The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1851-02-24
Speculation !. Isss-'sy, and In 1850 "a.

Speculation IN ls36-'Sy, and In Is50-'5a.
!rron the Chssls:tsn %. % News, Feb 81
sthe years ls4s and 40 were remarkable for their
sushsd In the annals Of history for their commercial
resuis The discovery Of California the devsopsmsnt
commercial stsrcourss the setting in to he east
Of new tide Of gold from the west have become the
the rise Of money values and the extension Of credit
where those leading occurrences have had the largest
states have q the greatest Of countries
felt the iull force Of these ciroumstsnoes Prices
generally have advanced where, the mercantile inter
course being most intimate the eject il quickly and
rscp rocally communicated.
The trsnsfersnes Of capital from Great Britain to
the United States, for Investment In public and oor-
porsts stocks, IN the form Of credit msrohsn-
disc Is accelerated retarded BY the comparative
the higher lower value OF losnsbs capital in the
respective countries There has been within the last
former the latter country took place In 1868
Between this period and that, there . remarkable
esiv.d great extension. Then, =. now the demand
for new banks was and Is almost limitess. Then,
now the Introduction OF British capital In the form Of
merchandise had been co extensive, not beyond
There have been other agencies at work assisting
capital nom to the other side Of the Atsntic The
troubles In Europe have largely assisted in altering
the distribution OF moneysd means bet ween CONNER
cial States besides the removal Of mercantile restric
ons, the discovery OF new treasures OF gold and the
in the waters Of the Pacific But our purpose is nov
to call attention to those local and limited Or
cumstapces which arc likely to affect especially Amer
and the failure ofour cotton Drop are causes Of it,
elevation in moneyed value Of which 1t would be i'm.
possible to indicate the duration degree 30 c0njec
tural are the data that say when or where
speeulaton would not continue to reap golden fruits,
the period through which We are passing forms an
exception to the operation OF Of ordinary
S s,r 81 f 30
yssrs 1850 into parallel with those Of 1886 Is
forming the basis Of cautionAy proceedings We
would call attention to the lessons Of experience
written In the Of thousands when prices have
ruled arnciay high far above tho general level En-
pricss These must be met whether those are high or
low, raised or depressed.
It does not bstoIsn crisis presents such
then In the circumstances thats receil 10 not mpro
beble We do not contend that collapse Of credit IL
within any discriminate range OF time-within six
twelve monthsbut 1t Ia the result Of Of invsr
able operation that credit extended over oil tho fields
plosion In proportion TO that extension, and which,
commencing In any ono branch Of overacted enter.
prise, rapidly spreads to every other.
IMPORTANT HISTORICAL MANUscRIPTs.-A very
interesting discovery, according to Chicago
paper, has recently been made among the manu-
.ciiPts which were saved from the plage of the
Jesuits' College In Quebec
IL is well known by those familiar with the
resources OF early American history, that the pub
lca,ion OF the Jesuit Relations, which furnish so
much OF interest in regard to the discovery aud
early exploration OF the region bordering on our
Northern Lakes, was discontinued after the year
1872. Some were known to have been written,
but the manuscripts were supposed to be lost. The
Relations, from 1872 to 1919 Inclusive, have lately
been discovered. and among them a manuscript
containing full account of the voyages of Father
Marquette. and Of the discovery BY him of the
Mississippi river II was undoubtedly this manu-
script which furnished Thevenot the text of his pub
ication. in 1857, OF the voyages and discoveries of
Father Marquette and ofthe Sieur Joliet The latter
kept journal and drew map Of their route; but
his canoe upset in the falls of st. Louis, as he
he was descending the st. Lawrence, in sight Of
Montreal. and he lost them with the rest of his
effects. What increases the value Of the present
discovery is. that the original narrative goes much
more into detail than the one published by Theve-
not. The motive which prompted, and and the
preparations which were made tor, the expedition,
are fully described and no difficulty is found in
tracing its route. There is also among the papers
autograph journal by Marquette, OF his last voy
age from the 25th Of October, 1914, to the 9th Of
April, 1910, month before his singular death,
which occurred on the eastern shore Of Lake
Michigan. Also, a chart Of the Mississippi drawn
by himself. illustrating his travels. The one an
nexed to Thevenors account, above referred to-a
copy OF which is contained in the third volume Of
Bancroft's History OF the United States-is mani
festly incorrect, Us there is q variance between the
route Of the Jesuit, traced on HIS map. and that
detailed in his text The manuscript chart now
and constitutes most interesting historical relic
-
The DESTRUCTION OF THE STEAMBOAT AUTocRAT
Loss OF THIRTY LvEs.-The splendid steamer
Autocrat, Captain Goslee, which left this port
Saturday evening" with five hundred tons Of freight,
and large number OF passengers, for Memphis,
came into collision with tie steamer Magnolia,
Captain ThoPasson, from Vicksburg, about five
o'clock yesterday morning, a short distance above
Bayou Gouls, and was sunk. The Magnolia was
rounding out from a WOOD yard, and struck the
Autocrat amisshipe, king her TO her hurricane
roof in less than len minutes. Among the lost
we have only ascertained the names Of Captain
Grant, OF Tennessee, Mr.. J. Ferguson and
one child. Mrs. Ferguson and one child were
saved, and brought down on the Magnolia OF
engineer, hve colored firemen belonging to Mem
pbis, and the porter, colored man, belonging to
81. Louis, are the only persons ascertained to be
lost. The clerk OF the Autocr al came down on the
Magnolia, who states that he had not learned the
names Of the passengers on the boat, when the
accident took place. The Magnolia immediately
rounded 10, and rendered all the assistance they
possibly could by picking up those who had jumped
overheard, OF whom they saved great many from
waiery grave. Since the above was IN type, we
have received this account from the officers OF the
Magnolias-The steamer Magnolia, on her down
ward Trip, bad been woodng one hundred miles
above New Orleans, and had rounded out from the
wood yard above o'clock Sunday morning;
workip the tarbosrd wheel and he aiding down
sresm, the larboard engine not working, when the
steamer Autocrat, coming up the nyer under full
Roadway, crossed the bow OF the Magnolia, strik-
ing the Autocrat at the after end Of the boilers,
raking her side to the shaft, and cutting through her
hull, and causing her to sink In a few minutes.
The Magnolia lay by the wreck for several hours,
rendering all assistance possible. IL Is supposed
that few cabin passengers from the Auiocrat,
were drowned from Jumping overheard in their
fright-N q. Crescent, Feb 10.
TIE LATE FIRE IN Providence, II. The
fire noticed yesterday, by which the block owned
by the McNeal Corporation, on Westminster
street, was partially destroyed, involved larger
loss OF property than we anticipated The upper
stories OF the building were, with their contents,
destroyed The building was insured At the Mu-
tual Office, for tI0 900. The fret story was occu-
pied by ]. ID. Zones a. Brother. shoe dealers. They