The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-10-02
MICHIGAN.
rHE PRESENT FINANCIAL CsIsIs.

rHB PRESENT PRANcIAL csIsIs.
Prom the Detroit Adysrtser Sept q.
the commercial wcrld the most sensrless and Insane
period III, ovgh which this country has ever passed
Of properly Of every Kind ana do o,piieu nearly or
totally snnihlaed That such belief oond have gained
an extensive oo,hoa in country IKE .h: with e va.
upon 10 intelligence and commercial stability
With hundred Of millions Of bushe Of surplus gram
large cotton crop going 10 nsrkot q hga pross-goh
nowiDs into the county ss the rate OF sixty ocs per
snnum-eIcharge or Europe belos tho shipdsg poipt 4
they bave been-a railroad . stem anpsral eled on
face or the globe stretching from tho sesboad TO hs
uos INN. q our empire ss.cv;oa
Tho br rda nercial name second 10 no country
In the word-and mre OF the minerals never
btSrc prosperous this daf poIsess real bona
fde spbsianu wealth than n any other period sns
organization OF cur government But viii be asked,
wf then The cauIe OF the present terrible financial
vaDgemtns Is answered. there not the ess. shadow
cf . causo.
Ing ihsf and eating on, is very vit.ls By ~ own msms
rskemert and ihe fslre Of bsnk watch had dscaYed
from s own corruption, have been sufficient, with few
nrentiary publications, 70 alarm thirty millions Of
people, and o,use them In eject 70 lay, almost with one
acoord- labor Is al lest and property valueless
clutches ali The coin within his reach-buries u tas
earth or dcposies u In some strong oox-th ,re to rem.n
useless until me SLOW process Of returning sa
Bushes ID becoming paTay zed-our crops remain in
the hands f the ships ne Idle wharyes
factories closed and OF labor
org away their time for want Of employ rent
business compelled 70 contract their
ttns tb rnpidty before unknown In commercial
history the most far seeing and aous AL
embaaaed by ccumstar that human 70 etnought
could have contt mpaied guarded OF
the undor bied that few weeks rnoe
regarded beyond oil qseation thrown ade worsh
laa-lTge Fortunes tho scoumuatons Of ycsrs OF t,,
sacrificed 70 Eq idae small, and under ordinary OR
cum tar perfectly safe amounts ofindebedness The
prominent articles OF the daily press long lists Of
failures OF cnerprising and In many instances
moet reliable bencncfaties
Snch 10 ihs condition OF prosperous, independent sud
wealthy oluuuy aboring under the spssmodic Influences
OF . sudden monetary ptrio.
This state of things has continued too long time 10
lock back and the desolsc track traycrsing
We hsyc INDUCED In our insane fright long enousnour
property values nos aDnihiiasod, suppoae-
houscs are valuable for ourselves and families
fhips, vesues and railroads must and VIII be used
10 carry products 70 mAke-our breadstns must be
eaer-our manufactures norssary element In tho
economy OF mas and musl ultimately be put In motion
Our forests must yield their suPpos 70 shelter the tso,
rsnds who ookDg from foreign countries 10 happy
sbcrrs Our aass mxsa hs wswksd, sAk thsS ores con
verted into articles recessavy for civixcd people
Geld will nnd ik level (as u did on board the III
people will recur 70 the events Of The year '67
wonderful anomaly In the history OF The perverted judg
mtnt Of civilized and Intelligent nation.