New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1861-04-10
COURAGE. ERAENOH.

MemOry is prOyerblally treacherous We for
get to-day the lessons which yesterday taught us,
while events occurring twenty years ago seem to
pass wholly from the general recollection, and
are only perpetuated in history. Even history
in its turn i. forgotten. Hence we look upon the
present, whether it be prosperity or ruin, os the
brightest or the blackcst that has ever occurred.
A cold day il the coolest or a hot day the hot
test ever known. But it is only 20 because we
cease 10 remember the extremties Of tenpera-
ture within twclyemonth. IL is the same in
commerce, politics, and trndc-in exultlDg or Ia
mcntrg over the present, We forget the past as
if if had never existed. The generation of bust
ness men now staggering under debt and diff
Guilty believe that no such frigLtful times were
ever seem The dealers in stocks declare
that panics were never 30 rulnOus az now.
The lying presses which loment treason pro-
nounce the Government weaker than at any for
mer period Of our history, and crumbling to its
overthrow. They preach panic and ruin, not be-
cause they exist, bur because it is their devilish
mssion to produce them.
We grant that there i. uncertainty aud gloom
around W, but We deny tost It has any reason
able resemblance TO the disastrous oyeItuI ming Of
public and private credit IN l531. The public
mind is unduy excited; but though this political
crisis alarms the country by It's mere novelty
yet il has wrought no ruin even approaching
that referred to- Mems fears aTe making cow
ards Of them. They see the present, they eI-
aegerate the future, but are wholly iorgetiul Of
the past. ii this nation rose up elastic from the
desolation Of twenty years ago. it Cannot be
prosiratcd by the mere gloom Of the present. In
1897 all the co,ton-aclors in New Orleans were
insolyent. and their failure impoverished the
planters in Louisiana, Mississippi, Tennessee. and
Alabama, while it broke up many houses in New
York and Philadelphia. The debts OF one house
in this city, the Josephs, amounted to SG,506,Oo0,
more than "a third OF which was due 10 them by
parties in Ncw-Orlesus. Cotton fell to six cents
in London involving a loss OF $50, 00J. coo On
the stock then in hands Of factors and planters.
Tobacco fc.l - per cent on nm export of 5000
coo, causing many failures in Richmond and
elsewhere Mobile was almost beggared, nine
tenths Of the merchants having failed. Millions
of produce bills on London were returned
unpaid, in consequence Of the enormous fall
of prices, causing hundreds Of suspensions
in every commercial togn. Two hundred
merchants, manufacturers, brokers, and whole
sale dealers, failed in this city within
few months, their debts being estimated at
$50 600, GOO, aud their surplus nothing. In three
sparscly populated counties Of Mississippi,
80 600 of debts were the parent of innumera-
bic lawsuits. Other counties were involved pro-
poriionately. In Kinds County, the inability TO
pay was 40 general that the citizens called upon
the sheriff To resign, threatening vengeance
against any one who should accept the office.
The Mobile papers declared the lawyers aud
sheriff to be the emily busy persons in town.
Negroes fell in price from $1,000 10 $50.
Every species of property became perfect drug
nj New rcuns, where the leSco was entirely
desertcd and the failures amounted 10 $780,
100000. In Charleston, cotton fell ten cents per
pound Bills on London sold in this city at a
premium Of IL 10 20 per cent. Thousands of
planters throughout the South were ruined. The
banks not merely stopped, but exploded outright.
That region was flooded with irresponsible shin
pastcrs, "a specie had cutirciy disappeared, and
of these sbinplasters not tenth were redeemed
by those who issued them. in al the Gulf States
il was pecuniaIy chaos.
The tornado tell with even greater violence on
the diversified interests OF the North. Ia this
city the Gmest and most resolutc at the Stock
Exchange gave woy. Prices went down with
velocity SINCE unel,alcd Treasury notcs, bear
inc interest, were offered at the Exchange OF
10, payable in currency, without finding buyers.
Tire building OF ncw houses came 10 dead halt
Thousands Of mechanics had nothing either 10
do or 70 eat and laborers petitioned the authori-
ties for work, declaring that their families were
starving. Ship-building fell of in the same way.
Every Kind of manufacturing was meas
urably discontinued. The cry for bread was
uniScrsal among the working classes. Public
works were everywhere suspendcd-the Eric
Railroad was abandoned. and various other en-
tepriies dropped. Rents sunk enormously, iani-
lies crowded three and four into single house,
unable TO satisfy the landlord even then. BY
the official return Of the valuation of real estate
in this city for 1887, the decrease from tho pre-.
vious year was $37,s9s,l9,, aud of personal