The Washington union., 1857-08-28
THE NEW YORK PANIC.

the readers of the U,aion with great pleasure.
THE NEW YORK PANIC.
Prudent business men--nen who do not consider
that they can further and clearer into the future
than their neghbors have for time been sens-
BILE that monetary crash" impending and
would probably take place before the close of the
present year. These anticipatons may possibly have
fastened the catastrophe, but they could not have
produced it, The evil was beyond the reach of panic
makers or the cure of those who thrive only specu
latve inhations In the face of heavy importations
there has been large decline in brcadstufs and,
Notwithstanding the general and active demand for
capital in all parts of the country for railroads and
other purposes Of kindred character millions have
been withdrawn from the channels OF legitimate trade
and commerce for the avowed object of realizing
fabulous profits from the rich yet untitled, and conse
quenty unproductive lands Of the far West. Within
the last twelve months the banking capital of the
country has been largely increased and the instt,i-
tions particularly of the interior tempted into
sve issues of worthless paper from feeling of Sc
curity and prosperity which has for time per-
vaded the country. 1t is in seasons of this kind,
when importations heavy, paper money album
dant, confidence strong, and the community in gen
eral disposed to abandon old and safe pursuits for
the tempting prospect of realizing large fortunes in
a short time and ON small investments, that we must
look for just such a crash has taken place in
New York. and which is even now he matter of start
ling record and comment in the exciting and excta-
BILE newspaper world Of that city
We are informed by telegraph and the mails of the
~ W -
whose liabilities amount to many millions; of panic
in Wall street which has damaged most descriptions
of stocks to a very serious extent; and of sympa-
thetic failures, embarrassments, and pancs in the
'srural districts" We can readily understand why
it is that the depreciation or even total loss of
certain speculative securities or promises to
pay produce certain local injury and embarrass-
made to believe that the great industrial interests of
the country be seriously and permanently affected
by the good evil fortunes Of speculative ndividu-
ais or speculative companies. The fluctuations Of
the stock board can have no real influence over the
price Of cotton, sugar and tobacco and whether the
New York and Erie railroad is considered fancy
or sound semi-annual- l-divdend- paying stock, the
farmer asks precisely the for his wheat and
corn.
The time has gone by when bankers and brokers
can exercise seriously damaging influence over
the business and politics Of the country Through
the workings Of the independent treasury the gov
ernment and the people alike protected from the
absorbing controlling spirit of capital and the dan
gers of over-tradng and over-speculating The New
York crash at the best, at the worst has thus far
produced only brokers' panic for all accounts agree
in stating that it does not extend to strictly
cial classes. It is SO considered by many OF the
''crash" as it would notice pretty large fire in a
business part Of the city. 1t says:
''There was pretty general stampede in Wall street
yesterday and bulls and BEARS longs and shorts
interminged in the peme that it difficult to dis
ngush from the other. The rushing and crushing
Of fancy and fancy stocks rendered the scene rather
interesting to outsider who could feel entirely so
that his own underpinning stood in no danger Such
huryburcs In that region have not been 50 rare that
the present need any great alarm The welfare OF
the country does not depend upon money institutions
upon bank agencies The great productive
of the Unonhe cotton and sugar and rice and tobacco
plantations the wheat and the hay fields the coal mines
the iron mines the lead mines the gold mines the for
and the orchards these the sources of our
perity and greatness and while they are nnharmcd no
of the city noseless and hardy-et frost might he
productive Of serious damage the country than
the failure Of oil the Stockholders and spectators IN
Wall street.
Indeed we are not sure but the country at large
would proit immensely by the utter prostraton and y
tinction of the whole brood Of gamblers whose
and unprincpled transactions running thousands Of
innocent victims and bringing disaster and DISGRACE
the commercial and financial character Of the eitv Tb
Stock Exchange as at present managed is very little
more than an enormous gambling establishment and the
whole scale of its operations is quito as runous quite
demoralizing quite as infamous any the Broadway
hes which have recently enjoyed the attention of tho
Metropolitan police"
Subjoined are the comments of the Daily News:
The excitement in the street conseo,ent mon IN,
failure of the Ohio Life and Trust Company continued
yesterday All confidence seemed have vanished and
each was looking out for himself Failures of several
bankers and brokers took place during the day Among
them was the house Of John Thompson q CO. which bas
been reputed quite wealthy It's assets are large hut am
OF that class on which 1t was impossible to raise me
diate means. s
-Four or five country banks we're reported to have