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From the New York Times of October 7.0 Phenomena of the Pressure. In the palmy days of the United States Bank commercial revulsions and monetary panics were always attributed to the monster" in Chestnut street, and deputations of merchants and bank officers used to go on to Philadelphia from New York, Boston, and other cities to entreat Nicholas Biddle to afford the needed relief to the mercantile world. He was regarded as the Great Mogul of the financial world, and was supposed to possess the power, and he doubtless did to a certain extent, of making money plenty or scarce, as suited his convenience. Philadelphia was then the central point of the financial world on this continent, and the bank, with its branches, was able to control the destiny of the country. Even after Gen. Jackson has succeeded in depriving it of its character, and it had no longer any connexion with the Government, it still was supposed to exercise the same power in finances that it had done before, and Biddle was still regarded as a kind of Pontiff in the commercial world. In the great panio of 1837, to which the present pressure has been most absurdedly likened, a deputation of our merchants were sent on to Philadelphia to beseechMr. Biddle to come here and afford some consolation to our suffering merchants. He came accordingly, and no monarch was ever more graciously received by his submissive and admiring subjects than was the financial potentate by our business men; and there are doubtless many now who feel the force of the present pressure who were then among the crowd that gathered around the Chestnut-street Gamaliel and derived comfort and consolation from his promises of succor and support. But a little time after and Biddle, bank and all were involved in one common smash. With the fall of the United States Bank fell the financial supremacy of Philadelphia, and New York became, by the natural order of affairs, the financial centre of the American continent; but it is a centre without a point, an Empire without an Emperor. There is no Nick Biddle" now to whose power and wisdom the people can appeal. Instead of a manager they have a system, and it is only by understanding, sustaining, and trusting in this that they can sustain themselves. The present flurry-for, serious as the financial pressure has been, we cannot regard as any thing more-while it tests this system, will also make it widely known to the country. This city is now regarded as the financial regulator of the whole country. Before Boston could determine whether to suspend specie payments or not she waited first to know what New York would do and Philadelphia is now convinced that if she had acted with the same prudent caution she might have saved herself from the commercial disgrace which she has brought upon herself. There are several marked phenomena attending the present crisis in money affairs which have never been witnessed in any previous commercial revulsion; and one of the most remarkable of them is, that the revulsion has come when the entire country is in a condition of unwonted pros. perity, when the great staples of the country are more abundant than they were ever before, and when the whole nation has been literally flooded with gold. The great panie of 1837, which extended over nearly five years, could easily have been foreseen, or at least accounted for, by the merest tyro in political economy. The breaking up of a long-established banking system and speculations in ficticious land projects, the great fire," and a succession of short crops, produced the great mercantile disasters of that period. Since then we have enjoyed a succession of prosperous years, and the only disturbing causes have been the discovery of the California gold mines and the growth of our railroad system. But these are elements of prosperity, and not of ruin. Our railroads have cost us something more than $700,000,000, which has been expended during the past fifteen years, and considerable portion of which has been contributed from abroad, and not been repaid. It is about the amount that England spent in two years in her Crimean war, for which she received not a shilling in return, while our railroads have more than paid for themselves by developing the resources of the country. Monetary panics have heretofore been universal in their influence, but we now find certain classes of merchants who do not appear to have been touched by the panic. In the list of reported failures we do not find the names of any grocers, yet they form a most important class of our business men, and their transactions are to very heavy amounts. One of the assigned causes of the superior stability of the grocers is, that they give shorter credits than other jobbers, but the real cause probably is, that the commerce in articles which come under the head of groceries is limited to the actual wants of customers, while in dry goods and other articles of luxury there is no limit to consumption. The present panic is mainly the result of timidity of feeling which would long since have worn itself away, and given place to a more confident tone in the stability of our commercial institutions, but for the two accidents of the failure of the Ohio Life and Trust Company and the loss of the Central America. But the ill effects of these untoward events are beginning to disappear, and it cannot be long before a healthy tone will be estored to the public mind, and the wheels of commerce will begin to revolve again with their accustomed regularity of movement. EMIGRATION.-Information has been received at the State Department, from Bremen, that from the 1st of January to the 16th of August last, there emigrated from Bremen to the United
