Sunbury American. [volume] (Sunbury, Pa.) 1848-1879, 1857-10-24
prrrr. r,mr.

The editor Of the Philadelphia North 1me.
ican. under the above title, writes as follows
IN the better time coming. A crash or
:risis of some kind was long since expected.
Nothing else would bring people to their
lenses. Speculation and extravsgance had
run riot. After general clearing up things
will move on more orderly.N
Any man who has just views OF financial
affairs, and who will calmly consider the
events Of the present crisis tho condition Of
the banks, Of the people and of the country
at large-with respect to what oil these were
in 1887, can hardly fail to see that gloomy
views Of the future are not justified by any
facts of which we have q knowledge. All
this has before and repeatedly been urged,
whilst the public mind was agitsted by the
threatened suspension of specie payments
and perhaps now, that the worst is known, il
may be pressed with eater effect. We are
more than ever confident that circumstances
have not justified the wild panic that has pre-
vailed and has sent ordinarily reasonable men
on stampede, like picket Of heightened
horses let loose, or like the bcadlong tramp
Of herd Of hunted buIaoes. And We are
equally confident that any one who will i'm.
partially review the occurrences of the last
two months will be OF the same opinion. 1t
is generally conceded that it was nothing but
the removal of the confidence that had hith-
erto propped up the extensive transactions
Of the rountry that preciptated the crash at
the precise time when it took place. Every
oue saw that reverses of some kind must
come, and come suddenly aud be severe, un-
less great judgment and caution we're used in
the curtailmeut OF business, and of enterprises
too extensive in character Tor our means
And it was also foreseen that, let such cur
tailment be as judicious as it might, still there
was many bubble that from its very nature
must explode, bringing disaster TO some
But no one could by any possibility have FORE
known that the pressure would be SO sudden
and so heavy as to bring ruin, and especial,
to bring it in the face Of the beet crops th,
country has ever produced. and in presence OF
the wealth that exists amongst u.s. In truth
panic did it all-panic which could not have
been foreseen or foretold, because il has no
reasonable or logical ground Of existence, but
is the mere creature of impulse.
What could it be but panic and a Gauge
less alarm, that have rendered wholly una.
vaiable the most valuable and undoubted
assets, compelling houses with abundant
means to suspend payment in order to realize
on their property There was no drain Of
specie abroad to alarm people, and set them
to running on the banks there was nothing
TO call for contraction of loans iG three
weeks that required three or six mouths tc
be effected without distress to borrowers
| yet the alarm came; the run on the banks
came the contraction came and as Il matter
| oil course the distress followed. Bat We be
l.eve that with the suspension Of the bank.
| the worst is over. Already SO great con
traction OF business has taken place that i
cannot remain in its low state, even during
the present winter. An evidence Of th,
! great falling off in business is evinced by th'
small transactions at the New York clearing
house. But it does not seem probable tha
this can exist much longer SO soon as th,
crops begin to move there must be NOR,
activity in trade. The arrival of little gol,
from England, it is not unlikely would be tb
signal, and give the impetus to a renewe,
business. Old scores would, to considerable
extent, be wiped out, and buyers again b
found for dry goods, groceries, and all tb,
necessaries Of life. 1t is only doubtful enter
piises. or enterprises Of great magnitude
railroad construction and so on, that ar
likely to remain suspended for some time t
come. In view Of the wealth existing in tn
country, and of the buoyaney and spirit G
our people, who are not discouraged by mis-
|
nary business transactions will be resume
shortly. Those who know themselves solven
had better make arrangements for this. an
keep themselves prepared for it. In sue
times as we have falleu on, if money is easil
lost it is also easily earned and is the prz
OF the sound judgment and the strong nerve
The suspended banks will, doubtless, no.
extend to their customers that assistanc
which it was impossible for them to gran
whilst steady drain was being made o
their vaults and the market cannot fail {
be relieved by the withdrawal from it an
suspension of many large concerns, who wer
constant borrowers. abstractlng from th
regular trades. OF course. We must yet loo
for some failures Of importance. We cannt
expect, either, TO get over the crisis withOl
some OF those exposures Of fraud or mismai
agement which always follow monetary revu
slons. But there is every indication that ii
worst is over, and the storm has spent il
greatest violence.