The weekly pioneer and Democrat. [volume] (Saint Paul, Minn. Territory) 1855-1865, 1857-10-22
Our N.sy York Letter.


Things are coming to q head. For the
asst three days we have had crash upon
crash. The jobbing houses in dry goods
and groceries have done their best 70 keep
I'D bu, the Banks have not extended, ms
they promised, the helping hand, and so
down We go. like pile OF brick. The
"street is aspcctacle for the curious who can
afford Ia b. unn,eres,oi spectators; but that
class Of people is small ard daily dim'sh'ng
The question is no longer whether Wall
street shall stand, but where the millions,
high and low. are to get their bread and
butter. Wiihilh iorty-eight hours these
Banks will bc obliged to come toa decision,
which will either set Ia to rights little, or
upset us entirely People who have gold
hang to il with death grasp One Dutch
man up town has turned all his property
into cash, deposited his 100000 OF gold in
a vault two stories under ground, and hired
an able bodied man 10 keep watch with "A
revolver. An absurd idea possesses people
in such times as this, that paper is no real
money, the banks are as insane on this point
as the ignoran, multitude, and obstinatey
refuse the assistance which would put the
commercial community on their legs again
The failures this week are enormous in
amount. including some OF the very best
banking and dry goods houses, but they are
not 1.-THE OF what may hc looked for next
week, f,he banks refuse All increased line of
discounts
Grim winter rcarS his rowning face in the
distance and mechanics unemployed and
pennies already shuddcr in advance, fore
seeing the chlls and hunger against which
no protection can be provided. Half the
working men and women will be thrown out
Of employ, and it will be amos, useless o
look to the rich for help, for all values are
now nearly nominal and nobody knows what
anything or anybody ~ worth. This is
rather blue story hut i, IL the stubborn
truth. Unless Chicago i. inclined 10 make
US IA magnificent present ol hrcal,tuils, some
Of our million inhabitants will find their Jaws
growing rusty ior want Of The raw material"
to operate on. Manufacturers, AZ any rate.
will be- prostra,cd for some monihsto come
4 "Credi, MohiIicr, is about TO be- started
in this city by company OF l'renrbmen
The BAXTER principle will meet with morc
favor jus, now than il would he likely 10 do
under any other circumstances. and 1t is no,
Improbable tina, this project may meet with
great success and form an essential relief Ia
the working CLASSES. al least during he
rcriod ol continued monetary s,ringcncy.
Now Is ihc time for female heroism 10 man
iic,t itself Let some Of our fashionable
seize The opportunity. convert their silks and
saills into mercy the nuni,ion Of defence.
as the Carthasniau women parted with
their golden locks Of hair 10 b. twisted into
bow strings he, the money which has gone
hitherto tn Franc 70 pay for $40 Il yard
silks and so honnc's. go into the banks TO
furnish manufacturers with money for their
operations. ls, some poet arise, inspired
with exceeding poverty, and sing the praises
Of calico, that long neglected. dcspiscd yet
beautiful fabric Come up the f,scnc.
-, , al Al,
,nsnd Tor shilling calico which shall rejoice
the hearts Of printers in Providence and
Lowell, ami SIZED upon their armies Of art
sam, pro-,srity ami peace so shall ~ rem
;!.r the calves "i orr lips.
Every thing else Is absorbed in the money
an,s,i,n. Literature must suffer heavily
To-day il annnunced the failure 81 liARrsg
x BE"s., which will b. tcrribl' bow TO
,rbs Of au,hcrs AMI an'horings Amuse-
nents arr thinning out commercial praaci
ing is more popular than political prsch
ing ever was. Advice is plenty, bat in great
demand Everybody has theory Of hi.
own about the crisis. and amid I,,tl,c,
storm q controversy and rant, mingled With
the cr,cs oil the drowning. We arr ali grsslu
ally g"ny To- Ii" dictionaries s1me'hing
turn'u
., gG-srs"tL,ripN ~ WgsTs,N i.AsDs -
Many persons are disposed to believe that
Over re uls,ion in Western loD's q one ii
the PRINCIPAL eaUsss a ihr prSfn' financial
crisis oar respected cotemI orary 81 the
u Dpis K'rpthrn treats his hs'i"f as
one unworthy II s'rimi' consideration, no
vii he sea hy The sHior.n g article
". know o. uo,hing morc ridical0as
anal unfoGndTi thsn til" att mpt syerl whore
sadc, TO cgta'c To- impr~sIon that encs-
nous investment, IN lands have brought