The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-01-26

Aggregate expansion. 81 ST. 600, OaC
The only item in all this which can be disputed
is the first and largest-the railroad expan-
sion-which is but little short of one
half the whole amount The advocates
Of a continued policy of expansion insinuate that
! we exaggerate this. The truth can be easily as
| certaiDed. There are, in working order, rs, 900
miles of railway, in round figures, at the present
moment. Of this aggregate the most cheaply con-
structed road over the most favorable country cost
$4,000 mile. A great portion of the remainder
cost 100000 s15OOOO and some as high as
100000 mile. We shall surely put the estimate
low as possible if we calculate that the average
of the whole % 900 was S45, 900 mile. This
would give 81 l25 900 600 as the total cost Of the
railwaysin operation. But there are not less than
ten thousand miles of railway in process of con-
struction in the United States Parts ready for
the rails; in places the grading is being done in
others the roadway only has been purchased, and
| in others no expense has been incurred beyond
| that Of surveys We believe that 1t would be
fair to set down the cost Of this unfinished work
at one third of what ii will cost when it is COM
| pleted and TO add $3.50 900 900 to our former
estimate Of 81 ,12j, 600, 600, on account of rail-
| ways in progress: we have been moderate, and
have only allo we'd 500 600, 900 for this item.
That the country is largely prosperous, that
trade is likely to grow TO unexampled proper
tons, If Mr.. buchanan gives us four years OF
peace and quietness, can be questioned by no one
who examines in an intelligent spirit, the evil
dences ofplenty, industry, order, and Providenta
bounty which surround US. But shall we say on
this account that every bubble viii prove genuine
that every hair-brained scheme, every fraudulSet
stockjobbing enterprise will be successful: Be
cause money will be plentiful, will spurious coin
pass current. Because the merchant and farmer
grow rich, must Peter Funk expect to make q
| fortune We think not. On the contrary, from
the very lucrativoness and prosperity Of legiti-
mate trade, capital will be diverted from specu-
| lation and hazardous schemes: men will sell out
their stock III railways to buy corn, cotton, ships
and lands
We can quite understand how hard Il seems TO
the projectors Of the great railways ike the New
York Central, after having weatbered three
whole years of hard times 70 find now that the
sky is serene, that they are not likely to par,
pate in the general mama, and that like ile
poets little rill-
Though trade NAV come and trade may 20,
They must 20 dosn tor ever.
II is hard certainly. But what can be done
How can we put our money in such schemes
The Schuyler fraud beggared, in day, in an
hour, in minute, hundreds Of innocent families
who had put ell their earnings into the stock which
he controlled: how can we be expected to run
such risks as this How can we 20 on incfeas-
ing the fictitious capital Of the country when Il
already amounts 10 a sum under which nation
stronger and richer than TIE United States would
stageeI "a sum it may safely be said tat
would 10 twelve months, break the back of auy
country in the world but England and the United
States