeman of Sandwich
For the remainder of the State ticket, the Con.
vention nominated for Secretary of State, iona.
than Field of Stoekbridgo; for Treasurer,
Charles Thompson of Charlestown; Auditor,
Seymour L. Mead of Nantucket; Attorney Cen
eral, Ezra Wilkinson of Dedham.
The Committee on Credentials, consisting of
one from each county, reported 795 delegates
from 3O7 towns.
Speeches were made by Edward Riddle Of
Charlestown, and Gen. B. F. Butler of Lowell,
the latter being in that distinguished orators Pc
culiar VEN, and it brought down the house. Cen
Buffers thorough excoriation of Gardnerism told
upon the Convention, which exhibited but slight
signs of political utilization with the followers of
the 4" modern Ananias."
The resolutions, which were very long-four
teen in number-were then reported and adopt
ed, the substance of them being-l, attachment
to Democratic principles; 2, support of the Gin
cinnati platform; 8, support of the Kanzas. Ne
braska act 4, support of James Buchanan; 5.
welcome home of Franklin Pierce; 6, support of
the bred Scott decision; Z, attacks clerical in
reference in politics; 5, favOrs retrenchment
and reform 8, attributes the financial embarrass-
ments of the State TO the Republicans and Amer
leans; 10, pledges the party to the support ofthe
regular nominations IL, repudiates all other
parties and nominees !; II, attacks the Republican
party 10, affrms the Democratic to be the ouly
national party; IA, support of Beach and the rest
of the ticket nominated with him.
Speeches in favor of the resolutions, by Col. l.
h. Wright, Hon. B. f. Hallett, and Cen James
S. Whitney, concluded the exercises of the day.
after which the Convention, at quarter to five
o'clock, adjourned sine die.
HARD TIMEs.-We copy from the Provi-
dence Journal of the 18th, the following ex-
cellent article upon the present financial cri-
sis, and commend the truths which it incul-
Gates to all our panic.striken readers-if we
have any such
"These are times when men of boldness and
sagacty lay the foundations of great fortunes,
or build up on the foundations that have al
ready been laid. In the confusion in which
all securities, good and bad. are involved, and
in the panic which makes even sensible men
forget that there is any value to property, lie
the opportunities for investments, not by prev
ing upon the mercantile necessities at fabu-
lous rates of interest, but by buying sound
stocks and fast property. Nobody needs TO be
told how false is the idea that property has no
value beyond that which it will yield reduced
to specie; yet people who know better act
upon 1t, and thus increase the panic they
ought to aid in quenching. To reckon eve
rything at its specie valueis to put the whole
property of the land, all the Accommodations of
successive generations, at the worth Of the
gold and silver IN circulation. This is mani
testify absurd. There is value in property,
although it may not sell today and this val
ne, whatever sacrifices men may make to pre-
serve their credit, should not be surrendered
to panic Men who have been carried down,
not by losses, but by the inpossbility to re-
alize Immediately on their undoubted assets,
are not bankrupt in the just sense of the
word, any more than bank is a bankrupt
because it cannot pay its circulation and its
deposits on demand. People know that the
banks cannot do this, yet they do not hesitate
to take the bills and to maintain their depos-
its. By exactly the same rule, they ought
not to discredit merchants and manufactures
who have in their possession the very proper
ty on which all the capital of the banks is
based.
In such times, there should be forbear-
ance and confidence that are essential to the
| prosecution of business, and that are fully JUS
tilted by the values that are responsible for
debt The world is not coming to an end,
and the bottom of things is not going to fall
| out. The credits of the country are based
! upon solid property. There is Just as much
| property today as there was three months ago.
| Western lands, that may now sell at the gov.
eminent price, will produce just as much
wheat, with just as little labor, as they would
when fooli sh people were rushing alter them
at ten dollars an acre, and selling them to each
other at tw enty- five, and thinking that they
had made fifteen dollars on every acre. The
railroads have, on the whole, added to the
value of property all that they promised TO-,
and although the men who built them do not
get the benefit of them, they are worth all
they ever were, and, in the long run, as much
as they cost. We have been extravagant in
our purchases of foreign merchandise and we
shall be obliged to pay for it in the produce
that ought to be consumed on our own soil,
and to support our own labor. If all these
disasters shall give the nation truer ideas of
political economy and of the balance of trade,
it will not be without its compensatlons.
SUBsIDENcE OF THE PANIc.-There is one
good thing about panic, and especially
financial panic; from the very nature of the
phenomenon, it cannot last long. Panics
never become chronic, and, if they are mis-
chievious in their effects, they are soon over.
The financial panic of the present season
reached its eliminating point last week, and
the suosdence is now very perceptbly felt.
AS the commercial community begin to look
coolly about them, they discover that there
was not so much cause for alarm as they had
suspected. The change for the better has al
ready commenced; but it will require a long
time Of prudent and practical effort to recover
from the harm done during the past fortnight
OF excitement and alarm, in the commercial
worldly. Y. Times.
Destructive FIRE AT NEWMARKET, N. H.
a hon l. IL. a. I