The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-10-04
The Revuisaon ara ITS Causes

The RcvuisiOn ard its Gauss
We have grown pretty well accustomed to hear
that The revulsion was caused by the nefarions
course of the New YORK HERALD When this
bolo theory was first touched we blushed at the
importance which was conferred on us We
shIark from the greatness that was thrust on us
We knew that this was a pretty widely crcu
lated Journal; we tried to make it a good and q
usefu, one; but we could not believe that, in real
earnest, We held the destiDies Of the country in
our grasp and could expand or convulse credit
with paragraph. 1t was the fault Of our modes
IT, perhaps; but We couldn't take the credit Of the
revuls,on to ourselves. And we were confirmed
In cur dstrust of our imputed influence by no.
ticipg thas the men who shouted most Justify that
we bad brought On the Ievulsion were obviously
the greatest fools in the community.
AS time rolls on, however, we almost begin to
question the justice Of our self denial We begin
TO inquire whether after ALL the fools may not be
right. For, 10y last mail, we perceive that our
Locdo contemporary, the Times, is also among
the supporters Of the theory that it was we who
brought on the reyulsion The money writer of
the Times, who Of course, has nothing whatever
is never under any circumstances inspired
10y this or that wealthy house which is large
ly interested in our railroad securities, thus
money writer considers that the revulson which
has Frustrated some Of the largest banking and
| commercial houses in New England, the Central
| States and the West, bsades compelling the
banks Of Pennsylvania ard Maryland to suspend
payment, is the frna. of wicked combination
between half dozen Immoral stockholders in
| Wall street. and the editor of this journal. We
| cid the deed; the brokers made the money 1t
vas, seemingly a joint stock affair among us;
when the bargain was made, we just wrote
couple Of paragraphs and down fell banks, com.
meIcial houses, railways, corporate. public, aud
private credit. Was ever such power thrust be-
'o.e upon sipg, emperor, or dominant political
party? Where shall we find the like? How do
the people of the United States dare TO sleep
O nights with such terrible engine as this
HERALD among them?
or course we can't be expected to argue that
we didn't DO the job A decent pride would,
under any circumstances, prevent such self de-
probation as a denial of the Times theory would
involve Gentlemen who desire to believe that
we killed Cock Robin shall meet with no impedi-
ment from us.
But it may be useful TO mote, in a comparison
between the phenomsna OF this revulson and
those OF 1887, how singula;ly prone men are
to ildividualize causes, and to trace every
accident and event or series of events
10 the agency of some individual or indi-
viduals whom they may glorify or abuse
accordingly. When the revalsion of 1887 was
in progress, and men found themselves compelled
TO Ietrench, TO sell their fine houses, their horses
carriages and yachts and to discharge their
troops Of servants, they looked round for some
one to bear the blame Of the reverse in their for
'u1cs and they fell foul Of General Jackson. They
never thought that the trouble which had befall-
In them was wholly the fruit of their own extra
vagarce, overtra6ipg. and running into debt:
nor ala they ever seriously inquire whether
General jackson could have caused the revul-
sion II be had wanted to do So or what specific
oct be had committed which had ruined the coun-
~. They connected, simply enough, his specie
circular ana bank policy with the revulsion; aud
on Tie strength Of THE. accused him OF causing it.
Though i! is maniiest at the present day, TIA.
Ieokfons policy was perfectly sound add wise,
th.y ca iied their hated to him, and their dis
fTust o. tbs urse 10 sgch an eyteuf that they
act1aly dtftaied Van Buren. bis succ sesor, in
1910, md gave over the couutry TO the wings
The tugbear Of the present day appears to be
certain stocsbrok,Ts ADD the HERALD. AS for
tic former we are afraid that they have made
very little by the reyul-iou. There are very
few mtmbtrs OF that bad OF iilustrious and in
coIuptible patriots-tne Board OF BrokeTs-vho
can pay their own Lotes to-day; nine-tenths Of
them are bankrupt, aud their business is ruined.
Bulls and bears al seem to have gone by the
board together. IL they contriyed the reyulsion
| Il was 4 bad speculation for them.
Az for ouitelves. We think il will be- found az a
general rule that The men who abuse the HERALD
are eitDe, interested Ia fancy stocks or are afraid
Of falling Solid men Of business 10 secure cir
cumstancts, are greatly beueftted by the course
We have punued, and from them we are in daily
receipt az lcters breathing The most fervent era.
ttude FOR the timely warnings we have given
| them. They are Our friends. We have one piece
ofadvce 10 give them: don't buy the paper of
people who abuse The HERALD, for they have a
reason for doing go.
AS for the parties en- the other side the water
who circulate the story that we have brought
about the revulsion, they have by this time per
ceivcd their euor; and we only hope that the
journals whose credulity they have abused will
not mete cut 10 them the penalty they deserve.
TIN THEATREs-THE BUSINESS AND THE