New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1857-11-14
70 80 ssrparasively small; and that the crash

nsre an ccrrparatively small; and that The craah
su eng mercantile houses has extended isto every
haseh Of trade and into the highest ciroesureiy In
&ssies that The panic has done it, worst Tne msr-
camille COMMUNITY here appear TO have moioea .osu
views upon the old sdsge that when things are ., oe
WORT they must mend and hence the conmefos:, pau
fAsrcsl chaos which reigns on the otner hos OF
The Atsnt Is reg arded with speces OF strange cam
sees. IL IL tomevhft sanguinely assumed tost spec'e
pay nents being suspended IN nealIy a! inc saos
selters Of MERGE sna the necessary s'eps having
hen adooted FOR procuring o csses ~hsre h1, not
already b. on procureo egslave sanction 70 tbis ~
sfsss Of thi, &C. gold will no logger be wau.ed p the
UIred States; that the rem tsnces which threat
sn<d 10 seriousy embarrass our money market win be
,heeked. The relapse OF monetary al ars into their
natural course will then, II IL argued be merely a
suestion OF tine. Time, we admit everything
n panic, for time involves deliberate reflection
which can scarcely be coexsiept with panic. Bat
While We. ALEC admit that the New-Yo,k banks, upon
which the eyes Of that country fixed With such
vietful anxiety, could not under the circumstances
Get otherwise thsn they have now done, we would
draw attention TO q few features which strongly ind-
nase the necessity OF continued caution and extreme
pruderee here.
In the first place the Suspension Of specie payments
D. the banks Is not general throughout the Uaion.
Many stJl hold their ground, aud " the run on these
continue as IL probable the agitation Of the public
mir together with the current OF specie from other
parts of the Union and from Europe, will DO kept up
Then again there IL not central authorty-as In
France for nstanoe-by which the suspension Of spe-
Gle payments be at once enacted or legazed The
I<eiNsture Of each State must be convened for the
psfpose and the delay which this process involves
vii tend greatly to prolopg the distress and anxiety OF
sAs public. Moreover, "a a. difficulty will arise in the
movement Of produce 70 the coast through the d.
versity Of this legislative action AL these cons'dera
0ps tend TO discourage the hope OF speedy recovery
cm the present unpre cedentedy severe shock TO con-
Gderee and credit.
There are many other considerations which initiate
against the idea that the drain Of specie from Europe
70 America viii at once cease II 10 impossible 70 re-
h. Canada with
cot sympathy and anxiety. After period OF tlgpsl
property, the Canadian Provinces find themselves
Suddenly and seriously affected by the prostraton OF
esedit in the negbbOrng Slater and the trial 90 mes
npon them at peculiarly inconvenient time. when
tie energies and resources OF the young community
should be absorbed in the transport OF the crops east
ward. Hitherto the Canadian community have stood
thsr ground well but is obvious that In face OF the
louds which overhsDg them, they will have recourse
10 the mother country for assistance to tie greatest
Dsesihle extent. For instance the Canadian banks,
which have ef late with great prudence been engaged
h quietly Strengthening their position, will probably be
compelled TO draw further amounts OF gold from Eng
iAad. These institutions il must be remembered,
ultimately bound up with our home credit, and wall re-
eeve energetic support should this course involve
parties on this side in the risk Of sacrifices.
II must also be remembered that the low prices Of
American railway and other securities will inevitably
tempt further numerous investments on English ac-
sount. When we see the stock Of of the most
important railways in the eountry-the Nev-York aud
Rie-qnoted in New York az low a. per cent, it il
natural that EDgish holders should be induced to
fnre more money in the speculation upon the principle
Of "aversging" the price Of their aggregate invest
ents. Moreover, imports Of British goods into the
UIited States are being discouraged while every effort
win be made to ship American produce hither even
ct extraordinarily retuced prices All this undoubted-
y points to attempt on the part OF the Americans
60 turn the balance Of trade much possible against
us and the natural result will DO that the eIchsnge on
London will be prevented from rising to point which
would act ~ positive prohibition to remttances Of
gold from England. Apart FROM the direct and lament.
able losses in which Engl,h houses mus. necessarily
BE involved through the failure Of correspondents and
connections in America these some Of the means
by which commerce will inevitably make rs partici-
pate in the American embarrass and ascertain
the future IT, should fail in duty we to
neglect calling attention to the necessity Of extreme
Gnnton.