The New York herald., 1863-09-05
The Upresr Among sAe GamSlsrs I'm
wall street.

4 w8k3 0tre0ts
Wall street he's been in an uproar during the
past few dayA Tho speculators have blown
up their bubble pretty we'll; but 1t has been
pricked at last. Gold has risen steadily, and
railroad stocks have tumbled down from ten to
fifteen per cent. In the elegant slang Of the
street, "lame ducks" are plentiful, and .the
slaughter OF the innocents" has been terrible.
Outside spectators have suffered most severe
ly; but even the old, regular operators begin
! to totser and show signs of distress. The one
or two hundred young men who have recently
made fortunes of one hundred thousand dollars
each by Investing only o single thousand are
now pcnni.ess. having lost ali their gains and
their original capital into the bargain. The
Jewish SPECTATORS who were almost Y0ined
| by tho fall in gold somo time ago, have
experienced another reverse, and again
tear their hair and invoke Father Abra-
ham, as If they did not know that II
was Lazarus, no. Dives, whom the old patri
arch favored. There il great excitement down
town, but very little sympathy among the
general public. These spectators have made
Wall street a gambling den, and they must
accept the gamblers luck.
Tho occasion of this fall in stocks was the
unanimous resolution OF the city banks TO take
thrtyfye millions Of Secretary Chase's new
loan. The market has been very feyersh lately,
and shrewd observers predicted that the slight
est cause would create panic. President Lin
coins letter, announcing that the war would
be interminable, and rumors that Ice was col
lecting an army of one hundred and fifty thou
sand men to take Washington. came just in
time TO assist in upsettng the market Doabt.
less some Of the chief operators, who are ia
vored with hints from Washington, ard who
were thus advised that Secretary Chase was
obnnt TO call for a loan, have made con-
siderable money by the panic. The Me-
rhistopheics who sits in the Treasury
Department, and pulls the financial
az well as the poiit:oai wires. probably knew
what nc was about and had his own ends to
serve by creating this uprosr in Wall street.
The coincidence between the publication Of
the Presidents gloomy letter and the call for a
loan which, as we are semi-ofIcially informed,
Secretary Chase does not need as present. is GER
tainlY significant The calculation that Europe
would not require q very largo amount ct
hfeadstuAs this year. and that, consequently,
our railroads would lose most of their freight,
did not start the panic. although it may have
directed i, toward railroad stocks, which were
quoted so far above their real value as to be
the weakest aDd most sensitive on the list. FL
nanca matters are now almost exclusively
controlled by Washington clique, and we
must look 10 Washington for the true origin Of
the uproar in Wall street.
During the past year speculation in stocks
has been simply kind Of gambling. Hun
dreds OF men, who knew nothing whatever OF
stock operations and do not even understand
the technical terms of the stock mar
ket. have been scdnced by this appa-
rcnt,y easy mode Of winning fortune rapidly.
Upon dcpositing with some broker ten or
Twelve per cent OF the value of the stocks. they
have become The nominal owa.rs of hundred
shares Of this or ,itfy shares Of the other stock.
II stocks happened TO rise in a day or two,
.Losa veraant people made thousand or two
Of dollars. without knowing exactly how it was
done. IF, on the contrary, stocks happened to
fall. then there was a slaughter OF tho inne-
cents.' which means that these outside people
lost the little money they had deposited with
their brokers. This sort Of speculation il RI
vailed in our gambling houses, where you re-
ccivc hundred dollars if you happen to win.
and osc your little stake If you happen to be
beaten. The chances Of The success Of green
horn are about thc same in the Que case as in
the other. lie may be allowed TO win at first;
but be will be ouly the more completely ieeced
in the end. N,nc-tenihs OF the business in Wall
street lately has been Of just this character.
The majority of The losers have been just such
gambling spectators, and the clique OF sharp
crs at Washington have kept the bank and
pockc.cd the gains. The present panic
may or may not have been designed
to increase The funds of the friends OF some
body who desires 10 be the next abolition can
dida.e for the Presidency. The condolences
to which we have referred may or may not
prove that the panic was originated by some
body behind the curtain, who had been pre-
yiously informed Of the contents of the Prcsi-
dents letter. and knew how to secure its pre-
mature publicstion and how TO take advantage
OF its effect upon the stock market. Outside
spectators have about the same opportunities
OF discovering such facts rs grcenhorns have
of knowing when professional gambler in
tends TO turn up Jack, or when he has half
dozen trump cards concealed up his sleeve.
The only safe course is for the general public
TO keep out Of gambling dens and Wall street
operations, and leave The sharpcrs to cheat and
swndle each other. This advice we have often
reiterated and we hope that. after the prescn,
severe lesson, our advice will be better re-
cardcd in future.
Tus Conspiracy ~ rHs WESTERN EUROPEAN
PowEas AaAmsr TINS RsrusLic.-All the actions
of France and England betray at the present
moment the deep rooted enmiiy and i'll will Of
those governments towards us. Napoleon, en-
couraged by Palmerston. is acting in Mexico