New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1854-08-04
IN record to the Schuyler fraud TIE Manchester TIM,
has tbo following sensible remarks:

IN record to the Sc.ry fraud TIE Manchester Time
has ibc following sensible remarks:
GIGANTIC RAILWAY FRAUD * AMERICA
Immense excitement has been produced Ia Ncw-l ork
lv the discovery of gigantic fraud, perpetraed by one
OF firm that has occupied frst-rae position among tho
capitalists of the United States The immediate effect OF
these revelations was produce quite panic the Amer
lean stock market and no doubt puOic confidence VIII
have been greatly shaken; but the tone Of the American
papers is calculated TO inspire much more alarm on TINS
so OF the Atnnc than is al present justified by the facts
Of the CAGE fer they have been ascertaned mat
huge swndle has been successfully earned out Is ccTa
bu bpyond the enormous rascay which has characterized
n TRANSACTIONS and the personal consequences 1t may en-
tail on individual pecuator in railway shares there il no
GROUND for attaching TO it the commercial Importance
which seems 10 have been gwen to II by inc press oil New
York.
The spirit Of railway speculation has, for some time,
leen as rife in the United States IL wGs III this country
throughout 7j and LAC. Enterprises OF every descrp-
ton ave been launched and there can be little d)ubt
that vast liabilities OF all kinds have been incurred by pro-
ecors shareholders stockholders and contractors in al
most every State of the Union. quite natural there
fore that snch revelation that which has Just been
mace should have created general apprehension and III
some degree awakened among commercial men who have
ineddlod with doubtful projects or secures sense OF
tie rossbc dangers to which the ordinary course Of les-
nae trade may be exposed by the failure OF public CON
fdence. We inclined, however, to think that the
check which has been given to mad specuaiions Gnd The
railway and other undertakings will now be subjected
more likely to prevent than precpitote The cdlaines
which have been predicted as sure to follow the gambling
spirit which has prevailed
There can he 40 question that many Of the principal
railways of the United States are among the best and
safest esnents in the world end with the rapid growth
of wealth and population that almost every where follows
IA facilities for traffic and transit there IS no reason 10
believe that railway property viii be seriously Affected hy
such temporary panic that which, informed
now agitatos the Newly ork share market Great embar
rassmen there may and will be; and indirectly, no doubt
tits will tend to cripple for time me resonces
ports of the States show that production If multiplying
there rapidly here and the cost of their railroads.
compared with is small that II s scarcely pos
sbe TO overrae the prospects and security of their main
lines. We are not therefore, disposed TO lend much
credit to the exaggerated prophecies OF coming crash IN
American commerce securities. There are bubbles
there as well everywhere else and there will be rascal
itv and fraud propoioned the passions that urge
and the conditions that tempt or iaN or The gainbHg sr
of unI rncplcd but there IL nothing in the facts be-
fore The public with reference to this gigantic New-i ork
swnde, that Justly mpcach the general management
or security of American railway Joint stock coupdnes
England las had her Railway Kings, who have not dope
much cr dit TO the sagacity that trusted and was be-
irayed by them and it great wonder that orb
has afforded another lesson 10 the over condg or cred
ous the disastrous extent 10 which power without cheek
may De uDscrupuously abused
Whatever immediate effect, however the panic may
produce will rot in coumercal sense be withou; some
beneficial conso auonces. II will check at the reck
less spirit which has multiplied undertakings that involve
immense Liabilities and which, without some such ruoe
and severe shock, WOnd have gone OF TO still more
hazardous extent The capital required for the compile
ron Of the cnanceens already entered into will tax the
Of the Union, and, perhaps limit or emOeIrass
the ordinary transactions OF commerce. but the wonderful
elasticity with which such country struggles through anu
OF CCOu,S NliiClCS mas Dttu suohi III ~
past history, and affords reasonable guarantee for ITS
speedy recovery from what after ALL amount to Little
more thar Temporary deficiency Of capital With good
corn ana cotton crops and the vast industry that create
and eSmulaos wealth rapidly than any other people
under the sun there not much danger of IFS prosperity
being errCstt by what IS called Misrepresentation
trading The real caI nal Of the country is in the energy
ard the enterprise of lie people, and with these elements
Of success here and always active difficulties are
only III stimulus of endeGvor.
/ 10 ne E2rg~ Of The " u T,iSxs.
The meeting of the stockholders of the Harlem Rarea
TO onsde The recommendation the Directors TO
the oversle of stock does net have attracted
much aent on from the public press. Indeed, the only
report haze contains little than an abstract
Of the PRESIDE statement. Being unfortunate stock
holder repair i to the place of meeting the appointed
hour, and found few persons seated and standing
| n two hot little rooms connected by folding -docrs.
On table was pla ed paper box containing number
OF DIdAttG 66G0S il favor OF assuming the overissue
inquired Tor those the contrary side bat informed
that there After the adjournment TO Tammany
Hao questions EIng from the reluctant Dire tors
the fl that ont OF some lS00 and odd shares of
issued preferred stock go and odd could he Identified
tut tha of the old sock only few shares overssus
by Scretary Kyle the wife Of the President Schuyler
in ne manner narrated in The newspapers could be dent
fed One Cd the Directors then informed US eooy that
we need not talk about Eepudating the spurious
stock We could not DO II. His cook -keepeg
and somebody ses bookioeper ad examined tie books
and nothing mon could be traced. Tie meeting med
TO think that litra inquiry IVES desirable and aer
some opposition appointed eonpKae Tor tha purpose
The President aierws,d inorplsd Rs ihSt The company
had made 10 open the TRANSFER OooAs on he
10Th inst Now i strikes .ne rather odd III - hs meeA
I .,cftf hus & tf trs ~ ono