The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-08-23
The Recent Fstiurss-Tneir Influence upon
our Manufacturing and Ind nstriaI Intsrssts.


The suspension Of N n Wolfe Co, and OF he Messrs.
NY, while large Juui Of their paper is held BY our
bsnfs-s propo ionsse amount Of vhoce capital mean
while uDavsabe-is locked upon By some q serious
blow 10 the Industrial interests OF city They krgue
thai In addition to the temporary subtraction Of much
capital from the chsorels OF circulation these suspensions
give shock 10 csrnden,e, and proiuoo contraction
suingency IN the money market 70 degree which the
wshdrasn Q, given snoun, Of currency from crculs-
The positive dsmtss 10 our manufacturing, CONNIE cih
and GENERAL industrial Int -ss IL greater than would be
injured frcu bare statement OF temporary Losses
Ho.ever plausible such views may 81 nrst sight sp
par, II our opinion that Little reelection will
convince every intelligent man OF heir ute, IN
sorncn.s. Pray, what relation IL there, or has
there been, bet the capital mcorarly locked up
In he,e unpaid notes and drafs, and industrial 10.
teress, properly called Has any part OF n ts
been Withdrawn from the hands OF our mechanic, or
manufacturer 70 be loaned 10 theee large operAorsOr
any chance that would be loaned 70 ne men
~ The os~es upon whom 10 the main prosp erty ~
CITY dependenif Toe " thee questions
oa~ive Of the whole problem That capital was NJ, and
under conceivable crcu instances would been
voted 10 The direct promotion OF the kind OF industry
ferreo II follows thai tho only shock the subsnus
pterests Of city, which theee failures iupart
ouch only a. may ariie from t,tsI ceon OF the
whole matter; md which tho dissemination Of oarecs
intelligence upon the subjec, win be sure 70 avert
In Truth the absolute loss Of the OF money
AZ may call II mopey-~hcn the drsfts OF these par
ues represent would hardly be sensbly felt By the large
class Of mechanics and small manufacturers who produce
Indeed may safely 20 farther In our Judgment the
ssh Of our whole milling interest would work no perma
Jury great industrial interests OF the city
whole Now the mlers use up nearly all our water
power and corresponding proportion OF our bank CAP
A while inicres Of less preenson, but OF vastly more
real value 70 the city obliged 70 put up With such
power and tuch bank accommodations ~ the mllers DO
poa want II vooh follow that In proportion ~
The large Operations OF the mers should be &scourazei
by an unfsvorsbe prospect by other c'rcumsancss
other interests would be bere1ed; for long - they
want for the manufacture Of four they will get 1t
VI t,ere any water In the river; and 90 loog they
want money Tor their vast speculative o,erstons they
vfu &c, It'll there " any motey In the baaks Arer
thear wants supplied In both dersr, neu Others can
ocme In for shsre-H there Ia anything let
We have underworld 10 ind out hoy much OF the Ely
ans ofe paper 10 held By bank, bot we have utter.
~ FILLED They dare no, o. will ma show their had
yernsre fearing the fscs ngh "shsse pubic Confidence
w something o. somebody Bet We venture Tho ruess
Nsa The sg OF these parties held by our bank. 70
abe amount OF from " t~o hun ired Thousand
Bot after all Il 10 no matter, 20 far ~ The general b1,,nes,
public concerned, vheibev the amount sre~i or small
'noe should they pay W 70 mOrrO-, oler part % Of the
same elass would seth
10 rot osr purpose N the banks ~ these "a
mark but simply 70 stae isS. Bark are 20 -npuaeet
10 make the large~i possible dvitsnts end no with
view the accommodates OF The public or any NJ
ton OF the IN bic They make money oct o. the
rniers nsp they yet o., u any other class ami ,r
thai re,oR the m ers 70; what mOnes tsy iont
Q. The hanks have q II me " spsre We wyd.I INA ~
fau vth etbes bet e bey no, wsuder. when they
viii revsrs- n the rubio d. oo symrsitrc very deeply
W. tbcir n'~fUtunes