The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-10-19
F FINANCIAL AND COMMERCIAL.
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M Oh IN u n 3 r ~.


mo ssook marhs closed yesterday quite heavy. The
buoysncy Of ths previous thres foar days appeared 70
have sxhauasd ITSELF and many Of The buyers ware free
sellers pFcferpg evidently 10 pocket and their pr,
ns, rather tsaa 70 run the 'ss Of seepg their svots
$3.50 is~s 49, -svsdv - a. "a
without doab NJ mna recens buycFs mo old holders
cannot yct gs out without loss and many viii doubtless
hold for approach Of prices 70 the original
70 present me sudden Iss up In Tie pressure
upon he soot market naturally enough reaaed In In
nason. Ths pecuason who had been kept quiet BY Tho
absence OF buyers, and BY the utter impassby Of getting
money for speculative purposes snssred the market sp
psseu,ly - bright and bran, ever, and appeared
70 be In their urAl element again. The rapid Improve
nnsui In prices may have attracted few outsiders,
who, being oss OF mercantile busnso, may have
had little mouey; bat The msssrial FOR speculation IL
ys scarce, and what little shsre IL has particular
strength. 10 folly 70 suppose for moment INA, We are
ont Of the woods rnsre d NOT even slmms Of daylight
70 bs seen smidst the profound darkness. The
psndou Of spscie payments juss such nsazurs Of -
lief win lead ino greassr ain, ulaos. tho sudden
ie up In thc public mind that such naturally
produces destroys FOR the moment Ill the previous deter
mnauon 70 contract, and 20 - rapidly ~ possible Into
Liquidation, and arrests Inst healthy and wholesome restc
hoa upon credit which before existed. fhs suspen-
sion Of specie payments The psri 81 The banks al
Tentative. 70 avoid which the most Strenuous efforts
made up 70 the Last moment II b 81 any time =
OF necessity ,hsn Of reuer and ID not resorsd
70 win idsa Of erricatipg the community from existing
difficulties the effect II uIumaiely disAstx than
the grsaiesi sacrifices under specie paying pocy but
attractive 70 ths public, particularly sor ling period OF
pressure and the ,insry roller which brings for
,hs moment more agreeable than long, nesay
contraction. yhs lnaaios Ia proos which sufien and
general Suspension Of specie payments for VIE
produces considered conclusive sv snoe Of he wisdom
the measure; but that IL Of vwy 2orary oaasc
Ter only lenrhsn the rsvulon and struggle ong for
year under Me d,rsrsu, modes OF rclsf suded
and adopted whereas BY s,essy adncrssoe 70 the m,s
stringent msasures the nnsnoisl d ,ulus, and smbs,
enn would, beyond al doub % mrch more ssrou,
for The moment bal hcy would be Of shorter curauon
and IN We aggregate LEES rniocus 10 the operation fae
only true way ID 10 hold the smndes policy. and
take ns consequences, Whatever they may be- rnn OF
pey,meusise, shs con,aued acoN on OF financial
schemes only leads 70 cosfasios and 70 longer
period Of prcsuson me banks Of this city are not in
ne hands Of very wise men, bat mey kno~ enough 70
resist 10 the very last Q suspension OF specie pay
menb. whsn hs- found ihsmselvs In the midst
Of di1calies OF their own creation they strcnuouslY
and FOR ne time SUCCESSFULLY con,endsd against then
but she pressure wss great Afer having vihssood
drain OF their specie reserve for several vesks and
reduced 70 Lea half NJ usual average, shsy
suffered suspensoa We DO net believe thero bur
pess man IN hs city 10 day but thai would HAYS made
great personal sAcaces have prevented this terrible
event. and every day win cniy aoressc The desire 70
move this witberipg upos The Commercial CON.
uunity. fev wesks hence ve shall realize in effects
more Than do nov, and regrs more and more ths ne
oessisy, or rather ths causes, leading oh
Yhs msrchass 10 nsny inasoss, claim that they vcrs
NOT 70 blame FOR removing thar deposits last Tuesday,
when the banks ss appeared 70 thera-sud ~ provei
uue-wwe an On me eve OF Suspension.
ny NE Yssurn ef Ne bsnhs, pubnhsd - the Doruna
Of shai day, their pus amounted 70 about ecs ooo
me chief portion Of which belonged 10 shs merchsns
And nva novns shas their suspsusu--howsvcr solvent
hey might bswc-d force than into liquidation By which
mean THAR immense Aggregate deposits would DO looked
up for ported OF nx 70 twelve mcnshs 70 fhs ruin Of
themselves and " Their busnes, they felt mpeIled By
what shey convi tered motives Of self preseruu TO
move mr. thsy could their funds W nsr safes,
enable them 70 prosecute their business Gould tssy
have foreeen tbsi The courts would have shielded
the solvent tsshs from sudden nqudaaos, under the
hands Of receivers, u ID likely @sy vooid not have
disturbed their deposits In such sanks Az was, ihsr
ncxt Returns VIII show that NE merchants only drev
portion o. she,r dsposxs, and shoss N the
secured bills Of The banks In plsos OF specie. Aud
we're their remslping deposits 70 be locked up W any
forcing process Of rquidscn which scscdy snro rssed
sth volx~nt institutions ths rTsx oud p~s-s mora