The New York Herald Newspaper, July 31, 1854, Page 4

a 9 ae ad Che ttl ck Ee A Sa ee 8 2 a he AB ee Ee NEW YOR\ HERALD. samas conpon? EN VET, PROPRIE O. AND |D TOL @7FICE N. W. CORNER (¥ NASSAU AND FULTON OTS, TERMS, cash in advance, THE UV4ILY HERALD 2 eenta per ber annum. THE WEEKLY HE. every Suiurday at 6% ceate per copy of BS per annum; the Buropean Edition $4 per an- Bum fo any BOrE Of Grea Bri aim, and 89 to uy part of the Conitient, doth to include 5 osta; NO NOTICE taken 6f anonymout Communications. We do aot reiure hone r VOLUNTAR ¥ CORRESPONDENCE, containing impor: font cows solicited from any quarter of the world—if used will de ty paid yor oj Forston Conmesron KSTED T) BEAL ALL LATTERS by Mail for Sudscriptions or with Adver Mt pad, of the postaye will de deducted from ite RINTENG executed with neatness cheapness, ond depotch ‘ZEVERTISEMENTS renewed every day. ————— oOo AMUSEMENTS THIS EVENING. BOWERY THEALRR., Bowery-Onecs Bvente—Tieut Dore- Wisvi Munoz. BUBLO’B—Sorven yoOR Love — Diyentisemeyt — Ui. NaVIUNAL THEATRE. Chatham street. - Ricrsiisv— LOT AnD PAR#ON ATION, AMERICAN MUSEUM. —Afternoen. From Vitzace 10 @ounr— Bvening, Mux Consoan Gaornans. we MINSTREL Hall, 44 #roadway—Ermorias SPRELSY AND BURLESQUE OPERA. BUCELRY’S OPRRA HOUSE. 689 Broadway.- Buox- anv s Brmoriay Orena Taours, PRANCONI’S HIPPODROME—Manuo0w Sqvanz, a New York, Monday, July 31, 1854, Malla fer Kerope. MT YORE MERALD—EDITION FOR 'BUROPB—TEE DE PARTUKE OF THE Sf. LOUIS PORDPONED. ‘The U."B. mail steamahip St. Lovin, Capt. Ava Fidridge, wil Deave this city this day, at 13 o'clock M. for Oowes and Hayre, © Te Kuropean mails yild Gone an o’olock thia morning. ® i The Cunard steamship. Ningora,*Céptain Leitch, will leave Boston on Wedneaddy; at 12 o'ieck M. ‘The mails will close ‘in’ this city"at & quarter before threo o'clock to-morrow afternoon.» + ‘Feo Heat, (printed in French and English,) will bo pablished atuhelf-post mine o’clock on the méraing @f the sailing of each steamer.’ 3ingle copies in wrappers, sixpence. . Badscriptions add sidvertisementa for any edition of We New Yoru Lxgsp will be received at the following \gimeee in Europe — Eavesroot, .John Hunter, No. 2 Paradise street. Semon... Wdwards, Sendiord & Oo., No. $7 Cornhill. . = Wm. Thomas & Co., No. 10 Catherine street. PAR... 1.6 Livingston, Wells & Co., § Place de la Bourse. The contents of tho Rurepean edition of the Herat will embrace the news recowed by mail and telograph at thie office during the previous weck and to the hour of pablication. tbethig city at half-paat News. CONGRESSIONAL AFFAIRS. Both honses of Congress have resolved to finally edjourn on the 4th of August, and unless the reso- dation is reconsidered and the time altered there remain but four days of the present session. The ‘eppropriation bills will no donbt pass within the time greed upon, and the Homestead and Graduation Land bill, as returned to the Honse from the Se- mate, may possibly be reached and paseed. The * Texas Debt bill will probably go over. The reports ‘of the various investigating committces will amount Fo just nothing at all, vo far as their influence at ‘this time is concerned. The Canadian reciprocity ‘treaty is yet under consideration, but the chan:es ase rather in favor of its ratification, The proposi. tion to place ten million dollars in the hands of the President, nominally to maintain the honor and in- ‘ereste of the nation in the Spanish trouble, but, 28 ia said, in reality to forward the schome of the ac_ quisition of Cuba, remains to be acted on. Alto, gether we expect an unusually lively time at the or. pital during the next few days. THE SAN JUAN AIPAIN. ‘The destruction of the town of San Jusn is the principal topic of the day in political circles. The resolation on this subject, which we published on Friday, wil] probably be submitted in the House tc- dey, unless the intimation which has been given out of the President's intention to lay before Con- grees on Tuesday all the facts of the affair, shal! have determined My. Maarice and bia friends to post- pone it until after the reception of the communica- fion of the Executive. It is reported that the Secretary of State has declared emphatically that none of the responsibility of the act of the com- mander of the Cyane rests upon him. Although there is overy reason in the world why this state- ment should be made by Mr. Marcy, who, together ‘with his colleagues, would gladly escape the odium which assuredly attaches to the San Juan outrage, it of course requires confirmation, and indeed it is Positively asserted that in Cabinet council he decidedly approved of the instractions to Car- @ain Hollins. By piecemeal the facts con- mected with the alleged insult to our late ambuistory ministerto Central America are com, ing to light. It is said thatwhile at San Juan Mr. Borland organized 9 eort of filibastering military party; forthe protection of the honor of the United States as personified by the Hon. Solon Borland of Artvansas, and that he actually drew on the gov- ‘ernment for about twelve-thousand dollars, where- with to maintain this body guard of the minister. Here is a new feature in our diplomasy. Mr. Bor- Jand had no doubt read the accounts of tho bril- Mant turn-out of Prince Menachikof when he went to Constantinople to regulate certain troublesome ‘Matters, and as “ nopent of Utica” controlled his powers, he determined to put om an air of conse- qmence. Mr. Borland’s drafts, however, have not (ON THs INstvr Pacse Will be-found letters from our correspondents at ome and abroad, interesting exteacts and opinions from Eurdpean journals, sthte ofthe crops through- out the country, commercial fntelligence, mar- kets; Kc. - . DESTRUCTIVE FIRE AY JERSBY GITY. Yesterday afternoon a disastrous conflagration occurred at Jersey City, Four blocks of buildings and their contents were laid in ruins. The loss o Property is estimated at three hundred thousand. @ollars. A full account may be found on the first pege. MISORLLANROUS. ‘There was a severe eterm at Charleston on Thurs- @ay last, causing considerable damage. A bark was struck by lightning, which shivered the maiamast. At Wilmip gton, Del.,on Saturday evening, a shock vesctubling an earthquake wae experienced. It was eaused by the explosion of a powder mill one mile and a half from the town, which killed one man, injured another, and demolished the factory. The propeller Boston, loaded with produce and pork, was ruf into by a schooner on Friday night, of Onk Orchard, Lake Ontario, and sank in a few moments. No livos were lost. The State Commissioners at Springfield, [i!., te- fused permiasion to Cassius M. Clay to speck ia the State’ Honse on Monday last. Cassius was very wroth thereat. Colone) Bissell, member of Congress from Minois, bas pubiished a letter declining a re-election. 1! health aud private business is the reason assigned for this course. Atthe West they get up everything on an exter- sive scale, On Monday last a hail storm of a most extiaordinary character pasted overa portion of Ulinois— fortanately # small portion. I: embraced a range of @ quarter of a mile wide, and extended abou, two miles in length, and contiaued for about ten m‘nutes, Mailstones that measured nine inches in carcom/erence were picked up. They fell In tre mendous qnantities, of all sizes—killed pigs chickens, &c., split the weather boarding of houses, passed through the ends of shingles, ekianed the Lark off the trees, and broke off limbs of trees two incl es in diameter. It wag certainly an extraor- Guiry storm. “ Debate tn the Houss—shall che | St amaers De Abandemed } It is imp ssib'e to read he bate o Satur- day in the House of Representatives without feelings of astonishment and pein. To find that, in the year 1854, after all the triumphs that have been achieved by ocean steamers, and all the hopes they have raised for the future; with the moet convincing ev:dence of their national importance befure us, and a clear prospect of national loss in case they are abandoned; to find, we say, that it is now proposed to deprive the Collins line of the aid which alone enables them to compete with the Cunar vessels and to sustain the naval character of the United States, must be a source of deep mortification to every right thinking citizen. Yetsoitis. On Satur- day last the House of Representatives voted that on 31st December iext, the Secretary of the Navy should give to the Collins line the six months notice required by the deficiency act of 1852, preparatory to the withdrawal of the ad- ditional allowance received by them for the transportation of the mail between New York and Liverpool. The proposal of the committee was even more outrageous than this, for it suggested that the notice should be given at once. In their haste to in- jure the Collins line, the members had even for- gotten the clause of the deficiency act of 1852, which provides that the notice cannot be given before 31st December, 1854. This bluader was atonce pointed out by Mr. Walbridge, and the House reluctantly consented to refrain from violating the compact it had made two yeara before. But no further would they go.. Messrs. Walbridge and Wheeler proved that the ex- penées of ruming the Collins vessels had been ¢ incrodsed during the three last years, to alarger amount than the increased allowance covered. The former established that since the ad- ditional allowance, «1 average of two days ad- ditiong) speed had been attained per trip; and contegded, mort forcibly, that this advantage would have bees cheap at twice the money. But the House was immovable. It had been resolved to crush the Collins line, and the vote was iaken in the teeth of reasons to the con- drary which no one even attempted .to coatro- vert. To speculate on the motives which induced a majgrity of the House to come to so extraordi- nary o decision would be fruitless. Who can’ tell the arguments by which the minds ef Mr. Skelton, Mr. Allen and Mr. Goode have been reached? When a man of ripe years calmly tells us that he considers the system under which the naval reputation of the United States has risen to its present height, to be “wrong and rotten,” of what use is it to in- quire into the process of reasoning by which he arrives at so absurh a conclueion? Who could analyse the ratiocination of a lunatic? Seo- tional prejudice, jcalousy of New York, obso- lete notions of candle end economies, and poz- sibly in some cases even baser motives have no doubt been at work, and opposed an insur- mountable barrier to the approach of reason, and the inroads of common sense. Even these nerrow grounds cannot be imputed to the mem- bers for New York. For the vote of the whole city delegation — Walbridge, and Wheeler excepted—it is impossible to conceive an excuse. They knew that, whatever reasons INinois and Virginia might have for opposing the appropriation, not one soul among their con- stituents believed if to be unjust or exorbitant. They knew that, whether the Collins line served the interests of the South and East or not, it was one of the life springs of New York, and had done not a little towards building up the maritime greatness of the city which sent them to Congress. Be it madness, spite, or sheer ig- norance, the conduct pursued on this occasion by Walker, Walsh, Tweed, and the truaut Cutting can neither be forgiverr by the mer- cantile population of the city, nor recon- ciled io their own conscience. They have in the grossest manner betrayed the trust placed in their hands; and by their example have encouraged other members who know and care little about our interests to deal a dendly blow at one of the chief sources of our maritime power. It is deplorable to think that many weeks must elapse before they can be made to answer for this vote at the polls. The question befure the House was of the simplest character. It.is proved beyond controversy that If the additional allowance be taken from the Collins line, it must be aban- doned. Vessels so expensive in every way cannot be run at a loss for any length of time; the most princely fortune would exhaust iteelf in attempting to supply the deficiency. For a period of twelve years the Cunard vessels re-_ ceived from the British government euch a com- pensation for carrying the mails as enabled them to sustain the enormous cost of the ente7- prise, and to place it at length on the perma- nent footing it now occupies. If, during this period, the British government bad made such @ reduction in their allowance as it is now pro- Posed to make in ours, every one familiar with the subject knows ihat the line would have failed, and the scheme would have been aban- doned. Great Britain pursued & wiser policy. The Cunard vessels were largely remunerated out of the national treasury; a few thousand pounds more or lees being rightly deemed by British statesmen of very small moment in comparison with the establishment of re- gular and speedy steam communication with America. We see the fruits of this policy in the admirable perfection to which @ can steam navigation has been brought hy jre Cunard company. Nearly five years a>, citizens of the United States, dissatisfied with PLe British monopoly of Atlantic steam vesse! § tesolved to try whether we could not build steamers of our owa. By dint of great exer- ions the pubMc mind was roused to tho na- (onal importance of the undertaking, and an WP lowance was made by the United States go § ernment to remunerate the Collins steamers for carrying the mails. The experiment has been eatirely successful. Notwithstanding the di g t-ust which usnally attaches to new enterpria § the postages by the Collins vessels increaseu twenty per cent in 1852, and thirty-five porcent in 1853. Next year, they would fully repay the whole appropriation. It is not pretended that if the mail contract were withdrawn from the Collins vet:els others could be found to carry the mails at o less rate. Every one knows that our only choice lies between them and the Cunard line. If we deprive the Collins vessels of the means of running we rain one of the no. blest undertakings in the country, and throw the whole letter-carrying business into the hands of Great Britain. In a mercantile point o! r, ach an error would be fatal. To render curselves dependent in so important a branch of our economy as the transportation of the mails, upon @ foreign nation, with which we may ot any time be involved in hostilities, is absolute insanity. In a national point o view, we regard the repeal of the additional al- vi lowance to the Collins vessels ase;ua'ly sui- cidal. More of our national glory than such men as Skel on and Goode can estimate has arisen from tie feata of these very Collins | steamers. We owe to them in part the reputa- tion which is the safeguard and honor of our citizens alroad. Through them, we have been enabled to surpass Great Britain in one of the most important elements of national greatuess, and to leave the rest of the world far behind. When fore’ gners desire to draw attention to the growing power of the United States, it is not to our Congress or our writers or our think- ers they po‘nt, but to our reaping machines, our clippers, and above all our unequalled Col- lins steamers, The question is now whether this source of power and prestige is to be uban- doned for the sake of a few thousand dollars. That question with the Senate ; and most fervently do we hope that there are’ statesmen enough in thst body to repair the fatal error which has been committed by a few mischief makers in the House of Representatives. Congress—The ne ane = Question of Ad- The Senate hav: ‘assed the Civil and Di- plomatic Appropris on bill, with numerous amendments, and it ¢; 4 back to the House for their concurrence’as aw nuded. What may be the exact aggregate of the appropriations sad- ded upon this bill, as sent back to the House, we are not informed; but we ventare to say that, ordinarily limited to five or six millions, it does not now fall far short of twenty millions of dollars, Judge Butler, of South Carolina, a man of ripe experience and Sound judgement as a legislator, said in the Senate the other day that ho “ believed the bill was enough to kill apy man who would vote for it;” and yet the bill passed by a vote of two toone. All the regular appropriation bills, the Gadeden treaty, the Texas bill, and the various miscellancous appropriations of the session taken together, will perhaps extend tho sum total of the year to seventy or seventy-five millions of doliars, This is doing very well with the spoils. The maximum of the annual expenditures of the government for the peace establishment has been considered sufficiently liberal for all prac- tical and legitimate purposes, at fifty millions of dollars. But with thirty millions surplus in the Treasury to begin with, and with a hungry anny of spoilsmen infesting the Cabinet, the Kitchen Cabinet, and both houses of Congress, the “tax paying people” may consider them- selves fortunate, very fortunate, if the dispen- sations of the public plunder do not exceed this year the comparatively moderate figure of seventy-five millions. Our only bope of rvlief from the pressure of eighty or a hundred mil- lions, is in the final adjournment, which has heen agreed upon for the fourth day of August. Within a week, provided there is no reconsi- deration of this saving resolution, we shall know the worst, and shall realize a great re- lief in the return of the members of both houses to their direct accountability to the people. But we are admonished from Washington that “ the signs of the times indicated great and im- portant events in embryo”—that it Is still highly probable that we shall have a war mes- sage sent into the House against Spain, and thata discretionary fund may be required by the President to meet the contingencies of war during the vacation till next November or De- cember. It is thought that having hada taste of bombardments sand conflagrations, in the destruction of Greytown, the administration is getting decidedly hot for a war with Spain, as the tiger, after tasting a lamb, becomes thirsty for larger game; and it is apprehended that this business, ora squabble between the two houses upon the spoils appropriations of the Civil and Diplomatic bill, may lead to the repeal of the adjournment, the prolongation of the seseion fora few weeks longer, and a largely increased squandering of the‘public money. We hope not; we trust and pray that the ad- journment agreed upon will be permitted to stand. If the honest members of the two houses only knew what a relief the closing of this profligate and worse than uselese sossion will be to the country, they would fight against the extension of the adjournment even for a single hour beyend the appointed time. Let them be sesured that upon this point there is no salstake, and let not the masses of the out- raged community at large be further outraged {« the continuance of the session for a eing's hour beyond the designated time. There ie no sort of necessity fora war with Spain while the cholera is everywhere, and while the heat rises to the roasting figures be- tween ninety and one hundred degrece in the ebade. Let the dog days paar, let the cool weathe: come on. December, with a duc regard for the health of our sailors and soldiers, is the proper season of the year for the invasion of Guba. The criminal desire of the administration for a war right away, throwing the army and navy into the hot-hed of the cholera and the yellow fever of the West Indies, should be arrested by Congress; and by @ special act, if necessary, Gen. Pierce should be instructed to postpone the war with Spain until the first Monday in December next. That being done, there will only remain the unfinished business of the Colt’s Patent in- vestigating committee, the Minnesota Land bill committee, and General Bayley’s special committee, and a number of items of miscel- laneons things which may very well be post- poned. These investigating committees can be empowered to hold their sessions, and to ex- amine witnesses during the recess, if expedient. Certainly, their work should be deliberately and thoroughly performed, whatever the num- ber of witnesses or the amount of time that may be demanded. There is corruption some- where in the spoils jobs which they have taken in hand, and they should not be relinquished till completely Galphinized or Gardnerized in every vulnerable point. Let Congress, in the meantime, pass the re- gular appropriations, and try the constitu- tional strength of General Pierce on the River snd Harbor bill, without fail. Perhaps, after all, be may sign it, Nobody knows, Let them authorize the committees on corruption snd bribery to go on with their work during the recess, and the appointment of helf a dosen more tuch committees, including the one pro- pored on the Greytown affair, maight be useful. Let the war with Spain be postponed till the first Monday in December next; but, of all things, let us have an adjournment of Congress at the appointed day. With the afflictions of the cholera, and the prolongation of the pablic nuisance of the spoils legislation of this exhausting session through the dog-days, our sufferings would be intolerable, We are called to submit in humility and re- signation to the prevailing pestilence, but let Congress spare us a few monthe longer the additional evil of war under the oxisting epoila coalition at Wasbington. Althon:b trere may b» some force in the ar- guments used by the opponents of women’s rights, against females being perm'tted to dis- charge the functions of rulers and legislators, we tee none tn that which would exclude them from the practice of med'cine—or, at least, of such branches of it as do not require the exer- cise of any great amount of nerve, The orga- nization of females is, perhaps, opposed to their ever attaining any proficiency in surgical eci- ence; butin therapeutics there is no reason why they should not succeed as well as men. As medical skill may be said to be the result rather of observation and practice than of theo- retical knowledye, the female mind, when properly prepared by previous training, is as capable of receiving and drawing acsurate de- ductions from outward impressions as that of the other sex. In some respects, even the for- mer possesses a superiority, in its proverbial quickness of perception and greater patience. The same qualities that render women the best nurses of the sick, would, also, in many cases, render them the best doctors. However inconsistent it may, therefore, ap- pear at firet sight, that such important fanctions should be entrusted to female hands, there are many conclusive arguments that can be urged in favor of encouraging the practice of medi- cine by women. Even the members of the medical profession, as ‘at present constituted, admit the great advantages that might be de- rived-from their aid. It is well known that a large amount of mortality among females is occasioned’ by*their repugnance to call ‘in the ald ofa medical man until, perhaps, the malady has arrived at a stage In which it can no longer be arrested. There isa large class ef female diseases to which this remark will apply. Now, if there were regularly recognized and proper- ly educated female medical practitioners, it is evident that the fatality attending the great majority of those cases would be in a great measure checked. Were even the female gra- duate only to arrive at such an amount of prac- tical acquaintance with the diagnostics of disease as would enable her to aet as an intel- ligent and intelligible medium of consultation with » male member of the faculty, aa impor- tant point would be gained. It weald diminish if not wholly do away with the relustance at present manifested by sensitive females to send. for medioal aid in cases where all the more delicate feelings of their nature are shocked and revolted by the bare idea of such a ne- cessity. In Pennsylvania, where the experiment of a female medical college has been tried, it has been found to work well. Although it might be supposed to interfere in some degree with the profits of the male faculty, and to therefore encounter strong opposition and discourage- ment on their part, nothing of the sort has oc- curred. The two branchee.of the profession, im fact, work in the most harmonious manner to- gether, for the reason that we have just pointed out. There was a large amount of medical cases which rarety came within the sphere of male practice, and which now afford an ample field for the exercise of the skill of the female gradu- ate. To this her labors are legitimately con- fined, and she is therefore not brought into an invidious and unpleasant competition with the male members of the profession. The latter lose but little by abandoning this delicate and difficult branch of practice to female doctors; and thus all interests are conciliated. The results already achieved by this new class of practitioners sufficiently attest the de- gree of knowledge and skill which they have acquired under the excellent system of training adopted in the Philadelphia Medical College. The receipts of several from their first year’s Practice were, we are told, upwards of one thousand dollars—more than can be said of the results of a first year’s male probation in the same profession. This difference arises, of course, from the existing demand for female physicians, whick none others can so well supply, and demon- strates the benefits likely to result from a wider extension of similar institutions. Of the sys- tem pursued in the college itself we cannot speak in terms of too much commendation. Be- sides the regular course of theoretical studies, there is in connection with the institution a Ge- neral Dispensary and Clinic, which, in a large city like Philadelphia, afford to the stude opportunities of witnessing the various forms of medical and surgical disease, and enable the professors to exhibit the practical application of the principles taught in their several depart ments. The patients are examined, prescribed for and operated upon in the presence of the class, each case being fully discussed, and rea- sons given for every conclusion, prescription, and operation. Frequent opportunities are also afforded to the students of attending, undg the supervision of their teachers, cases at the patients’ homes. In this way the students ar- rive at considerable experience in the diagnosis, Prognosis and treatment of diseases, and lay the basis of that more extended knowledge which can only be derived from long years of practice. There is also in connection with the college a large museum, the auatomical department of which, in addition to the osseous, nervous, vas- culsr, muscalar, and other preparations for clase demonstrations, containe a perfect set of papier maché models—a collection of valuable pathological specimens, and s complete series of surgica) casts and apparatus. The laboratory comprises all the chemical preparations em- braced in the United States and Britieh phar- macopwias, together with suitable apparatus, and a large collection of drawiogs, diagrams, and tables. The faculty of the college have lately instituted a demonstratorship of chem's try in connection with that of anatomy—so that by this means students will become prac- tically familiar with chemica) re-agents and their use, as tests, both in cases of poisoning and disease. Here, then, is a fine opening for the thou- rands of industrious females who now earn a hard and precarious existence as teachers and seamstresses, In every city, town and village of the Union there is a lucrative and honorable livelfhood to be gained by female practitioners, How much better it would be for them, instead of wettring away their own lives in hopeless drudgery, profitably to employ their labors ia preeerving and prolonging thove of others. Tne Henavy Estasissnwest.—We publish to-day, a long, but what we have no doubt will prove an interesting, account of the Hrratp office and ite various departments. There are very few who have seen the inside of a nows- paper establishment or who have a just cov- ception of its Internal arragements, and to these the description which we this morning give will be both novel and instructive. The Heratp at present gives constant employment to between six and seven bandred pervons, ex chusive of those who are indirectly upon it for support. Its circulation at present exceeds fifty thonsand, wnd its subscribers are to be found in every part of the world. Defaleations in Wall Street. ‘The recent deve'opements of defalcations and frauds in those institutions which have their offices in Wall street, natarally lead to inquiries respect- ing sim'lar transactions in that noted locality in former times. We are, therefore, induced to refer to the files of the Henatp, and to draw upon our own memories and other sources of information, for the purpose of presenting some notices of the losses and embarrassments which the community have sua. tained, in consequence of the indiscretion and bad conduct of those who have been entrusted with the management of our moneyed institations, or have abueed the confidence placed in them by the public or individuals in conducting financial operations. ‘There can be no doubt that the secret history of our banks and other moneyed institutions, from their first establishment to the present time would reveal many scenes of iniquity which have been concealed from the public eye, but which, from the lapse of time and other ciroumstances, must remain for ever un- . Enough, however, has been developed exposure of defalcations ani failures of individuals, the misconduct of officers of corpora- tions, and the explosion of bamke and cther com- panies from time to time, to form a dark pic- ture in the fivancial and commercial history of the city and State. However instructive or interesting might be the lessons derived from afull history of even such facta as have been made known on this subject, it is not probable that any one will attempt the task of revivin s reminiscences “which must always be unpleasantt many sufiérers by the events referred to. Our object at present isto give . sketch of some of the defalcations and finaficial difficulties which have occurred from time to time since the great era of speculation in the year 16836, and to show,that the transactions which have been considered most dis- graceful to the financial character of Wall strect, were caused not so much from the misfor- tunes of individuals in public trusts, as from their own misconduct and violation of the confidence placed in them, sometimes unwisely and improper- ly, by those having charge of public institutions. The spirit of speculation which pervaded the United States,to a degree before unparalleled in the annals of the country, in 1835 and 1836, reached ita climax im the autamn of 1836. The first indi- cations of arsvulsion were the circumstances which attended the failure of Rathbun, at Buffalo. His speculations and operations had been carried on for a series of years on a scale of magnitude which had attracted uriversal attention, and were brought to aclose by the discovery, in the fall of 1836, of an astounding system of forgeries and frauds, the losdes by which tell in a great proportion on individuals and banks in this city, From that time a check took place on specula- tion, and confidence was gradually withdrawn by capitalists from those who had been engaged in operations in real estate, stocks, and merchan- dise. There was an immense debt due from this country to Burope for excessive importations, and the shipments of specie during the winter of 1836-7, were large to meet balances. The money market was tight during that winter, and it. was evident that a great commercial crisis was approaching. The crash commenced by the failure of Herman & Co., and other large houses in New Ozleans, in the months of March and April, 1837. In two days the failures in New Orleans amounted to more than twenty-seven millions of dollars. These first fail- ures were followed by the failure in Wall strect of the Messrs. Josephs, then doing the largest toreign and Southern exchange business of any honse in Wall street. Their failure was announced on the 17th March, and it wasa remarkable circumstance that the walls of their new banking house, then in the course of construction, had fallen only four days before. Great alarm was felt among the financia) and commercial of this city at the threatening aspect of affkirs, and at their request Mr. Biddle, (who was then President of the United States Bank, which had im 1836 received = charter from the State of Pennsylvania, with its original capital of thirty-five millions,) came to this city to devise some‘plan of relief to the money market. Mr. Biddle agreed to send one million of dollars to London, the New York banks to send tho same amount, on which to draw bills of exchange. The United States Bank, through its President, also agreed to issue bonds and post notes, payable in Philadelphia at nine and twelve months, in ex- change for the notes of our merchants. The Bank of America and Morris Canal Company also agreed to issue their bonds, paysble in London, for five millions of dollars. Bat all these expedients proved upavailing, and a series of banking and commercial failures followed that of the Josephs in rapid suc- cession. The number of heavy houses that failed from the date of their suspension until the 3d of May, was stated at two hundred and sixty, to say nothing of smaller ones. The Journal of Commeree stated the aggregate Habilities of the suspended houses in April at more than fifty millions. On the $d and 4th of May forty-two mercantile houses sus. pended payment. The number of failures in Bos- ton, from November 1, 1836, to May 12, 1837, waa one hundred and sixty-eight. During the first week in May, 1837, the Mechanica’ Bank in this city was stated to be in trouble ; and on the 4th of May, the sudden death of the President of that inatitution, Mr. Fleming, being announced, & panic occurred among the billholders and depo- sitors, causing quite a ran upon the bank. This ‘was soon quieted by the election of Jacob Lorillard, @ large capitalist and stockholder, as President of the bank, he offering to pledge bis whole fortune to redeem the bills of the bauk. This affair was fol- lowed by a ran upon the Dry Dock Bank, and the other city banks refusing to sustain thet institation, it-was abut up by a decree of the Vice Chancellor on the th of May. This circumstance, with the stoppage of three banks in Baffalo, caused a general run on all the city banks; andon the 10th, the banks, by common consent, stopped payment in specie. The example was followed by every bank in the United States and in Canada. On the 10th of Mey the Legislature of New York, then in ses sion, passed an act authorizing the suspension of specie payments by the banks of the State for one 7°Gu the et of January, 1897, the New York city banks, by their reports to the bank commissioners, had an aggregate capital paid in of $20,361,200, and surplus of profits on hand of $3,263,226, or nearly sixteen per cent. Consequently, their stock, pre- vious to the suspension, was generally very high in the market. The Mechanica’ Bank for « long time sold from 127 to 130, but immediately after the dif. culties, in May, 1837, the stock fell to 60. An exami- nation of the affairs of the bank, by the directorsand the bank commissioners, showed that heavy losses had been sustained by loans to brokers and others, on stocks of varions institutions, which had either gteatly declined in value, or become worthless. It is believed that the Mechanics’ Bank bas never sus tained any heavy losses by its legitimate business of discounting the notes of mechanics and mer- chante. Thesame remark would, doubtless, apply to most of our city banks. Their great losses, amounting in the aggregate to millions of dollars, have been oecastoned by loans on stocks to brok- ers and speculators, whose defalcations the stock- holders of banks have thus been called on to make up. In consequence of the losses of the Mechanics’ Bank, not only was their surplus fund swallowed up, but they were compelled to suspend their divi- der ds for several years, antil the Legislature reduced their capital from two millions to one million four hundred and forty thousand—the reduction being $560,000—and their losses must, therefore, have of losees was sustained by the Manhattan Com- Pay, Vee ak Marg 60+ into trouble in 1939, s kers, speculators, aud other friends of the officers ofthe company, ¢0 as to endanger the very exist- ence of the institation. The following items of: loans, &c., are from the report referred to: — amount leas than one halt of their capital, whi’e they bad invested over two millions in stocks and’ loans to brokers, speculators, and operators in real estate, in long loans on bonds receivable. No wonder they were compelled to come to ‘a “ dead lock,” change the offizers of the hank, and devote several years of labor to reinstate their capital, withholding dividends from their stockholders for the time, of course. The loses of this institution by various loans to speculators and defaulters, it is difficult ta estimate; but for a lovg time the price of their stock. in market showed an apparent loas in the difference: before and after the difficalties of 1839, of over one» million of dollars. It is unueceasary to-say that, un- der the mansgement of its officers and directora wince 1840, it has regained its former high rank among our city institutions. The Pheenix Bank is another institution which saffered heavily by the operations of the speculators and defaulters from 1836 co 1840. During the specu- lative period, ita capital had been increased half a million of dollars‘ by act’ of the Legislature, but go great were ita losses that fn 1841. they were compelled to apply tothe Legislature for a reduc- tion of three hundred thousand dollars, after having~ suspended dividends for several years, Thé failores.” ofthe Commercial Bank and the, La, Fayette Bank, each having acapi‘al of half a million of dollars, was owing also to the operations and defalcations of” the speculators of 1836 to 1840. To. these may be. added the North American Trust and Benking Company, with a nominal capital of two millions, and several minor institations which were or- ganized under the General Banking law of 1933, and after a brief existence became insolvent. Tho summary of those broken banks whose capital hag: been used up by speculators and defaulters, is aa follows:— Commercial Bank. La Fayetto Bank. North American Cheleca Bank, CUnton a Washin, City Trust and Bank! New York Banking Company If to these we add the losses sustained by the Me- chanice’, Manhattan, and Phoenix Banks, above ré- ferred to—an aggregate of about $2,500,000—wa have a total loes of about seven millions by the ope- ratora of 1836 to 1840—to which we may also add‘ three millions for losses by institutions not named— makings grand total of ten millions of dollars lost by the banka of this city in consequence of fancy operations, from 1837 to 1841. The Life Insurance and Trust Company suffered & loss by the defalcation of its former secretary, Mr. Nicoll, shout the yeer 1844, of $359,606; but this amount is only part of the losses sustained by that, wealthy company, which has been managed by our oldest and shrewdest capitalists. Their losses by loans on real estate and other securities, during the. speculative period and the revalmons, must havo been large, but have boon since made up by their profit. The same remarks muy spply to the Far- mers’ Loan and Trust Company, which has mado up its former losses by good management, and is now doing a profitable business. Theatres and Exhibitions. During the past week the respective places of amusement have not been largely patronised, proba- Diy owing to the hot westher, and that numbers have loft the city to enjoy the cool and refreshing air of rural districte, and the pleasure of sca bath- ing st Staten Island, the Highlands, Long Branch, and other favorite resorts. This evening Max Ma- retzek announces the grand ballet opera of “Masani ello,” which will be produced with an effective cast— Madame and Signor Graziani as Pietro. The ballet will be di- rected by Mile. Lavigne and Mons. Corby. At Nib- lo’s Garden the Ravels and Mile. Yrca Mathias ap. pear in pantomime and a grand divertisement. At the Bowery theatre Mile. Marie Darct will make. ber Sirst appearance in tbe drama of ‘(Green Bushes,’»~ sang og er At the National, which opened with a very company, the pieces selected are “Scalia” nad tan extravar ganza of “Plot sod Personation,” Mr. J. RB. Soott as Richelieu. The Maseum announces a new comic drama entitled “From Village to Court,” and the Grama of the “Corsican Brothers.” Very entertainments will be given at the Hippodrome, . ‘Wood's Hall of Minstrelsy, and at Buckley’s Opera House. Now that the weather is more agreeable and less oppressive, the performances at Castle Garden, the theatres, and other places of amnse-. ment, will likely be better attended this week. Ma- dame Anns Thillon appears in English opera. to- morrow evening. ‘Mrs. Barrow (Jalia Bennett) has been opera Intelligence. Forerat oF Marin Frey, So. F. Naw Yors Vouowrmans, —The Faneral of Martin Feeny, of the New York Volun. cern, took osterda: " the Berceriionse, at hall ‘past two o'clock, P. Sons eats meta bum! 1D 8, . “i a tack comman: Captata jor Morton Fairehilds, Col. Burnham, and appearidg uniformed, the two companies, one w. se per avd the other looks cently by the freehments at after Cayvgs, by credit is due. riba ie DAVID 8. Me bargo Comet. A Cumove Cash. —A merchent 1 yesterday a gunel Dost captain hed six bartels of Hour women fost bis boat. He traced it tos sort of floating Junk where he found aad recovered it. He had tie receiver of the stolen flour arrested, who was committed to pri- son. Ina day or twoxnflerwards, ani before any of 5 trialhad been the accused re-appeared on the wharf, and exhibited to the prosecutor a discharge hehad ro. esived, on the payment of $150. This quite astonished the man from whom the four had been stolen. be bad been careful to leave his name and bed reesived no summons to attend any sort of or investigation. Atmor _ Saturday