The weekly pioneer and Democrat. [volume] (Saint Paul, Minn. Territory) 1855-1865, 1857-11-12

NEW oRk, Oct oV, %.
The smoke of our great crash ia gradual
" dying away, and people are beginning 10
look about them. to zee how they stand with
the world. The events which have followed
each other in rapid SUCCESSION since the fail
ure of the Ohio Life Il Trust Company,
were so totally unexpected and apparently
impossible, from past point OF view, that
the whole community was stunned, anu our
financial history during this disastrous period
seems like brief and bitter dream. Bu'
here we are. Three months ago we were
nrnsnerous. We live by trade, not by pro
luctjou. in this city of ours. Trade was ex-
ceueut that is, the grain and cotton grow
ers were well supplied with the means oil
raising money, with no prospective difficulty
in raising il. and therefore were disposed to
buv largely Of the foreign and domestic lux
uries which this marke, offers TO the coun-
try at large. Our currency has been bro
ken up domestic exchanges are paralyzed
people can neither buy more nor pay Tor
their last seasons purchases. We who I'VE
by trade are, of course, thrown out oil I'M
ployment when trade ceases and those who
have accumulated nothing, or whose accu'
mutations are locked up in stocks, once re-
garded profitable investments, but now tenn
norarly valueless this class are feeling the
gripes of poverty
The Banks are somewhat more liberal IN
their discounts this week, but rs they have
already broken half the business communl-
". or forced them to an entire or partial
suspension, there are few traders whose pa
per they can safely accept. The condition
of the dealers in fancy goods is especially
promising. Z The value Of such commod'-
ties as fancy silks ard other dress goods
caps and articles Of ornament, depends on
their being disposed Of during the seasons
for which they were especially prepared
When they are not Of fashion they are worth
30 per cent. less, or are often utterly unvai-
liable.
Large stocks OF this kind OF goods had
been manufactured here and imported for the
fall trade, in the anticipation, which circum-
stances three months ago seemed to justify,
that trade would be brisk and extensive. As
things rethe loss TO this class OF trade VIII
he very heavy, and many houses engaged
in it will be broken up altogether.
We are likely to have a scant supply OF
breadstuf's this winter. The stock in this
and all eastern cities, is reduced very low,
and the western farmers seem inclined to
hold on to their produce, the bulk OF 1t at
least, in the expectation Of realizing better
prices in spring But this course ipursued
will be- disastrous 10 the prosperity OF the
country. and cannot. therefore, fail to react
unavorably upon the farmers when they re-
ally wish to dispose Of their stocks. Tie
effect further will be to raise the price OF all
manufactured goods, by next July or Aug
ust. at leas, 80 per cent, rs importation ard
home manufacture will be cut down TO the
smalIcs, possible point. Cotton and wool
may be lower, and probably could be made
tower if we do not get the bulk Of the crol,'
forward this fall. But who has the capital
to go on manufacturing goods, even at the
loves prices for raw material.
The Eastern manufacturers cannot even
raise money to pay their hands and for
cguers will get their fingers burnt 30 So
yerely this fall by the failure Of their Amer
lean debtors, that they will be very shy OF
eonsigning goods here for the NEXT two sea
sons, and nothing hardly. will come out TO
order, that is. on American account, for the
sufficient reason that the parties generally
engaged in that traffic have lost one half or
the whole Of their capital by the sacrifices
they have been obliged TO make this fall TO
sustain their credit
There is a little lsnguid movement among
politicians but the mass OF the community
10 not seem TO he interested. Very few
merchants viii 90 out Of their way two
blocks TO cas-, a vote this year.
In amusemen's we have little that ia
worth noticing Two galleries Of French
and English paintings have been recently
opened in this city, which attract much at
,en,ion. The Crystal Palacr Fair keeIe
OPEN another week-the performances Of the
steam organ are very attractive. The music
il rather jerky," but sounds well at a
distsuce.