New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1858-01-27


Norh c....... 3olBsnk of Tecumseh......... -
nrw.Jrssry Nscomb County Bank. 10
Bergen County Bsni. 50 ILLINOIS. FL,
Horris County Bank l5Ps0p. Bans ~
NORTH CAROLINA. Stock Security Bank ........ %
Farmer Bark ............. 81 Virginia.
Tram. Allegheny Bank. ~
No.b;ng better illustrates the indomtsble energy Of
the American people, and the almost unlimited re-
sources OF this country-its se-sutaning power and
great esstcity--thsn the present state of things, as
we examine them with view to ascertain the actual
damage done after an event in the history OF nnance
and trade so remarkable in its sudden development
and 60 devastating in it's immediate effects as to be
distinguished by such terms a financial tornado,
a"whirlwind :" and hurricane. Withoutdesiring
indulge in that feeling of mutual admiration which is
sometimes charged 10 a national characteristic,
we may yet claim that of the opinions Of Jeffer-
son Brick might now be received oracuar and that
the words of this exaggerated type of American aspir
ants to honor and fame, which proclaim that we are
Young lion, Sir" ere not decidedly absurd as the
author of that creation supposed them to be- Taking
all things into consideration the business world has
probably never witnessed 80 complete transtorma-
ton from apparently great prosperity to papabe and
sweeping adversely. AT midsummer everything looked
smiling and cheerful-trade moved with its accustomed
steadiness; our manufactures were IN iu ana apPa-
rently successful operation; our crops were over
wheningy abundant, and nearly every branch OF
business with the exception OF the shipping interest,"
seemed in a prosperous condition, so Tar as surface
views indicated the fact That much of THIS was I'M
real, we have since learned but even though some
were dstrustful of the times, and saw impending
trouble in the expansion OF credits ana the
general tendency to extravaganza and excessive enter
prise-ew if any dreamed of such quick and fearful
realization of their forebodings, and even the bears
at the Stock Exchange, who are prone to see
everything through darky blue pectacles, mag
ned that prostration so complete ana severe cou'u
occur within period Of sixty days. Without entering
into discussion of the causes in regard to when out
few men think alike, may dismiss this part OF the SUD-
ject with the passing remark, that perhaps ior
deal of the trouble no at all existed unless sheer
fright NAV be considered cause but as to the imme-
date and ultimate effects the subject presents fresh
and interesting points The eliminating period of the
crisis NAV be fixed at the date of the suspension OF
specie payments by our city banks Oct. 10. At that
time universal distress and wild panic prevailed;
trade, as if struck with paralysis, existed
but in name credit vanished, fortunes dwin-
died, and values seemed to be wiped out as with
a great sponge, and bankruptcy, like an epidemic,
spread over the nation. Three little months have
passed away and although the wrecks of the storm
are vet visible and trade fingers like patient who
has been too much reduced to make show of strong
legs till the times have undergone most wonderful
change. and the clouds disappearing with sur
prising rapidly. Money, which in the panic could
hardly be had ut any price, is heaping up in great
sums at the reservoirs of trade, and the anx-
ety is now to lend, and not TO borrow.
Stocks which wasted to phantom figures, now
begin TO make array of porly quotations;
and credit, which sunk hopeessy under
he whitening effect ofdisrust, actually commences to
thrive again. The immediate results of our great
panic then are not of fatal character and if romthe
bitter experience we have had, we are taught pru-
dence and sound discretion in the future, we may
profit by the lesson largely In the ultimate results
greater reason to look for advantage, and
in another article opportunity may offer to examine
this branch Of the subject.
We annex comparative statement Of the Exports
Exclusive of specie from NewYork to foreign ports
for the week and since Jan. |:
Total for the week....$ l.784 740 SS88.k5 Sl4l96T
Previously report.d...... l,Sp,sS7 262oFs8 lpio'l
Since Jan. l............ sSn56T s3A37A s3S9,72
The Albany Journol of lasSevenirg publishes sum-
mary statement showing the aggregate of the re-
sources and liabilities of the banks of the State OF New
York as exhibited by their reports othe Superntend
ent Of the Banking Department OF their condition on
the morning of Dec. 20, 1857. We append compar-
son with the previous statement, showing the cond
ton of the banks the 26th Of September last few
days before the suspension of specie payments: