Weekly national intelligencer. [volume] (Washington [D.C.]) 1841-1869, 1854-07-22
NEW PORK CORRESPONDENCE.

NEW PORK CORRESPONDENCE.
New York, July Is, 1854.
The panic arising from the Schuyler fraud has
nearly subsidized, but not the dread and the disrust
which it has SO extensively created. Every body
seems to be hourly expecting further disclosures Of
similar kind; nor do wonder that such fears are
entertained when and hear Of the desperate and
gigantic system Of gambling which is daily practised in
the street" by stock and other financial operators, and
the wagon loads Of stock, bonds scrip and other evil
dences Of debt with which this city is constantly bur-
dened for all manner Of undertakings and operations,
some Of them good some Indifferent bad, and some,
and few absolute frauds and humbugs to entrap the
unwary and uninitiated.
The Schuyler fraud certainly tops any thing pre-
vious of the His issue Of fraudulent stock
Is about 000 but how much he actually realized
from it is ct present unknown but it was par stock
he probably obtained that which he pledged at least
eighty per cent, which would have given him two mil
liens in money. What them must have been the extent
Of his gambling in stocks when, by merely decline in
prices, he has sunk this immense sum- and how much
is yet to be learned but of to the full addi
tional Of his private fortune? When it is
collected that it would require decline in price Of ten
per cent twsny millions Of stock to have absorbed the
above amount which has obtained by fraud from
lations should fright entire city from its propriety
and create widespread dread Of what may yet be to
come !?
do not however, believe the weight Of this blow,
heavy it has been, from the general decline in the
value Of securities and the want of confidence it has
created hos yet boen felt in its full force When the in
formation reaches Europe the fear 10 that it win
stampede there among the holders Of American secur
ties which in that would be sent back by ship loads
~ 4 Sc -
any rate will be complete check oil new negotiations
and all our new railroad companies who depending
on European capital to complete their works, if not
brought complete sandstil win at least be greatly
inconyenienced do not know however, whether this
would be result which should be matter Of regret
certainly overriding this railroad business to
very great extent This is the general belief here and
that locking up such immense amount Of the capital
Of the nation and that too rapidly, cannot but
duce injurious results, not only financially, but the
general interests progress, and prosperity of the
try The vast absorption Of capital these works.
matter Of course greatly cramps and injuriousy inter
feres with other objects which nationally quite
essential than railroads, though such OBJ
ects prosecuted by individuals and not by assoca
tions or incorporated companies.
Running into the great fault of the American
character; and We giving an example Of that
trait in the present railroad mania for the
advantage and prosperity Of the country would be better
promoted if period Of twenty years had been allotted for
the commencement at suitable intervals and the compile
ton Of those roads in progress of construction and
which, but for the check they about receiving, would
probably have been finished in three or four years If
am to be set down as old fogy" and classed with
the slow coaches" Of the age for expressing this opn
ion, can only say there great many fast men
in this city who already agree with me- and still great
or number who will be converts before many
have rolled over them
Almonte has drawn his millions from the Sub
treasury It doubt the largest single payment
gold made in this country and probably in Europe
there has never been similar paid in coin at
time It time before he could induce the banks
to take it from him on his terms which on call "
He has finally however, distributed it among various
heyed institutions, who have received it condition Of
paying interest for the first thirty days. OF the rate
Of three per cent per for the second period Of hr
days. and per third period OF thirty
days at all times, however, to be at his call twenty
four hours notice. and in event is any interest be
allowed for the first month 1t has occasioned sens-
BILE relief to the money market for the banks are oaning
out considerable amounts short paper. If there was
any certainty that would remain here for three four
months, it would afford vast relief the banks could
then make discounts upon this fund that would assist the
commercial community very essentially for their heavy
fall engagements required nearly eighteen tons Of gold
Of two thousand pounds each to make this payment.
What buresque republican institutions has been
the whole history Of Mexico under her boosted ndepen
dence In the long period since she threw off the Span
ish yoke but President Il think it Guerrero has
served out his full term Of four years revolution
rebellion, civil war anarchy change to royalty has
cut them oil short in their term Of Office and Santa
Anna is about playing the imperial game upon them
again, in which my belief is he will succeed, and to-
wards which this millions will essentially aid him.
provided he hold sufficiently long to enable him
sell his bills New York in Mexico and thus furnish
himself with the sinews Of war there.
think he has completely overreached in the exces
sive price have paid him for all the real fanced
advantages Of the treaty which, instead of being worth
millions would have been dearly purchased for half
or third Of that IT, however, places our rela
lions with Mexico solid basis and avoids all chance
of collision between the two countries, not dis
posed complaint and at any rate have saved from
the fire the other ten millions which, by the original trea
ty, we were to have paid him, but which the Senate
with great good sense refused to ray. What bright
bargain was that
As politics here, the leading item of remark is the
KnowNothings and their organization They begin
ming to be very formidable, those will find out, whe
ther individuals party, who oppose and denounce
them. That they will greatly influence II they do not
CONTROL the fa elections in this State and Pennsylvania