The star of the north. [volume] (Bloomsburg, Pa.) 1849-1866, 1857-11-04
'aAe Dram Ds,aksas Of Speculation.

IL 10 5aiai 10 De regarded as sure. e.protectior
agsinsi hydrophobia, and itis well known
That The man who hasdrank too much ovel
sight fequiresia proportionable dram insthe
morning to steady his nerves, and put
in his sober senses 10 resume business
The same plea is now urged by those who
seohtei8d agaiasl the speedy resumption o
cash payments.
All admit that we have been sadly bitten
by the mad dog of speculation, that we
have drank too freely Of the geaiel WINE oi
credit, and dipped pretty freely into the raw
'whiskey of wholesale speculation. 1t has
been chiefly by wholesale indeed thai this
movement has been made, and therefore
without extending 10 any very large portion
Of the community has chiefly intoxicated
2 few of the very. weallhiest capitalists OF
the country. With time and with the aid
of extended banking facilities, they hope
by degrees to work the Thing off without
failure. This is much 10 be desired. But
af their losses are TO be diffused through the
community in the shape of broken bank
bills and an irredeemable ever deprecia,ing
paper money, causing every honest, hard.
working man 10 lose part of il in the shape
of a discount of ia,, nants aahh dollar he
earns, better far lei those who have specu.
lated in The railroad stocks and western lands
fail at once, and the honest merchant and
mechanic and farmer meet the issue there,
than have a long agony of suspense, a
death by inches, and an engine of gradual
destruction in every paper dollar. Yet this
must be the result, if paper is irredeemable
on demand for longer PERIOD it will de-
cline in value as the gold silently slips out
Of the country.
The Stock Exchange has been grievously
intoxicated, stimulated by drains furnished
by New York banks for years past, land cred
il must have morning dram, il is said,
just enough 10 steady its nerves, nihe shape
of accommodations. Our Philadelphia banks
have done grevious mischief in suspend.
ing specie payments, They should have
bought mp specie all over the world, and a,
any price, and met the shock like men
bought it, not for their notes, but for bonds
payable in six months and year hence
They should now do this.
AS for that last act in The drama, the sus-
pension of the New York banks, the more
closely it is looked into, the more it will / e
found 10 be like nothing else than the con-
duct of drunken men who smashes the
decanter of the barkeeper because he relu-
ses TO give him another drop, The banks
certainly acted reacherously. They thought
there was no harm in telling a lie TO a
drunken man. They patted the man reel.
ing and writhing under the effects of specu-
lation on the back, told them they were
their friends and.would pull them through,
and see them safe. But when the weekly
report came out, it proved that they had
tied up the taps and emptied the decanters,
and were not going even 10 provide the
dram next morning that could alone save
them from mania-a-potu: if not 10 set them
straight again. Then il was not in pame,
but rather in vengeante, that the merchants
resolved 10 smash the decan,ers, that is to
break the banks by Withdrawing their de-
posts and running for gold
There was method in this madness too
They thought tlat spree of this kind
would make The banks in the end more lib
cral that TO create universal suspension
would enable the banks 10 accommodate
them and give them the coveted dram
Just when we were looking for an earl,
resumption aud for the strength of New
York TO stem the tide, it gave way, and ha'
made the work OF speedy resumption
more difficult. '
We have no disposition 10 quarrel owe
the broken 81 lss, or discuss who flung th'
fret stone. We take it as drunken froli,
and admit thai after such scene, men mus
sober themselves with dram next morn
ing, But the danger is lest they should g
on steadily and regularly, boozing ant
and drinking day after day, making tn,
thirst produced by each dram an excuse 70
another and another.
The fact is, Ills specializing mania ant
suspension may begin like dram drinking
but /, ends like arsenic eating. In the Alp
this is common, and arsenic in small regu
lar doses hepls the complexion, and stmu
lates The system into the ruddest health
But once begin, and you must go on increa
sing the quantity, and in the end, either d
of the reaction in breaking up the habit, o
die of poison by the repetition of the dose
So it is with suspension. 1t makes tn
money market easier, and for short time
ii may be necessary, as things are, but III
long continuance Of it will be death to ey
eryhing
The pressure on the money market wa
bringingin gold drapidly. Specie was freight
ing vessels from London, hard as all Europ
is pressed at this lime. Butnow specie wi
cease to flow in. But the panic created i
London will probably cause it 10 flow OF
from this country, and as this takes place
notes win decline in value.--Leage,.
--------~s-s~s---A-- tEH '
ispiAs NAMEs.-"Poorp or "pore,n whie
are found 10 make the termination of s
snany Indian cities and settlements, sign
Ges town. Thus, Nagpore means the tow
of sefpents--a definition, by the way, ST,