The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1856-12-09


with England; and, secondly, that our rival
California steamship companies should form a
gland consolidated Central American Company,
ard proceed to the conquest, occupation, govern
mant and development Of that whole region
lying between Tehuantepec and Huasacualcos,
IN Mexico north and Panama south, including
the Isthmus route at the northern and that of the
southern boundary.
This is a grand project; but it is entirely
feasible. Wbet is there to prevent its consum-
marion: What European Power would dare
10 interfere? A joint committee Of three
consisting Of Mr.. Vanderbilt, Mr.. Morgan
and George Law, would be enough TO
initiate the enterprise. Who moves in
the matter? This scheme is no Paeifc
Railroad humbug, but scheme which win pay
rom the day of its adoption; and with its CON-
pletion it win command tbe traffic and the tolls
Of the Atlantic end Pacific oceans, and the riches
OF one OF the richest agricultural and mineral re-
gions on the earth. Who moves for this New
York Central American Company, which shall
eclipse the East India Company OF London in its
commercial and political power? 1t would be
ike adding two or three new Califernias 70 tue
trade OF this metropolis and in every pect the
enterprise is as feasible as a trip ap the Hudson.
The Financ al and Commercial Prosnect.
A controversy is going on in certain quarters
upon the question whether the United States are
or are not in c prosperous financial and CONNER
cal condition. On the one side it is asserted
that the country never was in 10 prosperous
condition as az present on the other, that at no
former period were Improbable enterprises and
financial bubbles so plentiful or so fourishiog.
The advocates of these two theories are at logger
heads-quite unnecessarily as it seems.
A man who, in the face of increasing exports,
ing cities extended shipping, enlarged area Of
cultivation, and expanded industry, Goula
honestly believe that the material prospects of
the country at large are unpromising, mast be
insane. Prosperity, indeed, is almost weak
teg,R to express The condition which the United
States ore approaching; for the nations Of the
world have never seen such q spectacle before
and the terms which expressed the partial degree
of happiness they have enjoyed are inadequate
u u.
thing IN our favor. Judging by the Presidential
vote, it would appeSs that the country contains
population OF ovec thirty millions Of people
Cur exports are, for the first time, in excess Of
our imports; the world, so long our creditor, is
or debter at last. In tonnage we have sur
passed Great Britain, and before long we shall
have surpassed England and all the rest Of the
G,,.- 80 ;,.4o0
teTcourse by railroads.&c. veins and sinews Of
trade exceed in miles those Of all the rest Of the
world. Every year, hundreds Of thousands of
acres of fee land are added to the productive
surface OF the country. Our cities grow like
fairy palaces: to-day a swemp or a marsh, to-
morrow clearance, next day village next a
town: che boy who has shot snipe in the reeds by
the pool has his warehouse or his factory on the
spot wheo a man. Under such circumstances, to
deny that che country is well OFF aud likely to do
still better, is simply ridiculous
But to infer FROM this prosperity that every
absurd scheme, every unsound fnsacia specula-
ton. every reckless enterprise and every i'll be-
gotten and dishonesty managed corporation is
likely TO succeed in quilting the public, and per-
diculous.
Financial bubbles are the peculiar fruit Of
prosperous tines II is only when men are tbriv-
ing, and earning more than hey spend, that they
throw of the caution which is their safeguard
against wild speculation, aud ofer bait to sharp
ers. In hard times prudence rules, aud then fancy
stocks and sham companies haze no chance
l.x.xx lar t0a ha bu
pludering wcrkingmen Of their earnings revive
to activity, and crop Of mushroom enterprises
Of the mock auction stamp show their head Ia
the financial world. II follows, as q matter OF
course that the period when unsouDd speculation
II certain 10 be most rife Is that which witnesses
the heal,hiest expansion Of legitimate trade
And it proceeds from this that the true conserva-
country--is be who sets his face against such IN
sound speculation, and endeavors by bis actions
and policy TO defeat its progress and repel CAPT
tai into the channel o. legitimate trade
Mere Las been an effort made in certain
cotempor ariss-u Internationally. no doubt-,o
confuse this matter to tumble fancy stock ope-
ratiors with the progressive industry Of the
country, and 10 make Il appear that the honest
foe to The former was such an enemy to the lat
ter that 1t was proper to exult over biz tempo
rsry mishaps. Errors Of this kind are happily
becoming rarcr as the rue principles OF finance
are Icing better understood. Very few persons
engaged in commerce aie unaware that Wall
street Las been iurrcd into a vast mock auction,
which Is uIhappily hey ond the supervision o. the
police ard the control Of Mayor Wood: that
many commodities which are dealt IN therein
The shape Of railroad and other stocks are no
more valuable aud no more what they are
represented to be than the pincLbeck watches Of
the Chatham street auetioneers are gold: that
Sehuylers swarm, and IIuntingtous; that men
Of great reputed wealth, high character Christian