The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-12-15

equally rotten and have bean about as eGcctaaily wiped
out They we're all ready ~ exDcAe upon sAe saghcss
cause, and sufficient having svca, by tho bell
vchcr Of the dock leading on the explosion Of the rest
naturally followed. We have had pretty good cleaning
out Of the deadwood and all that left Is OF the right
kind Of material 70 build aud better credit sys
upon. 1t is very curious fact that during the present
financial rovuson most of the failures have been among
oldest, largest and what considered the veal
thiest houses in the country. Many Of these
have no doubt been living for years upon their previous
credit and position and towards the close OF their
wore literally shells, likely TO be crushed by the rst
pressure This revulsion has done some good At all
events, in crushing out these and leaving the
channels OF commerce free for younger, vigorous
and more eniefpsng parties. The revuson having done
thus much at least gives less for complaint II
has been o. great service clearing away good deal Of
rubbish and rottenness in the financial and commercial
world and guarantees many years Of health and pros
perity in enterprise and CREDITS provided tho admi
nistraton Of mercantile matters is prudent and
tive The bank suspension forced upon by the Anglo
American banking houses and their agents. had no. the
desired effect upon the parties Immediately concerned in
running the banks FOR specie Their calculations all
wrong, and have resulted disastrousy. They calculated
upon bank expansion tho moment suspension forced
upon them, ard that this would let loose the
exchanges and renew rcmitances 10 Europe. A move
ment Of this kind absolutely necessary TO the
principal Anglo American banking houses Of London; but
failed much 10 the confusion Of the financial wire pull
of Nassau and Wall streets The banks continued the
contraction. Week after week the loans were re
duced and the banks fortunately lost sight Of the
fact that their very existence depended upon contraction
Instead of the banks letting loose their bullion they
continued 10 pile il up in their vaults and
now they in condition to resume, in the
face OF revulson in England such as has not
been known for the past thirty years. While banks
show such satisfactory results Of their cautious and
prudent arrangements, the Anglo American banking
houses have no, been able to sustain themselves Some
of them have actually suspended while others have gone
into liquidation In the contest with banks these pri
bankers have of second best Tho fact Is that
but very few OF these Anglo American banking houses,
which have for many years ruled the financial world,
had ha the strength and ability generally conceded
them On actual moderate capitals they have for years and
years been extended and inflated that any ordinary de-
rangement credits and exchanges bring about
colapsc We have had that arrangement and can see its
consequences. SO far banks concerned the
cones, has ceased and they position to inaugurae
financial sysem The first movement should be tho
establishment in this city Of general clearing houses for
the regulsou Of bank balances That for city banks
works admirably, and 10 IT may be given the credit Of
carrying banSsthrough triumphanty. We want
for the country banks Of shB State the
banks OF all other seaport cities in the Unon Is impor
tant that should start right. Having done So will
not be difficult. matter TO keep tight progress. With
prudent management and judciUns distributor OF dis
counts, the banks can give healthy impetus to business
at early day, and do much towards removing the effect
of recent disasters, without placing in danger Of
relapse.
The earnings of the Pttsburg Fort Wayne and Chicago
Railroad Company for the month of November last
as follows, viz
1877 1854 yncre1s> D.crense