The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1861-05-28

Commercial Affairs now and Hereafter.
In the hustle, anxiety and excitement of the
stupeBdous military preparations and Efforts In
which We are engaged, we have ceased 70 take
note ofevents which at any other time would
have eDgr0ssed all eur attention. OF CONNER
cial affsirs, for example, but little Is said al
though at no period Of our history have they
been in q wore condition The banks through
out The country are all either suspending or
breaking The condition of those In the South
may be Judged Of from the fact that they were
unable to complete the bids for the fifteen mil
lion loan issued by the rebel government
The currer cy Of the Western banks is next to
worthless, owing 20 the fact Of it, being based
on Southern stocks throughout the North
.be country banks are beginning to succlab
to the Influences which are sweeping away all
the establish Dents that were trading on q ic
riii Us capital. the oniy sound banking insti
tutiODs in the country are, in fact, those Of New
York, Philadelphia and Boston, aod they are
only so to the extent Of their real estate aod
,pecie. or the mercantile paper which they
hold, it would be impossible to estimate tn.
consists of extensions secured by collateral,
which have undergone heavy depreciation L.
he present condition Of things fur ther time vii
have to be granted, or loss will DE realzeo
Which will effect seriously their capital.
The failures among mercantile rms, conse
qu. nt upon the almost universal paralysis o.
irsde and the refusal of the South to pay IL
debts, exceed In number and magnitude tho
of the darkest periods of cur commercial hi
DRY. Houses that few months since wer
doing bpsiness of billions and that possesse9
large amount Of capital have been utt.rl,
tuined. The mills and factories have eitbec
been obliged to work at sncrt tine oc to dls
charge the entire Of their hands. Bat for tn
fact that the army absorbs many of the me'
Inns thrown out of employment, aud that IT,
wants create new branches of occupation TO
toe t. males, the suffering would be dreadful
In short IN none of the former commercial re
WILSON'S through wh'ed We have passed has to-
condition OF the mercantile and operate
classes been more distressing and dish-arteo
ng than at present. And yet all this is ep
Ouieo without mnrmur, and almost without
passing CONNIE ntsry from the sufferers or tn.
press
The truth is that general conviction pre-
calls that we are pa siog through CONNER cial
evolution "a searching and purifying in ite
fife cts a. the political Que that has directly lee
o 1T. We we're going on TOO fast presum,ns
700 much Gu the prosperity that cIfcuuist ,nces
combined to bestow upon IA, aud Carrying To
credit System TO point that, II not checked.
unst have led hereafter to infinitely greater
disasters than any that @e are now sutfering
rom. The lesson that We are receiving cat
aot fail tn be productive Of the most benefcis
fesnlts. II will dictate the Necessity of guard
ng sgaiDst the recurrence of the iuflueao.e
mat peri, ideally subject us to SO much dis
ress. When the country has emerged from
be political oifficultie- in which it Is involved,
It will be the DUTY of Congress to recon true
eur finaD cial and commerciA system. on iust4r
and sounder principles The establishment O,
- Natioual Bank, with a uniform currency, aur
general bankrupt Law, to control other bank
'Dg institutions, are the only me 4sures that will
meet the evils against which it will have e.
'.qisls'e. In the meanwhile let Us console
ourselves with the reflection that toe misfor
'uDss by which We have been visited hav.
ne.n cent to prepare Us for changes wthoit
which the institutions and com uetcial ~eltar.
4 the country could not have been per.
,nsDendy assured.