The Washington herald., 1908-01-05


While the trouble was at its height, the
genial Capt. Marryat. Of sea story fame.
paid the country a visit, landing In New
York ON May 4, 1887. Some Of the Incl
dents and atmosphere of the period are
recorded in a Diary in America" pub
lished two years later and have the ad-
vantage Of expressing the viewpoint of an
impartial observer who could look at the
situation uninfuenced by personal inter-
est
For this reason, perhaps. Capt. Marryat
took lighter view of events than those
whom they more closely affected, but his
analysis of the causes of the trouble and
remarks thereon, show that in spite OF
his humorous comment he looked be-
meath the surface.
All the banks have stopped payment
in specie, and there is not a dollar to
be had" remarks Capt. Marryat of his
first experiences. Il walked down Wall
street and had convincing proof of the
great demand for money. for somebody
picked my pocket.
Two hundred and sixty houses have al
ready failed. and no one knows where it
IS TO end. Suspicion, fear and mis-
fortune have taken possession Of the city.
Had ] pot been aware of the cause.
should have imagined that the plague
was raging, and l had the description of
Defoe before me,
Capt Marryat did not fail to notice
and comment on the characteristic Amer
lean spirit which was able 10 enjoy the
humor of the situation even at its own
expense. and in the midst OF disaster 10
re1f for -rfs
Militia in Evidence.
The militia are under arms, as riots
are expected" he writes. 1.-THE banks in
the country and other towns have fol-
lowed the example of New York, and
thus has Gen. Jackson's currency bill
been repealed without the aid OF Con-
gress. Affairs are now at their worst.
and now that such is the case, the New
Workers appear to recover their spirits.
One of the newspapers hUmorously OBJ
serves. All Broadway is Ike unto
new-made widow, and doesn't know
whether to laugh or cry.
There certainly is a very remarkable
energy In the American disposition if
they fall, they bound up again. Some
body has observed that the New York
merchants are Of that elastic nature, and
that, when Mt for nothing else, they
might be converted into coach springs,
and such. really, appears TO be their
character.
They may say the times are bad
said young American 10 me- but /
Jhi1k that they are excellent A twenty
dollar note used to last me but a week,
but now it is as good as Fortunatus'
purse, which was never empty. 7 eat my
dinner al the hotel. and show them my
twenty-dollar note The landlord turns
away from it, as if It were the head of
Medusa, and begs that / VIII pay another
time. I buy everything that I want. and
I have only to offer my twenty-dollar
note in payment. and my credit Is un-
bounded-that is. for any sum under S20
If they ever do give change again I'm New
York it will make q very unfortunate
change in my affairS'
IN that day the Importation Of gold
was slower ana more difficult and cur
rency, it appears, was not TO be had even
at premium.
Paper Widely Circulated.
Nobody refuses to take the paper of
the New York banks" writes Capt.
Marrya,, in describing conditions. al
though they virtually have stopped pay
York-but nobody will give specie in
change and great distress is occasioned
. by this want Of a circulating medium.
Some Of the sh0pkeepers told me that
they had been obliged to turn away a
hundred dollars a day, and many a
SoutheTner. vino has come up with a
large supply Of Southern notes. has
found himself a pauper and has been
indebted to "a friend for a few dollars In
specie to get home again
''The distress for change has produced
a curious remedy. Every man is now his
own banker Go to the theaters and
places Of public amusement and instead
OF change. you receive an /. o. L. from
the Treasury. At the hotels and oyster
cellars il is the same thing Can for a
glass of brandy and water, and the
change is fifteen tickets each good for
one glass Of brandy and water. At an
oyster shop. eat a plate Of oysters. and
you have in return seven tickets. good
for one plate OF oysters each.
Barbers Gave Tickets.
ut is the same everywhere. The BARRIERS
give you tickets good for so many
shaVes; and were there beggars in the
streets, I presume they would give yOu
tickets IN change, good for so much phil
anthropy- Dealers in general give out
their own bank notes. or. as they are
called here, shin pIasters. which are good
for 81. and from that down to 23b cents.
all Of which are redeemable only upon a
general return to cash payments.
Hence arises another variety of ex-
change in Wall street.
Tom. do you want any oysters for
lunch to-day?
Yes
Then here's a ticket, and give me two
shaves in return.
Commenting on the reason for the finan-
ciai difficulties of those days, Capt Mar
Tyat says III any one will look back
upon the commercial history Of these last
hfty years, he viii perceive that the sys-
TEN Of credit Is always attended with a
periodical blow up; in England perhaps,
once in twenty years, in American once
In from seven to ten. This arises from
there being no safety-valve-no check
which can be pat 10 il by mutual consent
Of all parties.
The most prominent causes of this con
Vulsion have already been laid before the
English public; but there is one that OF
speculating in land-Which has not been
sufficiently dwelt upon, nor has the inn
pcrtance been given TO it which it de-
serves; as, perhaps. next to the losses &C
easioned by the great fire. it led. more
than any other species Of over-specula-
ton and over-trading. TO the distress
which has ensued,
Not but that the event must have TAX
en- place In the usual course of things.