The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1869-10-21

| the clioue got frightened. At once they be-
pan to settle on the best terms they could OBJ
| tain Mr.. Speyer was sent out to buy up mil
lions at 160, while his principals were actually
selling at 150,.or on any reasonable terms they
could. in another part of the Gold Room. For
an hour the confusion was frightful. Every
one seemed to lose his head. Sales and pui'-
| chases were made without regard to responsi,,
bility. and at the end of the day 1t was found
| that there were over six hundred mllllons Oh
gold to be settled for in the Gold Clearing
House, most of the parties being evidently III
solvent, and nobody knowing what tnose
| who had met their engagements ought to re-
| ceive.
| The consequences of this eventful day have
| been very curious as well as serious. Tne very
bankers who stepped in to stop the panic were
| caught in the general confusion ana unlVeIsa
mad excitement. They oorro%so g1Eo gIeo "1,un nnn
| thew were to return. They sold at !6o: One
banker sold five millions at this rate to Speyer,
and then turned round and bought IN at lou
from Smith. Gould & Martin. Speyer vanished,
| and the banker who made this very clever turn
| fonnd next day that, instead Of having soid
| s'shortn at 160, he In reality nad gone heavny
sslonrn at $50. He repudiates the purchase on
tho Ground that Speyer was an agent for the
other party. But will the proof be forthcom-
ing? s.s.+ +orr;h,o dow w,u never he
known Men sat down before noon and cross
ed their hands, considering ruin certain, Be
fore o'clock the turn came, and they had
large balances at their control. Others VINO
were called on for margins had put them up,
! in accordance with general usage, until they
! were nearly exhausted. When the bubble
burst and they endeayored to get them PACK,
| It was too late. At least one house saw mus
! the accumulation of years swept away III two W.
short hours. One firm, when called upon loI
margins, at once admitted its reaa,ness ~ ~
comply but insisted on making cae roTr calls y
said the head Of the house, ''every fifteen MN n
utes. When it goes against you, you snah Ve uo
the same. And SO we will go on until we put
mn. If necessary, the whole value OF our pur-
chases or sales" But this did not SUIT,
and at the close OF tae fu gay 'rey ceywnIcs. Tese
tloHs. It is only wonder that others
were not so prudent vanderbilt paia
| frieht6llly for money, but stood at his post
ali day pledging from his immense accu-
mutation of stocks, and lending freely 10
friends who could use them. Exchange was
offered almost for song, and telegraph aiter
telegraph for gold was dispatched oy caole.
| considerable quantity was shipped before tne
orders were countermanded.. This week 1t Is
being returned or sold for shipme44t at heavy
| loss who has made and who has lost remains
vet to be seen. Only two days ago, gentIe-
man arrived by steamer from Enslan9. ne
| had sailed week after the panlc, uiuci ,S .nS
confident belief that his house was sale anu
that he was q millionaire. He stepped ashore
| to find himself q bankrupt, and to learn tnat
his firm was settling Its liabilities at fifty cents
on the dollar. There are many setuements
vet to be made, and there are many men who
are still entangled and who will never see
their way out If Vanderbilt makes a Western
connection, consolidates his roads, carries
| New York Central ND ten per cent. more, and
is enabled to "stay" with the load he Is
carving. Is it any wonder that Wall street is
weary Is it not extraordinary that men VINO
lead such q Bfe are not utterly worn out and
exhausted?