New-York daily tribune., 1857-10-03
THE AMERICAN COMMERCIAL CRISIS.
From The Londor. Tines, SEPT Is.

From The London Tint, SEPT l5
The map Of the United States in any English Atlas
twenty or even ten years old is about as much ous OF
date as the biographies which occupied half the mid
die Of Europe with "Polonia," which described
somewhat less area as the kingdom Of Moscove, and
gave to few broken outlines Of coast in the Indian
Ocean the einge name of "New-Holland." Regions
that in our school map of the States were traversed
by the Ottoways the Ojibbeways, the Sioux or the
Mohawks, or generally "the Red Indians" are now
as th, ky etted with railways Lancanshire or the
suburbs of London The wonder is rst how ihe rali-
WAYS were made; then, how they can pay. But we
are told TO look to the vast cities that have sprung up
in the Wilderness and to the lakes end tho canals
Then certainly the railways must help one another;
yet one cannot help noticing how often route has
two or three competitors. IL il true that even here
We may 90 to Birmingham to Nottingham, or to York
by different routes; but this il thickly peOpled
country, Containing good many people VINO can can
ayel for pleasure in season and out OF season, IN bad
times well as In good. Then, 1t Is comforf TO
those who have invested their savings in Michigan
Illinois Railway to hear that it has been done so
chesply and rudey that Englishman in this country
would trust his limbs to IFS light rails and timber
bridges. Yet, considering the mileage, something
enormous, and the fact that the population Of the
States after ALL is not great as that OF the Brtsh
Ises and not nearly wealthy, the most sanguine
believer in improvement and progress must have his
misgivings to the paying qualities OF these long,
thin lines. But how were they made 1t was State
Bonds and Canal Shares that Sidney smith invested
with such halo of notoriety. The States borrowed
ardthen repudated This was but an elementary stage
of American progress and the British public has long
spce attered tsef that it is awake to the dangers OF
simple reputation. How is it done, then In these
DAYS Our correspondence from New-foIk throws
some light on this difficulty. That gay and ively city
adds now to its other excitements panic, which our
correspondent hkens to various gregarous terrors and
mishaps such bisons rushing over precpice, ana
sheep running through hedge gap But it is evident
that panic In New York has its redeeinng features;
for there people there who thrive on panic, and
can even get up II is evident too that panic Is
we'll compared 10 u rush, for it has direction, and
that direction gsinfu to eide as Is ruinous
to another. II represents run OF money Leaving
void at one quarter Of the compass and giving 10 an
other rather more than s que. Papic no' .IefGy
a species Of commercial pathology II s an act OF H.
teniion strength and Skill with authors, MOVIES, VIC
tins and all the rest that constitutes acton. L'' Us
see, then, how q panic at New-fork operates upon
American Railways and their numerous DriOisn 'n'e-
holders.
Let us suppose that the British capitalists gen,
eralIy man who has earned his money slowly ana
his experience still more slowly-ahve 10 tew vi
the perls that environ American speculation Lsl
him be fairly up 10 pretended State guarantee, or an
iufolmal State guarantee with q haw IN IL 10 'he
danger of rival lines, and Of lines made simply TO as
ist in the making OF lines, which will ruin them "heh
made; 70 the dangers of management, of amalgama.
tiops. of leases and sales, which may or may not
leave the general shareholder in an unpleasant pot-
top. Let the Englishman either devote the autumn
OF his days and the fickering light OF hls decnnns n
come 10 gaining insight into these eur1oslties oil
American enterpize; let him have the sense TO con-
sut broker VINO point out these dangerous aces
or that smooth seductive surface Still there re maids
one peril which hitherto has not been so fully Llus-
rated and which many Of our readers must now DO
jesrnpg 10 their cost Railways in the United states,
and few other undertakings, appear to have an un-
United mower of borrowing in market OF which the
ups and downs are wholly beyond all Bns IDEAS.
ll the great lines have been borrowing IL the New
York market on their own acceptances, and nave done
90 easily as they have generally been willing to pay
the highest rates Of interest. Our own companies
have done pretty much the same, TO thei; cos', ont
he highest rate OF interest here is not nearly 20 nigh
"a there. and we have not seen q great company
going about from house 70 house begging or an idl-
mediate loan 10 pay the interest due on its bonds,
And Lombard street crowded with spectators whose
Hys. depspded on the result. On the first day of
this month Wall street, Nsw-York, was in state
Of asiiohtful excitement. The September coupons
" ON the Erie second and third mortgage bonds ma
tured, and the Company were without means 20
meet them unless the Banks would advance fooo-
:" 600. Il was not till midday that the Banks
agreed 10 do il" Had they declined, !. appears
the LITTLE confidence left at NewYork would h.vs
gone altogether, and If Is evident that h9inauii.y
and patriotism were allowed to sway the de-
ci,ion But for this appeal, and bu, for some
tender elements in the philosophy Of Wal street. vnN
.osld have become Of the Enc shareholders, Tnen
the second and third mortgages would nave 70 20
without iheir interest. The resul. was the second
and third mortgages got their September coupons.
Bu. how abcG; the shareholders Those oi our res1
who may happen 20 nave embarked .hef a. u "a.
eeursry VIII De interested io hear TIA: nas been 3,
=. vii. .nGe t0 psy Inn i-ei tL9r-a-4 20 o1rG-. !
ia: LAD &c tsfIVn for the pI-T-se q ,sy a II