Year: 1860

Wall street, for some months, h& bee
in Q state of unusual excitement Ero4
the moment when it became eyided
that the Western crops would prove
success great yield-railroad securiti1
began to advance, and they have continue
to do so from that day TO this. II is an advan(
in anticipation of results. The grain Is to
carried over the railroads.&c. railroads are
move it at a proGt-the profit is to be distribr
ed in dividends hence the stocks rise one, tw|
three, four, yes, five hundred per cent Bon
also rise in the same ratio--rise until they reaI
prices even beyond those at which they we
originally sold in the New York market yea
ago. The rise in this kind of material is full
equal to fifty millions Of dollars in six month
Our readers will not credit this, and yet it .
truth susceptible of ample proof Many thin
have added to produce this great advance
prices. 1t began when the banks were load
with the surplus capital Of suspended Co
merce, and this capital was freely and giat3
loaned at low rates of interest, and these stoc
taken as collateral security. The banks ha
continued to grant the same facilities up to Y
date, but they are charging more for their q
ney. Through these means the banks have bq
able to keep up their loan line to $lsO, 900 GOO
a sum beyond their ability to maintain, g
never approached but once before.


They did this at a time when, by comm
consent, the merchant and the trader stood ct
The banks did this large business in a speculat


direction, when nothing of Legitimate charac


could be found to employ their resources


They dashed into the llegitimate method


making money-became banks of hazard


we're open to every passer-by who chose to try


hand or take chance in the game. The res


is before the country: surging sea Of spect


ton in railroad seoulities-an advance of Fl


one to five hundred per cent within


months--prices still upon the top of the wav


and all the speculative appliances daily brou


to bear upon the market to keep up the


element.


In the published accounts of the singular p


perity which has fallen so bountifully On


road property in SO short time, we see moth


but the most glowing drapery-''receipts o


last year. No allusion to the character of


eventful year; no reference to expenses, VIII


from dark necessity, must be greater


ever before; nothing but receipts over
year." Perhaps such has been the imprd


ment in both the morals and the management


our railroad men that there are no expet


any more in running q road; the receipts


be all profit No other hypothesis can expl
the infatuation Of the present hour.
There is, however, change in the mo


market and growing change In the feel


of the community in relation to other matt
which may at an early day test the streI
and power Of this extraordinary specula
structure. II cannot be denied that it has b
thus far purely speculative. There have
no permanent investments made. On the
trary, the quiet and thoughtful man, who
lived through the past few years with his
tifcates In his pochetbook, has taken his md
, snd @ lass his shares and bonds in the hand


the Wall street men, as the sequel will show
This change In the money market is eau


BY the demands Of commerce. The West
quires capital to move Its crop, the impo1
to pay for their goods. The natural deman
q reviving trade must be met; hence, seven
cent instead Of four; hence, twelve per
instead Of seven ere long; decline in pr
and the usual Wall street liquidation In
midst Of panic and disorder. There Is
method Of averting this calamity. It k


logical sequence Of the folly Of the past
months.


II, superadded TO the change In the pric
money, the public mind should receive the
precision that the institutions Of the oou
were about to be tried as they never be
have been, and that this trial lies with


short sixty days Of the present hour,
hazarding but little to declare that there
fe,uful day Of reckoning ahead. And wh
not this trial to be made! We have lab,
most industriously to show, for a long
past frf what way alone 1t could be aver
The signs of the times point unmistakeabl
a cloudy I'D unsettled future. He alo1
wise who loo,ss the coming changes In the
and prepares t. meet them. II is not the S,
alone that is ca lied upon TO put its housI
order.


rur A~~v~,-c- ov rur Tumf-xr Az, r