The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1854-01-08
ALBEMARLE STREET.. PiccADILLY
IosDoN. Dec. 81. 1853.

LONDON, Dec. 81, 1853.
Gigcnt,c Viaduet IN South Waies-Ihe Currency
AM its Difeulies-Meehi, the Razor Maker,
Mod Farm1-Rsform in the Uniperstfes-1he
Burial Clubs The Coal 7rade-Deaths of the
Morchtoness of Fellesesy and Lady Egi,nton
I7eltres, 8c-Ihe Wednesday Evening Con-
cer.s &c.
In connection with the South Wales Railway,
which i broad gauge line in connection with, and
mainly supported by, the directors OF the Great
West IN line is fast approaching completion that
win unite the towns of Newport, Aberg avenny and
Herelvid; and this there is now in course CT con-
struc, on viaduct bridge which is the largest hi
theto designed in the United Kingdom and probably
in thu eorld-not excepting even the magnificent
yiaduct over the Tweed valley on the Great North
en- bet seen Newcastle and Edinburg. The Crump-
ton y1duct crosses the Ebbw, an ailuent OF the
Seveln at o mean height Of somewhat more than
two hundred feet above the river and the chief struc
ture crossing the northern valley, is 066 feet long,
diyidei into seven spans or arches Of one hundred
and fifty feet each each span consisting OF four
wrought iron girders, which rest on iron piers CON-
posed Of fourteen grouped columns, that are them
selves framed together with cast iron Orders the
whslc being of such enormous strength that the
Eoode1 platform above, on which the rails rest, Is
clcu tied tobear weight Of several thousand TONS
This Structure may not perhaps, bear comparison IN
novel and grandeur OF conception, with the tubular
bridge over the Mena straits and the Wye river, near
Cheps,ow; but a yiaduct il is the finest that has
vet been brought into existence by the railway sys-
TEN, a this or any other country OF Europe; aud
coosis citing its size, the estimated cost, (under
fl2o 00o) is all but Insignificant
Wren the government, with the concurrence of
most Of our great capitalists and others learned in
matters established the currency system au-
tcriz by the bank act OF 1s44, il was thought by
tany 70 be nearer approach 10 perfection than any
thicl had gone before; but subsequent experience,
5pec ii that bitterly learned in 1s47, when consols
tIIto .ai and the bank discounts to per cent
hs euIIy shown tina. in times Of difficulty the
Dank OF England is utterly powerless without per
misioa to violate the law, for saving the trading
comm unity from the embarrassments, calamites and
ruin o a monetary crisis. What happened in lS47
mar cccnr again; and, indeed, there are unequivo-
cAl in ications Of some great monetary crisis in the
vast mber of foreign loans and foreign projects
excef ave trading transactions with foreign countries
and ex cessye investments in railway and other Joint
stock mJanies, and lastly, in the deficient crops
very e. neral throughout Europe the whole Of which
arc calculated TO require capital Of nearly two hun
Capita required for foreign projects ej7 900 900
Forecu loans, wanted by France, Aus
tria aud Russia. ................... 10000, 900
Capitn to make up for deficient returns
ffon Indian and Chinese trade. 100. 5,0000 900
Excese OF ex Jorfs in 1852 aud 1858 Is 100000
Home projects registered ........... 7O,0OO,O0O
Dofcirnt crops .................... Is, 600, 900
Total. CLOS 900 900
Ths 'ist OF projected schemes may perh ips be not
LITTLE diminished by the bursting OF many bubbles
and tie delay OF numerous specuatons that viii keep
Gl b er times; but at any rate, taken collectively
they show the real character Of the period in whih
we Evs. and seem 10 presage state Of EN- oarrass
me0t IT, IN which we may look in vain for the Bank
TO reli The fact H. that the original error in
avery tine of difficulty, has been the fai ure Of The
Royer ment bankers to apply their repressiye powers
70 sup the evil in the FIRST instane instead OF
doing 81 at the last, in aggravston OF its conse.
oueRcrs : The bank, moreover, posse Sing, as il
does the sole power Of deciding the quantity and
yalue ui money in circulation, and so determining
ths y-ge Of every meas property, u bound we
think 10 provide some better security than il can
fumnr with its present very limited ciDiti; MOI
docs IL ttem too much 20 ask that a company with
nah enormous power should extend their availab'e
1phAl o the full amonut OF its notes in circulation
SIftho reference 10 TIE fourteen millions which they
= nos authorized 70 circulate ,ver and above the
paFryta bullion they have in hand r0ese obserga
tons lavs been called forth by the peru of sho 4
ut va nsbe review ~ the present state OF the cur
reuoy, written by Mr. w. +. Spsckman. clever
nract al man, who c'elry proves, more ver. that
fhs a. ok ia trade OF the bank, or Ia other words
- notes in active ciculatioD i represented by
fhe difIpre nee between the amount Of thee srnt ont
bv the Issue department aud the not : II reserve
n the banking &C. 1T AeG., SIT Al &c { :. ia
= ne weekly statement made by the bank. Is IN
- tbe commercial barometer 70 yards which al