The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1856-06-09

tant extent 1t Ia true that for two three years OF tbs
seven eight, ths European acted a regulator
and prevented any expansion Of private credits the
creation any great speculative movement but before
that commenced, there ndicai OF an in
astcn for Icing time II is very extraordinary fast
that al the speculative snhs which have from time to
time absorbed The publis mind OF both counrlss and
which have in their results spread desoaon and despair
far and wide occurred previous to the discovery gold
California and Australia As strange this may ap-
pear 1t Is strictly true. The break down, rather the
contraction In this country during the fall of 1854 cannot
be considered collapse. There had not been previous
to that time great general speculative movement
throughout the country The railroad system received
shock from the operations of schuyler and for
time there was q pause and . contraction. A few
months quiet, investigation into the condition
OF affairs and the applications Of proper remedies,
brought about healthy state of things again and our
progress since has been marked with and
ton. II contraction, and net collapse In Great
Britain they have been particularly free from al unusual
excitements in financial matters. The immense amount
Of gold imported into England from Aus and Caor-
mia has not added much to the domestic supply 1t has
been exported faster than imported. The demand for
geld from the Cfimea for purposes and for silver
from the East for commercial purposes has driven away
from Great Britain more than has bsen received from al
sources and the money market has, therefore, been kept
in condition too stringent for the encouragement Of
spectators. An active and profitable business has bsen
realized in al departments and sound, substantial pros
perity exists among all classes On the continent OF Ea
rope different state Of things exists. Speculation
progressing and has already relied hold Of the high and
the low the poor well the rich. The nnumerabls
bubbles which have been expanded to . dangerous
point must later explode and ruin Thousands
who have been dupsd by the array of large capt.
tasts as the projectors and managers Of the differ.
ept schemes. The big ash will, is invariably the
case, eat up the little ones, and then spread their
nets for more victims and bigger haul 1t may be
time yet before the going ON througout
the continent under the Credit Mobier reach proper
focus for collapse The system perfect in ali It's de-
tails the public mind and public confidence petey
absorbed the amount Of capital and credit involved 80
great and its ran ifcatons extensive that it may re-
quire to deveops and expose its rottsnnsss and
bring about violent conclusion 1t must, however,
ultimately come and the longer it is delayed the
fatal and disastrous it will be. The banking system and
credit system the continent is defective In all it's
parments and it is this that has given such An impetus
to the Credit Mober In this country and Great Brit
ain there is very little possibility of such an institution
becoming established. Our banking and credit systems
are too striDgent-our currency has too substantial
bass-cur people too cautious. Past experience
not been without its fruit and at this moment
IMAM ever before
period of such profound prosperity. Under an ex-
panded paper currency were continually be-
coming involved in some wild and desperate
scheme. The public mind was then rife for any
and eli speculative schemes It Ia very different now and
only attribute the revolution to corresponding
revolution in our currency The addition Of much
gold to our circulating medium has given 1t value In
the eyes Of the community before possessed It
has created greater desire for steady as qua
ranteed much safer accumulation. Capital is now
much more equally distributed and the public more
independent of the banking interest The banks
paravey poweress and foster destroy specu.
laon at Pleasure We attribute this important change
in the public mind, in the position of financial affairs
in the conservative influence continually ct work. in re-
strainng enterprise in keeping within proper limits all
classes almost entirely to the great accession Of gold to
our currency So long the circulating medium is
formed of such proportion Of gold and silver we have
very little to fear from the banking interest 1t is to that
interest that We attribute al past financial and
commercial disasters and revulsions.
Albert a. Nicoay's regular semi-weeky auction sale
of stocks and bonds will take place Monday, at 12
O'Clock, At the Merchants Exchange.
The earnings OF the Chicago and Rock Island Railroad,
for the month Of May, were Is follows
For passengers. $50 1856 06
rlop0Isy.. 1O,COO w
Mails. ACKNOWLEDGEMENTS. 1900 90
ActA 900 10
Same month last ear................... 1873 900 81
increase. $z8,666 64