The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1852-07-22


The contingent account per last report was. 1S5S p
Amount Of present contingent fund ....... $9,315 SO
The amount charged to construction is S1747167 S.
The floating debt has been cancelled by sales Of bonds
and the company have $50 0o0 Of the second mortgage
issue hand. The capital stock has been reduced by
canceng LOO shares received in payment for bonds
Negotiations pending for connection with the Bos
ton Concord and Montreal Railroad at Wells river and
no doubt is entertained that arrangement will be
made satisfactory to all parties
The rapid increase in the supply of gold and silver bull
lion particularly the former has great deal of
speculation in the public mind, relative to the probable
effect upon the currency upon prices for property upon
funded securities and upon the operations Of commerce.
generally We have shown the effect the paper cur
rncy the country of such accession to the supply of
precious metals and the probable result of the
ment going An expansion of paper credits is
to follow any increase in the basis of bank circulation and
know very well what the result oftoo great imitation
will be We may realize all the evils Of revulion during
the receipt Of large amounts of the precious metasas
much, and perhaps more powerfully than during
omitted receipt. The expansion may 90 far
beyond large supply. beyond small supply
of specie ana in such event sudden With
druva OF public confidence would be attended with mor
dsast results. All this mig happen withou. any
reduction in the receipts of gold dust from California;
and II We not much mistaken in calculations wit
ultimately arrest many of the fine projects, and rain
many 81 the exravngnnt calculations in the
midt Of II may be several years before the
fpe> indications of unfavorablc change in financial
affairs arrear and it may be that frequent checks and
reactions will to prevent great revulon and place
things upon permanent basis, by giving greater time
for the dCycopement of the Of the country
But apt to pause in our progress and look
a1C1ift N abaa1
contrary, policy is reach certain points in the
shortest possible time utterly regardless Of the means
required.
The recent bank expansion is the result Of large ari-
walls of gold from California The expansion has not
however been the basis Of the gold received but up
paper securities created by the abundance of capital
Nearly sixty millions Of gold have within the past four
years passed into the hands of the peope-in.o active
circulation. This has enabled railroad companies to ne.
gotiate immense amounts of bonds-enabled States
cities towns and counties to lend their credit for the
construction of works of internal improvement,
which has filed the markets with paper promises to
pay to an unlimited extent This supply Of autho-
rzed basis has given an impetus to the establishment
OF new banks in nearly every State in the Union which
in return hase largely increased the banking circulation
and greatly enlarged the credits All these move.
ments may 60 on for wears without collapsing The
receipts OF goia may De large enough 70 meet all the
wants Of trade and TO sustain public confidence. What
may be the result Of the paper Of the day
we have little 10 apprehepd from any change in the value
relative value Of the precious metals Fears are enter
tanned by MANY that the value Of gold must largely de-
precate in the event of the supply continuing for any
lengh Of time at the present rate For the purpose Of
sbovnghow slight the foundation is for such impress
sion, table showing the relative value Of the
two metals gold and silver from 1874 up to 1Sl6 accord
Jug to the pice paid by tle mint Il Great Britain