Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1840-05-01


procure copies, regularly served, at Danes 10
State street.
Great Movement In Internal improvement
Policy of New Yerk--Counter Revoi"'ion
In Spec ulatiOn--John G. sPencers efe"t
Report.
In another page of this paper will be found the
great Report of John c. Spencer and the Canal Com
of this State developing one of the most
cur;ous and remarkable views and principles on the
Internal Improv enents in the state OF New York,
bas been made since the first reports of the eel
ebrated De Witt Clinton.
This report is written with a most powerful pen
presents the most plausible array OF figures and state
me,ts-and NAV be considered the ground basis OF
movement not in internal improvements alone, but
IN the credit system, that may end in one oil the
most snlerdd financial revulsons that the world
ever saw
The successful construction of canals aud railroads
the increase of the currency, and the spread OF the
banking eystem-the untring enterprise which
characterised New York from 1920 up TO 1882 led
the whole Union into similar enterprises, without
possessing the same principles of management which
we did; all Of which led to the great revuisisn be-
ginning in 1857 aud yet agiatng one half the country
TO this day We are again in this state beginning
new mo ement, and the report oil John u spencer
NAV be considered the basis and plan oil operations
The facts and views Of this report are Principany
supplied by Mr.. Ruggles, one of the canal commits
sioners who is without exception one OF the great
est spectators and promoters of the credit system
that ever appeared in Wall street. He carries the
same wild, wonderful schemes into Albany; and al
ready we see Governor Seward and the present
state administration completely indoctrinated with
the most magnificent schemes OF the day The pre-
sent movemen mt leads to debt OF S4oOOo,0oo, or
$50 900 OoO for New York, and twice as much for
the rest of the Union, who will copy after us during
the next six or seven years
Every political and other event iavors the success
of this magnificent policy-this fresh extension Of
the internal improvement, banking, and credit sys-
TENS The whole Of this all pervading interest IS
now united to produce a revolution in the general go
yernment and according all human probability Ge-
neralHarrso on will be elected next president, under
whose auspices anatsnal bank will be created, and
new impulse given to the whole material interests
of the country. Mr. Van Buren, reached the presi
dency by counting the aid of the banks and the spe
culative classes from 1927 to 1886. In 1857 he SET
hmse in opposition to these powerful, secret all
peryading interests-and therefore, coupled with
his personal unpopuarty and the military services
of General Harrison there is every probability that
he will be defeated, and that the reorganization OF
the credit and speculative system will be complete
lv triumphant in ls4l. The policy of tho party
which supports Harrison in this state, may be con
sidered the index to the whole party in Congress
and in the states the policy and prospects
Mr. Van Buren, are defeated and swept away.
We look, therefore, upon the splendid report o
Mr.. Spencer As the :" voice Of one crying IN thu
wilderness making the crooked paths even and thu
rough hills smooth 1t Is the forerunner OF al
enthusiastic movement that will build railroads.
dig canals-establish banks-create towns-mul;i
ply villages, till the next great revulsion burst
upon them like thief in the night, and overwhen
with greater crash than any that have yet beer
seen. Already about S5,0O0,eoo added TO thu
debt OF New York-and in two years S40,OOo,0 900 o
new bonds will be sent Europe for negotiation
Heretofore, London has furnished the cash o.
these loan.-but a vein Of pure gold has been disco
vered in Paris, and the sale cf American securits,
kay. begun there to be extended twice as far Al
ever they were in London. In France there u
$500 900 900 ~ geld and silver. We can cycbang,
eur state stocks for onethird of these metals, ant
leave enough behind TO carry the trade Of tina
nation.
This 10 our Interpretation Of the movement o
John c. Spencer, one Of the greatest men that eve
this state produced. A great deal Of money will b
wasted and squandered in these enterprisss-bu
still many good canals, railroads, and other publ
works, will be constructed out Of the balance, whic
will remain when the and party that forme
them are gone to the devil. The Wall street spe
eulators, of whom Mr. Rugglcs is the spirit, vii
make roney-get rich and haughty-but still Their
is some benefit in pride and insolence, because
they furnish instances Of sweet humility when the,
arc broken and bankrupt. We say, therefore, &,
ahead-no matter il many Of us 60 to the devil