The New York Herald Newspaper, September 14, 1857, Page 2

bs wai i i (From the New York Herald, Oct 29, 1830 | tue merocanitle comm the grostest aad deepest excitement provails. Du the Inst two days only one failure of maguitude has been announced ‘The Daily Advertiser of yesterday was in error in stating that a certain firm bad beea offered accommodations, but it better to come down The house, « highly re yy, and, we trust, will long . lly afloat, but great care @hould be taken in boleving all you beer. The banks ocmupy a very critical position The least whisper comiog from them is enough to destroy whole strocts, who hang to cach other, by endorsements, like bees in search of a new hive. The failures thus far, are owing to reactions im land speculations, The losses by the great fre are just begiaaing to cporate in the way. The greatest pres sure is expected next month, ani about the time that Von gress will open. ‘This country will be in @ higher flame of excitement, up roar apd Confosion at the meeting of the next Congress than it ever bas been since the war of the revolution. We can eee, the quiet, philosophical, ready cash position which we ocoupy, thats contest willthen begin among the ianded, manufacturing, banking and commercial in teresta, the endof which noeye ssn foresee, no tongus foretell. The lightetpg from afar is just begiuning to break upon the obtuse nerves of the Wali stres} journ: The long, red any! of ths thunder wil! be heard by and by Yesterday Courier and Enquirer and the Journal of Commerce wore both ovt on the present crisis, and on the game faots they came to exact y oposite conclusions. The Courier cries ‘or more surplas revenue aod immediate distribution among tbe ravencus States, The Journal sivgs out for a repes! or mcdification of the tariff laws, and the extinoiion of every and any surplus For six or nine months has the Hxraty pointed out the ‘very crisis we pew feel—the exact caures of it, snd the only remedy. There views and opinions have at longih effected an entrance into the brains of the Journal of Com merce; but the Courier persists in tte ignorance, folly and impenetrable thickness of head. We are only in the “beginning of the end’ The Wall street editors are both grossly ignorant of the first pricci pies of Science, And appear to bo led entirely ‘astray by the them mirerable banking ins ijutions which control ‘The commercial rysiem of Eogiand has gone through its periodical crisis every ten, fifteen or twenty years, since the age of Queen Elizabeth, when it besame S commercial nation. It is the nature of every commer ial system founded on credit to hare these periodical re. actions. Wheo credit is the currency, either in Daak bills, or bills of exchange, or notes of hand, the ar- dent desires of men will hurry them beyond « true and jst limit. Speculation sometimes runs in oue article, sometimes in another. At this moment in Eagiaud they are hurrying onward toa crisis. Joint s'ock banks ard rail- roads are there the outward signs and snbjscts of disor- dor. In this country we bave banks, and railroads, and Teal estate, all uniting to produce a ‘lar crisis Wheo there is no check bat human jadgment, a reckless Cou- eas an avaricioas banking confederacy, men will ron The twaddie in the Courier and Enquirer about the “crests currency,” the ‘‘exchanges,”’ the “present prices,” ls the merest ignorance ever put forth by a jourpal tending to respectability. Even the crazy heaved Kwning Jost ‘s more sensible and sanc on these subjects than the —— Courier, What, then, is tho remedy? There is none. Those who bave traded xf their means must break; and the sooner they break, the lees fatal it will be for the genera! rua of business Tbe country is in a moat critica! condi tion. Prepare for scenes in the next Congress the like of which we bave never seen. All the active interests of ‘the country wil! then bo let loose, like wild beasts in s Ro man tmphitheatre. The questions of tariff, of bank, of revenue, of surplus, and perhaps of the Presidency too lection by the people), will then be What can we expsct? Agits ion— plus reve-ae the Treasury can break every bank, every mercbaat, every mechanic, every men who deals or cre- ait. No man is safe but the ly moner peopte. Since the crisis began twelve failures hare taken place ‘ia his city, ard provably seven or sight extensions. if not more. This necessarily cases @ little, fo failure leaves more room for the solvent to move Yet money is scarce anc high. Commercial paper is worth 1 to 2}¢ Per cents month. Mort on res! estate are now co- jing into the market at 20 to 30 per cent discount, T kind of securities to raise money on muss increare, for at real estate is pearly unsaleabie. [During the last the valine of real estate has probably ciminisned equal tothe rominal value fancy stocks, We k Of productive real estate. The unproduciive which only ¢: in Sa and are marked owt io low at $200 to $500, won't sell af all. It has, in fact, a this mo- wy ook povatty mesy a Thi frot ‘stocks generally keep fir: is arises from im- profits which these ‘nethations are making, b7 loaping money a: usurious interest through their p-ivate a _ S eeatee’ “wher anon oporates ip favor hat cy pp Ren rte nent yp mi merchants cay 1, 2, 3, 4 and 6 per cent s month, through their secret agents ‘This is the reason tha‘, in spite of the present commercial crisis throughout the Union, we find genera! preparstions ‘waking to charter more banks next winter, at the mooting the sevoral Legisiatures. In Arkateas, the | egisiature which is now sitting, applications for $2,000,000 is now np in this city notices are oublishing for the char $5,000,000 already. Banke, from the eyriem of Make immense profite; but if the govern: break half of them, or ifthe eurp'us revenue je ehenld injore business still farther, the per¢ railroad E H 42 § ag ue : & 3 ition. avd otber fancy stoces and rea! es. }, the prices o” all staple artities aot provi than eror, and po appearance of a de Decesiariss of life are prob cent higher than when money wat plenty. Bre ‘the Dasers is fally double what \( wats year or lwo ‘ago. Flour is $10, and no ikelihood of derling. Largo quanti \iee are imported (rom Furope pro it. The present condition of the |'nited Sta'oe f 5 i { 2 8 ? 50 ad i sion, from the goverpiient to the election p T are political, social, commercis! and economical canses, werk, togetber in producing the general confusion The crisis is not preduced by auy wingle powor or single sloment oa oa vem =k is the j net resutof a legion of causes. 0 can onravel ti ‘Who can give usa clear history of the part? rom the New York Herald, Nov. 1, 1836 Worse and worse. The fancy stocks yesterday fel) on on average trem 3 10 6 per cent. There {s little general business doing in the city, bat as increases people are less anriout to enter into — Many mep of solid capital ere at an. ua‘ll the blow shall have persed away. The groat ‘are beginning to be ailested in # small degree. dcring the inst fe yebas fallen a ebaie. Ii ext scoounte from | ngian< should represent tbe pres- ‘a2 \noreasing there, © fall will also ke place in cot Al present this article stands Srm, aithough indica- seen and felt locking towardes fall. Floor other mecessaries of life are stil! rm and an- i i ERFGE are the obangead.< One of the cranes which increases the preseat embar Passmonts \+ the atrocious conduct of the large Wall street For the sake of politics, at the soggestion of i politicians, they are daily mystifying and mis- represeating the troe state of th: ) are malicious- fy coteureres to witen the breach between the govern- meni and the ; they are beaping all torte 0° calam By On those men who |oresa® the stor), and endesrored to arrest ite ravages. The strictores of ihe Courier and Enquirer on Secretary Woodbary’s ciroulare arc ine mort that ever came from the brains of man. i aera flow from « deeper source Se A ne Gates e or $5,000, Ik {# not the want of ite enough of specie. It is wanting—pradence and moders. 1st principles in banking and co: tise will (ech as to ‘perience be our teacher (From the New York Herald, Nov. 2 market from their effect may be seen the singular #eut!tivecoss of the markel. Money \¢ tight and scarce, t bo Dew failores bave been acnounced. The fall business of Peart Ppreeeure—no Pfyucere—no trouble. {1 is the young race of mersuhnte and brokers— ‘he race of the nai few years’ birth and generation that the preesure eitects. ‘rom Philadeipbia we learn that tbe like tightness ex- {ets in the money market there, Yerterday, ae an evi dence of that, we learn that a specie draft was sent from ‘eat city vpon the Commercial Bank here Giher specie Grafis have been pad over, and wore are still expected. ‘Theee drafis are rvnnirg to and fro like shuttle coms. Balumore draws on Vbiiadelphis, Philad: ipbia on New Yor ‘ork 0 Boston, and thor runs the round of Grates which ooght tc be adjusted every sixty daye by @ rega.ar balance of tra ie Sipoe the year 184f, the jart periodic! resoiem, onr genera) burtpers, our xchanges and course of trate bare been pursuing an even bu; rapid track. Tae causes which Pe by resent atete of things began to develope meelves in 1829-20, when the great addition was mate to the banking aysiem of thie Sate At that period the s0eds of & contest between two sein of capiialiste—thove connected with the Uolted States Bank and thoee with ine State banks, [0 addition to this the spocuistors ertate, growing ont of the rapid locrease of valine Inge ote along the Brie Cena), also began to atieot the ra busipesa cf the community The Sate banking « tem gredualy eviacged itreif and mulipied A ing «cg up between that aod the United “rte Bank. The + Diry inorensed—popelation Increy*" --rpeculation in 20. At One aod the mame time wa oF seven ‘liflerent 280! speculators Wore foe daahicg cver the rocks pasos thoir progress. I wee nctrorsibie for this cae) this somplion!ed machine, 6 more onder go many moaalire of the in Cra dbetory impalees Ww ino. \lecetmacotnery Whe measnres of (he government we have in three youre rained oor specie (rom twenty seven millions to aix ty eight oe §6The difference mast be paid in some thing, aad, although we fancy rroney is more rtabie by the increase of precious motels, ft i@ found that oar Cre’ e lem by aa amount nearly, If sot greater, thao terea ( (58 most hevardous altempt |0 any gor NEW YORK HERALD, MONDAY,. SEPTEMBER 14, 1867. ernment to increase or dimiauh ao coaenay of apy ene try, but more such & country as For a day or tvo we expect a calm—tien anoiuer biow. [From the New ) ork Heraid, Nov. 3, 1836 } We had currents and counter curreats yosterday—@ rise and @ fail—en elevation aod @ depreasion—ail tevalog to show the extreme sensitivensss of (he moose, market, ‘apd the nature aud oxteat of the present Goancia! dis order. On ‘Change lite or no businessts doing, No rew con- tracte are entered {ato daring tho prraent etate of things, end yosterday the foreign commoroiai It tters were o% Fre ceived in time for ‘Change hoare, Taere is a complow stag ration ia general basinws It is, however, a remarkadic fact hat ip every commercia! reaction ike the present the pressure never reaches bute amail part of tue business community, Thoee who fat and thore who get exteusions are a swail part of the commeroici comm nity, Toe great departments of industry are sill going on. Prodi ction, distribution and consumpilon doa’tatop fora moment A preasure—a criais dosizoys uo property, swallows u> no real value, impedes uo jegitimate axion. I; acta as a sweetener and purifier ¢f the basy commercial atmos pbere. The present orisis is wholly Sasncial—wholly caused by the action of bad laws sud excessive specala ‘tion (uo (he usual aveaues of trade. [From the New York He: ‘Tho more the mouey market (a tis liked. Tt te antiolyated that large percols of Ame oan stocks will be returned from thai quarter able, The courte of the Bank of Fogiand has caused a deep sensation on b:th sidos of the water It will not operate, however, vory sevorely bore for tome time to come, * * . . * * * * Similar causes bave been in operation hers, I! we knew exactly the history of each individual failire that has recently taken place we could ascortain toa certainty the general canses of the presons press2: According to the bast information ene third of these failures wore ceaned by land speculations in Lots at a distance, absorbing their activo capital. Osbere, svain, had extended teir credit to country purchasers beyond their own power and means, The coantry merchants have been cogaged in speculations also, and henoe they have in many instances demanded twelve or eighteen moaths ait, instead of six cr nine, as formerly. O.hors, again, havo boon sramped by the want of pertonal management and carly deficiency of capital. The avaricious and usurious prac: toes of these connected with our bats are other vory ac tive agents in the pressure When money is wanted capitalets avail themselves of those wants aud make tho merchants pay deeply. It is visible to all, however, that deep rooted defects exist tn our revenue and firaucial sys. fem The goveromest—no government ought to possers the power to intimidate the commercial community or control the money marke} as it does at this moment. {From tbe New York Herald, Nov. 6, 1836 | The money market and the rates of interest are un changed. Geveral trade is fiat, and the pes, without giving way, are not s0 briskly ic demand. ‘jour, cotton, rice, wheat, and ali, remain nearly as they wer ‘There js a pause in the march of commercial Every mind appears to be employed tn trying to discover the cause, copal.ion and uprhot of the prasent stato of things The large papers in Wall street are issuing daily qvaniuties of the most crade noilons on the crisis They mingle up #0 much political trash and subterfogo—eo muoh ‘that is the interest of ugxrers to make the publis b slieve— twat it is difficult to find from their columns the trulb, or oe to tbe truth. A correct andtrue and solentific mind on commercial affairs mast never lands, exchanges, salipet’e, stocks, lots at New Ha’ Be must keep aloof. Now, ingle journalist in Wal! stroet that is tude: pendent enough in his circumstances or pure in his deal- mgs suflicient lo g.ve a correct view of the money maraet or to be beyond improper infiaences. We alone feel above all these tnfivences, and we tell the fact and trath of all, without respect to banks, or capitalists, or dealers, or Wrokers, or merchants. We care for notb!ag bat trath, feet, science and pbilosopby. ‘Tho preeev! crisis is @ phenomenon in the bistory of commerce. It is the beginning of a new era, in which for tho Grat time the money market and com: srelal ope rations of (bit country have shaken the whole fabric of Britieh banking avd Britich oommerce. By the singular combination of the tariff laws, the de- porit Jawa, the disiribution laws and the public land laws, @ demsnd was made for specie upon Earope whi3h cansed Pye of opinien yd this partic. ss +pecie operations of our government have altogether caused the drain on England. Some atiribute the sensa- tiow in the London money market to the increase of joint stock banks and the drain to the Continent, owing to the com! ive cheapness of gold in the Brit! h mcney mar- However shit may de, for the first time the British capita ists heve waked up to the magaiiude of the power, wealth and resources of the United States. Hereatter we sball,from ‘bis country, a!most control of the London money market. This power is given us by the band of the Almighty. Our cotton, our tobacco, our rice are equa' to cb specie going to Hurope, to Sat the whole machine ry of British mancfacturers ip motion These staples the basis of cur power abroad and of our credit and wealth atbome. The calculations made by the economists on Doth sides cf the water, baved on epecia, are short sighted twaddle, Cotton is casb—coiton is gold—cotton is siiver— cotton is bullion. Since the year 1853 we are told that the specie of this country bas increased from twenty eight millions to seven- ty millions. If it be a0, as soon an the prevent difficalties aro over such a quantity woul? afford a basis for doubling our emiating bank circulation. Yet tt is idle sptcie alove furnish us with the means to iss eurrency at bome or sbroad. This year i! thai the cotton crop will yield five t) ten millions more than it has done any preceding year. By an accurate cal culation at Albany it appears that our wheat crop at ‘West bas increased, instead of being diminiebed, as ithad been supposed. The aggregate crops of thie year wili, therefore, undoubtedly exoeed the last by (i een millions This, taken in copueciion with the imports of specie, would admit an inorease of our paper currency to at leat ope balf or one-third its present amount, ia bills of ex- Enropo and in notes and bank bilis at home. have a great additional banking ca 8 great addition to its basis—specie, ready the impulse {s felt to be so ne had no sarplus revenuo—if com- merce could be left to i own action we could in one year shake al! the banking institottons of Fogland, and keep the great bank itvelf across the water in proper order aad to wholesome dread. We have the mtans, the power, the article to co it. Ob! that we bad « wise government or a sensidle ! (From the New York Herald, Nov. 8, 1836 The money market is ae (ight ag So: report @ slight ease yesterday, beta majority of o hers affirm the coptrary. Interest on short joans on the very beet paper ta 3 per conta mocth. We raw $5,000 negotiated ai that rate, betpg the best paper in Wall streot There is a general monopoly of the public mind in the afer ibat event i really appears deoper pressare and more severe sepaibility in financial matters. Every bing will od on the action of the government. According to the lsat publiehed eta'ement of the Treasury Department, the sur. plus amounts to nearly §45,000,/ ‘Imost equal to all tbe specie in the country. Oat government has acympicie contro! of the monsy market of the world. With tassur. plus it governs al! the banks, reduces tueir cirealation and Grains ogland of specie. Figures prove this extrsordina y By the recent arrivals we have received various reports and docements from London, giving a fall view of ine banking system of that country. Un examining theee statements aod comparing them with the banks in ibis country, we learn the extraordinary fact that at thie m> ment the Vapking circulation of he United States is nearly equal to that of | agland end our #pecte basie pearly doudie -— thus throwing the whole heer and exchanges «f gland entirely in the power of this country, For the rake of clearness we have thrown the lnglish ovrrency (nto dollars, and thue present the state of oanks in that country at two periods — Baykine a EsGtaxp Circulation 1934—Jone—Bark of Ergivnd ... $36,000,000 1sod—Privace and joint stock banks 46 000, Spore 40,000,000 hog! 1858— Private and joimt stock Aggregate... . $151, 400,000 Ba User Staves 18°4—All the banks... $39,000,000 1; 368,000 bie Do. . 103,892,000 — 44,000,000 90,000,600 together, in reference to the ‘enent pressure, We are struck with the extraordinary (hat the mercantile community of the Uaited Stator been able io sustain themeolves in the fece of the ?! specie measures of the general oF the like of which are without ® paralie) in If the British governmert had aoted, or were their commercial interests for one been bankropt, ard a gepera! revolation would have taken piace long since, Wheat bas sustained this country? Iw prademt benking system, ite mighty cotton crops, ite wonderfo! activity and energy. Bat for theas ress of prosperity our merchants could nevor have paid 4 to & mocth for . If British merchants bad to stand it a month. ‘York Heraid, Nov. 9, 1896 * (setuations took place in tue money all wily affect 0Or ius mers ue CHOIE which prodeced tse ..\tetlon |1 the | oglish money mar. Wet appear to have craved their fartior operauione entire y Fogiieh monetary system, without such @ apecie basis, '# more stable, more equal, more #tysdy than ours The roe bana of power does not 80 cin wae fo rately distard tte full Nowing Currect aud produce umequa: rip ples on ite enrface. . every commercial country like Engiand and the Urited States, where the currency ie « miature of paper and specie, the tendency of tbe eystem is to concentrate |ta basie, the specie, in some great loading point of locelity, to serve as [agus or headquarters from which and jo which all the banking institatioas gray! iste. The bullion in the Bank of England Is the basis of the whole currency and internal exchanges in that country. ‘The o:ber institutions require litile specie throughout the year. Bille ¢! exchange on [.ondon are convitered better, and they are better, taan specie. This Is the ovase which makes (be (nternal exoharges of England so lov and mo derate Before the government possensed a surplus revenae to disturb the nateral cnrreat of our carrency, oor internal ex banges were equaily moderate and equally low. New York and New Oriewns were considered (he great reser- veirs in which were pinced the epecie bats of the whole pation. Twoor three years ago, with the haif of the pre Sent quantity of specie in our country, our banks were more \iberal, onr internal exchanges lower, au xe inte reat of money, at the very highest, 1 to 1)¢ percent. New York ought to be the central point for the specie of the whole country, apd so 't would be If it had been left to ite own “free wil! og.’ The action of our govern ene and Frecut of traie trate G0 90 they could Frovm the A tingalar teri+s © market yesterday ‘There reeme to |» round, The acy morning did not rom ponneat nm ine ti 4 they bare carried iy reat that new banks aré about being chartered in New | Jersey, Arkansas and ctber Siates. This country has just begun its giant commercial career. ‘he specie where ft 1s aot wanted, and taken !t from New York where it ought to be. The country banks require Mile epecie Uf they have a creattin Now York it ts bet- This derangement of the specie has the ox cbanges, increased the rates, and © ee orees dimou: San Se wekcral Convenes the mosey market. —_ ral exchanges country range from 2 to 6 per — ia sd i¢, (0 5; Gur apecte ts scattered anout aad el about from “pillar to post’’—in Eogland it remains ope 'y and permaxent tn London, When shall we have & reform’ [Frem the New York Herald, Nov. 10, 1856 | We are, perhaps, on the verge most extraordinary reaction or revulsion in the money market. Whatever may be the exact issue of this eloction, the results thus far bave shown a deep change in the public mind relative to the commercial and finaucial measures of the general gov- ernment. It could not be otherwise. TI ginal oppoai- tfon to the United Siates Bank might have been popular, The great mass of the people dislike o large moneyed {a- e'ijution and dread {ts influence. If the goveromeni had stopped thore they might have done weil and svateined thelr policy. But they did not. The tari’ bas thrown into thelr hands» vast surplus revenue. They bad put into their hands the whole our- rency of the country, They broached schemes about o speole currency that could oply convulso and agiteoe mmercial country, They declared war against all banks snd bevkizg. They persecuted the capitalisls of tae coun- try and drove them from corner to corner. They tried to ditcrestt paper money and destroy all the banking inatita tions of the land. The national bauk which they defeated in Congresa they puraued to a sate Legislature; hun edit like a deer over hill and over movntaip, and compelied it st last to moet ite giant antagonist at the polls, at every “Dutehman’s Fireside’ ta Pennsylvania Such a mad, revolutiovary, ridicalors courte of conduct towards the commercial intorosts of this great commercial pation could not lastforever. The readtion is bagua, and whoever may be elected Presiden}, the diminution in the government majorities will teach the “rascaliy politicians’ Dot to war ageing? the best intorests of an intelligent peo- te. The people of thia country are not fools. They ere jptelligent, and prefer = sound paper currency, based on specie and conducted on rcievtific principles, to ali the gold end silver that may be coined in ® century or carted frem the Alleghany to the Rocky mountatos. If the prospect ts not overciouded by contradictory news, this couptry be- gine from this year a rew caresr in speculations, in bank- ing. io buaioess, in trade. Next year the banking capital will receive an acceesion of one hird, property will rise, tnteroat will fall, and a new rece will start upon the ruins of the democratic faction that have boon “sarcering {t”” for some time. Look out for the surplus revenue. Oa tho 4tb of March next we shal! have at least $15,000,000 of unavailable pub- fonds in the pet banks. The rogues will fill their poo- kets before they leave the sinkizg thip. [From the New York Herald, Nov. 11, 1836. In the money ma-ket there is no ease and le s co:nfort The best avotion paper sold freely in the street for 2 per cent, sad sometimes 23¢ and 2 are demanded. In ral businges there ts nothing doing of any moment. What- ever tbe result may be, i; will take a long time to got round the ship of commerce and Clear the breakers. We heave learned from the best source in New York tome particulars throwing a flood of light on the move- ments of the Bank of Eglana towards the United Ststes, ‘The {tention for reducing the loans on Amorican seouri- ties, and increasiog the interest, was to check or reduce ‘the prices of cotton, which the British manufacturers con- sider too high and too advantageous fo- the Amorican interests Through the combined operation of the Bank of Evgland and the whole banking system of that country, is le expected that in three months the value of cotton will be reduced 12 to 15 per cent, thus throwing the exchanges peeinst us, instead of being, as they are now, in our avo If euch be the intention of the British capitalists, wo can countercheck, and bave counterchecked them, !n an- other quarter, before they will be able to earn where they atend. From the best authoriiy we learn that the importers of New York have countermanied ful! éto0- thirds of their fall orders for the su; of next spring. For several weeks past avery seen carried cut these Countermandiog orders. A weeks ago several agents from Manchester returned from this city with one third of their usual orders. In consequence of these general movements among our importers cf British manufectares, it is expected that a great ipcreage of imports wiil take place next ‘——& COD sequent decrease in the revenue, and a complete defeat of the measures cf the Bank of England in regard to their ‘The British merchants may succeed in of cotton from 10 to15 percent at Corresponding redustion of oar imports ry the exchanges will still remain {a our foo and we can still command the [aglish bullion ‘city articies”’ in the recent numbers of the London are extremely severe on the measures of the Bank to counteract the measures ard prodigious etrides which this country is making towards a m: aly of the genoral monsy markets of the world, that institution bad to coa- tract the local circulation to a Maa few extent, even at the risk of their whole joint stoc’ Dg sysiem. THE REVULSION OF 1857. CONNECTICUT. ANK CONTRACTION. 3S i eeegetaele Soiszageiees gs e Avgust and tbe 2ith 060 to $103,5¢0,C09 of November. rs ‘a looking over the detalii of the bank Inst week, We Observe some siogular ‘he aggregate contraction has been increased specie to deposits varies greatiy in One of them only—the Merchants’ dollar in specie to twenty of d isa very inadequate and dangerous proportion ia there times. Before the hank statement came out, the New ik papers figured up that the danke musi have gained 280,000 in from various sources. Che actual ain turned oul to be something leas than one million, old bad evidently been drawn on deposits to a far greater ‘amount than had been calculated upon. In the ovent of a suspension of specie payments, which one day lat week ‘was regarded aa @ poesible event, and, | sdeed, nota wholy improbable one, specie would have risen to a premium of 10 or 15 per cen\ in exchange for bank notes. Some of tho superficial financial writers of New York senert that the banks bave now cont -acied safficientiy. and that they can now safely afford to relax the screw. This je m great mistake. The objsct of the banks in con. tractipg is to fortify themselves with a vafficient amount of old 10 moet ibe impending foreign drain. This they vo failed to do thu far, ana accordingly the contraction Must Continue untii that object is accomplished, which |s po! likely wo be the cace watil thelr loans have uadergove a further reduction of ten ortweve milions. The necse- tity of this farther contraction will be understood st a glance by s reference to the present conditica of our trade in foreign Importallone ‘The [mpo ts into New York for July and Awgust amounted to the enormous sum cf $45,395,000, or abot a million of dol- jars » day foreach week day. At Boston they exceeded $58,000,000 for the game tw» months. Towards pay: these imports prodece was exporte! in July Au. S gust from New York to the amount of $13,600,000, | jd to the smonnt of $8,430,000—in all $20, jeaving © balence of ovor $94,000,000 of fo- \iebtodners incurred for imports still due, and | {ove dlecharged. 0s sven aa gold, can be obiained | to pay bs off Two thirds only of the whole foreim im- porta of the country arrive at New York. The rematoing one third arriving at otber porte during the Iasi three Dalnnced by exports of produce frm theve porte dering toe r sby exports of produce during the same time. The export of gold han ceased fo net aet Decauro it is not due abroad, but because the Importers for the moment cannot obtain !t. The moment they ean com- mand It, it will go abroad in very large anv aol the grain crops become avaliable for it follows from all this that there mast be « very tight time im the money market for the next two or three months, aod probably many fallares merchants of be ty die ‘no standing at . But rations! degree of ‘and in the ultimate solvency of the banks. The prasent banking system is bared upon confidence for ite chit corner stone—confidence that one dollar of immediate cash means is suiliciect te pay ten dollars of immediatly cash liabilities, provided tho payment if not prorsed all at once—whivh of course will not and ought not to be done #0 long #4 the genera) soundness of the banks romsins undoubted. Business men must bear in mind that the momen: co. ‘dence te demroyed and wild panic rufered to take its piace, tbat moment ihe system necessari!y topples ovei tas acove or top wil stand a9 0m ite smal end 80 ley ‘te nvpOe® to spin round, and topple over as 8000 84 ihe motion ce: NEW YORK. 1 DANALS, 4 \LROADS AND FINANCES {From the Albany Sta'ceman, Sept. 10 | Anothe, of owr pcr od!onl convulsions bas overtaken us, And (ne commeretal and financial world seem nearly para. lyred and confounded. Nearly every man in vu6 surest, on ‘ohange, 9 the oomnting houre and bank parlor, with reatless eye, quick Convuldve gianos, and twitching rerves, inquires what will be the end of this crushing out of oredit and lose of condense, We will sey to hem, gentlemen cool, don’t go {nto deliram tremens if you ean be!p |i remember frat now, aa in 1837 and 1942, prophecy bas become history. The teachings of praderoe \cng upheeded and soonted have become fixed facts, The very poets of our sy avarice and political pro. f fed ‘Bot unmised with official corruption and anrebuked ery We are not of the family of croakare of evil; but we do With our peop's would be more heedfal of » coming storm when they see the dark and omincus clade ral ting. not walt until the tortado barete upon them with ali ita devas. tating and desolating force, Nearly every balanced mind tn the land hat with feerfn! ayprehention anticipated the orisis, but few seem to have acted in accordance with what good jatgment dictated The people of thir Mate will soon learn, if they have not already had the fact cadgelied into their hoade, that they bave lore enough been fei with the qnack nostrams of Sewardis id quite long enough ruled \y railway corpo- ratiou#. When the cana! tolls were released to the rail roads, the Cure #)) panaoes to save the State from bank- rupley and Pay the oablie debt, wes the oniarged and completed cana’, and cven that, with two gigantic rail ade leading from the dosan to the lakes, would not be cent to take the p sof the Wost to market carry back the merchandise wanted fr Congumpt | Teller, they might rely” apou” the support ofthe govern, 'y mig! upon the support - ment. His couildent tone re assured. thew: they id But what do we now see, not from the eawe Causes that easton of utrest end paste; wee and oar lakes S our “canals « solitude, a meni? And down they will go until tom, when the whole stock capita! will be wasted, aud prey oer a Itne ¢f old worn out rails, rotten ties, dilapl- Gated bridges, broken engines, used up care and dirty depots, left to psy the fonded and floating dobte—debis contracted in the noble and patriodc effort of dotug bast ness ata dead loss. Sothat whatever of tho stockholde’s’ capital bas been left by the usurers, will be used up tn the beneficent effort to do the carrying trade of the Western’ States and Canada for no compensation. But where does this leave our canals in the prosent state of things, with falling prices in the market and no moans to Dring crops forward {f ths prices were such as toinducsihe holders to part with them? With an ascertained deficit in tolls Of inore than $200,000 since the last fiscal year, aud every that the failing off in the fall trade will produce in the next more than $5C0,000, where, we esk, is the Ppreapest of paying the interest and the princi redeeming pal of the public debt, except in drawing tt from the pock. ets of the people in the shape of direct taxation? We learn by a recent report from the Canal Auditor to the Fond Commissionors that a loan, on the credit of the inking Fund, of some $100,000 will soon be required t> ay interest on the new canal debt, It has not, we bo- feve, been usual to make these loans at a bigner rate of interest than tive per cent, We think the Commissioners will be lucky if they can get par for such bonds, when a large amount of State stocks will be thrown upon the mar- ket from tho broken banks that have gone into liquidation, aud we know not howimany more are to follow. We have no with to hear of any more. MONBY PANIOS. [From the Albany Journal, Sept. 11 | ‘The Pennsy!vania house of Reeves, Bask & Co. employed two thousand men in the manufacture of ratiroad iron. They have ‘suspended payment’ This they did three years ago. So wealthy were ttey in property and the me chinery of producing wealth, that on the extension which thelr creditors gave them, thay paid every dollar of their ments, principal and ink rest, at magurity. ‘he incident of their ‘allure,’ as it was called, was the material out of which a monetary panic is made.’ Vague, unreal, irrational, all will call it, Inthe pasttwo yoars this house has made 6 profits, and now posscescs in manufactured and unmanufactured stock, real estate and wacbinery, @ property worth double the amount of their liabilities. That fact avails nothing ina stringent money market, If they cannot reduce their assets inio cash and puncivally pay their notes, capitalists go intoa pantie. Fat men, with Dianched cheeks, rash though ’Change crying, Reev x bas ed!"’ and go incontinently to vos, Buck & Co, thelr cash boxes, shut down the lids, and ait on them, with an inexorable and ponder sus defiance. ‘The infection of terror is sudden and complete through the money market. Capitalists lock up their wealth and Jock up their faith in man, and throw the key away—but yet where they can see it. A money panic is blind, deafand cruel. It cannot see the enormous harvests of wheat, of corn avd of bay with which Ceres bas enriched this broad Jand, as it was never before enriched—it cannot see the wealth of tobacoc, cot- won, rice and sugar, lavishly given this autumn coming, to the South and go to us, It will listen to no dem’ jon of eolvency, hear no proofs of wealth. Ii is utterly insen- tible to the spectacie of two boing men, whose summer is drawing ‘oa close and whose winter with ite froais and {is costs is coming, asking for the restoration of confidence in the really solvent employors who faraish them with the means of life. It makes no distinctions be. tween borrowers, but involves in one common suspicion and puts under one common ban. the responsible and the bankro] id solid and the hollow, dnd sits on its chest till its delirium tremens of terror has run its course. ‘Thanks to man’s constitution, all passion is short lived: thanks to the constitution of money lenders, the desire of Pprofite and the abborrence of idleness of cash, quickly eupervenes upon a do nothing panic. The of _— There is of | tide already on the ebb; the keys are on the turn. country to pay ail its enormous and unpardonably contracted d: . the produce of the ground enough in our The money to movo it to the seaboard will gradually come fertb. The healthy current of business, und credit system, will scon be resumed; and thea, wiser, if | we use our experionoe, we will resume our career to ihe wealtbies: and most prosperous condition ever attained by a people ‘A part of that has been of the evils that grow out of our allowing usury to bo from oor- porations, flow from tho unbridled gambling in stocks, and from the loaning of banking capital to be used 1a the purchase of paper and securities at usurious raves of for ourselves, and the profits of whose manufacture we can save to ourselves, instead of throwing them to strapgers. PENNSYLYANIA. ‘THE RANKS AND THR PANIC. (From tho Philadelphia Ballotin, Sept. 11 } In the year 1848, when London was suffering from a m panic like that which now prevails in the Amorican cities, when every man tbat met another had anxious in- quiries to make as in times of pestilence, and when thi seemed to be littie or no hope of relief, Lord Jotun Ru: who was then Premier, went to the Baak of ‘aid to those tn authority that Bank Oe ee ee Pere Promote thi their policy at once; the Bank became liberal, and almost meaadiately business returned to its aatural healthy con- aition. Our banks, in their laudable efforts to sustain and mission and the true usefulness of banks can be scoom plisbed. No one believes that there is, in the condition of the country, with its substantial prosperity, its apundant ‘Wealth, and its unprecedented products of the soll, any good ground for present uneasiness or fature apprehes- | have obtained | board. bas broken out caueolesaly. \. mopewry distress and the very impossibility of explaining tt, the mystery of le origin, tends to promote it Let the banks, whose | ‘officers mum} be able to reason philosophically on these | things, relax gradually from their presont stringent prao. tice, and we venture to say that tho firit token of are. | covery of thelr confidence will bo the signal for general | relief, and the panic will subside as rapidly as it bas MONRY R181. | [From the Phiisdelpbia Penpsyivanise, Sept. 12 Some journals aifect w believe that the great fuancial difioulties which distract the land have been produced by the “alarmists.”” They would feign bush al! discassion ‘on the subject. Oct npom such cant’ We atterly condemn and despre the miserable wretch of @ specuiator who would sygravate a great national calamity for the pros- pects of fiihy lucre, but we the man who has moral coursge enorgh to sound the ‘m when real peril is {1 pending. We reapect him who, regardices of all ilieg\i- mate or exclusive combina'ione, dares to vindicate the in- Verests of the people. {he monetary scarcity whieh op Presses the land is the consequence of years of mis Mapagement. fact been exposed in timo, we thould bave been ‘ed the preseat troubles aud excite. ment Had wo bad more stalesmen—men of golid attain. men'#—judgment snd integrity, and fewer mere politicians, ‘the servile tools of lobby legisiauon, spoculators in stocks and lands, and bonds, and schemers, and swindiors of every imegineginadle hue—oay, were the press more generally directod by men of business experience, and knowledge of po |tical economy—men combining high per- ceptive powers end pradence with suili: ent beldsens, \. dependence a nee to expoRe | down the abvser for years have Deen carried! on ‘with effrowtery an:i impunity, the country would not have ‘been reduced to ite present di os condition. Unless we clear the Augean | and dishonest political jo> bere, shall remal ibjeet to ever-rece: pancial and al trou: | it devolves on | | ing prers to take the initiative in the necessary movemest—a task of s Hercalean natoro, requiring ail freedom and boldness of expression, and a reat deal joh some m'aguided cotemporaries object to, ae applied to the invest.gation and discussion of the le ing Qrarcial distress, which is only ono of ths muliifarions effects of eniversal and demeralizetion. We condemn the timid poiley which shbrioke from the ex- porere of an evil. itis a guilty policy, and the roost of all evil. Weare in of e monetery crise. We have collapecs, and tompors-*. passing oy abort y exccunive exportalon of speci, agnines S82 000,600. at thea, raid uw °, 3 may be said, we have predeced spor'o ja California. Trne, Wet the ques. Won t whetbur the fnercase of specio-. whiok forme tre Dasis of aii banking operations and \ndurtrial ontorprise— ‘was mdoquate to tho |v orgamed business necessities of the entire cowatry, Let nn |i thie point. In 1840 our sgricoltorsl aud toamvfaataring prodoction amounted to $1,000,000,000, In i860 it was $2,000,000,000. In 1866 $27 060,000,000 In 1841 the specie existing in the United Sates amounted to $100,000, 4, aooor ting to official etimates of the additions from impor of Call fornia gold, it amounted to $20,000,000, or, at & maxt- mum, to $450,000,000, In 1866. Agriculture and mana‘ac. tures baving enlarged their scope of activity from 1840 to 1866 in the ratio of $1 to $27, the sums requirel to carry on Operations of these departmente af industry mast have inerenses in the same ratio. The /$50,900,000 in specie, which clroulate at present in the country, and the paper iesves for which they serve asa basi¢, consejuently barciy suffice for the purposes of agricuitare sed manufac tures, Accorcing to this caicniation there {* nothin left to account for the invesmenta in raliroad an other enterprises, which indeed correspon te with the rea! state of things. From 1844 to 1866 we have balit et least $600,600,000 worth of railroads. This work we paid for in paper. Bot there being no Katdation of this ir in the ia to sink lower and lower. The losses thus incurred by the holders of ihie kind of acrip redou who tended credit to them, and fnaily workman, the mechanico—the people which ‘2880 to this day, without interruption : Had we not export ed af & balanos of trade in favor of Rurope $259,000 000 from 1844 to 186s, the it calamity Would not have ooevrred. For were this immense sam in the land specu lators might lose, but business in general ooni! not have been reduced in conse aence of 8 iack of money where. with to It on, The oure of these great evil tion of time. Tt must be e(feete? by judicious legislation. But, as matters stead, (tls of (he atmost (mportaace that | policy of | {te ownerabip. to over speculation and undue extravagance, aud ald, indirectly, im (he diffusion of wealth. They tam porarily reduce tha price of property, but do not aifect iw real valve, and thus draw out surpkus means which seok the opportunity offered for advantageous javestment. in dustry and developement are in this way promoted, and after the panic coases enterprise finds advantage (rom tho iporeased means thus brought toto active employment. But this ts one only and the most favorable aspect that these panics present. On the other hand there is to be con sidered the disad and inconreniences, the do ement of trade, the fadividual losses, and the tnjury to credit with which for a time they unfavorably aifeot ali departments of business. Oredit is no longer the synonym of cash, the facilities of business are sud deniy suspended, and the sacrifices to which dobtors are forced become losecs falling with more or lesy severity upon all the portions of that system of confidence which supports meroantue transactions. The measure of the stringency and the extent of the disaster foliowlug such geasons of depression. ee must doped upon tho causes giving them birth. If they be the productof actual need, and the deprivations of the day have been brought abont by idicners or waste, or the failure of the matorial resources of the country, then the panic is substantial, not only in ita present exigencies but in its permanent effects, and teaches a lerson not to be mistakon by an intelligent and resolvte people. Woe have had such financial pres- sures in this country, following seasons of extravagant speculations, short crops, and over trading, but they have enforced the duty of stricter economy, of restri tied ox- | oa = Nena Login exertion has Pagid equilibrium brought the country again @ nell vustaining position. Is woud bes false tenderness to 7, that the present mepey preesure is the result merely senseless pan'c, though it is abondantly true that in many respects it is cause: leas, and not justifed by anyibing that is apparent in the pregent condition or future prospects of the material interests of the country, We have to some extent orer- led; we have in our very oagerness for,developement in & somewhat too rapid extension of railway ‘we bave lavished wealth uj enterprises that had no [A gleaned basis of utility; beon guilty of specu- lations bave mocked our extravagant lations, and perbaps bave thought to live sumptuously without the added labor neecssary to sustain an expenditure, Bas adm)iting the natural effect of these errors as produc- 106 sti'l remaing much in the present condi concerns that must be regarded as the work of pure unadulterated paric—the effect of unreason- tng, contagious alarm Property ts sacrificed at the mere ‘thought of danger, and the current of disaster is allowed to reach points from which self rel! ‘and good jadgment would bave successfully driveg it, . A money pressure thus founded and so foolishly sustained, though it tuch damage, mast necessarily soon exhauat itself) It shoulda nt, however, be permitied to peas away without earnest investigation as to the caures and means by which it was sot afloat. No feeling of gratification at relief should make the commercial world neglect to inquire why and how it has suilered. The great point of perturbation has been New York, and other of the country havoonly saf- fered as the panis thero diminished or increased. The as, in the fajluro of the Ohio Trust Company, is easily discoverable; but why this ovent, in itself in significant, should bave given birth to results so disastrous and prolonged is pot equally evident. It is natural in these exigencies to make the banks, as the custodians of the Qpances of the country, responsible for the trouble, 4nd though injustice is sometimes done them in the public desire to seek somebody or something as eres Ge bear the geveral burden of sin, yet there seems to be jas- tice in the allegations brought sgainst the New York banks of baving encouraged a wido expansion during the summer months, and now, at the first cry of real need, followed it by & contraction so stringent and cruel us to be almost ut terly regardless of consequences. cause of these excessive fluctuations in bank loans is attributed to the practice of paying interest on deposits and issuing demand loans. The country banke are ailured bs ‘be promise of interest to deposit with banks {na tho city, New York all the funds which they do not require for immediate use. They think it better to do this than to ict thetr mons die in their vaults Thus the city banks become borro: ‘Then thoy are forced to look for cus tomers, but they dare not use this money in discounting notes, even witb a short period to run, for it may be ro- called at any moment by the parties depositing it. They, therefore, in turn loan the money on cal! to brokors on al- moat any kind of security. The brokers, borrowing at 7 Law ee hla so as to make sbeir profit on They im usurious transactions and speculations on this money thus borrowed by them of the borrower and lable to be cailed for at a momeut’s notice. If their speculations fail their securities must Ley upom the market, and the bate Danks and the speculators tumbie er, invalet ‘their original depositors aleo'in the ruin. whole d.fficul- btn gaan ple reecl eas tO make money produo- tive, as long as the system prevails with the New York city banks of Inducing deposits by payment of inte- Test, such cccurrepces as these which have just trans- Pired must be ex, |, for by the re by which Ibey bold those depcsits, sub; wo must place them temporarily In second hands, where they operation, which, in the end, must terminate aa we hav tat seen. Those cities which bave bad 00 share in this mode of doing business bave been uniouched by Panio—a fact that would seem to show that it is justiy ascribable to the causes we have named. In aay event such a system \s calculated, !n imos of commercial em- barragement, to widen and extend tbe difficultics under which the business community may labor, and some re- ‘AyAint upon it by legislative enactment might perhaps be very desirable. MICHIGAN, THE BANKS OF TECUMSEH AND MACOMB counrr. nancial quarters that tt may expirie at any moment. Hitherto ita issues have been received and ya of the Michigan South ym the fact that they were of the company the other day, we infer tbat the bank hav been discredited along the whole line of the road. We doubt whether the bans could bile credit to any extent bat for the soun- tenance given {t by the Southern read. We complia'ned of this countenance a long time sgo, and predicted that at the first severe monetary crisis the bank would go by the ‘When it shall finally go by the board the Southern road wil! not be found to be a sufferer, becanse ite ofli- cers, being on the spot, will bave foreseen the disaster end provided agaist lt. Bat the public, which has deen induced tw confide im the bemk by the the road, not have foreseen the disaster, and will consequently suffer to a greater or Jens extent. suspect, however, that the circulation of the bank is not large, avd probably the present is as good ime for explosion as can anticipated While the con cern is yet tottering on its inst legs, etruggling perhars to we — whoever may chance to have one of its et it alice.” quent late efforts of ite owners to circulate ite notes have been without enccess; conreqcontly there is apparen'iy no motive of failure. it hae nots dollar of real tal, and there i# not « dollar of security for its outeanding Habilities, whatever they may be. By whom it is owned ig not Brown to the public, farther than rumor designates We are of the impression that some part of ita “stock’’ recently changed bands, bat thie slso is rumor. There is bat one certain thing regarding it, and that ia, thai {@ notes are of no more value than so much blank paper. ILLINOIS. daily abundant, and the desiers stand ready Kastern operate to any extent demand may require, but they are red! very ‘as to the cond!- tion of (he towhich they have hitherto beew in ihe habit of making their of those houses ‘ané at thie distance there je no telling who not go next. The anxious question is, who shalt tof” Thi uncertainty hag considerably emba: Wea ee ee we trust that confidence will be soon . It in @ gratitying cirew however, that the present temporary embarrassment ot our greip dealers eprincs from no graver cacee. have but to waite ), aa patiently they oan, and all ‘will be wail. Soe ieee eres of oe a both to producer and shipper fore, may consider themeeives in > time being an embarrassing, ; 78st. never come to worse fortune, TEN NESSEF. THR FINANCIAL PANT P {From the yy Ly M be panic, whieh it was a dango wae about over, seems to have broken out afresh in N. Yorn, We give this morning two or three extracts, describing the exoliement that existe there in consequence of the new failores, Bank after bank topples down, and with each crash the dust rises thicker, faster and higher, The state of feeling on Wail etreet is spoken 0! as most intense. Bot the vite! qnestion is, wi! it effect us’ Wher a fire ta raging ia city, and building after building is w in the # tion ie" We think were safe from the panic that is raging in Wall street. The causes that have Proaeosa it ree a loca! and such as do not affect ue. Our banks and busl- ness houses are ail in a eafe condition. Such a thi breken bank '# almost unknown in Nashville, and i Dut little danger that any of them will fall {n the present Alter all, w@ are inclined to the opinion that the panic is not quite #0 serions @ thing ae it mi be supposed to be. When the ¢moke and dust of the have cleared op, it ‘Will doubtless be found that lens di baa bean than was expected, snd that whatever heoome of the bank ity at large bave been more scared Oia! orisia In New of, for present, without Nel those troun reaulta that were anticipated. Whether the storm bas bat lulled for the moment, only to revive in fercer gests ore long, \9 now the grave question of disci prices 19 a]] commodities, is cise at band. Jt is n denied that, of ali countries in the world, the Uaited Staten ‘s tho most exported to asudden money panto—aad that. when commercial confidence there 1s seriously staken, tae disastrous consequences 2a all busines@ relations far sur- pass snything known elsewhere. Labor of all dosnp tions ts very high in the United States; the gros mass of the people live up to thelr tnoomes: the style of iivirg among ai! clasees is extravagant beyond comparison with other countries; and thus, when the storm begins to biow, it finds every bark floating before gue breeze with all sail set, and not a thought of impending danger, On the other hand, no cou! tn the worid rises up after a panic with the wonderful spring of the Amer oan republic. Its lonrative cotton cron, ite vast storos of grate {te large production of,gold, and tte ever dowtn; 8 of immigration, bringing great and active bands to employ it, need but ‘ef apace restore the balance of trade, and cauac life and prosportss to be felt throvgbont the land. Bat the question that more immediately concerns us, U to what extent iho finsnolal troubles of the States are likely to affect Canada. Of iate youre, the Amoricans hays bee the chief purchasers of our surpins oro) of wheat, on cattlo, and our clear pine ‘umber, Lant year, they bough more then oae half of our whole exports:— Minerais £54,998 18 36,283 re Mt ee ot eS cesses e,£4,404,088 8 And our whole exports were £3,611,764 Atl this trad) was undoubted! carricd on at remunerative prices, fo cash or short bills on New York, and taxed the resource of Cur moneyed institutions far lees than any other export trade. The eave with which the business has been carrie on, and the high price which a saperisr article there com mands, bave lod our farmers snd lamberers and commb sion agents to Ox their attention matnly om the Amerios market Now, to the extent that tbis traffic will be aifeo ed by financial em>arrassments in New York, will wa ¢ Canada be affected; but, we apprehend, no farther. Ta money for luce speculations will not readily be fortt coming. ye American buyers will not be competing tc Our wheat and cattle with their pockots so well stuifed wit bank notes as of yore, Prices will be jower; cash sale Jees readily effected. But this is the whole of it. Ov merchants sre in no ghape dependent on the Stas; o bankers do pot operate ov American credit. Oar publ works and extensive private enterprisea depend on tt English money market, not on the American. Our pub! and joipt eteck securities have rever beea known on i! New York Excbangs Morsoyer, the New Yorkers a: Bostonians muut eat, whatever be the state of tho mone market—and good pine lumber will al obssers. Whatever we ha highest market price the erican gro obtain; and fortunately ours are all caab articles, But, say tho alarmists, the panic may spread to Canad Weill, iet it spread—thanks to the pradence of our bank the drag bas been severely applied for months patt; a: even in our days of greatest expansion no such panic cou bave ariten here ae among our oeighbors. We haver stock operations, ro bulls and bears. We are prude peoplo, snd allow other folke to build our railroads a: cavais, aud to be the shareboldors jn car joint stock cor panies, Even the riske of the produce marke: have iste yeara been surrendered to tue foreig can understand ty It Mates, with a bunéred millions me we eal!” in street, apd the thousand banks over Union, ail fool: the first unqalet throb at that heart of specrlation V can understand bow penics may arise from the eno-mo operations of our neighbors io railroads and canais, Oa forpian gold and Alabama cotton, Wemorn wheai a there, in these days of trocb!e, baving full alone. Weil, but our mercantile werchents have sold on too long credit accounts are not paid; remittances wholesale merchant; and Very true; and this ts about embarrassment. But mark this: a eeper, and the merchant, ha: perty, and are only pinched for the had splendid times for some years ponred tnto the country; Unought it was never and lived freely. only, Ono first rate crop would have rectified Morecrer, ite. worst eases ofthis are, folt 1 bere, but in Engiand. The importer is not pe bolesaie merchant red sclis only to the prompt payer; the Jonger one of ‘ong credit; extravagance is chechod; counts are collected; stocks are reduced; people barder and prodace more, and the ship rights BRAT Oe Senet oat eeeneen, Se, Cayley » assuredly find when he commences to sum up the C ork, real done in Canada this winter than there has been in years past. When prices are highand labor scarce, are all wonderfully carefal not to overwork ourselves. There 1s no.hing whatever in the commorcial and {nd trial condition of to excite alarm True, money searce and the crop is not what wo Antctpeied bat bave known all that many a yosr bofore ta Cana and ‘over it swit ly be gn ont od Cragal Let lt pever be forgouten that agricoltaral \aterost the one great interest of our country; and that whik 167, were employed !n the cultivation of the soll, farmers, laborers or servants. In Lower Canada, Fr was 255,104, » to these are ad: years back, and more than average entre oben bg monterey Ess ity. because great success bas isd them to field 19 i extend their barns, and rear # brick dwelling on the of the old log house. There is one lesson, however, that the crative as ment, it will iture. (vations has always Won. The utterly rec! bave been year after year set afloa!, manis'pal vons and the public debt and taxation increased, has , i ADTERTISE MEN TS street every ‘4 BURY LAN) pe at na a Enc K.. EYPORT AND OLIP F WOOD DIR! —AND MIT NRE RSs aula Ras os, —FOR SBREWSBORY, HIGHLAN KPTEMBER, Ls! m Hoube, J.ong Brandt aad Ocean 'Por,.— NG BF CH, . sed meena See rt Mena ie er river: — LRATE SEW FORK. LRAYR O Pot awn ren ay TC tanee GAM) Monday.sen , voce 4) One ee is SUM Wednesday, 16, 65 {RA ‘will sonnect with Ibis host for Ret Rank ermediae iandingn fOr EA@nengers only. Ryan tit connect With (bis ont, Also, stages io all’ parte 0 country. GQEPTEMBER, 1807. FOR SHREWARURY, MignuAS Ocean House, Long Branch, Port Washington Pair Ha lount's Dook, Brown n'a Dook, Mi ‘dietow: Red Ban he new and plendid Reamer OORAN WATE Capiein F er, an as foilows from foot of ix ee foot of Robinaom street) Ree Tate Faw YOR LSAvR Gap name 180 0. x i AM ‘Thesday, Sept. 15. Monday u Wednesday, 16... 6AM Treedey, Ip b) inesday, 16 scTNA LAURA will conneat with this boat Bor Ope vs Port. lor pansengere oniv. haan line of with boat ‘also siages to All paris of the county. ROTELS, i RROADWAT THe way, bet Broad ween Waverley plac” M'vireot, lwone of the feat losated in the ity. | Pa ng to secure roome forthe winter, can he sited by arly appiicaion, WM J FISH & BON, Croprige