The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1852-09-20


During the past week the stock market has been
deJatsy buoyant, and transactions moderately large
Several Of tho leading fsssies have uctuated conside
bly, but closed at prices higher than those OF the p,ey
week. Holders generally have not been anxious to
sell and there has been very little cash stock on the
ke Tho bears have put oat contracts freely, and the
bulls appear most DESTROYS Of getting them much more
deeply involved This 10 particularly necessary, keep
the market alive and sustain demand to correspond
equally with the supply Outsiders have not operat
ed much in the stock market this season. and there
no Of their becoming interested in the ances
to apy extent. Capitalists have turned their attention
to productive and permanent securities Railroad
bonds many other kinds OF bonds, have increased
rapidly, within the past two years, that an immense
anonnt of capital been absorbed and withdrawn rop
securities Of fancy character but still there
has been floating capital enough on the market to
keep even the most worthless fancy active The
opinion has been aud sill Is widely entertained that
We are manufacturing all kinds OF paper securities
too fas-hat paying our legitimate debts with
paper promises CT remote date, without making any
tua provision for their protection at maturity There Is
undoubtedly truth In this ONE foundation for
prehenson but is rather early to anticipate results
The end Of AL this is yet great way of and 1t would he
difficult TO form idea of what is likely to occur in the
meantime. The times proptious, and our fnancers
eager make the most Of every opportunity In 1854
80 80 and 49, were in the midst of similar state OF
thngs paper promises pay of every and nature
at that time manufactured 20 extent,
and found purchasers both at home and abroad at high
prices Az high American credit stood at that time it
held nothing ike the position It occupies at present At
that time it pushed so far fast that collapse
realized after expansion Of about four years We had
up to that time made payments for neary all Of i'm
poitation in State stocks The facilities the large sup
ply Of those cnries the market gave for paying
private debts gave great impetus to mportaons,
the value Of foreign goods entered ut this and other
ports immense. The revulsion which followed this
pansion most extensive ana most disastrous
The ation Of public and private credits for time
previous, had been upon weak foundation. In fact it
had basis at ALL and the moment confidence faltered
that moment the bubble burst. The effect Of that
collapse was visible for years, SO far as individuals
concerned Bankrupts created daily by
and fortunes disappeared much rapidly than they
had been accumulated. Merchants who were rich
day. found the msees poor the next and not only in
solvent but overwhelmed with debts from which nothing
short Of general bankrupt Law could exricate them
The fne palaces-ths works Of internal improvement
the large shps-a the improvements made during the
previous years Of apparent Properychangedh hands at
prices but 1.-THE Of their original cost The money ex
pended in their construction not losit had passed
nands OF inc speculatOr tnoSe OF the me-
chanc and sborer who appropriated 1t daily to the sup
port of their families while the originatorho who
conceived nAguinccnr improvements
Of the daywas compelled to look and his property
pass into other hands serious sacrifices During the
progress of that revulsion, nothing annhlatod but
paper promises to pay For time shipping remained
comparatively idle internal improvements were
parary arrested in their progress to completion but
they not injured by the collapse. small number
a,r.l hnt,l
gained by their enterprise by their spepulations and
extravaganza. In country like this, such must
for eyes be the effect and tho result. It Is .
losing game for those immediately engaged, but
the people the gamers It makes very little
difference to the who for the time
of improvements which from time to time made,
long the movement is onward Like the progress Of
powerful and victorious army 1t is expected that many
will DO killed and wounded; but that does not dim the
glory of those who survive The sacrifice Of those who
have fallen by the way in fact tbs price Of victory
So in financial commercial manufacturing, mechanical
and other pursuits Thoso who from want OF experience
tact tki, fail In the contest, examples to
warn those who stu In the avoid the shoals
upon which many wero wrecked These cautions and
wsrnings are however Of little Spectators fix their
eyes eagerly and intenty upon the grand object
the acquisition Of the greatest fortune in the shortest
possible methat they lose sight Of the dssgers which
beset them all Sides and the list Of baukrupts
tinuay increasing Fortunes SO easily made and
lost in this country that the effect Of short
lived Whatever may be the position Of financial
mercial ars-whateyer may be the state of the money
market the endorsements Of individuals the
dtion Of public and private credit tho state Of prices
the condition Of the currency-it Is pretty certain
that the country is progressing in wealth, popu-
lation and prosperity. Like . magnificent man.
moth clipper ship, under full sail, may carry
away spar occasionally and perhaps lose some unm-
portant piece of but the is still onward
although, perhaps, for the moment slightly impeded.
The very defects in financial commercial and other
systems which foreigners much complain Of and which
we ourselves must admit attended with many evils
conducive to progress and prosperity.
The imitation which from time to time takes place in
paper currencythe absence OF all checks and restrictions
in the banking issues Of every satgvcs great latitude
to those engaged in furnishing circulating medium and
the seed for those explosions which almost period
cally visit 1t Is question: il this banking system,
disastrous is at times TO individuals Is not better
calculated than any other to deveopo the Of
the country and build up all those interests necessary
to give commanding position among the nations Of
the earth. restricted paper currencyono established
upon a substantial specie basis-may do very well for
Great Britain or France any those old nations OF
Europe where tho population dense and wealth has been
accommodating for ages and where ov and steady In.
II better adapted to the gcnas Of the people and
the Institutions Of the country but this dc OF the
Atlantic particularly within the limits Of tho United
States We require something Of different character
something Of the Magnetic telegraph high pressure
steam engine orderto meet the necessities Of ell CLASSES
1t 10 better to 60 ahead like the frog In tho weA three
feet day and back two feet the nsxt than not g
shsaA ct all After time, whom institutions become
consolidated population dense and hxed
property more permanent and soDcsnssted-whso our
territory IL covered with railroads and ssssisvhea our
harbors filed With chipping aud 2ag coyess every
@a-when our cities are completed end our towns ex-
tspded-in fact, when We have no more gua imprsve
mente to make then We place rssuisicns upcn our
pepper currency and bring down 70 - sseia osss =
that Of England or Frsses All tAsss things rysLsse
,bens,ives, moro or lsn. Nsss.y Knows No law -
II IL alr ost mpsunblc 10 keep IL banking gstem
Sis sountr, vihlc snv sush limits that 81 Gtsas Bn
80 r. 49, $50 ntsrret yin require Me strongest