The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-11-13
TEE CRIES IN AMERICA.
The French View or the R-yuisaon IN ts.
CEltcd Stntcs-Thc Rates OF discount In eng
lard and France-A Remedial Plan Pro-
Iron IL Pays, Taris manor DC, q.

IHW ""u FfH"ce-A Remedial Plan Fro
lrrom Le Pays, C'aris papcr) Oct. ri
The news from New Yoik consume, 80 The gloomy
Character and the general situation tar from anclorat
ing bosl IL becoming rapidly worse, ana Iu,ti-
acs the uneasness already fell the suhcc, England
In ore OF last articles stated that the Legislature
Of ren-, wanna had been conyoksd 10 deliberate the
expediesey at adopting the proposed by the
banks Philadelphia, consisting Of the suspension
ri s,ecie payments secondly. ~ The immediate emission
ofpsref money OF smaller denominations for the payment
checks he and thirdly, OF increase in the rate OF
discount.
We have not M yet learned what has the result
the dolibera,ions the Legislature II Is however, pro
babo that those measures from which 80 much relief
ANTICIPATED will he authorized. But II mus. be allowed
that they arc but poor palliative to the enormous evils
under which tho whole commerce OF New York Is suffer
ing, and with which that OF Europe - threatened
The American newspapers anu q number o. European
spondcuts there with audabc spirit OF generosity,
endeavor arbute this crisis OF the moot disastrous
on record 10 few private msortunes 70 few bankrupt
eies which first broke Boston, and which have
led 10 such number OF individual catastrophes to
stitute general calamity.
We cannot agree in such conclusion. Disasters like
these cannot arise from secondary talames 80
numerous cannot be the result a the ruin Of few nd
vduais. crisis, which Is extending its effects both
hemspheres is evidently the product Of more general
causes which IL easy and to appreciate, and
the existence Of which il would be absurd 80 deny.
sober minds, which have closely studied this movement,
find these causes in the exorbant dcveopenent of the
industry and commerce Of the American nation il the in
considerable ardor OF speculation and lastly IN the general
condition, manners and social habts of tho American
people
In France there IL branch of study which h gere
rally neglectedwe the Investigation Of the political
and social life OF foreign nations This much the
that when serious crisis grave monetary pcrturba
ton Ike that which IA not only exercising runous
influence America but in other countries people quito
astonishec the fact and il has not been forescen
as unable to avoid parry consequences
plain In the relative ignorance which prevails as to
the habits Of the nation in question: our people are apt to
compare the situation manners and character OF other
nations with their They judge them according TO
their modes OF life, and arrive not only at an CHROME
conclusion, which, after all Is but secondary point,
but what Of much greater consequence, they conceive
exaggerated apprehensons, which sometimes bring about
Disasters which they would not otherwise have 10 fear;
the conditions Of social and political existence in the United
States entirely different from ours and when
CURLY informed that the Americans are free people and
that each citizen enjoys these various rights OF which we
deprived tho particular facts engineered TINS gene
raj condition not further examined into and without
entering thoroughly into the mater the pretended
benefits of that liberty boasiingly pointed out and
used the democratca French press fail tn
them arguments in favor Of ideas which are but or
ganized disorder.
In the Unit, states for example there monopoly
Every citizen Is free to engage in the sort Of occupation
which suits him. in whatever industry he may deem
tablc and without any sort oil obligation condition in
any enterprise that pleases him.
Al first sight this OF things is somewhat seducng
to the imagination and the most extravagant praises
avshed on ii by an ignorant and not overscrupulous OPP
position party.
Aud as far as the small trades or private industries
concerned there but few nconvenences attending it,
But the different regards the great public works.
enterprises 81 general usefulness or vast financial estah
lishments which interest a whole nation In New York,
Boston, Philadelphia &c there exists no national bank
which, regulated by the State Is able TO furnish any solid
guarantees such the Bank Of France offers The banks
the most important mere private enterprises,
subject to the fluctuations of affairs the daily chances Of
trade and the hazards Of the mpruden spccuntons
In regard to stock exchange transactions they have taken
such dcyclopemcnt that stockjobbing Is not legitimate
pursuit, based. us in France, on serious opera
tons which offers certain guarantees OF solvency.
On the New York Exchange IL Ia quite common
80 individuals without either money or credit,
without poston-in word without the least guarantee
enter into operations which would be everywhere else
qualified fraudulent and OF which honest people are
continually the victims. In Gne to quote example still
striking from this condition Of things VIC witness in
America fact which appears ID the last degree strange
TO US that everybody may At his pleasure build railroad
establish, by means OF shares, any public work OF CON
municaiion from point to another, Introduce new
line in composition with another already established. re-
ducc the fares for transport 10 such point that the pro-
duce Will not tenth part oi the expenses and run
the line bankrupt after having eaten up the capital Of the
shares already paid in mortgaged for paying the costs
OF the construction OF the road.
From such state Of things rcsuhrst the ruin of the
shareholders the shameless administrative disorder
a doubt to the security OF enterprises,
in the of those which arc reputci the best and
general want Of confidence in the situation Of affairs and
In the Of the best accredited houses II W these
causes Of disturbance 10 added a commerce IN pubic
paper at deporably reduced value, and without any
endorsement the part OF the seller, will be under
stood how easily crisis arise soon any abnor
maj fact 70 provoke H.. We know well as any
one whit be sad has been said OF the of
the people that giant people who have
rapidly advanced In the road at civilization, and laid,
sna , sgny ns ne % he rynJ
nations OF the Old World Those wonders have been
exaggcraicd those commercial trumphs ovcrrated the
qualities OF that people too highly Wanted their
has been made Of means of attack
ing and demoshing the moderate and conservative
spirit of other governmental situations which could not
DO assimated with another, have been compared;
large words have been employed in praise Of the virtues
and liberties Of America, and made pretext
for dcmolshng pretended draw backs and monopics
The Americans have In short been converted into intel
gcnt aud civilized sparans and held ny 70 us rs political
models.
We now see what we would have IL France had
allowed herself TO be carried away by similar errors A
- rsp
hsh, In favor such q superiority In social science
civilization general guarantees aud stability that rcasonn
bio cannot help being aoundcd al the righteousness
OF the opposition quacks
No doubt the crisis may como upon ~, and is even al
ready approaching; but ono must be blind not 10 ace
what immense In readiness 10 be
opposed TO the necessities created by these un-
foresccn shocks Is property deprecated in France as N
America Are the railroad companies here on the
other side OF the Atlantic unsafe and floating ENTERPRISES
which disappear from day to day, without leaving behind
them nyng but Docs the financial system Of this
country public funds the shares Of the different rail
road lines and Of the great Industrial enterprises offer
IN the United states neither moral nor material guaran
tees Have the wise bounds opposed for tho last fty
years by ~ commercial expansion served
to insure and consolidate the industrial and commercial
movement, and 10 give Il. by prudent regulations what II
would have lost by an unlimited and uDrcsrained de-
yclcpcmeny
GENTLY Indicated the general which elicit
Of what Is going on In the United states, IN com
parison with what " done here. We have but Few
words more add II Ia impossible ybody toforcsee
the present moment 10 what degree the American crisis
and the condition 81 affairs in London will affect French
but Is equally impossible Tor not 70 have
full confidence IN country even ia presence 81 these
serious complications French commerce, although affected
BY American fcss, will meet all its necessities, and,
without bending weather the storm which threatens H. II
has Witnessed many others and catastrophe like that q
February would have been promptly and ~ tho
roughly encountered and remeded In the United states
in France. We should never, however forget tina,
the United States h republic.
Translated from the Journal du Havre vt Oct q for the
New York Hcraldl
Tho raising Of the rate Of discount by the Bank Of Eng
land which beginning with that institution unfortunately
extends in ia consequences 10 tho Bank Of France,
having had for It's cause, rather for ia rretex the
financial crisis In the United States becomes necessary
for embrace the two subjects under one common
view and consideration let therefore, back 10 the
origin Of the American crisis order 10 ascertain is
character. This examination, although II may be
rather conjectural in some OF ia parts, WI, not
wtbstandipg be sufficient ~ show NJ aud the
time the inefcency and The danger Of the remedies
resorted 10 for own protection
II Is said that the capital Of many of the American rail
In and