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

the clIquc got frightened. At once they be-
gun tc settle on tho best terms they could OBJ
lions at IG0, while his principals were actually
selling at $50, or on any reasonable terms they
could, in another part OF The Gold Room. For
hour tnc &c sGnssSn osS Ion hSa %ns Every
chascs were made without regard to RESPONSE
| biIty. and ut the end of the dny II was found
| that there were over six hundred millions of
gold to be settled for I'm tho Gold Clearing
House, most Of the parties being evidently in
solvent, and nobody Knowing what those
who had met their engagements ought to re-
ccivc.
The consequences OF this cventGl day have
been very curious rs well rs serious. Tic very
bankers who stepped in to stop the panic were
caught In the general confusion and universal
they were to return. fhcy sold at l6O. One
banker sold five millions ut this rate to Spcycr,
and then turned round and bought in Mt $50
| from Smith, Gould & Martin. Speycr vanished,
and the banker who made this very clever turn
found next day that, Instead Of having sold
''short" at l60, he In reality had gone heavily
'.long" at 100. He rcpudlatcs the purchase on
the ground that Spcyer was IN agent for the
other party. But will the proof DO forthcom-
Ing?
The history Of that terrible day will never be
known. Men sat down before noon and cross
cd their hands, considering ruin certain. Be
fore o'clock the turn came, and they had
large balances ut their control. Others who
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 endeavored to get them back,
1t was too late. At least one house saw thus
the accumulation of years swept away in two
short hours. Ono firm, when called upon for
margins, at once admitted its readiness to
comply, but insisted on making tho deposits in
a trust company. 1--WE will meet your calls"
said the head Of the house, "evcry fifteen min
utcs. When it goes against you, you shall do
up, If necessary, the whole value of our pllr-
chases or sales" But this did not suit,
and ut the close of tile day they were
lurScly ahead, and free from complica-
tions. 1t Is only wonder that others
were not so prudent. Vanderbilt paid
frightfnlly for money, but stood ut his post
ail day plcdging from his Immense .accu-
friends who could use them. Exchange was
offered almost for song, and telegraph after
telegraph for gold was dispatched by cable. a
considerable quantity was shipped before the
orders were countcrmandcd. This week it~is
being returned or sold for shipment ut heavy
loss. Who has made and who has lost remains
yet to be seen. Only two days ago, n gentle
man arrived by steamer from England. He
had sailed Il week after tile panic, under tho
confident belief TINT his house was safe and
that he was millionaire. He stepped ashore
10 find himself u bankrupt, and to learn that
on tile dolar.- There arc many settlements
yet to be made, and there arc many men who
are still entanglcd and who will never see
their way out If Vanderbilt. makes n Western
connection, consolltlatcs his ronds, carries
New York Central up ten per cent. Inorc,t and
Is enabled to ''stay" with the load he Is
carrying. Is 1t any wonder that Wall street is
weary Is it not extraordinary that men Y O
lead such n life are not utterly worn out anu
exhausted? 4-