The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-09-26

deprecsed railroad or ether stock seour es and ~
general thing they might jan about ~ we'll q tn momen'
have 70 much brown paper while Tho msrchanA OF ms
and other Northern and Eastern cities have Deem
for years past actively engaged In thcir legitimate Anes
busnes they have, their profits increased l.
mulaed purchased stock securities either Tor specu
aton or FOR Investment and In ths way have looked up
their capital 30 long - everything pospored-so long ~
credit WAS unmpaed and the banks kept up heavy lines
OF dscoans-so long II easy to do large bust
neH ~ any desired on borro we'd means, the
danger or investing capital In stock securities not
dreamed or Busness expanded to The utmost credits
high and were eaaily OBJ aimed; money wM cheap
and abundant railroad Investments were attractive,
and the mercantile classes apparently dreamed OF
change for the worse The chsnge however, has come
and al tho plenty and abundance, al the and
FORT all the profits and prizes have disappeared and 1t
almost moments warning, gloom and dsIrust have fed
every mans mind. The and extravaganza OF the
past i've years mus! ali be atoned for. Thousands
will be swept away and enguIphed in bankruptcy, while
Others Will weather the storm shorn OF all capital but
with remnants Of credit sucens ensure Ultimate re-
oovery. Many OF largest and oldest houses have
Already gone by the board, and they viii pass
quietly out Of existence Many OF them have,
without doubt been for years actually insolvent, and
either did NOT know successfully disguised up 10 the
present moment Speoulatons, investments In depre-
caed worthless stock securities over.ading, eKtrava
gance withdrawal Of capital from business for tue pur
chase Of brown Stone houses, costly equpAges some
such cause will be found ut the bottom Of al failures
suspensons Those who have strictly adhered 70 legiu
mate lines Of businem and have devoted all their capital
and all their energies TO great object In 40 danger
Of falling. We shall not nnd the OF such houses
In the weekly List OF bankrup.s Since 1850 been
approaching the goal many have just reached. For
the past years have been steadily and rapidly
expanding and Initiating every species OF speculation The
impetus given In 1885, thereab to Ill sorts Of ener
prise by the influx OF California gold, has resulted In
collapse more extensve and overwhelming Than
ever before known The end IL by no means yet, and
will not be until every vertigo Of the present credit sys
tenn has been swept away. Our railroads, our banks,
land spectators, and SPECTATORS in everything else,
must come down 10 the hardpan-.o the very bot
tom-aDd there stand until oil fictitious values
have din appeared THIS will come, and at very distant
day. The banks o, this city will stand firm amid all the
dosolaton and devastation around them and Is well Tor
the country that they have the strength TO do TO- We
look for general Suspension OF specie pay ents through
ou the North West and East out o. the city Of New York
Throughout the whole OF New England there must be
general bank suspension rho only light spot amidst 30
much goom-he only oasis In such . desert-Wi be this
little island Of New York, and from this spot must cma
nate all the recuperaive power for future advancement
and prosperity The banks Of this city are fortunately
rtrtpg, snd think there Ia doubt but they
tain them,eves. The suspension in Philadelphia, and
those which must follow in other Cities Ia merely specie
movement The ordinary operations Of the banks con
cerned will undoubtedly 60 usual, and perhaps a.
ford aid to the community. The suspension IN only
important to blholden. They may be losers and suffer
ers Blu; the banking business will, without doubt be
interrupted, and the wheels OF commerce will move on,
If anything, = ll,o better oiod
After the Adjournment Of the board the following
sses Of s.ocka and bonds we're made At auction by