The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1858-01-20
OUR LOSSES AND GAINS BY THE FIyAy.
CfAL CRISIS.

From The london Chronicle, Dec. 3ll
In America. az In England. the commerce. crisis . "a.
pidly passing away. The latest journals received from
New York announce that the banks are universally re.
sumins specie payments, and the general prospects Of
BITE. During the three months collapse II seems that bul.
lion has been collecting in vast quantities that produce
and mAIsfacturee are accumulaung sbundantly, in readi-
ness for foreign markets: that credit, purified by the
storm, will become sound aud healthy; and, sbovs;all,
a. the NV IOKE HERALD remarks Within the past
shree or four months NO man has embarked in a rash en-
terprhse; no money has been locked M IN new schemes
Of any kind; all underhkinss Of aspeoulative character,
including many Improbable manufactures, mines, and
other enterprises, which were great consumers Of wealth
in good times, have been suspended, and the money that
would have been appropriated 10 them has been saved"
II Ne satisfactory ~ ind that our best customers are
getting on their legs again, and will shortly be m a posi-.
Try upon . scale almost, II not quite, as extensive a. be
fore. But n would, we must confess, add considerably 10
our grsuncation N our American relations showed some
symptoms Of paying their debts 10 England. Business In
New York we are told, II 10 process Of liquidation - but
the process appears ~ stop short at the seaboard. In fact
the amount Of Indebtedness " European creditors. accom-
panied BY the assumption that their debts are never 70 be
paid, Ia actually claimed ~ an addition 10 the national
wealth. sort OF bonss which the SHARP commercialsts Of
America have won from the Brittsbers. "The bulk Of tire
losses that have been Occasioned by the revulsiOn - says
che NV YORE HKPAtD, "vill fall not on us, but upon the
Manufacturers ~ England and France and the capitalists
ID Europe When our people fail II is the foreigners who
suner-we Keep the goods, they lose their money"
Ior q commerce. organ our contemporary" goee abead'
rather fast. His doctrine il rather fitted for Walkers nH-
clustering gang than the sober hoJutts Of Broadway and
Wall street To get commodities on credit. and then fail
under CIRCUMSTANCES when enable "Our people ~ keep
the goods while strangers lose their money, " a very
compendieus way Of increasing ones wealth. II may
aeo, like any other species q roguery, be practised upon
uneuspiciOus persons with eminent success. But the
mne. n easily worked, Is soon exhausted. The trick will
not DO twice-whlle The precautions which The sufferers
are pretty sure 10 take against is repetition will prove ex-
pensive IN the end even " is original inventors. Traders
who give long credits have also long memories An Eng.
ltsh merchant who has been taken IN by an insOlvent Gus
toner tn New York will ind meap " cover bis loss al
Che con. n not the defaulter himself, at all events Of las
brother dealers. The principle Of insurance Is now
thoroughly undorstood, and Incorporated In every
branch q commerce. II l. all q question Of risks.
Every trade transacton, beyond the primitive oper alton
of selling and buying for ready mcrey, involves agrester
or less degree " risk. The shop keeper who gives creit '