The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1844-01-20


to banking than be legimately employed for all be-
yond that amount fall into the hands specula
tors who for the purpose Of dver,ing trade from
sproper channels and changing the regular ements
Of commerce The Legislature should take this matter
In hand, and II il is not possible reduce the capital Of
banks. they should place certain restrictions on
them more rigid than any existing and put an imme
date stoppage to the accumulation of banks and capital
The experience OF the past has influence the future
the same cause will invariably produce like effect
What has ruined one bank WILL if carried the
tent ruin others. set of banks who make speculation
In stocks and produce their business, will eventually
bring up the old United States Bank did before them
That bank commenced with stocks, then wentto cotton.
and the result ruin and complete destruction. The
banks of Alabama, Mississippi and Louisiana, followed
the beaten track, and they wrecked on the
rock. II may early or it may late, but
adherence to this policy will assuredly term
in this II is easily and almost impercep
bly, commenced but It ia Almost impossible to get out Of
the Maelstrom after thoroughly getting into its
power 1t is the same with indivi with corporated
institutions.
The capitalists of this city have method Of using their
resources the least adapted to advance public improve
ment their individual interest of anywe imagined
They contented with the advantages of geographical
position and the facilities nature has provided for their
benefit and enjoyment The superiority the citizens
prize is fast slipping away, and the wise of the east
are fast oatstppng in energy perseverance, industry
and the best application of their capital and their
sources They, to unite in every great movement
likely to advance the commercial standing OF their city
They all have object in vew and that object is to
benefit the whole population of their section Their motto
is that union strength and all individual prejudice
abandoned for the public good In every great work Of
internal improvement-in the completion of any particular
efc init,
ton of works that hold out the remote prospect
ultimately proving proftablecapital any extent is
command and the necessary steps taken ompsh the
desired ends This is the grand of the rapid ad
vancement Boston has made in all the departments o.
trade and commerce She has within few years increased
her foreign trade enormously and her inland trade as
largely Her domestic manufactures have gradual,
grownn spite Of any and every policy the general go
vernmen adoped-until at this they are beyond
the slightest influence from any other power than the
movements Of the currency produces On the other hand
look at the capitalists of this great city the
they have for years adopted with that followed those
Of Boston. There but two States in New England
Vermont and New Hampshire-that have not greater
facilities Of communication than the wealthy State
New York 1t is very that this stands between
the New England States and the West and part of the
have a rapid communication with Albany
than our Eastern neighbors, but great efforts are
being made by Eastern capitalists to receive more
benefit from internal improvements than we Of
this city can expect, under the existing condition
Of connection with the Eastern termination
of the great Western line of railroads through this State
Last winter pork selling at per pound
Buffalo and five in Boston, Flour varies large per
cent butter cheese poultry, and various articles Of pro
visions much higher in large cities through the winter
THAI at other seasons, which would bear a good
charge for freight to get to market during the close Of
navigation The Eastern capitalists making strenuous
efforts to induce the Legislature of this State to allow the
railroads of this State to carry freight during the
the canal they should deem proper snch
freight to pay canal toll This subject has been agita
ton long time, and the demand strongly
backed, and is popular particularly in the western
part Of the State, that the movement be sub
med to, with sufficient conditions and charges to pro-
tect the interest Of the canal
The success this proposition would materially inure
the trade of this city, while would add the
of the State government, by the receipts of tolls on
freight that but for this facility seek and obtain
other transportation to market the canals of the West
States in navigable order the through The
navigation the lakes does not until long after the
closing Of canal and could produce, landed Buffalo,
after the boats the canal had ceased running be
finding market the Atlantic seaboard, at all times
through the winter the of arrivals at Buffalo
would be kept up until the last Through this
State, the convenience of getting to market would be a
great benefit 1t would affect the price Of produce in the
interior and keep prices regular and nearer the
quotations that rule in large markets.
This being the settled position Of the two cities New
York and Boston, and the of the progress Of and
the Indifference of the other, would not be unfavor
able moment to compare facilities OF communication
with the interior the year through, with those of our
Eastern friends There has been within the past few
years than dozen different railroads. contemplated
TO run from this city to the North South East and West
and yet at this moment with the expenditure of millions
oil dollars and the aid of the experienced engineers
we have not solitary track running twenty miles
the heart OF the country dividend from those which
nave been years in existence, and only extending few
miles into the interior There the Long Island Railroad
finished just far enough to be good for nothing Then
the Paterson terminates at a small inland village, the
business of which is not sufficient to enable the road
to pay its current expenses The history the Erie
Railroad is still fresh in the minds of many of our ct
zens, and those whose memory requires refreshing have
only to read the report of Mr. Baker Legislature
Lastly comes the Harlem Railroad road that for loca.
tion termination and probable value not exceeded by
any III the vicinity Of this city. By woful mismanage
ment the Company have for years been the verge
rnin They have adopted the only sure, safe and
prohtabie course and that the extension Of the line
travel Every mile added to its present length reduces
the enormous first average csst and increases the re-
cepts as extends into the most wealthy and productive
section of the State By gradual addition to this road
AMI an immediate employment of the whole length
soon as completed the company would be able to make
the whole line profitable, and the receipts would ult
maely bear proportion TO the cost and expenses suf
cient to declare small dividend. II is most
tonihhlng iact that there is not a railroad d.
verging from this city, that pays its stock
holders the smallest fractional dividend 1t is time
capitalists become active this business and instead
OF employing millions in gambling operations devote
some OF their TO the advancement OF our city
as rapidly as some of our neghbors The Harlem Rail
road shows from the late great increase Of receipts to be
fast becoming more productive than its sangune
friends anticipated This road will be finished to White
plpins s "a tire snrinp