The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-01-03
NEW YORK HERALD SATURDAY, JANUARY 8, 1857



Kingdom In View York.
Very few Of our readers are likely to b aware
that o scheme is On foot for the sabjuntion of
this State, by corporate ASSOCIATIVE, and the
erection upon the ruins of our liberties OF COM
paDy only paralleled in history ~ the Eas. India
Company. The plan in "a Gllows The two
great railroad companies Of New York the
Central and the Erie-Arc to be fused into one.
Their present capital and debt are in round num-
bers forty millions eachS on the strength of the
consolidation, and in strict accordance with the
precedent established at the consolidation of the
various hnea constituting the Central, the capital
Of The new consolidated company will not prOba-
bly, be Tess than enc hundred million of dollars;
the extra twenty millions (again according to
Centred precedent) being divided between the
projectors of the scheme as a reward for their
purchase of che Hudson River Railroad, the link
repaired to complete the Central. As this has
cost about fourteen millions, it will probably
be Represented in the consolidation concern
by about twenty, the extra six being,
as before, presented to the scsemers as
compliment, and testimonial OF ahe gratitude
OF the shareholders. These preliminary opera
tons completed, the consolidated company will
then proceed to their greatest undertaking-the
purchase of the State works. Their power in the
Legislature will enable them to do this when
ever they choose; and DO doubt they could buy
then almost at any price. But it will not be a
characteristic of this great concern to be small
or mean in any thing. II the canals have cost
forty millions. they Will probably be charged to
the consolidated company at fifty, the extra ten
being used like the former additions Of capital,
and the politicians and newspapers at Albany
and elsewhere getting their share This pur-
chase effected the capital of the consolidated con-
Germ viii stand at the modest figure of one hun
dred and seventy millions Of dollars But it will
not stay there. So enterprising corporation
cannot remain idle. 1t will undertake new
wOrks-it will extend its old ones. And,
as it is pretty clear that it will not do
good business-its left hand being always
striving against its right--it will follow the ex-
ample of the Central of our day, borrow money to
pay IFS dividends, charge the same to construc-
ton account, and some day find itself at the head
oil no less sum than teo hQedred millions Of dol-
lars in capital stock, bonds and other securities
The public is aware that the Central and Erie |
have always, when they wanted, con-
trolled the Legislature. The new mammoth con-
Germ will always do 30. Hitherto, we believe, /
The only mt asures which have been spoken of as
likely to be forced through by its influence are,
\ law repeating the present railroad law and |
raising the rate Of travel for passengers to four
cents mile. and for freight, to ten cents ton;
q law framed on the model Of the charter of the
Camden and Amboy Road, prohibiting the con-
structOn Of any rival line between New York
and the West; and a Law giving to the rules aud
bylaws Of the company the force OF law 10 all
places and with regard TO all persons indiscrm-
nately.
We submit that this scheme is well worthy The
pirit Of the age and the magnificent concep-
ions Of our New York iinanciers. Ii there be
anything to regret, IL is that provision has not
been made for the raising and equipping of an
'rp'y by the company, for the purpose of carry
ng ON any wars which may break on, or Of sup
messing any Instructions among its subjects the
people OF New York. At first sight, the
areiess observer might be inclined to question
he shrewdness of the operation n financial
'oint OF view, as of course no such corporation
g this could 90 profitable business, and il
Fouli necessarily eliminate in ruin to all con
erned But this is a superficial view. No on
nows better than the schemcrs how the scheme
~ end. But they reckon that long before the
catastrophe they viii have sold stock enough |
mong the people Of the Western part OF the
they say, arc simple and elsily delu-
ed-and among foreigners, TO enable them to
Ibdraw with handsome profit.
Such il the last fruit Of the speculative spirit
the country. IL In, we venture to hope, a
symptom that The inflammation has reached js
max. and may some day be expected to burst.
4 the course Of the last five years railroad
nildirg has increased almost in geometrical pro-
session; from 5000 miles, which We had open i,
Sol, We have advanced to nearly $4,000 at the
ose Of 1856. Five years ago, when the country
as at the height Of prosperity, the amount laid
ut in railways fell somewhat short Of $3.50, 0O0 I
20; yet IL almost broke the backs Of the leaders
finance. Within the past Eve years We have
ID tao very bad years agriculturally, two yea 8
war in Europe, and one year of grea, com
ercial distress here; yet during this period we
i've built $4,000 miles of railroad, at cost Of
FER $jj0,000; and now, the projectors and capt.
lists tell US they don't feel it, There is day |,
reckoning coming for these people, which
,iiber newspaper pufs nor mammoth schemes ,
ia postpone. Happy will he be in that dag b
bose connection with railways has been the pos
ssion Of land opened up by them, and not IT,, !.
lssession OF collar of their stock.
A NV YoRk LADY CHASED ny HERD OF ,
cTALoEs.-The city papers, two or three weeks I,
30, called attention to the fact that lady oc. c
rinc, hi.lh s1cinI r-n.itio.. L., | 4