The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1854-08-11

800 DO. do. do. do. la
g do. New York Academy Of Music......... s275
1t has been often predicted that there wouL be most
serious reaction, perhaps, more truly TO De
hended in the stronger term revulson Indicative Of
the perfect paralysis which is spreadag the opera
ons Of the Spectators in real estate The mad
which has been exhibited In the construction OF almost
prncely edidces for private and public ,mmodation
las been suddenly checked and with su,h force using
the language of the turf, to throw tbs riders from
their saddles II is impossible either to sell to mort
real estate any terms propor,onate to ss
ulatve value which has been put it, and
sary consequence, where there has been any delin
quercy In the payment of interest principal the Law
has been resorted to to enforce compliance the
stringent powers incident to foreclosure In this state
Of II is easy to forsee that there must be
great change Of ownership, the mortgage becoming
the landlord absorbing the equity Of redemption to-
gether With the fec.
Through every principal street observe untenanted
houses and stores bills innumerable le. and for sale
houses and furnished Istgiugs to be disposed of
while In some parts Of the city eyen there
are to be seen unfinished blocks and OF build
iDgs, indcaOg the entire absence Of the necessary
funds to continue their construction. These
ring consequences Of overstraned speculative pro-
gress and with these signs Of convulsive reaction,
how can We anticipate any improvement until the sponge
of liquidation has cleared OF the indebtedness with the
diseaseP
It has been perfect mystery such could not be
oomprehended by the ordinary rules Of fair computa-
ton, how commercial and trading comnuuity could
anticipate to survive the extravsgant expenditure in
which, through vanity and competitor ambition their
mode of transacng business has been carried There
has not existed . solitary moment Of time for
solid reflection; the greatest display, the most erpen
sve style Of living, stores resembling palaces and
dwelling places In the country and city, Of thu
ly character have been the chief subjects Of rivalry
The high and the low the rich and the operative have
assumed common Platform all and each Watching their
neighbour with the resolve that there should be sxhbi
ted no outward evidences Of superior wealth and In
dependence There has been private taste-ths dis
tinctive mark of refinement and decacy-svsry thing
has been display, and unmeasured brniancy
aud perverse fnery. In the rural districts, as
In the metropolitan cities, the thirst for
foreign nse rich brocsde silks and embroidered laces
has proved generally prevalent that the wealth which
little system Of economy would have produced has
taken wings and flown away leaving In very many
what much to b deplored their families and their
creditors involved in the chaos of insolvency
The trouble which has resulted from this general
vulgar extsvsgance win be exhibited in the reeip
rocaI suerngs between the and the traders
the leaves Of shop books win be turned and again
fixture Of promise after promise until the country
chants are compelled to acknowledge their inability to
comply with their engagements TO their once more
opulent city creditors. In this have slight picture
Of cur future prospects, which hanks nov
attempting njudciousy to ward off, and in the face Of
large expectations OF specie increasing their discounts
and their circulation unreasonable and insecure
degree not only for their sovency but the future
accommodation Of the community with their expansion
they will be weakened making themselves the poorest
debtors and dependents public confidence. IL the
foreign ebarrassments We are daily becoming aud
more seriously involved and in small beer bslgeren.
We are creating preudces and pent up
dlscontsnts which viii not fail to produce their eonse
quences. The policy Of government 10 most evi.
IDENTITY one Of aggrs ssionno bold and characeri !, Of
the patriot spirit Of the fathers Of the Revolution
one based on groveng calculation that we may tres.
pass and violate the rights Of other nations With mpu
nifty on the presumption that commercial relations
will secure and screen from the just responsibility Of
cur abuses and want Of fidelity to our position as dis.
,nguished member Of the great family Of civilized
nations.
MICHIGAN SOUTHERN AND NORTHERN INDIANA RAILROAD ..
pANlEs.
In the circular isned from these companies uad E
cate Of July "a, 1854, there IL the followng:-
z means Of tbs Rock Island road. secured
yi,ses e stssns.hen and secure their :onmasoatons
ss si ~: :.s sss. .s:y
snpss q u. limited 1i: &
to the Mississippi ard 81 lonis The moderate aid thus
rs.s ID
ana s si sSs.s S ~ u. mH d:
joy through different routss direct and sous uous rail
s ns sasrsd, i:
for ss.p sssn ss Dsss
The h e Of rAilwa,. In process Of coastrueton o1a
%, q n. Hs.n. ss sS, = the
ss H. sss' % sss M
OF oths vorhs nor has any eonmta to
Their i bssfsesss assop
.nsr Snn sn: thai
TIE .sry somrl..on ., nearly hni he'd roads The
xs ia capacity to ssss., it, return ali H.
We hoped and expected that when the annual state.
ment appeared, We rs well ss the public generals,
would be informed precisely the nature of the ntscs
end arrangements which bad been made between these
companies and those further vest and arc pr, ty d.
appointed that nothing Is told than has been above
auosed for this Ia absolutely nothing Not only So but
rufnor be correct does not convey an idea Of what
has been done and agreed 10 be done The facts As
nearly as We understand them, as follows:-M We
are mspfcrned, the treasurer Of the roads viii confer
favor on every Of the many directly ana indirectly
interested In there roads BY making corrections II
omit, through inadvcrtance any material point he
erestsd to have the travel FOR the south and west pass
The entire length Of their route to Chicago al thence
on~sri to Its dnation. Any which dvcris
this great channel any portion Of this business shoald
be considered as directly antagonistic, ali While
we are far from supposing that it Is necessary
70 oeciare war TO the knife against every competing
Ioa.s, We are positively that aid or
comfort should be given TO constructing
m.s Sns roads Tbiss 80 plain that arsu
route to 81 louis (which once the focal and rada-
ing I"'nt g Western aud South ss,terD traus Is
is" .e,ennd via Toledo, Chicago Bloomington and
Alton NO other route at al rete With this In
ne OF comfort; and unless the road via the Wabash
sMnsy oe constructed and tho Tene Hsute and Alton
competed there viii no rival ronte for manv yssra
" ever. 49, @o1'o s~s "'sAS s0~'''
'De,e last named roads be finished the Chicago
crr, s n - can essi9 be shown he on very many
., az an snanpemsnf and agreement for con-
III. w no. formal contract er seai has been san
80 w oi me committee Of the Michigan south
ern ana Northern Indiana roads which cormit,es vas
.pIan'se WIN Jul power 70 rnase AMI conclude con.
fract with the Wahah Valley road some AZ the nroys
'ions Of this contract peculiar and az iotsnsv
and directly contrary, in opincn 10 thu ln.sresss a
hcnfan eoptbern snd Northern Indiana ro.as that