The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1855-01-15
NEW YORK HERALD, MONDAY J.
contractors and specula

upon tncm " Was Ioun0 lmposSlD6 70 90 thfeugn
OF the total amount named above, about four mil
ions were losses from frauds. With the exception
Of Schuyler and the Parker Vein Co., the liabilities
have all been honestly and honoraby created and the
parties concerned have preserved their integrity and
position. Had Schuyler stopped payment in Octo
ber,l $50, he probably would not have bsen guilty
Of the frauds afterwards practsed In his efforts to
extricate himEef from the endorsements gro wing
ont Of his contracts, &C., he comnistsd tho crime
which has stamped his name with eternal insamy
All the other failures have been caused directly By
entsr clements with railroads in Illinois, Indiana
Ohio and Pennsylv ania. The Illinois Central, Gale
M and Chicago, Illinois Great Western, Ohio and
Mississippi, are the principal lines which have
proved 50 disastrous to all who have had anything
to do with them.
A few years since railroad mania, similar to
that which we gre just emerging from, overspread
Great Britain. Il seized hold upon all classes and
for The time absorbed every other interest. Paria
mant was beset with hungry applicants for charters
1t was impossible to supply the demand. Nearly
every member Of The House Of Commons was direct
~ interested In project aud the greatest rivalry
prevailed among the respective lines. For time
this expansion went on at rapid rate, and no one
seemed to anticipate q change. Il was new thing
entirely, and it was the general impression tia. rail-
reads could not DO multiplied too fast. The whole
United Kingdom became involved in the specula-
tion. Capital was Withdrawn from every other
branch Of industry, and no sacrif,s considered too
great to raise means to purchase some fsvori.e rail-
road stock. All things have an end, and SO had
tins mania. A sudden collapse opened the eyes Of
the community. The different works dill not prove
ann ,ruef anttc tad md fho tinu Of
Hudson, the railroad king OF Eoglaad, produced as
great q paric ss those Of Schuyler, the rail-
road king Of America. Tho bubble busrs In
both countries from the same cause. Years
Of depression followed the railroad collapse on the
other side Of the Atlantic, during which few new
likes were constructed; but the old ones were con-
soidsted, strengthened, improved, economical, and
operated with more experience and judgment. The
result has been recovery ia this importa interest,"
and q gradual return Of public confidence TO such
investments. Railroads are nov considered in Great
Britain among the most solid aud substantial pro
perties OF the age IL will ultimately be just 30
tere. We must pass through the sans purging,
depicting, purifying process Our railroads fixed
facts. j; matters not now how many have been
ruined in their construction. Those completed must
be operated thoee unfinished must be aished "a ,se
which are uDproductive must, ss the country grows
and population increases, become productive, and
the time viii come when they will command a.ten-
ton as Investments. At present all Is chaos and
confusion Ia railroad matters; but we must look int,
the future. few years bring abou. nderfoI re-
suits in our progress and II We can only stay the
operations Of seculatos long enough to recuperate
little, VIC stand another siege, jast like tina
we have just undergone, without capisul.ting.
We understand that the house Of Page, Bacoa 4
Co., Of San Francisco, win not be compsiled 10 gu
pend account of the failure Of Page Ba on, OF
st. Louis All the darts OF Page, Bacon s. Co. will
be paid, and oil tie deposits AZ San Francisco will
be paid on demand, in bullion. We see by the letter
of Mr.. Bacon TO the committee Of s. Louis msr.
chants dated Saturday, that /. Is his intentiolt to
make statement Of the facts connected vita the
Suspension Of his house. II is due to the public and
his many friends, who believe tina. he has not bsen
fairly dealt with.
The Manchester Print Works (Manchester, N. HI
have de Jared dividend of three per cent, payable
Jan. 20, being their first dividend since January,
1852.
The Boston stock market was improving. Maine
railroad stock was held at 1907; Western, eOh;
Ftchburg, 7sa; Cd Colony, ~; Providence, esq;
Lowell, 50; Eastern, 40; Vermont and N ass.chu-
sttts, lot; Ogdensburg, 4; Central, "a; Central
Bonds, 40; Ogdensburg Bonds, 500, and Rutland,
50. Bank stocks were in better demand.
The total value Of the foreign exports from Balti.
more for the week ending on Thursday, the llsh
instant, amounted to $2iO,O5l. The export Of
breadstufs for the week comprised 5l94 barrels of
-four ITO barrels OF corn meal, 4,l25 bushels of
corn, and 200 barrels Of rye -four. Among the ex-
o a. l.~S a-r
ticrces Of pork, l,l56 bales OF singed bacon. 6l9
boxes Of short mddles, and SO hossheads Of tobac.
CO, 10 London, and 57s tons guano to Barbados.
There has been but little doing In the coal trans.
portation business In the Cumberland region, for
several weeks. The eastern markets are pretty well
supplied, and, as Q consequence, there Is 0 falling
OF in the demand. During the week ending Satur
day, the 9Th instant, the Cumberland and Pennsyl
vania Railroad brought down l95 tons, and the
Georges Creek Coal and Iron Company's Railroad
carried down 2 ,335.07 TONS making total for the
week Of q ss0.07 tons.
The following Is . copy Of the bill relative 10
ufury, Of which Mr.. Aitken gave motive in the Az.
sembly CT this State on Friday LAST
Section l. No promissory note, or bill Of exchange
whether accommodation business paper shall be void
by reason Of any paying receiving agreement TO
pay allow such rate Of interest the parties may
agree upon provided the time to run Of such prosso
~ note or bill Of exchange shall not exceed six months
Gee, q Whenever in any action brought such pro.
missoty note or bill OF exchange II ,hal appear upon
pleading and proof In the action TO that effect, that
greater rate Of interest has been directly indre silly
taken received than per cent per anuum and
~ that rate for longer shorter time the defendant
shah recover bis full costs and the plaintiff shall recover
and b. entitled TO the principal, and no
note or bill Of exchange OF the description named In the
first section Of this act than at the rate Of
Per cent per annum may back the entire interest,"
together with the cost Of suit Of action at law pro-
yded suit s commenced within six months after pay.
nsnt VI such interest
Sc. In all where the rate Of interest IL not
epeched seven per cent per annum, and at that ratio
only, shall be charged, paid or received
Sec. 8. So much Of title 3D. cbsptef 4th and part ID
81 the revised statutes and much OF the laws OF 1851
chapter 400 inconsistent with the provisions Of
this set are hereby repealed.