The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1844-02-24
Revival Of Trade, Fashion and Extrava-
gance for 1874.

Revival Of Trade, Fashion and Extrava-
gance for 1874.
The bubble is beginning to swell out and ascend
again. After depression in every department OF
trade and industry for several years. are begin
ming to construct anew all our former gaudy edi-
fees of speculation, and probably on better foun
dation than ever has been presented for that Ia
vorite species of architecture IN the United STATES
There can be no doubt OF an extraordinary reviVai
in trade through all its avenues, in all parts OF the
country But at the same time, every symptom Is
present, of an equal revival OF buboles-ci specu-
lation-of fashion-of extravagance-of folly-of
refinement-of immorality-of all those mixed de-
velopments of the human head and heart, which
mark period of great prosperity.
We have now in this country, as the basis of
our currency, probably over hundred millions of
hard dolars-not Of that imperfect character which
formed the basis of the currency OF the North
American Trust Co.-but perfect, hard sound
ringing dollars, either in the vaults OF the banks,
or in circulation. Such is the basis on which the
present prosperity rests. We have driven out OF ex-
istence about one hundred and fifty bubbles and
banks, with nominal capital Of some two or three
hundred millions of dollars that if the present
banking institutions take of themselves and
act prudently, they can do pretty we'll for few
things, we have immense crops, and cotton crop
alone, whose value has been increased from forty
to sixty millions of dollars during the last few
months. So much on these points.
In this city, however, the great centre OF all
movements and all speculations we begin to see
growing up side by side with the buds OF spring,
spirit of speculaton, that will be much more ra~
Did in its growth and more disastrous in its results,
than that which marked the years 35, '36, and 81.
The spring bursts forth in all its beauty, glory,
and magni6cence, within the physical and CONNER
cial world. Speculations in cotton-speculatons in
real neutrality-suspicious. in stocks OF all kinds
speculations in everything, are sprlngng up on all
hands. Building lots in Union Square, which, at
the highest period of 1886, brought $4,000, and
which, two years afterwards, were sold for $4,000,
are now purchased by some of our wealthy capt.
tasts and merchants for $4,000, for the purpose of
erecting palaces them, as in past years In four
weeks the speculation in real estate in the upper
and fashionable regions of our city have Increased
its value in the market from 30 to 200 per cent.
There is no harm in this for the present, and all
looks beauuful-el suushine-all full of hope and
promise of unexampled prosperity. But all those
who enter into these movements must take care,
and when the tide begins to turn, they will have
10 watch with ever open eye on its movements,
and note its every pulsation the rock of time.
Side by side with those speculations in the great
staple production of the country to which we
have aude see parallel movements IN
society-in s0on-ln theatricals-musical at
fairs-in buildIng-ln extravagance-n foly-in
vanity-in every thing. All this if properly regua
ted will tend to the refinement of the age, and the
improvement Of the present race. But if we permit
ourselves to grow enthusiastic in getting rich-to
throw aside prudence and discretion-and to launch
forward in all the speculations that we have seen
in former years, next fall will be the greatest
yet that we have seen in this country. 1t will be
revulson from the effects of which its victims
can hope to rise. And if the one hundred thousand
persons who took the benefit of the bankrupt law,
and thereby repudated three four hundred mil.
lions of debts, get into that position again. they
will lose their tails without the slightest chance of
getting them back again. That regenerating pro-
cess they may depend on it will be altogether inn
possible. We would inculcate, therefore, great
prudence and great discretion and great quickness
of comprehension on all those engaged in CONNER
cial and financial pursuits IN those days. For there
is danger ahead. There are many fortunes to be
made, and much wealth to be gained, and much i'm
provement to be achieved but there are rocks and
shoals and quicksands in the way, and only the wise
and skiful mariner can escape them.
SINGULAR CONDUCT OF UNITED STATES CON-
MrssroNER.-In a report which appeared in our CO.
lumns yesterday, il appears that Mr.. Mugan, who
officates as United States Commissioner in the
Court of Bankruptcy, elected the reporters OF the
press from the during the progress OF an exa-
minaton, which took place before him. On inves-
tigating this singular act on the part OF the Com
missioner we have arrived at the conclusion, that
he transcribed his powers altogether-that he had
no right whatever to exclude the reporters In the
city of London such thing has never been at
tempted There, we perceive, from the reports IN
the papers, these examinations are uniformly open
10 the press We never heard of such thing here.
The refusal to admit the press is in direct opposi-
ton to the usual d,ctd of the common law.
However, we are determined to set the matter
right before the public and for this purpose we will
bring it up before the United States Court, and as
certain what is really the law on this point.
AFFECTING DIscussIoN.-The science of Agrcul.
ture, nowadays, begins it would seen, to furnish
most affecting themes fer the orator and the poet.
Somebody complains that the age Of poetry, like
that of chivalry, has gone. But the :" Farmers
Club" of this city determined to give the lie to
the assertion They find even in poudrette most
moving subject of poetic sentiment and pathos. AT
their last meeting several of the members dlscoursed
most eloquently on this exciting theme, and pou-
drette, it appeared on this occasion, was as SER
viceable in promoting the growth of ideas as of cab
bages Mr.. Minor bewailed the loss of thirty
thousand cart loads Of " MATERIAL" which was
wantonly cast into the rivers, in terms worthy Of
poet lamenting the fall OF
Some PROSTATE dome,
Minglng its marble with the dust Of Rome !"
Mr. Pike was equally eloquent. Mr.. Stephens piled
still higher the agony. DR.. Field expatiated at
length on the fertile topic. Col Clark pathetic
on cracked soils" Mr.. Cummings was brilliant
upon mud Mr.. Minor again reverted to his dar-
ling subject, and in burst OF enthusiasm, declared
his willingness to show farmers how to make and
r. c.l.o az hain