, 1860-11-23
TIFF PANIC IN NEW YORK.

= 80
: TIE PANIC IN NEW YORK.
{From the n. r: Courier and Enqu1tnr, Tueatay.1
4 panic In the money market Il alwaSt to be
dcprecnted; but when certain ofthe city banks.
We caEc not by what means, or whether aasss--
IDENTIFY or not, mike themSelVes parties to such
pRuic, they virtually become respouSlble for
tn existence, md almost invariably fill before
It., What is the state Of things In Wall street
at this momentf
In the Inst place, VIC assert without fear Of
contradiction from any quarter-aye, without
fear Of contradiction even from the few Bank
Presidents who foolishly embarked In this
'phnic.t King, not seeing Vherd would leads
that at no prfiod In the month Of November,
during the last twenty years, has there been
such abundant aud overwhelming reasons Tor
IN easy money market. and superabundance
OF money, as since the first; day Of the present
month Of November, 1BG6. And yet, what is
the existing state of ndairs !? Not only panic
and money almost Impossible to be procured;
but an absolute certainty that, unless the banks
come 10 their senses i and that quickly, too, a
suspension Of. specie payment viii become
IN: 1857, the banks very lpolisbly rushed on
to precisely the existing state Of things. They
then, but with greater cause than at present,
produceG the issue now rapidly approaching;
aud that issue Is, whether the banks, without
cause, and surrounded: by every element Of
ThusR5; rha1sa! eugn .hast. @ n ..1f.51Ssee .5oi ~
ri. ~ II "s.1sT | " Stan1 wHarn we d;d N
1s57 W % stand 'hy tha iaerchI nts: aid We
fel1 thcm nos ~ Ia told them then. either
compel the offending banks to DO their duty to
tho community, p5 make them suspend specie
payment. But, says the Innocent reader, If
c,;rra,1S ~ Iii en1;114 r. 1,;1, r. thc first
niac,., The ~ n nrrr1 nays. and I. nrrcr er.
nnac}ed tn INV mn its in1,:htcflntxs.: nntil De-
remhcr anil .Ianuarv. of course. thern il M
pressure on the money market from that quar-
~rerv mint m tI;r Cna3ineI,f- and the fnre;fn
s1ci;;,x11e ,,rnsra11r a. And thirdly thr rr1Sn
cEon Is Tho West 1: ionhie whnt it'cye9 wus
Lsssra. and hos thns ~ 3,e,.n more1 with nm.
n.na, csc;i;tr. Iii and ercrrth;nr coTn1,;ne. n.
W ss,f1 hcf;,Tc , fo rtndeT moSey 1nore abun.
dant, and trade more prosperous, than ever
hcf;,11c IN ne ,nan,i, IL Soyfn,he- And vat
hin sjar1s ~ Z tIc f3c..s and n:cn of s,,|,-
stance md cr,y md i.i,t' mercantile charac-
tfr. iii i,efnri. ihe hlas1I mt whence comes
that blasty We nnswer. from nanic among n
ieW-s ycrv few Weak ard inco,nnctent l,snL
officers.
Before the election it suited certain politicians
to get uu ! nanic IN the moncT uaarfct 10 de-
Gaf Lincoln's succcss: and Il Bank officers
are but mcn. and inen arc yery renerally polti.
t.inn- # il mt stT1nvc that ceftain Ha,,t of1i-
Gers leaned 1femseiyas Ia The crcation Of fhat
fr1nnorary nanic Dnuhtlexs they thongbt
they eould control tho i,anic thu. created: But
children must not play with edged tools and
the partics ulludcd to BERN to discover the
apprtciation Of tl,e niaye' Well thcr had
thcir anfe.elect;on panic: and no donbt .sll
concerned In Il made money. and then snffer-
efI thfnns to rcanme their .,s11al nfsitinn in or-
der tn rsa,;.c the fruits 1f fl,eir if,.potf en- ans
After I.inco|n'a eiection was Enowns and
South Carolina proclaimed her determination
tic I'll Panic ID mrake1s m era;ely determined. that an,
other dose would DO no harm, but yicld rich
harvest and nj thc sanne time injurc the In
coming Administration. Accordinrlv they
'rcsortcd 10 the. old plan Of calling IN !" "cnfl
Ioaus." WHICH we exposcd eome weeks since.
The whole system Of ' call loans n by Banks
Il one Of aGomina1ion: and We indulge the
Lone that the next: Icyis1atur will Inyestieate
tL,is matter and urohibit any such practice in
fnture. Astoun1iuy rs 1t NAV anpear. as
rule. one.eiYhth Of I'll The loans made bv the
Banks Of ibis city. or about fifteen millions Of
dollars, are madc on what is known "a "call
leans and Tie reader, with this fact in his
IN the Wicldin.. Of this enormous lever, to Gre
sic a panic Whenever n panic is desirable. and
+n,fsfde cansns farcr e1,rl, nroccei}inr '0nr
of onr Banks lad n loan of this natilre with
t,ne nf onr ,nost Substantial houses mon
f,rn,;ta atncE 49, weet he ~. nnt;.
a4d tn INV m n c,l,ed At tho Rank and
,1.u,,uda;1 K Il u tnou - II Eaa ~ reon;reJ on...
lar 1res 1a1an,ntn,;,, d,,,.andsS nnJ hc |ro.
tn,i ~ - ~ rsadp ,vitb ~ ia1snes 4h;s 1vast,
iu IT, raso*.d o 81: +reatn1nt @ anI nr.rr;nr ~
,ncct Inss r. endnr;nr M orerheor;nv man.
mr. ~ H. nan, ng3car h. nromnt1r s11d fha
a., .toi T. ~ tn ~ % Woap1 a,,a an.,acr ,.3J
;,;o ~, ~ III n . etao, .as .eer;apaI
H. pnt t1,at ,as ~ III H. ha;n@ conanaiiai
s'm. tn'.e ~ sc W." sinn ~ ~ ~. I'LL t,nr 1Sa
.nan ~ S'ya 5a,r- e,st et,n1S
ni @ n,,,o.s III S+a ,.n,paths r. s ~ 1s
a ,;n.a o1as at,,s. 81 aa1a ,can ,o-on.ar;,a ~
luz y'Esa fad aM teIus. ~ 49, " 49, u