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

The following very interesting letter, dated
october Is. is from the New York correspon-
dent of the Baltimore Gazette:
New York is weary. Wall street is as sad
asIfit were in sackcloth and. ashes, and the
settling day, which has come, has been to
many much more rueful affair than was the
4fsduudis quart d'heure to souless Raoeta,s.
Unfortunately, it is not yet over. Day after
day some bold strnggler tosses up the sponge,
white fer weeks to come there will be not o
few more who viii be- forced to succumb to
the ireyitable fact Of final settlement Wall
street is dull and despondene, and the only In
terest which ls manifested is the fevertsh ex-
eitement of some unfortunate stock gambler
whose last margin sup, and whose fate depends
mon the next turn Of the Stock Board wheel.
lt was a funny thing to see the telegraphic
ONCE at Jerome Park, directly under the
grand stand, and it gave one curious idea Of
. New Workers. pleasure, to watch the little
yellow envelopes which were now and then
handed In and passed round, in the sacred pre-
eincts, and even on the quarter stretch or at
the yery door Of the Judges stand, for Mr..
Bur or Mr.. Bear, or Nr. Long or Mr.. Short.
. Asyou stood by the pool shanty and heard
underwood cry out 'Now for Nemesis, " you
might see portly looking gentleman 1,sb Wth ma
careworn face, stamping slip Of paper under
his heeland hear him mutter "Pacifc, sixty. .
That was his Nemesis. There was pool
there. bigger and blacker than any DR.. I'm
derwood could put up. There was no more
amusement for this pleasdre-seeker. There
on the benches, and the only consolation he
got, even from his dearest friend, was the re-
mark that "Pacilc wasn't even worth sixty,
as there was no stock that could possibly
show, value offMelve Millions
Yetfhis Is New York life. Of course there
ore educated and quiet and refined people IN
New York. But they do their gallopping on
the side tracks. The men OF New York, who
make the New York world, are the Wall street
stock brokers and money dealers, newspaper
men, manufacturers Of patent medicines, he
roes Of successful railroed combinations, and
occasionally menagerie man, like Fisk, who
prefers q ssringn to circus. How could 1t
Be otherwise What man In this country can
expect to inherit property enough to i've at
the rate fast New York lives at How many
men engaged In any reasonably respecta-
BILE and legitimate business can nope 10
accumulate q fortune, which VIII enable
them to rival the lavish expenditure here,
that Is fast approaching that Of the days
Of decaying and luxurious Rome. NO one
pays q thousand dollars yet awhile for
q fsh, nor do they cut aqueducts through
mountains for the purpose OF supplying q
pond, where they occasionally fatten their
pets on human flesh. But there are men VINO
0RVe NN@%
thousand dollars, and It was only short time
ago that broker, who: had made turn, "
sent his check for $25, 600, In bouquet, to
dancing girl whose graceful contour had at
tracted his attention on the boards at Nibl0s.
Such men are proud of all this, and naturally:
It Is glory for them to feel that they are self
made, and they know, that is not every one
who has been brought up to deal In coppers,
to measure with yard sticks. and to pick bones
in the sculery, who can throw aside the tram
mels of early education, bargain for millions,
traffic on grand scale, and play host to Gene
raj Grant, Secretary Boutwell, and others OF
the elite Of this great country.
The last panic has only had the tendency OF
confirming this condition Of things. Many oil
the regular brokers, Straightforward and hon
est gentlemen, conhning their operatlons 70
legitimate business, have been ruined. Though
still doing business, their means are so limited
that Ii viii be some time before they can nm
To- cloud. The unscrupulous gumblers, who
have worked their ruin, are the heroes OF the
iiay.. Instead of being driven from the street,
they have more friends than ever, and the
only feeling manifested is desire to get q
finger in the next little pie. This Is about the
tone OF the monied society OF the country In
general, as wellas of New York in particular.
What the morals are II they match, need not
be tole.
The last awful "eorner," and the terrific
panic which ensued, afford very lively Illus
tratiou Of what Is considered In New York
grand combination. Fisk and Smith, Gould ~
Martin, who were the two most prominent
90 in for a grand coup. The services OF Mr..
Abel Corbin, the brother-in-law OF the Presi-
dent, o very quiet, shrewd and pious old gen.
tleman, who married his wife, few years ago,
on spec, for the benefit Of her influential con
nection,n almost ''unsight seen," and has
since. they say, managed to pick up couple
of millions, were first engaged. General
Dan Butterield, the government financial
agent In New York, 1t is asserted, was
also let into the 'secretfor reasons no doubt
AT any rate, he Is now generally termed
the Fsk-al agent Who else went In, Is
not positively known, but two more gentle,
men, holding very high official positions, are
spoken OF in very plain terms by the ''ring.
When the team was all ready, start was made
Gold was bought up quietly until one hundred
and ten millions had been actually bought and
paid for, or bargained for. AS fast as it was
taken In, it was loaned out to the "shorts, ,
who were selling freely, and thus the amount
Of the purchases made by the clique were
neither known nor felt As there were only
seventeen millions of loose gold in New York,
the scorner' was cOnsidereda o certain one, and
when the traps were all laid for certain strong
parties, and the plans matured, gold was called
In, and, as it became scarce, the price was run run
assurances they had, they felt that they had
the power to put the price where they chose
The only question was how much the different
brokers, who had contracted to deliver coin-
could afford to pay for it. The object was to
get all that could be got from men who
could pay differences, being solvent II
forced too hard, they would break ana pay
nothing. But just as they were glorying IN
their imaginary millions, their crockery fell to
the ground, and they found their dreems as
vain as those of the sanguine Al1dSchdr. Not
that they kicked over their basket themselves
no indeed! It was their friends who did it for
Them On the morning of that eventful black
Friday, the news was circulated that Jay Cooke
b Co., Duncan Sherman & Co., and other lead
ing bankers, had had meeting, had formed a
"rlng," had pledged to General Grant two to
one in foreign securities, in London, for gold
enough to knock the market, save the coun-
try and defeat Pendleton and Packer at the
coming elections. 1t was q new thing in
deed for the President of these United
States to be lending government gold for
wall street gambling operations, and to agree
to receive as security for the loan pledges OF
stock, which, in the event of failure, might
never come to hand. But 1t was soon evil
dent that, from patriotic virtue or some
other motive, General Grant was not obdu-
rate to such entreaty, and that certain parties
had an open sesame to the treasury vaults.
Kyrk nf