The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1850-05-13
M q N + Y III AR X r r .

SUNDAY, May l2-6 Il. M.
During the past week the stock market has been
without any material alteration. The fancies have
been less active and the tendency In prices foe
some Of them has been upward but the movement has
exhibited no feature and cannot discover that
outsiders have as yet to any extent involved them
selves in the speculation which 80 long been pro-
crossing and which is rapidly approaching its eul-
minating point The speculation In fancy stocks this
has been far confined those whose profess
sion II Is to deal In such securities and like those
which have come up and gone down, the number OF
operators engaged In initiating prices has been COM
parstively limited. when take into consideration
the eheapness and abundance money, and the ease
with which loans have been and still can be- effected
Of the banks In the street il Is matter Of astonsh
ment that the almost universal propensity specu-
lation has not been developed but enough has
already been accomplished TO give those interested q
taste Of the bitter fruits Of such insane operations
Amidst the apparent prosperity In all branches of
trade and departments Of industry, unmstake-
able evidences Of the approach Of crisis The present
condition Of things is and the future pros
peet. by no means, favorable There Is great want
Of eonhaenec among capitalists. aud as the season ad-
end trade becomes stsgnant shall feel the
effect OF the artificial imitation in prices very sensbly
The stimulus given 10 commerce by the diseove Of
and production Of gold in California cannot be sus-
tanned IL requires something more than the increase
already realized in the supply gold TO keep the ma
shinery of trade in full operation and in healthy
state. Our banks may be piled fun Of gold and silver
and private credit may be at very low ebb The fact
that such supply Of precious metals exists Ia alone
sufficient to dsrenge the movements Of commerce, aud
create artificial inflated state Of things which must
inevitably lead TO ruinous results. Look at Great
Britain Of this momeut aud mark her condition.
With upwards Of seventeen millions Of bullion in
the Bank Of England. everything is paralysed, and
there IL not much real prosperity in the United
Kingdom, when the bank held less than half
many millions in gold and silver. The agricultural
classes Of England in moot deporable state and
through them every local interest suffers every
depends more or less upon the producers. The small
tadosmen and shop keepers In the rural districts are
unable 60 meet their engagements, account Of the
poverty Of their customers. This falls Immediately
upon the Wholesale dealers aul from them on the
importing merchants, and eventually with double
force on the manufacturers in dimnished home trade
and in crippled exports Throughout Great Britain
trade is not simply dullit l. staguated This being
the position Of commercial Affairs abroad particularly
In Great britain. where end the best customers for
all our great exporting staples We cannot hope 10 es-
cape unscstbedi must wc invariably have here
tofore bear the bunt OF the depressed state OF trade
In our most important markets.
While Great Britain requires comparatively limit.
cd quantity Of our products. her Manufacturer
lock 20 this country for markets for those fabrca
which find no consumers ct home. and ~ T. there
fore, probable that We shall be flooded with all
descriptions Of manufactured goods. This
ucipste The inevitable eject Of reduced home
consumption In Great Britain l. enormous shipments
to what are considered the best markets for the
plus supply. In the absence q demand from all
other parts Of the world the manufactures Of Great
Britain know that we customers for any quantity
Of those products at some price and " sscriaccs
must be made they generally lees in this country
than elsewhere The effect 81 the California excite
ment upon our currency, and upon the speculative
propensitics Of people, is calculated to increase
the consumption Of all the Injuries and necessa-
ries Of life; and the manufacturers OF Great
Britain have had too much experience in these
things 70 lose eight Of or neglect the orpsF-