The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1858-02-01

6dence possessed the public mind-people began to
look around for the first time TO see what had been
going on and a panic was the result. Whether
there was any real necessity for such monetary
revulson, we will not stop to inquire Let us look
TO the future and profit by the lessons of the past
There is as much real wealth and enterprise in
the country as there was before the revulson-in
fact, morathan ever there was before. The earth
gives forth her bountes as before, and the specie
representation Of wealth is more than ever before
We see no reason, therefore, why things should
not assume their usual healthy condition, and the
country 60 on, prospecting and to prosper rs before
All that is required is restoration of confidence
and we see no good reason why that should not take
place, since all that we are neither bankrupt
rs people nor have lost anything in the real ele
ments Of national wealth. The rash and speculative
operations Of scheming and theoretical men have
been rebuked and that class of operators have been
for the present, partially wiped ont, leaving the
business OF the country to be carried on by the more
cautious and prudent men of capital and judgment
The greatest regret resulting from this fact is that
the storm carried down 30 many of the really worthy
business men OF the country in the whirlpool OF dis
aster which so suddenly overlook them.
The revusion which commenced here as suddenly
spread throughout the commercial world. A suspen-
sion of our banks shook to its very foundation the
monster Bank of England, tostered by the British
government, as well as the banks and money insti-
tutons OF all Europe. resumption OF specie pay
ment in this country, however, had no sooner taken
place than it's effect began to be reflected upon
the affairs of foreign countries and for the
last three or TOUR steamers the AFFAIRS OF tne
commercial world abroad, have been growing bright
er and brighter. With this state of things in Eu-
rope, and the perfectly solvent condition of own
country, we think we may confidently look forward
for better times and at distant day. The charac
ter of our people, nation is such that cannot
long be kept under the ban of stagnation in the
commerce and business of the country. "Go ahead
is our motto.
That We have imported too much there is no
doubt. But this evil is already correcting itself In
January, one year ago, times were considered
flush" and the imports of foreign merchandise at
the port of New York for the third week of the
month amounted to SO ,545 462. The imports for
the corresponding week of the present month
amounts to only 81 $40 ,960-a reduction of 81 S04
SOP. This certainly shows good beginning for the
year, and may be called 'healthy movement in
the right direction 1t shows that we are cutting
down bills for silks, satins laces and other lux
uries, that do without, and that the McFlim-
seys are taking in big reef. 1t shows too, that
Young America is buying less patent leather,
fewer gold-headed canes and kid gloves and man
ages to get glorious" not often on port and
sherry. A million and half or two millions re-
trenchment in month will soon enable us to pay
our debts.