Gazette Of The United States

COMMUNICATION.

As the situation of the United States is essentially different from that of European countries, in respect to wars and politics, it is difficult to account for the fluctuation in the prices of our stocks—but adverting to facts will enable us in some measure to satisfy ourselves on this point. The appreciation of the Public Securities has been a gradual business—their rise is the result of fair calculation, and a just confidence in the funds and faith of the Government—but the rise in the price of Bank Stock was too rapid for calculation, and too surprising to leave time for cool reasoning on the subject: It proved a sudden, but powerful temptation to persons in trade, to step out of their usual course; this brought a new capital into the market, which aided the balloon in its flight. From an unnatural elevation it has descended with greater rapidity than it rose, and many are left in a novel and unpleasant situation. The real excess beyond its value, that has been paid for Script, is a loss that must fall somewhere—the arts which will be employed on this occasion to shift off the burthen, will keep the ball suspended for some time to come. It will be well for those who have already suffered, to examine with great attention the speculating thermometer—the impulses on that machine arise from various combinations formed among a prodigiously cunning set, but whose windings and tergiversations may be traced by the clue of common sense!

That Script should be at 200 to-day, and 150 to-morrow, cannot be the result of calculation.—He that runs, may read.