The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1852-09-25
Raysa GFswtA u New YsrA-New Bualalngs
Nbg Year.

16T . Year.
We have ssesrtaiasd By resspt seoursts inquiry,
that the vaas ofhs new budisgs erected during the
last twelve months in the Egh ~enth ward alone,
is equal to ov N Willows Of aoars and that the aggrs
gate amount for the same period, throughout NE
city, may DO estimated ~ ten nsiows Of dollars, more
or less. This is . movement truly astonishing.
Tho vast improvements going ON in New York
assimilats the present ora, in many respects, TO
the prosperity Of 1895 and 80, previous to the
great financial revulsion of 1887 In every part
Of the city. whole blocks Of good old houses,
which might have stood for half . century
longer, are pulled down without the slightest re-
morse, and splendid new buildings, In every variety Of
tastesnd nsgniRcenoe, occupy their sites Rail-
r0adsa are projected through every street way
sndthe Fifth avenue ncludedand 1t is possible that
asueh projects spriDgiDg from speculasors and spe
cuaton may succeed in spite ofall the efforts osober
sense to prevent or control them. Great improve
ments are just now beginning to be made in Green
wich street, and the prospect is that that beautiful
street, which has just been raised and repaved, will
soon be filled with new and splendid buildings and
stores, the German and Irish boarding. houses with
which the lower part Of it is almost exclusive
ly occupied, being driven into some out Of the
buildings, each house worth from thirty to forty
thousand dollars, are being erected in the upper
regions Of the city but small tenements, adapted
to the wants Of the middle and poorer classes, arc
never thought Of end never needed. The fashion
able quarters Of twenty years ago have been long
since abandoned by their wealthy occupants, and
given over to the more humble classes. Extrava-
gance in living, extravaganza in style, extrava-
gance in habitations, extravaganza in everything,
prevail in New York to even greater extent than
in 1886 The vacant lots Of the CITY filling
up fast, and, in short time it will be quite COM
pact, in its leading avenues and streets, to
distance far beyond the Reservoir on Murray hill
All these movements--vast and comprehensive
revive the recoe,tions Of the palmy period Of pros
peIty which prevailed here previous to the terrible
revulsion Of 1887 But We have now, however,
golden California belonging to ourselves, and
golden Australia accessible to our trade, to
strengthen and uphold the present system ofexpan-
sion in all tho commercial and financial depart
ments Of the republic, and the danger of reaction is
less imminent Yet it is possible things may be
driven too far. Our prosperity, however, may go
on increasing for some time longer, under the vast
paper wealth produced and put in circulation by the
multiplication Of banks, aided and assisted, fos-
tered and invjgorated, by the importation of
gold from California, and the influences of
the trade with Australia, which win soon
grow to one Of magnitude The present grand and
inpulsive movement in commercial and speculative
affairs may 60 on for several years yot-for five,
six seven, eight, or ten years-during which period
of time every that has capital increase it,
every one that chooses may make money by specu
lation; but, nevertheless, tho crisis is inevitable
and woe betide the individuals or the classes who
will be found with vast amounts of property and
debts when the tide turns. as it will do, one of
these days.
In the meantime, let us all eat, drink, and be
merry. The day of rcvulsion may DO still several
years off, and when it does come on, if it SO hap
pens that General Scott be then President, and the
Wigs in power, we may expect new national
bank to staye of the ruin for few years longer or
a national bankrupt law, to enable us to cheat
al our creditors, and keep all that we may have