The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-05-15
The Lsnd Speculation In the west.
prom tho Albany ~ eninr Journal. Nav IL

IRON tho Albany ~ ching Journal, May 131
We are 10 that certain bank IA certain dairy
" IN the centre q this State had deposit the spring
Of lsbt the sum Of si55oo money Of the farmers Week
before last deposit footed up only some S2s
ct and the IA OF that county were anxoal boz
rowing money for their springs operations Toe dc
in TIC bank had been drawn down for investment in the
far West potion Scnt directly into lands for rise.
The residue the larger part tr,n nidst to be
loaned at three four, nv o and ,ix per cent month
real estate security and the legal Of unlimited
usury laws. We have aho been info med that the lus
noreys OF very many other counties OF this state have
gone The same way a. the deposited earnings OF The dairy
hat the loans IN made viii Be perm ,nen, and awraI
y permanent alNwhO know the Wet can well sa. They
viii turn out, By the opcr1n of the bankrupcy OF the
borrowere 10 simply Investments in land nj en1rm ,us
prices The money will never come back here Tho PIT
OF unlimited interest beyond the Mississippi e. botcmless
We thus can place touch upon one Of the connec.
uons which New York has with a very scarlet fever of
snd speculation, now burning through the West. Dry
gfs ohbcry grocors, hard ale and clOhicra Ia
New f,rk city can place their angers on other oors
which tie US all N the pa'iert Of tha febrlc disease liz
puisaons arc there FELT through cdSers and note bo,rs,
In overdue accounts aud psoe e drafts and Their
custom n fa Wet have bought lsud groay and have
gredily cutched at f,r per a month for money
really belonging 10 New Workers. nut which, " withheld
from thcm will bcar oniy seven per cent per IN
tercst.
In the meanwhile, 80 far East a. Is now the Bu-
reau valley, In the gazing state of Illinois, butter
bears the price Of City cents pound, aud IL
uhed. and truly 100, 10 be Of Vermont manufscirc.
A busbel OF white beans Il there also eagerly
taken p, the asked pce OF 20 d0nsnot for con-unp-
ton, but FOR secu lon nj Rock leland, where they are
"orltk' nj thrtc dollars. The farmers or the frnr"
STATE, and the owners Of garden lands 10 ia village are
raising cuee and breeding o~ps. This diseased asnc"'
turc will blast and miliow them and theirs
Hsply day will II be for the people OF America W..
The last acre Of government land IA sold or syen A~y
The ma sne'c power 10 draw OF population ADJ o 80,
from the East AID the irresistible stimulus 70 spevr
enterprises and risky adventures, les al nrousn @ ~
shilling domain Rich In quality, cheap 10 s.r. 20
steady mark Of the sery best emgr nion ,,.,.
the natural refuge OF the unfortunate In
tion and indus try viii never b. come nxe, sna
organized with as t quit claim and iu covensu. .oe's
arc mas n red abeve land warrants IN ns ana
the pabl domain substantially 'nns VI "'''y s"o
II y said By sa,isticisns Of reputation that the actual
need Of Public ands nj present IS gu, YEN mo, OF acres
Ger snnom The amount yearly patented and warranted
"a rr.,,ca ~ railroads " more than douoe that Tho
constantly pressing the market hundred
re- con, beyond the demand
W, .c,.siw ,mpcnds over the West When II comes
I'll, no lees destructive than that Of 1887 which the re-
vi, os ia speculation IN real estate only because we have
,he money 10 lose which going 10 bo lost and will noa
~ ,c IN debt But from the ne OF Ill,ros
~, e western boundaries OF Nebraska and Kausas u,he
grspbed cities every tenth mile viii be the rrare
,onee 10 mark the burial without resurrection OF millions
Of Eastern capital and Of many too many impatient hcsrs
broken with disappointment