The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-08-09

Total ACKNOWLEDGEMENTS. 63l 65l
The number Of deaths compared with the cores.
ponding weeks in 1855 and 1865, WA as follows
Week ending Aug 4, 1855 NEUTRALITY-SUSPICIOUS.. $40
Week ling Avg 2, 1855 OBSERVATION-DISCLOSURES TAO
Week ending Aug /, 1857. SCI
Week ending Aug S, 1907 .55l
Tie nativity table gives 45l natives of the United
States, GA Of Ireland, 10 Of Germany, and the ba.
lance of various foreign countries
The Specializing Mania In Cuba-Tne Gem
tralizssiOa or W ealth.
We publish elsewhere curious speculative
letter from Havana on the probable results o.
the present joint stock mania which has turned
the heads of the Cubans. and alarmed the govern
ment of Spain as to the future Of the revenue she
now derives from that island. In order to pre-
vent as far as possible the dangers of reaction
in the Havana stock market. the home govern
ment has sent directions to General Concha to
stop the creation OF new companies and limit the
transactions of those already formed as much as
possible. In pursuance of these instructions the
Captain General has already refused licenses to
dozen or more new projects, and has called
upon the directors Of others to come forward and
demonstrate to him the public advantages of
their schemes. This has no doubt caused some
flutteripg among the projectors, but we doubt if
it will have any effect in checking speculation.
Rather may it tend to concentrate the mania
upon few favored companies, and by in
creasing the prospective value of their shares,
stimulate the very evil it wishes to d.
minish. These speculation manias, like all
other fevers, must run their course, and
they will not break until they have
risen to certain height Of the ridiculous, the
next step beyond which is the sublime of reality.
Thus the South Sea bubble of old produced its
joint stock companies for the most absurd pur-
poses Just before the delusion broke, and We
thought we saw some such indications in the
Cuban mania lately in the announcement of q
joint stock express company, the chief business
Of which was to carry home every mans market
ing and do the family errands.
The fact is, the Latin branch of the human
race do not take to finance and speculation well.
They have not that phlegm which marks the
German family and its branches. We have the
history of the Law schemes that were to make
every man in France millionaire more than
century ago That bubble taught them leseon
that France remembered for two generations;
while England recovered from the South Sea
scheme with the same generation that created it,
and went on prosperously With her East India
and other joint stock companies during all the
time that the French and Spanish laws prohibited
anonymous association. In fact, it lie not q
very long time since they have forgotten 1t
AID embarked anew in grand schemes, in
the prosecution Of which the system of an
Incorporated Credit Mobilier il to produce I'M
told of benefits Thus we see these institutions
springing up wherever the Latin family rules
Spain has followed the example of France, Cuba
that Of Spain, and DOW Mexico is contemplating
the same thing.
We do not find this kind Of speculation in Eng
hut not in the shape Of enormous companies that
are 10 make the fortunes Of all the shareholders
by cheating ever ybody else. With us il becomes
individualized and every one expects TO make a
fortune in the general prosperity Of all. Kansas
affords at this moment good example Of the
Anglican spirit of speculation. Everybody is
buying and selling land always at a profit, and
oil believing that the general prosperity will be
the ultimate paymsster. The system is quite a.
ridiculous and as certain to explode as the Credit
Mobiler system. but when it does break up and
all The SPECTATORS fod themselves ruined, they
rub out the old scores and some go honestly TO
work TO make living and others look round for
new speculatous to operate in. All take prac-
teal view Of the thing, aud lay the result to
Themselves at their own door, for not having got
out Of the thing in time, resolving TO be wiser
next time. With the French and the Spa
nisds the evil is laid upon the banking
system. or the joint stock system, or the credit
system, and laws are enacted-as has been the
case and will be sgain-sgainst banks aud joint
stock companies and Credit Moblier.
As for the future result in Cuba Of the pre-
sent rpeculation mania there. time only can tell
whether il will have any other end than the
usual one In such cases which is a general in
debtedness. Whether the existing laws, protect
ing the property of the sugar planters will, as
our correspondent supposes, enable the Alfonsos,
Aldamas. Disgos, Moras Quilustas and others,
TO absorb all the wealth Of the country, is very
doubtful. The sugar planting interest there is
legitimately profitable now because the price Of
that article largely exceeds the cost Of its pro
duction. The general impression in the sugar
growing countries is that present prices will be
maintained because the supply is not equal to
the demand, and that there are insuperable OBJ
staces to The increase Of production. But this
very impression tends 10 overthrow those obsta-
Giles, as we zee for instance, in the readiness OF
a large portion Of the people Of England to con.
sent TO quasi re opening Of the slave trade. A
few months, however, win tell us II any class
in Cuba can escape the evils Of a reaction that
must come upon them