New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1860-05-12
FROM PHILADELPHIA.
NOT LOSING GROUND-A REGULAR PANIC--MR.
CAREY AND THE WATER GAS.

PHILADELPHIA, May 1860
1t may be true enough that the Peoples Party
in this city came out of the contest for Mayor last
week with diminished majority from that of two
years before, but there were potent reasons for
such result. All the old appliances of the Sham
Democracy were brought to bear to compass our
defeat with several new ones which we had never
before encountered. There was the John Brown
raid which was seized on as o weapon with which
to terrfy thc mercantile dOughfaces who had
goods to sell. These were told in alarming circu-
lars distributed among merchants and manufac-
turers that unless Philadelphia proved herself
ready to bow down and worship the Slave Power,
ly defeating Mayor Henry, the said Slave Power
would go somewhere else to buy goods, and that If
any dealer in tape and calico found his business
rather dull just now, it was because the aforesaid
parsonage was merely holding back to see how the
election would go. Now, this stuff undoubtedly
had its influence on the doughfaces, and deter
mined many of them to vote against us. Then
another new element Of hostility was the Pennsyl-
vaDa Central Railroad Company, whose officers
brought their employees in from the country by
scores and caused the same men to vote at several
different precincts. This scandaous action lost us
hundreds of votes and defeated several members Of
Council against whom particular hostility existed
in consequence Of their not fayOring the location OF
the terminus of the road at Greenwich, IN which
speculation certain digntaries deeply interested.
Mayor Henry was struck at BY the officers af0re-
said for tire same reason. 1t was an old grudge to
be revenped by comprising his defeat. The legal
proof of this proceeding can be had, and VIII be
forthcoming hereafter Then the last half of the
day was perfect deluge Of rain which kept at
least one thousand of our men indoors and lost us
lust that number of votes. Yet, in the face of these
disastrous mpediments, we carried the Mayor by
s82 majority, and some others by near l., 400 The
Sham Democracy worked with uneXamped activity
and were confident Of defeating us. They lost at
least 5000 0OO by betting and the groans and curses
of the losers now loud and deep. They will
have empty purses to begin the October campaign.
Up to midnight they were betting IN the most in
sane way, giving ten to one against Henry; and
believe they lost every bet they made You thus
see that we lost votes from causes exclusively local,
which cannot be made to operate either In October
or November when there can be no mistake of our
ability to carry the State by rousing majority.
That gigantic bubble the Santillan land claim to
the 10000 acres in and around San Francisco,
made complete burst up last week. YOu have no
idea of the distress and embarrassment this explo-
sion has occasiOned among us. The stock was held
here to the amount OF many millions OF dollars. 1t
was first offered in Wall street, but the shrewd
mOney-bags of that locality smelt mice in it and
refused to touch it. Thence it was transferred
hither, and this pensye public swallowed the golden
bait incontinentyl Market street went into Santil-
Ian with perfect lOoSeness SO did Third street,
and numerous INDICATED inanciers took big fly
therein 1t became collateral that went free in
all circles, going up and actually selling for cash at
over 81, eco per share. For five long years the
holders have been nursing and dreaming over the
enormous fortunes they were to realize. / know
some who became almost wild at the thought of the
tens of thousands they were to gain by Oustlng all
San Francisco. Two California decisions in their
favor seemed to give assurance that everything
right. But the tribunal Of last resort, the United
States Supreme Court, saw through the tissue of
legal eOntriyances under which the claim iabri-
Gated, and pronounced it utterly worthless. This
news came here last week by telegraph, one day
about noon. 1t few Ike the news of general
bank suspension. The panic and CONSERVATION
among the crowd of Santaners, beggars descrip-
ton. / have nothing like it for years past.
Third street. Walnut street, and the Exchange,
Were in frantic buzz of CONSERVATION and agony.
Holders were running to aud fro vaiuly seeking
buyers. From $500 per share it dropped instantly
to $75, $50, $40 anything that anybody would
give and has since almost gone out of sight at SiS.
Men who held it to the amount of 800, 900 and
$cC 600 and even more, We're almost beside them
selves with fright. Think of great FIRE deyouring
SlUccU,COo 0f property IN single hour, ana now
many must necessarily be ruined, and you may form
some conception of the results to follow this stu
pendous explosion 1t viii ruin some moderately
itch men outright and cripple great many more;
No doubt it is heavy blow to Philadelphia ana
will make us all cautious of going into enterprises
so far from home. Everybody is now wondering
how our citizens could ever have been Seduced INTO
touching Sahtian at all. memorial! To Congress
is spoken Of TO reopen the hearing and there are
said TO be GOO acres of land to which the title Is
good and which will make the stock worth $50 per
share anyhow. But these stories are believed mere
SUGGESTIONS of some humane heart TO let down the
victims somewhat easily. One curious feature OF
this business is this--sOme pretty certain norma-
tiou of the coming decision must have been con-
municated to parties here some days before that
blasting Geographic dispatch arrived, for II Is now
remembered that during that interval these parties
lei y their stock ut any offer, and thus succeeded
IN Unloading Ii is u sad business for us every
way.
The great water-gas question Is by no means do
cded adversely to the claims Of the patentee. OW.
TOW nsman, Henry c. Carey, has taken the field IN
behalf of the gus, us President of the KeystS me
Company, and, under his respectable and yigo rous
leadership, YOU may look for some decsively prac-
teal results Though not largely interest I'd in a
peeuniary way, he has entered on the u after M
one Of high public and scientific interest in which
the whole civilized world has deep sta &c. II will
be Mr. Careys first business to clear no the great
mystery in which the water-gas ques, ion has been
wrapped for some time past. Lag. February. our
Council passed resolution inst ructinp the Gas
Committee to inquire aud report whether gas could