The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-05-25
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N u N u u M A X X K II.

SUNDAY, May 24-6P. "
There has been important change In financial affairs
during the past week The money market continues easy
and the Of interest reduced points for fire. class Sc
curites The banks meet literally all the demands upon
them and the Sub Treasury gradually letting govern
ment deposits The disbursements, however, but slightly
exceed the receipts the specie oosened this wsy
not TO amount large enough to have much influence
upon the market We do not iook for any change Of
sequence In the next bank statement The specie
at the close Of the week was Doubtless, smaller than
the week previous The has been decreasing
from the beginning and the returns may show difference
OF two three hundred thousand dollars. In the
line OF loans the probability IL slight coutrac-
ton will appear. In deposits look for
increase to Q moderate extent. The public mind
has become impressed with the fact that the country Is
upon he Of financial evulsion, and DISPOSE ion
withdraw capital from business operations, from specus
ton and from ments particularly In railroad Stocks Is
daily becoming more marked and moro general Capita
thus withdrawn goes into city banks deposits there
remain for further and future Developments. The TO-
tai destruction that hresens tSothrds Of the railroad
stocks Of the country has alarmed cautious and prudent
men and their first has been TO get clear from
all such investments. This has thrown upon the market
vast quantities of railroad stocks, particularly those Of
Western companies, and they fast finding proper
level. The loss by depreciation has thus far been
pretty well Distributed but those who may be induced
70 take hold OF them, at what may be considered al
present low prices will In tho end be glad TO sell at loss
and those who then buy will not escape the universal
nncton Western railroad stocks will, general thing
entail disasters OF pocunary nature upon holders
than ever resulted from the collapse OF New England
roads There has BEEN throughout the construction aud
operation Of most OF Western railroads rocklessne
and desperation hnancering which Is destined to sink
them deep In the depths of bankruptcy that at the best
1870
the entire property. Many Of the New England roads
have this with much less extravaganza In imam
ccring, and with much more knowledge Of proper ma
nagcmeut In this such results have already been
realized and before many years eapse there will be-
dozen railroads controlled and operated by ars mortgage
bondholders, where there Is There Il no help
forh.
The emigration from all parts Of tho New England States
10 the West, particularly TO Kansas Nebraska, Minnesota
and Wisconsin, exceeds anything Of the kind before
known. The desire 10 enter into land spcculaions In
those Of the West where the question OF slavery
in agitation and where has produced much disoord
and difficulty, amounts, in the minds Of the people Of New
England TO positive mania, and they leaving their
quiet and pleasant homes the turmoil OF political commo
ton and the uncertainties Of frontier ne The immense
immigration into the States and Territories west Of the
Mississippi river has produced an excitement in the way
OF land speculation much greater and wider spread than
that Of 1885 1896, which led 10 the financial revuon
IN 1887 At that time the excitement did not extend much
further than the state Of Ohio and confined more
to and city lots than TO wide spread territory
Then the market filed with beautifully engraved
maps showing conveniently laid cities and most fabu
lous prices paid for lots twenty i've BY hundred
feet by parties who really did not know tina, there
actually such piece Of property In existence. The col
larse which followed that wonderful MANIA moral In
sanity ruined thousands upon thousands who almost up
TO the very day Of the CONFUSION aud explosion, i'm
ARMED themselves mlionaires. The prosraton and
depression produced by this sudden disappearance Of the
Ono bubbles and public confidence continued for several
years and II ". only BY very slow degrees tina, The
country finally recovered. not until the discovery
Of gold in California thai got again fairly under way
The rapid and enormous production OF gold that followed
the discovery gave impetus 70 business Affairs generally
and the progress Of internal improvements and the aecu
mutation OF wealth his since been extent unprece
dented The history Of any people II FAR exceeds any
previous period In oar career After about two years OF
prosperity unparalleled, with but few moderate and tenn
porary checks the VIII de country has reached point In
credit extravaganza and speculate on that cannot be much
longer sustained We far beyond our depth that
many must siuk under the weight Of their liabilities be-
fore reaching shore. We so deeply involved In The
works Of internal Improvement, that nothing
short OF collapse and general prosraou restore the
proper equilibrium. The agricultural class are as dec 'ly
Involved any other class-perhaps deepor-and the
cause Of our financial difficulties can be traced TO this
Throughout, the entire IVES, nearly the entire local
population up TO their eyes and cars In land pcoua
tons. An immense number Of emigrans have been
drawn from all the Eastern States, particularly Masachu
sets, New Hampshire and Maine; and they having be.
come imbued with the same fever of excitement have
entered r beyond their means, present or prospective
into The movement Government lands have been taken