The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1869-09-25

for moment anticipated that II would descend, and
the very fact Of its increase fred the crowd to mad
ness. The faint hopes Of many excited persons
had now expired, for the great tide came sweeping
in covering the teacherous rocks and leaving no
trace behind.
THE EXCITEMENT AT NOON.
The financial caldron still dubbed with violence.
The contagious fever spread through the city. The
community almost became bewildered and COM
merce was at standstil. There was simulta-
neous rush to Wall street, ana shortly before noon
the entire vicinity was crowded to excess. The
entrances to New street were entirely blocked up
and men struggled mady through the throng.
Messengers rushed In all directions. while brokers,
bankers and others along the street jumped bare
headed to the steps Of their concerns to witness
the scene. Up went the gold and down fell the
hearts OF thousands. Just as at the faro table,
winners reoiced and losers WINGED with PAIN But as
the fever spread rapidly not only those directly In
terested became terribly excited, but the popuace
caught the fever and were soon lost in hopes and
fears. Nor was the excitement confined to the
Vicinity of Wall street. Gold dals in all directions
were surrounded by o most eager throng, and as
the prices rose the fever became more intense In
fact so eager did the crowds become that IN some
places the faces Of dals were actually covered with
paper. Never has there been such excitement
exceeding by far that created by the South Sea
speculation In London. There was not the slightest
effort made to check the decline. The following
will show the quotations rendered before noon;-
$50, 150H, $50, 15OX, 1865, 1857, 1865, 1854. 1907,
1856 1854, 100, 1904 1904, 100, 1902, 100, 1e2, 100,
1927, 1872, 18l, 1907, $780, 1867 &c., 1850, 100, 162H,
165.
THE BUBBLE BURSTS.
AS the bells OF Trinity pealed forth the hour OF
49, nn Tvvot
moment later, and before the echoes died away,
gold fell to 1885, Here ensued the grand excitement
OF the day. The "bears" who had withstood the
mighty siege were now jubilant in the extreme.
while the news fell like terrific thunderbolt upon
the entire community. The scene which ensued Is
beyond description. Over the pallid faces OF some
men stole deadly hue, and, almost ranshxed to
the earth, they gazed on vacancy. Others
rushed like wldAre through the streets,
hatless and caring little about stumbling
against their fellows provided they reached
their goal. Never was there such blight.
The ''bears" had but few moments before become
almost resigned to their fate while bulls grinned
with excessive delight. The tables were turned and
the crisis had come. Most people were ct first
inclined to discredit the statement. but the
announcement on the many dials, around which
eager throngs quickly congregated soon gave salts
factory proof Of the fact. 1t was tremendous
descent so sudden and 80 amazing as to render
many almost speeches.. more extraordinary
phase IN financial circles could have hardly taken
place. and the circumstance was regarded accord
ingly.
THE CAUSE OF TIE DECLINE.
Rumor was wild the entire morning. 1t was
thought that the Secretary Of the Treasury would
not interfere in the contest But the high-handed
manner in which matters were apparently being
9TH rUfQ
was no knowing where the end would be. While the
fever was at Its height-gold at 1e5while some men
were almost delrious with Joy, and others were
going mad with despair; while the community was
being disturbed by an unwarrantable and outra-
geous shock, business paralyzed and the order
OF things completely disarranged, q telegram
came across the wires that was soon to quell the
excitement that prevailed. BY some inkling the
intelligence contained In the alimportaut telegram
was spread abroad like wildnre; but scarce had
General Buterneld, the Assistant Secretary Of the
Treasury, received the communication when
1t was posted prominently on the bulletin. The
telegram read as fOlOws:-"Seu four mil
lions gold tomorrow and buy four millions bonds
Geo. 8. Boutwell,, Secretary Treasury" General
Butteraelds Office had, up to the present. been
besieged by large crowds, including prominent
merchants, bankers, brokers and others, who anx-
iously remained to see whether any action would be
taken. The telegram was received at i've minutes
past twelve, and probably within one minute the
communication was made public to the world. The
well known and commendable practice Of the
Assistant Treasurer to give immediate publ
cation to such important matter has ever evoked
the highest encomiuns Of our leading business men,
the prompt action Of General Butterfeld on the
part Of the Treasury impaired the greatest confidence
while it likewise tended to brighten the commercial
ckv xuht for IN ffu,a wo haip
by heartless spectators. The large aud influential
assemblage that remained near the Generals ONCE
quickly departed In the highest spirits, expressing
their utmost approval Of the prompt ana decisive
action OF the administration. The silly and doubt
less malicious reports that officials Of the govern
ment were to some extent favorable to the
gigantic scheme which had just been perpetrated
were happily found TO be utterly unwarrantaple. In
this instance the administration was most favorablY
spoken Of by al WHO attended General ButterHelds
ONCE, and quitting the Sub Treasury with lighter
hearts than they had entered 1t many heaved
sigh of relief With that dignity, GOODNESS and ara-
bnity which the momentous occaGtop demanded.
General Butterneld was equal to TIE great emer-
gency, and when the panic was put an end to
he quietly resumed his duties whiio the princely
went their ways rejoicing.
THE EFFECT.
Possibly no avalanche ever swept with more ter.
rifle violence than did the news of Secretary Bout
wells kilograms into the Gold Room. 1t Is remark
able fact that when man tried for murder is pro-
nounced by his jurymen to be equity" his lower
jaw falls somewhat. Next to being convused, the
bulls' were frantic, not to soy fer0cious and I'M
manageable. There was first deadly stillness--It
lasted but o moment-the muscles Of the animals
were relaxed, and then came o roar Of rage and
disappointment that was truly pitable TO hear. The
'bull" was stung and was unable to horn his oppo.
| nent, while the spectators reoiced and made merry
at his defeat The result was On ebullition Of feeling
never perhaps equaed in the history Of the famous
| Gold Room Of Wall street. From some Issued the
| wild cry OF Despair. others rushed from
| the room and sped through the streets
| like raving manlacs while number still
| chung, to the ground refusing to believe