The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1853-11-09

for the annexation of the Sandwich Islands,
which we are told the administration intend to
propose. 1t would take strong ground at once
in favor Of the division of California and Texas,
and the addition Of two new slave States to the
duction Of slave labor-the only one suited to
the meridian--into the territory Of Nebraska.
Such party. SO constituted. and giving by
its conduct in respect to these measures an ear
nest of the loyalty of its intentions and its hon.
esty to the South, would command the adher-
ence of every true hearted man and would baf-
fe the intrigues OF all the Northern agitators.
The Pacific BUBBLr.-NOw that the existing
"tancies" are under water, and nobody makes
money out of them but the "bears," it is graft
flying to find that the bulls" are going to have
chance with new stock and one we'll
worthy of them. Everybody will see at once
that we allude to the new Pacific Railroad Com
pany report of whose proceedings we pub.
lished on Sunday. We care not to say how
many millions of stock are to be issued, nor
how many of them Mr. A-who is worth in
round numbers, S5,000-or Mr.. B-who is worth
nothing-have literally subscribed. Suffice it
to say that enough stock will be issued to sup.
plant Erie, Hudson River, Nicaragua, and
all the old fancies, and to make the eyes
Of the Wall street operators glsten
with delight. Men Of the highest re-
pute--in fact, " the most remarkable men
in the country"-have focked to the Office
of the company and entreated the secretary to
spare them q couple of odd millions or SO. A
board of directors has been selected compris-
ing among its members nearly all the political
operators Of the day; and detachments of these
fnnctionarics have been despatched to the
governors and legislatures of the various States
through which the line will pass to beg for
grants of land or money. A strong force will
invest the 1obbies Of Congress as soon as it
meets; and heavy fire will be opened on the
members whose safety will only be insured by
grant Of few OF the spare millions which Mr.
Guthrie is squandering in the purchase Of
United States securities. Meanwhile, we
may safely rely on seeing Pacific railroad
stock freely quoted at the brokers' board;
an extraordinary pressure in the money mar
ket," unforeseen demands upon my MEANS"
unexpected calls upon other stocks" and
other distressing reasons, will oblige a
few of the disinterested and enterprising men
who are now subscribing for millions to dispose
Of small lots" Of their scrip. An ungrateful
public will buy ii at trifing premium. Bro
kers will buoy it up; newspapers will speak of
the noble enterprise, SO well worthy of the
American nation; Senators and Congressman
will utter irresistible orations showing that the
Union had better be dissolved if few millions
cannot he spared for Mr.. Robert J. Walker and
his colleagues. Under the stimulus of these
various sources Of encouragement the bears
will burn their fingers, and the bull side will
for time be the popular one when Pacific
railroad stock is mentioned. AS soon as the
change comes an astonished world will dis
cover that the gifted orator, the profound
statesman. the self sacrificing senator, who
boosted Of being the fathers Of the scheme,
have sold out, and now stand in the hooks as
the possessors of half dozen shares
A railroad to the Pacific would be a magnif-
cent national undertaking, and ii we had
hundred millions to throw away we should
advocate the experiment. Tt would unite the
two great sectio6s of this country by IN indis-
soluble bond, would build up California, and
DO more than twenty years emigration for the
advancement Of our Southwestern States. But
all these advantages, and still greater ones,
would be possessed by bridge across the At
lantic; and before we rush headlong into the
former we must see that it is a little more
practicable than the latter. Now, to our
thinking. private company that undertakes
to build railroad three thousand miles long,
from the Atlantic to the Pacific States Of the
Union, through trackless desert inhabited by
wild beasts, and Indians as wild as they is not
doing more foolish thing than man who
should set about bridging the big pond" IF
any Of cur readers are lucky enough to be
shareholders in railroads in these Northern
States, they will not be inclined to deny
that as on investment at first hand, rail-
, roads are about the worst that can be dis
covered. We do not suppose that one railroad
ont Of twenty in the most populous and wealthy
sections Of the North is paying q fair dividend
on the capital spent in building and working it;
nothing but the incidental benefit they confer
by enhancing the value Of the property they
intersect could justify their construction.
If this be true Of railroads in New York and
Massachusetts, We need not point cut how
much less profitable line to California would
be. II is the opinion of men admirably quail
fed to judge that 1t could never pay it's work
ing expenses; and nobody denie. that the hun
dred millions which would be required to build
il would be hopelessly lost A vast pro-
portion Of The travel and traffic between this
and San Francisco would adhere to the sea
route; and merchants in New York would gain
little by sending their goods to Arkansas or
Missouri there to he forwarded to California,
instead Of pursuing their present itinerary.
We pass over the difficulty of keeping of the
Indians and keeping the rails in repair.