NEW YORK HERALD.

ssw York, wedncsdny, October "a, 1870.


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the present day IN rel 4t!on 10 commercial affairs
and the. course OF commercial adventure. About
ten wears ago this country went through grent and
extraordinary crisis, produced by an an,ecedent pc
Rod of speculation, and England and France esca-
ped as if by miracle. Since that time, under the
happy influence Of general peace amongst Chris
tan and commercial nations, both America and Eu-
rope have been rpening, and rpening, and rpening,
in their domestic and economical affairs, until they
now in the commencement OF another great Pc
rlod of speculation--rise in prces-inilaton-lEl
mense tortunes-and ultimate prostraton, 10 great
er extent than the world has yet seen. The
aspect of the elements cannot be mistaken The
symptoms of the age are understood by every one
who will open the eyes of his mind TO these pecu-
liar characteristics. The movement has commenc-
ed in Western Europe, in railroad speculatons, and
Ia this country the Of men just in the first
step, as affects extended circulation Of the banks
in the three principal cites-and the entrance upon
the feld-the vast fieldoi those energetic, but un-
fortunate men, who took the benefit of The bankrupt
law two years ago.


II is as well TO be open and above board II is
best 10 tel the truth at II is well for every
one 10 open his eyes the events that are throwing
their shadows across the commercial horizon in all
quarters of the commercial world Two of the first





cIa adventure, which are already beginning TO ope
te, are the operations Of the banks in New York.
Boston and Philadelphia, and the movements of the
forty thousand energetic bankrupts who partly got
rid OF their debts by the recent bankrupt law in an
honest way, and partly by cheating tier creditor.


dishonest way. 1t is much better thus to spe,
plainly and tell the truth in these matters Stocks
fancy stocks-may rise to-day or two per cent
and tall tomorrow. These events are only the ad-
vancing and receding surge Of the great wave which
VIII bear them onward and onward, until the period
OF speculation has reached Its eliminating point.


The first event-the first movement in this great
era undoubtedly showed itself about year ago.
IN the organization of the board of brokers
IN Wall street, New York. Wall street is the
centre OF the great money market of the western
world Here are all the conventions and congresses,
and consultations of spectators, bankers, brokers,
tad commercial men, Wall street is, indeed the
only true :" Worlds Convention" of the present
age, tor every one wants TO get rich and it is only
IN Wall street that you can set your tme-pi in
ofder 10 grow rich In the process OF the great
perative movement that is now approaching About
ayear or two ago, the board OF brokers was or
ganzed IN Wall street, in this city Ii was COM
posed chiefly OF those talented, speculative magi.
native, energetic, active men, who had taken the
oenen Of the bankrupt law, and who had paid their
creditors WIN nve cents on the dollar fifty cents
and some paying nothing at all. 1t is calculated
that that extraordinary law which was an abolition
OF debts, relieved about forty or fifty thousand of
the most talented business men in this country II
is also cacslaed that they got rid of debts to the
amount of nearly five hundred millions of dollars,
whilst some of them secreed probably two hun
dred mlllions-a vast amount of funds, now coming
out and giving stimulus to the markets. which
VIII be felt more and more, as these secret funds
are brought out and the riches of the prison house
are disclosed. The effect Of the application of this
vast amount Of properly and money is slready clear
~ seen In the movements in stocks and in various
ofher articles OF commerce. during the last year
we 90 verify believe that the forty thousand bank
rupts have done more 10 bring about the millennium
OF the next great period Of commercial speculation
than any other forty thousand patriots of the
age, or any other age whatever They possess more
talent-more energy-more orignality-more wit
more adventnre-and more roguery, together with
due proportion of virtue, religion and pety OF the
purest brands, than any other class of men in thi.
country.


But the bankrupts are not alone in this move
ment. The excellent and the worthy class OF
men who have set their shoulders to the wheel
and who are bringing about this golden mil
lennum, when every one will make a magn-
hcent fertuue, the bankers themselves
The directors, presidents, cashiers, and managers
OF the banks, form another important body of men
who are beginning to exercise mighty influence on
the events now taking place in the commercial
world We have already shown by money ar
tcles that the aggregate amount of bank credits du
ring the present time is not so mach as it was in
1Ss0-ffteen years ago-when the population of the
MIR yvau oiahix
present and the produce one-third less The coun-
try banks throughout the republic are restricted in
the most extraordinary degree. Indeed every class
OF banks, except those of the three great Northern
csties are at the lowest ebb of bank credit The
Southern banks are now in a stranger position as
regards specie But during the last eighteen months
or two years, the banks of New York, Boston and
Philadelphia have begun to let out to increase their
eircuaton-to augment their bank credits, TO a
very remarkable degree-even now to an ex-
tent nearly forty per cent over what it
was in lS40 This is another important,
element, setting in motion the great move.
ment OF the approaching commercial era, and
ss soon as the county banks ACQUIRE confidence
and the whole commercial community from North
TO South, and from East to West, is impregnated
with the same degree of confidence the circulation
and credits of the banks throughout the country will
Increase In an equal ratio, and instead OF three hun
dred millions of bank credits, which we have abou,
this period, we will have double, and probably more
that double that amount For il is an absolute fact
that If the ratio of bank credits at the present day
were equal to what they were in 1885, ten years ago,
they would be nearer or eigh, hundred mil
hons than three hundred millions, as they are now


But ihe movement, we have already shown, has
larry commenced The NEUTRALITY-SUSPICIOUS. VINO have
taken The benefit Of the ac,-have commenced
mighty movement The hankers--the managers
presidents and directors oil the banks, IN the three
great cities, have fallen in with the same NOV, mon,
They are all encouraged and stimulated bv the vas,
perlod OF SPECULATION in rnirnnLa -.