The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1851-04-10
wrxaEsrro CORRESPONDENCE
Our Albany Correspondence.

Inf DAYS u InrfgtAdfu Speculation rertrtdg-
tIania for Ralro1ds-Papg Cites, 81.
u is not the opinion Of only few, but many re-
Becting minds are becoming awakened upon the
turn things arc now taking. 1t has been often
asserted, by meA writing upon the philosophy Of
government, that States, nations, and Kingdoms,
periodically become afflicted with sort Of maniac
reckiessness, which more or less becomes infused
among individuals. To some extent, this remark
may Justly be applied to the petty municipalities on
the European continents but the great difficulty
existing IN those monarchical dominions Is, that
no remedy can be applied to the patients laboring
under the influence Of such mania, OF curative ma
lure. Frequent attempts are constantly being made
10 administer decoctions by the use OF the sword;
but az soon as success attends one patient, dozens
Of others become nnoculated with the same virus
rendering them still more unmanageable than their
predecessors. IL.
York arrived at a fearful crisis in its domestic
Affairs. The mania Tor speculation extended through
every artery and all that was necessary TO extend
abe disease, to touch a single fore, and the
eutire system becomes galvanized into the greatest
activity. At that period, combinations were Formed,
who endeavored 10 monopolze all the public lands
a gigantic scheme was projected, and was nigh
eeng perfected, Of establishing monster bank on
the Mississippi, whose paper should be put into the
hands of partners. at eyery United States land office
20 the country, and simultaneously purchase
many millions Of government lands a. possible with
thos, bills, and then, al a concerted period, shut up
the bank and redeem not dollar. Ii was this
project, more than anything else, which came 70
the knowledge Of General Jackson, that caused him
20 hs famous specie circular, in order to pre-
vent the combination of heartless spectators from
grasping al immense territory. and flooding the
western part Of this country with worthless paper
promises.
About this period Of time, the mania for sseornor
lots and ''water lots extensively prevailed.
Cit.e we're Laid cut and autographed as speedily
was the growth Il good old" Ionahs courd" streets
q n yi q = m la~-
ry as Broadway-here a spot reserved for q Park
there fo- city hall and other city buildings; a
fountain VI ever playing water was designed for 4
very appropriate spot and lots reserved for churches
academies. colleges and theatres. Net less than a
thousand such paper cities were paraded IN tho
auction houses; and twenty thousand dupcs ruined
themselves and families IL purchasing lots blocks
and squares for which they never realized dolar
and many who have lived TO repent Of their folly
are thankful T. earn shilling by performing
the ost mcnial service
Then. too, every body mus. needs besonlc Z
banke.-aL waited to D. metam0rphosed with the
aagic Of Aladdin lamp. The supplian; legislatures
OF ISIS, 20. and ID, Incorporated nearly every rag
mil that made arphcaiion-twenty - thirty % a
batSh-aaG al guaranteeing u the doludc! masses
safe circulation and prompt redemption. fo:tiiy-
ing themselves behind the deceptive ana idua e.oas
words ''salety fund All wanted To become bank
ers o. spectators O. soac sort; houses lands g.
were freely Acrtgaged To obtain bank sto&, 6r 20
raise tic means whereby the productions oi the
earth, -four, grain, pork. WOOL Q! any otbeg con-,
the starving toiNug millions sL0dl4 demand bread
By breaking down store houses. as was the ease with
tagts, in me city If New ork. The tonel cir
eulatiop a million upon million Of hank paper
greatly reduced the value 0. money, and the ntc.s
Jay articles os consumption were proper, icnaly
increased. The state, Glsn. w means -. iuTEgyl-
Cen. Legislators had entered the % speculation
70 sacL 90 extent that il. credit became H.
mentally Impaired that the State fAascal ~. .ers
were absolutely compelled TO thread Wal! street,
with bat OF. teoiuc, toong 70 tie bankers. pay
eight per cert discoun. Then came the III ghiy
sgalaDeto. Then rolled down. an.id.t them all the
Iress; Die torrent which swept thousands inevi-
table bankruptcy 70 whom "a kind and aceo muo-
dating Congress If Shc nation generously rendered
~ righteous ad.
Those tying times ps:scd over. and the state
and he people have partially recovered from trosc
.vh days, With many Icr.ons, they are referred
70 amid bitter recocctioI othcr., OF the present
l.y who were not then fairly placed IN e
he Inheritance which they have 'nco received, have
occasion To- look back AZ tbs reyqrscs 81 tlscse
lmss ~ Is .un.hinc before The III. Eu. the days
81 20 are rctur'aug upon ~. and K behoogc. every
man Who ,su save hfiy cents day only. 80 beware
vi tho shaU,rs ~ho viii appeal to them IN less than
:. tweisemuuth. We again behold tue erection IL
tthograpt- ctics ~ IN the day. when the panic
ran bgte., W. &c cities. towns and villages
hnely di.rlayeoton mar. and choec locations can
Dc had within tSo ~ three hours ride y tie city,
fer The tslc, ~ 4 prize concert ticket meFc.y
The railroad Il vcr has recently become a. c5ui4-
gious ~ L IL England conc fouy - &c yca-s
cling roads anywhere within natarcs aliItUac. aad
sone portions VI the state arc being chcQucrcd
because eminent domain can bc obtained by any
body, and trusting - favOiite commissioners iot
fay6rat prices Plank roads aud railroad. at.1rb
he attcUten u the rural districts. andit h&s nearly
arrived ~ such strife that every village must
have ~ tie other run through i. or they ina
ync themselves isolated and -cguc.tcrcd ..Ura the
''rcs; ~ mankind.
II. II IN scheme, Il the present LAY, ubieh tn
people have most 70 dread. j TO- attempt ie- max
ing 10 create basis for VITA. j. alleged banking
capital oited states aud New York state locks
are net obtained la the maskct efficiently album
dsnt The project Is t. is,uc certificates unieE the
anal 1 n nov under discussion. upon q pelgc Oi
he surplus canal revenues, which certificate. may
be deposited with the Comptroller the same ss
stoCk nov are, uTon which h. j 20 issue t.lla
Fearing however, that this mchgd viii not furnish
III attendant supply. i j. a.o grayely urged 70 c-
..i.e city anu village bond., al-v, r. ba AZ i3F
lank1g. What are We coming 70 Atu.Lcr ~
seF..l bankrupt law W.