precious PITTSBURGH GAZETTE It, d i li be on P o 2 f id th f Ze ' rot th . . 7h E b,st made a rapid and violent contraction of their leans =opera/hely necessary. Aciordingly, that pOlicy was pained (and at how much cost and suffering to the public many an honest man tan tell,) till the New York banks had reduced their loans to eighty-one millions, and ours we know ,not to what amount, but veryconsiderably. This accomplished, orders for foreign goods were checked, prices of our products fell, and specie shipments ceased. What. then? Did the banks, which were still more expanded than•they should have been,remein in their condition of compare dye safety? Not at all. They at once set about expanding again—that te, selling their credit at the price of money; and so eagerly did they pantie this policy that, in a little over two months, the banks of New York got their line up again to ninety-two millions. Only think of it Banks, with forty-eight millions of capital, stretching their credit, already too much extend ed, till they lend eleven millions mote on thelOth of blanch than they lent on the 80th of Decem ber. What business can thrive permanentlytus der a system like this? The effect of the present expansion is &ready manifesting itself on the commercial barometer. Specie it flowing away from ne again. The Can ada took on Saturday butt more than a million and a quarter of dollars, and the steamer that immediately 'preceded her from New York took nearly as much. How many more nth week ly shipments of specie will it take to bring about another revulsion? And how much of the re sponsibility of euchrevalsion should be borne by the banks? What agency will the late explosion in San Francisco have in accelerating it? And why should the whole fabrics of credit in this great country ream a basis so insecure as to be shaken to its foundations at every untoward occurrence? These are pregnant questions, and well worthy of the consideration of our relent -71:111LID.LETD BY D. N. winxx-.. PITTSBURGH: FRIDAY 5101110:NO, MARCR 23, 1855 Adysstisem—Nsitlef Ulf =torte lowa PFlatlaiiireibilstuanatath• AA, ,are °woad onittfilay. Armsramwheittaska their notiine ta appear . bithipapa Mt Monday mar clnl,willplawhaad thin lo Wee D mart. on Elstmday. ' Advance Payments.--Ilerealter no nub ' ,andietfan Al be taken in the 0.0, Weekly Ovseatni ' 'naiad loyaucat La made in advance. Wbenem the