The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-10-03

American Railway Expansion ana the Crisis
In New York.
from the London Tines, Sept. 1b
The map Of the United States In any English atlas twenty
or even len years old about ~ much out OF dao a. tho
Biographies which occupied half the middle OF lropo
win "PooniA," which described saraewhA. loss
the hi0gcom Of kocovie, and gave few oSen out
lines coss. In the Indian the single Of "New
Hord" Regions that In our school map o, tho "satos
were uAvorsed oy the osovsys or tho obbewsys, The
Sioux or tho Mohawks, or generally he Red Indians"
thickly fctea with railways LAacashirc
the suburbs CT London The wonder nIst how the rail-
WAYS were made; Ibcn how they can pay Bat
Wilderness, and 10 the lakes canals Then Ger.
tainy the railways must help another yet cannos
tiors i true that even here ve may 20 10 R,rm5g
b. m 4, Nottingham, 10 YORK by different routes bat
THIS ,hiesy peopled country, oonssinisg good many
asscn In bad lines ~ well ~ 10 good Then 10
fort 70 tho Who have invested their savings 10 Michigan
ines Railway 10 hear thai has been done choaply
and rudey thai ErgIxhmAn counlry would rui
bis limbs 10 lu light ias aud timber bridges Yet con-
ia, ne poDu sen n ss s,ss aer an nc, 20 sro., !,
that OF the BIlrh ses, and not nearly wealthy,
most srsuine believer Improvement and progress
,hn lincs. But hos they ms1tY II stale bonds
ard canal shares that sidney saith invested with such
s,d Th, bui elementary stare Of American pro
gess and The b nsh public has long aimee ritiercd sef
!ha. h svsse % the dangers o. simple repudial'ou.
How In II done bor, In those dsl ~ Our oorYespcn
dcnce from New York throws somc light on this
difficulty That gay and lively city ADDS 10 ie other
eycemcnts panic, which cur correspondent lkcns 10
rous grcgaious terriers and mshaps bsoDs rush
ing ever precpice, AMI sheep running through hdgc
resrres ror ero are psoplo mere VINO sS,ve
on panic and can even get one up II 10 evident, TOO,
that panic well comps cd 10 ru,h, for u has dirsc
rection, and that 6iiecioo 10 A. gsnfu n side Ia
rulnous to another II represents Of money leaving
void s qCarer Of the compass and giviuE 70 another
sIes u cor msrcs pathology; 10 an act Of Intention
susnfih and ski with authors motives, victims snd ali
the re,i lhst ocn.utee seton Let u SOC then, hos
their numerous Biinsh Shareholders
let Ne suppose the British capitalist, ,"-feueraIy q
Who hes earned his money sly. and bis expo
rence sn more slovy-aivc 70 io~ OF the poriis tas
environ American speculation let him be fairly up 10
pretended state guarantee, Informal STATE eusssntee
with Gsw In ~ 10 The danger OF rival nes and Of lines
made simply 10 sssist In the making Of lpcs which viii
ruin them when made 70 The dangers CT manage men Of
ANA carnations, ef leases and sacs, Which may may
net leave The general shareholder In unpleasant posi-
ton Let the Eugshman her devose the autumn OF his
sanns an u,s b into hesc curosues Of Am srcan enser
prse or le him have The sense 70 consult broker Who
can point oct hsse sasserous places on that smooss SO
hhsr'o has been fuIly lusused and which many
Of our readers must nos bc learning 70 their ocsi
Railways In the unnei stais, and fcw csher IN
dertakngs, appear TO have Al unlimited poser Of Dor
rowing IN market Of which the ups and downs
ss "rS Ss bs9. 'nd sc.s sopsu.p, IN. Al Nas .Ss
York market on ther own % anccs and have done
easily, - they rave generally been willing 70 pay tne
pretty much ne same 70 The oosi but lhe hghest
OF interest here h not nearly high ~ there, aud
have not seen grea company going about from houe 70
due on s bonds. and Lombard sre crowded sth spccu
siors vhose lives depended on the result, On the nrsi
day sf this nih, Wall suse', New fork, rate
Of delightful excitement "Tne Sefiemter ooupou the
E-c second and third mortgage bonds msiurcd, and The
company were snhout means 70 meet them unlcas The
tsnSs would advance 5000 900 III not l midday that
the banks agreed 10 dot" Had ihcy deciaed, appears
the lilo cosndence len !. New York would have sons al
allowed 10 sway the decbion. Bat FOR THE appeal
but for some tender elements in the ph losnphy
of Wall street, what wcald have become Of the
mortgages would have 70 70 without their Ia.
terest The result was, the sesond and third
mortgages, 90. their september ooup,n. Bot bow
happen to have embarked their all In this company viii
be Interested 10 hear that has been At s ~h ends 10
ray huud ed thousand pounds, and that bsd 70 borrow
per could not be done below twelve 10 neen per and
BY far the largest business a two month"
But these psnoa periodical and st such great inter
vsh rhee IL MOI railway 10 the Ssiss mat has noi 10
10 through fev OF them but when . railway can bor-
rev ~ much ~ II pleases on ~ accsptauces, aud
when he rate of interest for loans usurious
stated above, rcsuts that he inevitable operation Of
Upted States railway 10 V draw the money out Of the
pockets Of the shUehoders Into thai Of the wall street
money lenders. No railway, certainly any American
railway can ever yelt profit cover such nsrcss and
In fact tho beat comment on this of he
value Of the shares In The m1kc4 what q share Jrh
when becomes merely an authority half gen
smeu 70 contract sny debts they plcise a any o. Ia
tres they may fnd pece~sryf Railway aocs, which
vas supposed 70 have fallen quite ow enough, had gone
covn len twenty per cent lover n the Lao date, and
sHn roiBr down. The uuih Ia Amcricsn rslwsys have
been burning 1t 10th erds beth iher income and on
their outronw The crars hsvr not been urs 10 Fooi
travelling, therefore. not quite 20 hrsk white rsssvs
have had "a borrow money agsu.s hct az needy 90 1pe
- a ofa La l.