The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1859-08-02


we are informed that a newspaper to NEE
this want on the part of our business men AND
the Spanish American trade will he published
here ny the middle Of this month. 1t will be
called the Notcioso, and its days of publication
will be made to correspond with those of the de-
parture Of our mail steamers for Cuba and
Aspinwall In this way 1t will ell the double
vocation Of newspaper for the Spantsll-Am
rican residents here, and steamer paper with
the latest news for circulation through all the
Spanish portion Of this continent.
VII There be Another Commercial Crisisg
We ;, rblish an important communication re-
ceived from m accomplished merchant of high
standing in Wall ss'eet, on the subject of our
mercantile and comme.- ,cial affairs embracing
some novel and startling >.ews ls puts the
question-Will the present sudden peace IN Ed
rope, and the resulting condition Of G>sncial al
fairs in this city and the country at large et to
another commercial crisis, 1t is the duty of every
merchant and trader and broker to reflect seri.
ousy on these matters-to hook over the whole
field of operations and come to some sober and
settled conclusion on the subject.
1t is very evident that great perturbation
has broken out ia the commercial affairs of
this great commercial metropolis since the
news of the peace arrived, ard the cues
ton is discussed every day whether there will
not be panic before six months, which will
eonvulse the whole OF portion OF the CON-
merce of the country. Ofcourse there are mer.
chants who have entered into engagements
before the peace, covering several months to
come and they ore opposed to all conclusions
which would lead to an unsettled state CT CON-
meTcial affairs. Never has there been pauic in
this or any other country that we do net find
men in this acknowledgement for q sud
den reverse. But the men Of high order Of in
tellecs overlooking special cases. and reasoning
from general facts and established laws, arrive
at positive conclusions of an opposite character.
During our connection with the press and
public affairs in this country, we have seen six
or eight commercial panics-shree large and
three or four small ones.
The peace in Europe in 1915 brought about
an expansion first, and then revulsion here in
1919. A. more important crisis took place in
1926, brought about by undue expansion of the
banks and other mOneyed institutions. We re-
member well the beginning and end of that revul-
sion in which Henry Eckford and Jacob Barker
were involved. Another, but smaller one, of
an artificial kind and limited in extent, occurred
in 1881 and 1882, produced by the efforts of
the old United States Bank to he re-
chartered against the opposition of General
Jackson. Agreat panic toohplacei in 1887, which
resulted in general collapse throughout the
whole country. A period Of stagnation followed,
which closed in 1S4l and 1912 with the ruin of
the United States Bank forever. Then the coun-
try went along quietly till the discovery of the
gold mines in California, which; with the rapid
increase Of railroads and telegraphs, and steam
communication with Europe, has had the effect
of rendering commercial panics for more fire.
quent, but OF far less force.
In 1854, a small revulsion took place, preceded
by the sudden collapse of Schuyler. In 1885,
by the sudden peace in the Crimean war, and by
the bursting up of the Ohio Life Insurance Com
paDy, another CONFUSION took place. Whenever
COuMClClut kzAdlIS dIc III ulbIuIUc4 6tdLc, bucTc
will always be some rotten concern to explode
and bring on the crisis of the disease. In 1926
at was produced by the Life and Fire Company.
In 1887 it was preceded by the explosion of the
firm of Moses & Co.; in 1854, by Schuyler's
burst up; IN 1857, by the Ohio Life Insurance
Company.
1t will be seen from this brief history that the
sudden peace in Europe, together with the vast
importatiors and the misgovernment of our
banking institutions, will probably result in a
state Of general perturbation, which, unless it is
managed with great skill and delicacy, will lead
to another revulsion, which may shake the COM
mercial and financial affairs of the whole coun-
try, and ruin few rotten concerns Congress
should enact a general bankrupt lew at the very
next session, and prevent such perturbations ia
future.
The NEXT Northumberland Tammany
Hall, In the Pewter Mug, the Ivy Green, and ali
other groggeries in that deleetable and patri-
otto locality, the great question Of discussion
now is, who will be the next Mayor? Some
Iobs think shat Mr.. Kennedy will be the man;
but DO, it is answered, Mr.. Kennedy is only a
small politician. Others, again, hit upon Post
master Fowler. But no; he is arranging with
Fernando Mood tn hn mat or Eorooro+;or