The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1850-06-03


The stock market, during the past week, has not
been buoyant previously noticed and the leading
fances have been in less active demand, at an i'm
portant depreciation in prices The Of this 10
doubt the fact that they have been rapidly and
too largely inflated. Prices rulo much above the
actual and prospective value OF the securities that IL
is unreasonable to suppose that anything can sustain
them at present points but tho greatest speculative
excitement. The money market is easy-eapital cheap
and sbundant-the hanks anxious to keep up an ex-
pansion to the full extent Of their line and the fse
ties for carrying stocks OF all kinds productive and
unproductive, probably never greater than at
this moment, notwithstanding which, 1t is with tho
greatest difficulty speeulators for rise can even
sustain ruling rates, TO say nothing about further
imitation Of the bubble Amidst all the prosperity so
apparent In all the ramihcations Of commerce, tho
speculative feeling Is comparatively limited and none
but those who make II business and profession can
be induced TO involve themselves In fancy stock or
any other equally hazardous speculatons We perceive
n determination the part Of commercial classes
TO connne their operations solely to the legitimate line
whatever may be; and far any increase Of capt.
tai credit will enable them 10 extend their busine
Il IL made available to the fullest extent This Is foa-
ture peculiar to the people Of this country and to IL
may attribute the largest portion Of the enterprise
Of all classes and proges5of every department OF in-
dusry This propensity to engage in every movements
that holds out any inducement prospect gain and
this facility for turning everything to advantage eua
hes US 20 cope with any nation on the face Of the
earth, and urmoun. any difficulty for the accomplish
ment Of any great object. what other countries are
ages In accomplishing, achieve as n by magic
Where other nations are centuries in developing their
domestic resources, only require years and u ap-
pears though Il only required the pre..nc. OF our
people in countries 70 bring out at once any ma
turs advantage, or hidden wealth Il nav
have possessed for ages, unknowa to the civilized
world
IL SONY within the past Eve years that Ia. energy
and enterprise Of the people Of this country have deve
Hoped themselves 20 any extent beyond previous H.
mits. Heretofore We have had enormous speculative
movements which have built up towns and cities built
railroads and canals improved tracts Of Wild un-
productive lands. aud in doing have ruined thou
sands Eand benefited millions These movements.
as much ~ they 10 be deprecated have placed u.s.
people at least half a century In advance q where
We should have been had plodded along in the
steady. cautious. cid fashioned way Many % those
Who have built up and developed the Of the
mighty West, and have covered tho waters Of our mag
niacent lakes and rivers with immense commercial
marine have sacrificed life ami fortune; but tn, works
survive them, and those who after take up the
task and carry on the great movement. To one ae-
quantcd with the enormous extent Of the updsv
resources Of our country II would seem as though
ages would hardly suffice to dovelope them; and Il
must therefore seem strange that should he look
ing far beyond our old limits some new outlets for
the apparent pent-up energies Of our people
The acquisition Of California by treaty with Mexico,
urnishsd the outlet long looked for and new fields
Tor labor attracted at the attention OF those who
had a longing for emigratirg The accidental disco
very OF gold mines on the banks Of the Sacramento
gave much greater impulse 20 the movement than t
would otherwise have possessed and thousands sought
the golden shores Of that country where would
have settled under other circumstances In less than
TWO years. discoveries have been made in California,
showing conclusively that Is the richest country
The ace Of the earth account Of ts inexhaustibs
mines OF gold, silver, quicksilver. cnnebar, and
know not how many others and II will prove greater
III Dorado TO the United states than the conquest Of
India or any other Of the possessions Of Great Britain
has TO the people Of England. What India has been
TO Enelsnd in period Of forty years, CALIFORNIA; will
be to the United states in less than ten Results more
magnificent, favorable to civilization. more to
the glory Of this country will follow the campaigns
Of Tayor and Scott In Mexico than followed those Of
Sir Arthur wellesley in India; and although We DO not