The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-08-27

well o. crmpspies savings sud nsursnoe-are nov, unt
-cur,s,es ,sIro.S And Otherwise The Ohio LIE lusu
rance and rrus, Company bank without Issue, uiiar
IN is orerstops awnings funds, has been doing
lsrre cscou nj siues. railroad paper which haveg
much deprecsed to prevent further borrowing, the
legged having been swallowed Such Of cur own savings
funds have been dealing In railrs ad paper Ut
per oeni month, shood take waning from the fate Of
oannos continue Neither individuals conpaues on
stand IT, sooner later must end when does end
the deposors whose ney ~ been aned unfortunate
iy, sssnd behind. and may Afro be psifsrers
From the Hartford (oopn Times, August rs
Some excen ent was created in the financial circles OF
THIS city eserdsy evening" In confequencs OF the receipt
OF despetch from New York to he effect that the Obi,
Life and Trust Company hsa failed. great deal the
stock Ia ned In HsrErd and the Of the Companys
failure was quite pecied.
This attracted considerable stend here
a. the smyany was cop'itercd sound and Il is estimated
by eentleu en- whose facilities give them good
~ TO Judge c1r city, that souht09 one hundred thou
stock has been selling recently ct abo the vsuea
trfe over in some Instances and ship fe~ days about
per cent under The capital OF the tuition Is &c.
co., Il bills for circulation, bot is Life Insur
Company comoioed with bank OF depodt eeal,n,
N Exchange, dran &c md probably too freely in faucy
stockr snd max ing pans the best terms possible Il
has q branch bank in NeE York, where It cid q good
share Its business II was involved in difficulty
several Yeas ago but il suppoeed that bad fully
overcome that mbarrsssmep and placed iuet sale
oais Bot suddenly Appears As bankrupt to the sur
prise CT all.
from the Buffalo Advertiser. August %
In commercial cir,les the week closes with good de-
mAnd for money, but without an ability on lac pat of
banks to NEE, IT, and With this class of ta' community
rather close The bsnss ri New York cont acting
their loans and not disooundag beyond thirty
days. and then only TO regular customers The msuufac
turing and mercantile oAsses are not sking for loans TO
IN the much paper cgs~p, and the range 90
80 per cent Inc fact 10 The regular town trace are mol
ADxi US borrowers o. money.
Exchange on New York comparatively scarce ard urn
Tba f.,,r,o or ,ha oh,o ia an r., cor,,.rv exc,o.
great deal OF remark and c ces supposed be sied
10 believed that it Will mate iay effect of the Ohio
banks We hear this morning Of the failure Of Jim
Thompson New York.
Instead Of any nprovenent In the general m,rcntile
trade we hear of more complaint OF Daoviiy and du J.
The delay in tho movement OF the crops, and
The continuance OF farmers and western pure oasers nj
homo, are NO doubt the immediate cAuses while the re-
mote imNy the rene we'd contraction IN
money markets and the late harvtsu The hopeful feel
ing in regard ap active fall trade NOT however In toe
leas, dsDpened 1t certainly 70 be hoped that tneie
viii be no disappointment.
The produce markets have generally declined but there
has been fair demand.
COMMERCIAL CRIsIs-
From the PhiiAdepha Penny lvanian, August "a
The NEW YORK HERALD has, for some time past, pub
ned ar.ces expressing IN strong terms tts appreheu
sions OF app osching financial revuson The
which our coemporay assigns for the position assumed
areThAs our mporaons Of the present year have been
heavy be- ond any prec dent, while our exports have
been less than hos. Of las, year. that with double the
quantity OF wsrehoused goods the OF New York has
million Of dollars day. The Journal then enaeavors to
ehow that TO meet these excessive posons
viii prove insdequs'e The growing cotton crops being
month behind ume the fret shipments might DO delayed
till December and n a. large - last year they woui Ill
no, suffice 10 balance the account and toe prices OF
turers remained doubtful whether would bear ad.
duopa sdvADce. The HERALD admits abundant hA-
vest OF breadstus but remarks that neither England
France any would wan our surplus the harvest
prospects oil over Euro having been catering
nov. And further that Europe would not .ocep our
stocks and bouds had made any financial loan Of
this sor In London since the commencement OF the Rul
sian war In nd fiuon 70 oil this the HERALD reminds rs
Of the Act thai the shipments OF California gold fall short
OF hore OF last each from two hundred thousand
-four buodred hoasand dollars the dee nency up the
month Of August, 1857, amounting 10 four million
dollars, which deficiency, II pre- 1cD, would reach i've
SIX lions before the end OF the year our coem ,orary
concludes from eli This tba, the rs decided sympoms OF
. monetary pressure may be felt carly December
next tnst drain Of specie to Europe will Be experienced
In the ensuing spring, and that pospon ement OF the
balancing Of accounts would only be adding 70 the burden
under which We now safger, while the inevitable
HERALD has given US the blackest and goomiess side
Of the picture, but there Is janothcr description
the msaer. They ssmrs Us Tia. money! c,ssnues 70 be-
easy, and thai nobtdy u alarmed Mvney continues 10
be easy II the more assertion Of The fact could but
lions But unfortunately, the rates Of Interest
average than double OF what they three
years ago, while the demand for capital equally urgent
not Admitting the fact OF excessive impoSts
toni they cop,oe themselves with the lhonght thAt moa
Of the loes will fail foreigners aud while they
us that they The Last persons 70 favor extra vasance
by count nkneing % npor'anons, they eudesvor TO
p.nse them on Ihe iround shn slai 10 tue market,
qoenoe OF The Chez creates We not share these
lofty and comprehensive views, neither from moral
tnte chapse whe he' nsopa International recipro
cal The loves o. Of The trading parties MAJ, ipdeet
temporarily bers 1.-THE other, bu, erosp beso wing runes
upon paravely very limited numbcs Of lucKy spe W.
a,ors they c,pnot result 10 lasag advantages 10 The poo
pc at large because every petGrbauor 10 oro
duces rescilg Of he Cause and effect
are Of equal force. This truth applicable alone
the science utchsnics BIT 70 all paenom In naiare
and Transaction Of men. The nos regrlr and co stable
system O. nurchA SO, subject 10 violent con valso
tends bolh aides the creates,
OF prosperity The general as Of he equilibrium OF forco.
governs the prons and Losses Of trade a. governs tho
relations ~ pi Cd action and oonmmpu,n II foreign i'm
porsrs should loee car sequence Of 40 exsor
tons VIII b. afer all .ere encouraged by
fulnss and exuHvsssoce-tbis decline .i surely De fo
lowed by rise adequate 10 the 10 ncgrrei tea fer
these We shall have 10 indemnity then hereafter,
Len, indeed which Is not probable, we cocr Ee mean
while 70 render ourselves independent OF foreign industry
We DO moi agree with the HssALD, becsu,e we cwsde'
~ oommcn,i vron our eomms fca and financial pos ton
greatly afferaed still bold t,t there exist power
fu ressou urgus she press 70 raise rs warning voice.
For seres Of years we have reckessy INDUCED In habits
q w.teirlDess and loose speeelsions Of ever descrip
ton have stretched credit ~ home aud abroad
The utnon lmi Of n strength and bow, when the
scquen Of tbs thoeehJess course prougnt home
Us; when n d 'eh by Almost every body, that the none
ary greatly mad qlaie 10 ne business
quiremeuu Of the country, The drain OF precious
neias oonlnue sithou inleuupton, and even exceed
thai OF former years
PREVIOUS 10 1851 any one year exported above
% 800 600 Of specie and bullion OF expectation
over imporsob but since 1851 that ranfed bet
s24 0co o0c minimum, and s5s 900 900 a mum
10 1856 amounted 10 81 500 COO and IL reported
thai The irst mopths Of this year hsye aeafy
shipped 81 COO 900 than for the zane period OF
last year Tseee shipmenss the main and immediate
OF uoubes. and 10 high tine thai Co agrees
should direct ne attention 70 the subject, sine the last
anG act has evidently fsed 10 accomplish is purpo,e.
II 10 By o speedy and promp application Of legislative
re NEEDLES the gloomy apprehensi entertained
IA bo nrex m n sad
reality on The other hand would remark In contra
ocon q the exagf Of the HERALD that besdet the
Csforna gold, probably some eli geo to or SIS 900 600
sdded annually 10 monetary BY the i'm
migration aud uai though Europe may not require ~
large apu Of grain In the previous yesrs Of var
and psfra failure q crops the exportaton viB remain
Considerable The production Of Europe 10 never adeqaa
10 no oousurpuoe The high price Of c,on denotes
psrsnve scsrcU and warrants ready sale Of the
Inc oror-al Of which may suffice, oshe, ~ise the die
taes Of pfudspee be heed ed me 70 the thres,
enins oasniy al eventi the people here viii have