Los Angeles daily herald., 1873-11-02
gos Angeles Htrald.
NEW YORK LETTER.
NEW YoRK, Oct. Goth. 1873.

NEW YORK, Oct. Goth, 1878.
EDITOR HERALD--This is indeed
trying period for the business commu-
nifty of this great metropolis. Turn to
which side we may, the cry is the
same-no business, no money, no
collecting of accounts, and as a result
hundreds, yea thousands, of men and
women are being thrown out of em-
ployment each week. A general im-
preston prevails that reduction i'll
the price of all articles of manufacture,
wages, etc, must take place during
the present winter;-in fact many be-
lieve a return to specie payments will
be urged in Congress at its next COM
ing session and in the event OF such q
change, the value of everything must
surely undergo great shrinkage.
At first all must feel the loss or dam
age, but in the end general good and
benefit will result. 1t is notorious
fact that the legitimate expense of
every branch Of business conducted in
this city during the past five years has
been entirely too great q burden, and
in many instances more. than the
profits; and while we continued to
make one dollar and spend two no
other result than a general stop and
stagnation of trade could have been
ANTICIPATED. Another result of our past
style of expensive living has been the
daily unearthing of embeZZlements,
forgeries, frauds and misappropriation
of funds by men who have held high,
responsible positions and enjoyed the
respect and confidence of their fellow
men. But now the public begin to
entertain the thought that no man is
above suspicion. None can wonder,
after the hundreds Of rascalities dis
covered during the past few months,
and the culprits, not common thieves,
but men who have heretofore borne
characters unimpeached.
Even Banking Houses that have en-
joyed the confidence and patronage Of
the Government have proved to be
the ruin of many an honest but ever
credulous depOsitor;-and why? Sim
ply because q misapprOpriation of the
funds of the several banking institu-
tions from their legitimate business
into the channel of speculation; and in
the words of our Commodore Wander
bilt build railroads from No where
to No place."
The realization of our present posi-
ton can not be appreciated nnless one
is here in its midst, (for this is indeed
one of the money centres Of the
world, and would that could write
we had seen the end; but, alas, months
will undoubtedly intervene ere that
period can be announced. Tis true
that thus far we have witnessed very
few failures; but this can be accounted
for in two ways: indulgence on the
part of creditors, and the fact that
their heavy payments will not fall due
for another month. If we can pass in
to the coming year without general
crash, then we hope to pass the ordeal
without greater injury than that
already experienced.
Our National and State banks have
stayed in q great measure the storm,
by the course adopted by themselves.
The certificate Of checks, stamped
"good through the clearing house."
has produced gratifying results, serv-
ing the purposes of our merchants, and
preventing the withdrawal of currency
from the vaults for the purpose of
placing the same in safe deposit vaults
for greater security.
In bringing my present unpleasant
subject to halt, it is my hope and
desire to send more gratifying letter
next. Yours, &c, STANIsLAUs.