The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1854-08-04

has only 70 follow path In conformity with hie own
iDtsse.fs a. wen q xth bis preceding dslArations.
4, bring the Question in dispute by the
WI ich respond 10 the just soctude Of the Courts Of
Berlin and Vienns on ground which ofBers pracu'
cal starting points, and lead TO satisfactory s'la-
ton by oircumscrbing warlike action on both
sides. Our august master hopes that the present
proceeding will meet with q reception from tho Em
pe'or OF Rusaia conformably, TO the sentiments
which dictated IL, and that the reply win be OF
nature TO withdraw the King from the painful No
cessities imposed ON him by his duties and his
engagements. Have the goodness, Monsieur le
Baron. TO communicate this dispatch to the Chan
cellor Of the Empire. Accept, &c,
Tine schuyler Frauds.
The London Times q July q says:.The COM
almost unparalleled degree Of excitement aud
anxiety in the stock and money maaket consequent
upon the recent failure Of AessrsR G. l. Schuyler,
and the dis overy of false issue Of railroad stock BY
gsrded ~ the head Of the railway interest, and in
the case Of the New York and New Haven Railroad
Company, which be has now compromised TO the
extent o. S4S0.ooo' ne was not merely president
Offices enabling him to create fictitious stock at
pleasure. The capital Of the company was $500 OOO
and, supposiDg Trey are rendered liable for the
VIII g. 70
eliminating the prospects Of the shareholders,
which had already been sersously impaired by
the result Of an accident Last year, when one Of
called Norwslk. OF the entire extent OF the
liabilities Of the firm no estimate appears yet to
have been arrived 1t, and Mr.. Schuyler him self,
W lie admitting his defacations In letter a resg
baton to the company, intinstes his inability to
furnish details. At the same time he adiryns That
his brother, Mr.. George Schuyler, was wholly igno-
rant Of the misrepresentation. The assets Of the
ssot ks and bonds and an assignment or the whole
has been made to Mr.. r X. Batchford and others,
for the equal benefit Of al their creditors. The af.
fair ID believed to have commenced in October last,
employed in assisting friends who were equally en-
barTssred with Mr.. Schuyler from the longcoutinued
pressure In the share market, eau ed by the ina
bihty to continue the system Of raising n ,ney on
Russia, would have gone on, In the face Of AL warn
iDgs, until severe disaster had been produced on
this. eide. At the departure of the packet
much Of the existing panic was attributable
other companies or firms might be involved,
Mr.; schus Ter, 10 addition 70. his connection
with the New Haven road, heing also actively
concerned in the follo~ing lnes-.namely. the Hoc-
sst0nic, the Brooklyn and Jamaica, the New York
and Harlem. the Rutland and Whitehall, the Sara.
tnga and Washington, the Naugatuck the New
Haven and Northampton, and the Vermont Valley.
ID the general alarm now prevalent companies Of all
more especially az Osher overissucs Of stock to the
extent Of $4,000 In the Harlem Railway, and
100000 In the Empire Stone-dressing Company are
announced to have been discovered. Several small
failures Of stock and commission houses had also
already taken place. Mr.. G0uverneur Norris who
was largely interested In the various enterprises Of
Mesars. Schuyler, had likewise suspended payment
concerned. A few days previously to the discovery
Of the overissue, the stock Of the New Haven Com.
pany declined rapidly from IS to 50, since which
time prices had, Of course become nearly nominal.
All other stocks had experienced sympathetic
fall Of from Eve to ten per cent and Crystal Palace
shares, which last year were at $780, had been sold
at five.
The Liverpool Times, Of July 20, has the follow.
ing under its commercial notice Of the Atlantics
Issues of railway shares said to have reached this
country. The public should therefore be cautions,
% 1t appears that late confidential clerk Of the
hrm charged with the fraud is ct preseat in Europe
from the Manchester Examiner, July 22l
Immense excitement has been produced In New
York by the discovery Of gigantic fraud, perpetra
ted by one Of the members Of firm that has Occu-
the United states Inc scs o. these
revelations was to produce quite PAM: In the
American stock market, and no doubt public conf
dence viii have been greatly shaken; but the tone OF
more alarm on this side Of the Atlantic, than Is at
present justified by the facts Of the case so far a.
they have been ascertaiped. That hinge vindle
has been successfully carried out . certain; bat be-
lied the transaction, and the personal consequences
it may entail on individual speculators in railway
shares, there Is no ground for attaching to it the
commercial importance which seems to have been
given to it by the press Of New York.
;. The spirit OF railway speculation has, for some
time, been rife in the United States as It was in
this country throughout l845 and 1916. Enterprises
Of every description have been launched, and there
can be little doubt that vast liabilities Of all kinds
have been incurred by projectors, shareholders,
stockholders, and contra tors In almost every State
Of the Union. 1t is quite natural, therefore, that
q hat nh has ina hocv. A.,
should have created general apprehension, aud, 10
some degree, awakened, amongst commercial men
who have meddied with no doubtful projects or
securities, sense Of the possible dangers to which
the ordinary course Of legitimate trade may be ex-
posed by the failure Of public confidence. we are
inclined, however, to think that the check which
has been given to mad spcculatons, and the invest
CATION to which the management Of all speculative
railway and other undertakings will be subject
ed, ID more likely to prevent than precipitate the
calamaties which have been predicted as sure to
follow the gambling spirit which has prevailed.
There can be no question that many of the prn-
cipal rail rays Of the United States are among the
best and safest investments In the world, aud with
the rapid growth Of wealth and 0pulaton that al.
most everywh foll,w fresh fatalities for traffic
and transit, the is reason to believe that railway
temporary panic as that which, we are informed,
now agitates the New York share market. Great
embarrassment there may and Will be; and indi
rectly,. no doubt, this win tend to cripple for q
but the largely increasing imports and exports
Of the States show that production Ii multiplying
there IS rapidly ~ here, and the cost Of their rail-
roads compared with our own is so SMALL that
u IL scarcely possible 10 overrate the prospects and
g. urity OF their tmain Ines We are not, there
fore, disposed TO lend much credit TO thQexagge-
rated prophecies Of coming crash 10 american
commerce or securities. There are bubbles there az
well az everywhere else, and there will be rascslty
and fraud proportioned to the passions that urge
on and the conditions tn at tempt favor the gam
thing in the facts before the public with reference
to this gigantic New York swindle that can Justly
impeach the general management or security Of
land has had her railway king, Who bayn not dong
much credit to the sagacity that trusted and was
betrayed by them; and 1t Is no great wonder that
New York has afforded another lesson to the over
which power without check may be unscrup ulously