The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-07-18

"a, cheIy NJ S23 3. $l4. sugars were sold to the
extent OF about 400 hhds at rates given another
column Freight dull. and rates unchanged.
4 The era or Speculation.
The past year has been remarkable for the ex-
tent to which all sorts of speculations have been
driven. The evil has been growing and increasing
for several years past; but we seem at length to
have reached the crisis of this social disease Nor
it in this country alone that the same tendency to
the widest sort Of speculation has been observed
1t has developed itself as well in England, in
France. and in other parts of Europe; and every
where else as well as here it has been followed
by results disastrous to many of those engaged in
it, ard injurious to the interests of the whole CON-
munity.
If you ask any intelligent merchant in this me-
tropolis why ii is that the trade of importers has
fallen off this spring from twenty to fifty per
cent you will learn that it is the result of over
driven speculation. II you want to know why it
is that the receipts Of the two great railroads by
which the traffic Of the great West with this city
is carried on-the Erie and New York Central
have fallen of in the aggregate 100000 in the
month of June, 1857, as compared with June,
1856, you will learn the same truth The desire
to acquire sudden wealth seems to have spread as
an epidemic through all parts of the country.
Small traders and village merchants, East, West
and South have been inoculated with the spirit of
riotous speculation, and have been recklessly
investing their means in wildcat lands and town
lots in Kansas and Minnesota, at rates which
these lots and lands will not be worth for quar-
ter of a century. The consequence is that they
are unable to meet their engagements with the
mercantile houses in this and the other principal
cities, and matter OF course trade declines and
business generally falls into state Of stagnation.
But this speculation run mad has not been
confined to the Western landS and town and city
lots II has also extended t6almost all articles
of produce; and whilst many of the conscience
less SPECTATORS may have made large fortunes
out Of the business, others have been sacrificed,
and millions Of consumers have suffered from the
artificial DEAFNESS Of the necessaries of life AT
the present day the cost Of living in this city is
fully forty per cent greater than II wa four
years ago; and all this il owing TO the spirit of
reckless speculation that has swept over all por-
lions Of the country.
We have been furnished with some interesting
particulars in relation TO the effect which this
speculative mania has had on two importan, pro.
ducts sugar and cottoz-both necessaries Of
civilized life. AS to sugar, all housekeepers are
but too well aware Of the high price at which il
is maintained, compared with its price few
years since. And yet statistical evidence exists
TO show that one small sugar producing island,
with an area not one-twenteth Of that which is
throughout the globe, is capable Of supplying
half the consumption Of Europe and America,
ard that price Fifty per cent less than that now
paid would be rcmunerative.
But nevertheless, for two months past prices
have been maintained, and il is only nov, when
holders attempt TO realize that we sec the market
in favor Of the buyer. decline OF about one
cent per pound has thus been experienced within
three weeks; and from the caution evinced by
buyers, II may be inferred as likely that the
fall will be two cents per pound with
in another month, unless, indeed, holders
should be rash enough TO withdraw their supplies
from the market-rather improbable, in view of
the favorable accounts Of the sugar crop from
nearly all quarters.
The other article on which spectators have
operated with still moro disastrous results is cot
ton. Notwithstanding an estimated crop in the
United States of about 100000 bales, with a
large supply from other quarters, and with fully
100000 bales In the hands OF manufacturers In
Europe, prices have been raised four cents per
pound over the rates current in this market last
July or, in other words, the price Of cotton has
advanced forty per cent Heavy brown sheet
ings, which we're then dull at eight cents are now
quoted leless at nine to nine and a quarter
cents, with large accumulated stock. Some
makes OF goods are represented as being twenty
and twenty five per cent larger in stock at the
various agencies than they were at that date.
Here is an advance Of nearly forty per cent in
raw material, and only twelve TO fifteen per cent
in the manufactured article.
Dyestuhs and other materials used in Ne
manufacture are all higher than at that dat,.
Money is dearer Is It any wonder, then, that
we hear daily Of stoppages among the mills at
the eastward? The Stark mills at Manchester.
N. H., which consume about $4,000 bales of New
Orleans cotton per annum, assert their inability