New-York daily tribune., 1857-10-03

go. IN, ostSr % sld mol se dcee 9si,v
~ nsr cent and by fss The largest osssese vas
"a. pey cent N ontf.' Fut tfete psn.cs ere Pen.
odcal, al at no such great irtervAis. .n,h go
railway IN The s:e.es that kss no. % - ~ much >.
Of tbeio, Bu. when railway car ocTcs a. uun
!, ples.e. OF IFS own scceptances, snd WIEN h1 70.
of interest To- loans is ST tse usuoas rsts
!. r.su "a that the inevitable operation ., I'.'
s,s;es rswsy s 10 draw the mcney cn o. rne
a the a. ,rehoIders 1to thn ofn 81 street money
lenders. No railway. certainly rot any AniercN
railway ear yisli proht 20 cover sncl s'e'S;'
md a. the interest must be paid, the proht mus' u
appear. -, ,,,. .o,, -, transaction
= The value Of the shares in tho market. Wins. Is
snsre worth when t becomes merely an anlnort5 10
half dozen gentlemen ~ contract ony oeo's 'uey
please at any rate II interest they may nno necessary
Railway stock, which vss supposed to have fallen
qnte low enough, bal gene down iV or ~ per esnI
low rr al the last date and s;i going down The
truth is Am. icac h.llw6ys have been burning a.
both ends be. g. insr inc ,ne and on their outgo
The crops hay, rot been quite 20 goa; travelling,
therefore not c9;e 80 brisk; while RauSays nave
had t. boSow money agaust most ot needy com
pe.ito,s. TheIe Is CROWD oi specllsofs IN sugar ~
lotion. and in corr: there are States with debts
rather sbovr their present means, and wanting
more money ,iill. aad there are banking comnanes
with rsm.s that would noi onng them much
credit in this country, but which hifherto nave won
american confidence. AZ the beginning OF the month
there was a crash of them and as one reads tue rs;
one SCENE &c be reading page OF some commercisi
romance and not matter of-fact report. Wnat wouu
Er glishnen, simple as they are, nave expected To
the ." New-lolk life and Trust Company "hat
prudence, or hoaesy, was likely to be founa IN
projectors capable of such tumble OF words ie,
this company had thriven at CINCINNATI ul IN an eVh
hour il winged its fight to New-iork, ana became
machine for drawing the money Of the Western agrl
culturst into the Golfers Of the Wal street money
lender. Then the Mechanics Banking Association
gave way TO the storm. followed by dozen private
houses Several of the railways were holding meet
= xe.,. 1f,as in IA NpalRhllS.
it is evidently the game OF q numerous and pow
erful body to keep up the panic, by means whiTn
neither the taste nor the law of this country woad
allow. The journals make pleasant remarks on .ne re
such a Companys bills, and the sweetness OF tne
lot" The public carefully informed OF the dif'
ference between a Companys deposits and discounts
ana when few Of the more bs1 s I is fr from
ccnpete No doubt we have had as bad a state OF
things in this country. The pecurarty OF the New
York panic is that il s industrously and avowedy got
Nd aggravated and prolonged that this Is done win
the most entire success and with the most formidable
results upon every class of debto and that 10 thls
market, thus in the hands OF the money lender ana
liable TO these fearful fluctuations, most OF tue Ans
can Railway Companies have to come Tor tbe means
of completing their works, paying the interest on their
bonds, and the dividends, if any, on their shares
From The Daav Ners.
The announcement Of Bank and Railway panic
in the United States is peculiarly unwecome at the
presert moment, WneD go depressing dH luuucuCe 10
exercised on commercial and monetary affairs in this
country by the attempted revolution In India, and
when still greater gloom relgns IN France IL Is
most unusual circumstance tor the three greatest
money markets of the world TO be thus simuane ou.y
stricken. In England, however, the quet is merely
the quiet of caution; in France It results from tinan.
cal exhaustion consequent upon previously inflated
speculation. In America the situation presents many
features analogous to that in France, but with this
difference that the rottenness nearer the surface of
tbipgs. We have long been familiar with the desper-
ate haste Of the American specuator to get rch That
speculation shsu beget extravaganza seems to be
law of nature, for what lightly earned is lightly
spent The result witnessed in that reckessy pro-
fuse style of living which forms striking feature
Of society both in Paris and New-York.
We in London are quite sober Dy comparison. For
the root Of all this look mainly 10 the facilities
afforded to speculation by the modern mania for joint
stock enterprise especially in the direction Of rail.
ways. England, we may hope, has passed
through her phase of trial. and the lesson has been
bitter that there is not the slightest fear Of her again
exceeding prudent limits for long period to come.
In fact, the mere mention OF proposal for the con-
shuction of new railways within these Islands is sui'
cient to make capitalists button up their pockets in
haste, unless liberal guaranty from powerful Com
pany, or similarly exceptional inducement, be
held out. Subscribers in England will scatter their
mor ey to the four winds OF Heaven and construct
railways for any civilized nation Of the earth but the
idea OF making fresh railways at home, after the ex-
perence already gained they utterly scout The cost
of this is such proportion OF three hundred
been absolutely wasted; and vast sum this proper
ton represents.
Other countries have yet TO pay for their railway
experience and the price will probably, in many in
stances, be high one. Of late years France has been
repeatedly the verge of serious financial embarrass
ment through the investing too largely in esrhwOrks.
In America the establishment Of the railway system
has led to periodically recurring panics all inferior in
severity, however, to the present one. Americans
refuse to allow that they have made their railways too
quickly. Yet how often do We hear them contrasting
the number of miles constructed in the States with
those executed by Europe and boosting of the supe-
riOr energy and enterprise Of their fellowcountrymen
After making allowance for the comparatively low
cost of the American railways this very comparison is
sufficient TO induce apprehension that young CON-
muny like the United States, whose capacity is as
yet far below that of England or France, has sown
the seeds Of the present difficulty through undue haste
in railway construction. But this Is only part OF the
evil.
Afer the American railways have been completed,
the stockholders, as has also happened in England,
have exhibited a censursble degree Of apathy, by
ntrustng the management, In many cases, to men OF
strongly pronounced speculative tendencies, under
whose guidance perilously lax system Of accounts
has grown up. Hence has arisen a large mass of
floating debt, calling for renewal periodically, what
may be the state of the money market. At a
period OF panic Ike the present there h consequently
a complete scramble for money on the part Of such
railway companies as may happen to want funds 10
meet liabilities falling due. What can be imagined
more discreditable to the whole American railway in
;erest than the described by the last mail Of the
entire financial metropolis waiting in trembling inn
patience, to learn whether Of the leading railway
companies would be able to obtain from the bankers
money sufficient TO discharge the interest due lis
bonds.
MISCELLANEOUS.
The town of Belfast had, on account OF the recent
religious riots been proclaimed under the most strn-
provisions of the Crime and Outrage Law, A