The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1860-10-09


ket-Thc First Drops OF the Thunder
Storm.
Historians have remarked that in ell great
crises Of human affairs the crash which con-
vulses q nation ard brings venerable institu.
lions to the ground is invariably preceded by
season of extraordinary confidence, of wide
spread Indifference to all signs of the times,
and of apparently irrepressible prosperity. Not
to range too FAR back into the chronicles of the
past, our own times and those of our fathers
formidably illustrate the truth of this observa-
ton. The great Parliamentary conflict which
cost England her American colonies, and
loosened the foundations Of her ancient oligar-
chy, broke out from q season of absolute peace,
and Of then unexampled national progress, won
for the empire by the successful and magnid-
cent policy of the elder Pitt The Reign Of
philosophers and the most keen sighted Of her
politicians by surprise. When Louis XVI
convened the States General OF the kingdom,
after an interval of a century and a half of I'M
restrained autocracy, it was the opinion Of the
shrewdest observers that no more favorable
moment could have been asked for inaugurating
the great political and social reforms become
inevitable in the progress of the eighteenth Gen.
tury All the world of France and Europe was
Of this mind. Paris was crowded with students
Of politics and seekers after pleasure. The COM
merce Of France made head on every sea
against that of it's great rival, and all went mer
| ry as marriage bell-the coming spectre OF
the guillotire casting no perceptible shadows
| upon the brilliant and varied animation Of an
| excited and enthusiastic people.
| On the LIST OF January, 1s4S, what throne in
| Europe seemed more secure than that Of the
| Napoleon Of peace? What exchange was more
busy more speculative, more reckless, than the
| Bourse Of Paris? Who then would have dared
to prophesy that within three short weeks the
citizen king, the royal millionaire, who had
ruled by the ledger and transacted the affairs
Of kingdom on the strictest commercial prin-
ciples, would be flying from his capital in
sixpenny cab, to seek refuge on the shores Of
England under the ignominious disguise of MIR.
John Smith These examples, as we have said,
are near our own days. They stare u.s. as 1t
were, in the face. For four years past the course
the lesson they inculcate on every thoughtful
man in the nation; and yet what is there in the
present aspect of our commercial and social
world to warrant the belief that this lesson has
made the slightest impression upon any conside-
| rable class of the American community We do
not now insist upon the darkest possibilities Oft
great political conflict through which the United
States are passing. We are willing to ad-
nit all that optimists can ask IS to the uncer-
tainty of the course to be taken by the South
ern States in the Union In the event of the
! election Of Lincoln, and Of the triumph Of the
great sectional party, avowedly hostile to
Southern institutions and to the influence
of the South in the national government
We are content to allow this course to be an
uncertainty, for the sake Of our present argu-
| ment, however clear our own convictions may
be as to the real drift of events; but we main
tain that, viewed simply as an uncertainty, the
contingency Of armed resistance by the South,
or By any considerable portion Of the South,
| to the Inauguration Of regularly elected Pre-
sident, involves consequences so tremendous to
the industry and the finances of the whole ma
ton that nothing short Of positive judicial
| blindness can explain the reckless expansion
| Of our whole system Of commercial credit In
the face Of such contingency. That this con-
tipgency exists. that ii is Immediately upon us,
to be decided, for good or for evil, within few
shor. weeks, no man in bis senses, Of any party,
will deny
Would not the most ordinary prudence
dictate at such time a more than ordinary
circumspection to every practical man Of
business in regard to the risks which he ac-
cepts, and the chances to which he commits
his fortunes. To argue this point really seems
to be sort of insult to the common sense Of
mankind. Yet what do we see: II we take
simply the transactions Of the past week on the
| New York Stock Exchange that sensitive
barometer Of the atmosphere Of public conf
dence-they will demonstrate that never be.
fore in the history Of the country have the
commercial and financial classes been more
obstinately bent than they now are upon
stalking the higher stakes and playing the
largest game on this great faro bank Of the
nation.
Never have tie operators who control the
ebb and fow Of this great moneyed maelstrom
possessed stronger hold upon the credulity Of
the public. No warning Of the real nature OF
the operations in which they are invited to rsk
their capital-whether II come In the words Of
the press or the more eloquent revelations OF
corporate Acknowledgements to have the
slightest effect upon the financial community.
In the brief space Of few days the dscredita-
bic failure Of q prominent banking institution
in this city has thrown its sudden light upon
the secret Of the money facilities which enable
the operator in stocks to accomplish a, will his
magical alterations Of depressing decline and
DAZZLING inflation IN the valre ~ hia warea The