New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1861-07-10
FROM THE NORTH WEST.

OF GRAIN IN THE NoRTH-wEsT-CoRN is
KING-FREAKs OF ILLINOIS CURRENCY
HEALTHY EFFECT OF THE cRAsH-A =" FLUSH
TIMES" REMIYIsCENCE-THE COMING MAN.
From Our Own Correspondent.
CHICAGO, H., July 5, 1861.
Our loving Southern brethren are neither prophets
nor the sons of prophets. Though they have with
drawn their trade and seeded fom their debts grass
does not grow inthe streets of Chicago, just yet In
eooth the city wears neither Aadian funeresl
aspect. Palatia buildings rising tie business
thorougbfares and the voice of the artisan is heard in
the land. The 60 railway trains continue to arrive
and depart daily. Though the heavy Southern BUSH
ness of the great Illinois Central road is entirely cut
off it's earnings for June exceed those Of last year,
while its running expenses are being reduced ~ per
cent. The fremont House is undergoing repairs and
enlargement TO the amount Of 1000; aud as write
the nce ssant hammerng and saving of an army of
carpenters comes Gathering in at my window. For
the last week nights there has seldom been single
vacant room in the establishment. The Sherman
House, another great caravansera of the Fifth avenue
and Continental order just opened, is also swarmng
with guests; aud the other hotels are well filled.
Michigan avenue TO which the Battery in Cbarieson
bears feeble resemblance, follows the Lake shore for
4 mile and half and is the finest drive and prone
la1e in America. Every evening it is crowded wit
witt vehicles, and the sidewalks hrOnged with leisure.
lypedeStrans.
81 do aver upon an affidavit" that have not heard
l single cry of " Bread OF blood" That starvation
pil may be imminent but eighteen million bushels
# grain have been received here since the first OF JAM
ary, against twelve millions for the corresponding
months Of last year. aud FIVE millions for 1852 there
ire now over two million bushels of corn in store IN
Chicago and more than half of last years grain crop
throughout the Northwest is still in the bands oil
farmers and in country warehouses. War or peace,
currency or no currency, breadstufis will always Ind
a cash market. Corn, not Cotton, is kingi and the
great Northwest, instead of Dixies Land, holds the
scepter of imperial power.
The North.wesi suffers less in the present crisis than
any other section Of the country. In fact but for the
balloon cmrency-always sure thing to fall back on
here when every other device for running business
fls-these would be flush times. Still, it exhibits the
wonderful elasticity Of this region. Within the last
few months owing TO the collapse Of Southern State
bonds upon which it is founded, the Illinois currency,
amounting 10 twelve million dollars has deprecated
so per cent. The Wisconsin currency has declined in
the aggregate four millions. Tie dead Tors to the Peo-
pie Of these two young States Of ten millions of dol
lars in cash, accompanied by the universal depeca-
ton in property Of course causes embarrassment and
sringency; but nothing Ike general wreck and ruin
Chicago during the depression which followed her
real estate insanity touched bottom therefore abe has
gone through her late severe ordeal most creditaby
For several months New-York exchange commanded
premium Of from ten to thirty per cent, and yet the
merchants asa Glass; their Eastern indebtedness
promptly. and there were very few failures. For
long time the business men and banks attempted TO
keep up the currency by receiving and paying out at
par; but il proved impossible permanently 20 pass that
Tor dollar which really represented only fifty cents
For two weeks before the final crash pecunary affairs
were very chaotic. Everybody was afraid OF the cur
rency, and yet everybody received it. People were
seized with sudden fondness for aging their debts.
The course of nature was reverted debtors absolutely
pursued their creditors for opportunity 10 pay,
the creditors lodged them swinders avoid q o
sheriff. Pasimonious husbands supplied their wives
bOuneously with TO do the family shopping for
months ahead, and there was run upon those femi-
nine paradses, the dry goods stores il they were
banks Of doubtful repue. The merchants were by no
means anxious 10 SELL and closed their doors nlsxby
at in the evening.
OF course this condition Of things could not long
last. Prices went suddenly up, if by magic. Then
there comes grand crisis: currency dropped on an
average fifty per cent and one fine morning Chicago
woke up to find itself poorer by Just half OF the bal
ances in its favor at the banks than 1t the night
before. The banls with their usual feline capacity
for aighting on their feet, up all right, and the
depositors had to stand the loss. Many suffered BE-
verely but few had the foresight to avoid the Storm
One friend OF mine relates with a serene smile how,
though he had $l2 900 Of currency few DAYS before
the crash he succeeded by sort Of grain specu-
lation, in converting al but $500 into New-York ex.
change just in time to save it. Now, there is
fighting in the dark. dollar Of currency passes for
exactly the amount of gold or Eew-York exchange it
will purchase. Some barks were wrecked before the
sea of finance reached this healthy level but the bust
ness men Of Chicago, as the Chinese overb Of
female hearts, can stand great deal Of breaking.
Apropos to business let me relate real estate
dote. Several years ago, a leading book merchant Of
this city purchased for his future home, tract Of un-
improved land near the lake and outside the city lin
It's for 81 300 one-fourth cash. and the balance in one
two three years Before the end Of the first year,
the Illinois Central Railroad was located sandy,
worthless pot of the tract and the Company paid him
damages, in cab to tie amount Of 100. Before the
time came for making his last payment Of $500, he
sold the land 70 Company Of spectators for 81 500,
and got the money 1t is now covered with buildings,
and worth 500, O00
Matters continue comparatively quiet in Missouri.
Gen. Lyons expedition is moving southwark across the
State, while his feet, the steamers White Cloud Nc.
Dowell, and Iatan don't inmate the truly dabolical
bIunder Of The Times and Herald, and print that
SatanD are still lying at Bonneville. The prompt and
eff cent measures OF Gen. Banks in Baltimore, excite
.l.A