New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1857-07-06

"a
creased in value by them to an extent nearly or
quite commensurate with the losses Of their stock
holders. The system first inaugurated in the grant
Of lands to the Illinois Central is liable to abuse;
but If seems to adjust the profits of Railroad
making to the risks and outlay better than any
other mode yet devised. If seasonably enacted ana
fairly executed, the Government loses nothing;
since it grants but alternate sections and thereupon
doubles the price of those il retains the settlers
pay the enhanced price, but are recompensed IN
far more enhanced value; and the road which
creates the additional value is built from its pro-
ceeds. That Michigan, Iowa, Wisconsin, Mime
sofa, are all greatly benefited by the IMMIGRANTS Of
the last Congress, and will increase accordingly In
population, production and wealth, we cannot
doubt: and we cannot perceive that their gain Is
anybody's loss. We trust, therefore, that the
principle of granting alternate sections to aid new
States in constructing Railroads will, under suit
able restrictions and precautions be seasonaby e1
tended to California Kansas, Nebraska, oregon
and Washington.
Wherein, then, is there room for difference be-
tween the East and the West respecting Railroads
and Lands
The ability of our People to construct Railroads
and other Public Works is great but it may be
oyertaxed. We can cover our whole land with
network Of iron, leaving the interstices not more
ttan ten miles square; bu! this is work requiring
Years f its ace, mpshment except at the cost Of
gel eral ruin. For, if we were to devote half, or
even one fourth of our available labor in any year
to this work, the resulting scarcity and dearness OF
food, decrease Of experts increase OF imports, ana
consequent universal pre- ssure of debt, would force
bali the property Of The country into the legal
mill, to be ground out by lawyers, judges and
sherifs into much toll and little grist
New railroads across the prairies, new
dwellings,, new fences, new wbeat-helds, new
roads on either side, excellent things in their
season; but they cannot readily be made to pay for
the Sugar, Iron Cloth, Silks, Wares &C., that we
are constantly and heavily purchasing from abroad.
And if too many of US insist on building railroads
aid houses, digging wells and making fences, calcu
lating that the increased value thus given to our
property will enable us to pay our debts at any
time or better still, to postpone such payment TO
more convenient season, We expose Ourselves 70
sore and perhaps ruinous disappointment. Our
estates may be intrnsically enhanced by more than
the outlay thus made; but if the process involves
the operators in debt to their nearest merchants,
these to the City jobbers and importers, and these
in turn to European manufacturers and exporters,
why then we are spinning rope which necessity
or apprehension may induce the Banks of France
and England to pull at any time with q moral GER
taiLty of involving us in general pecuniary wreck
and ruin.
Is this bard to understand Bear in mind that
it s not question of what we would do, but what
we safely can do. This City has been called to
stand very heavy European drain of specie for
two months past and has stood it very well. 1t is
BY no meaps exhausted but We should not relish
steady call for Two or Three Millions of coin per
week henceforwafd until the next Cotton crop be-
comes available Yet such drain there must be
if We devote too large proportion of our labor to
works of permanent utility but which do not min
ister to cur immediate needs of food, clothing &c.
If we could this year increase the aggregate value
of our railroads, farms, dwellings, stores, mills,
c., to the value of One Thousand Millions of Dol
lars, we should achieve great aud good work; but
we should probably break half our business uen
and starye many of our poor by the operation.
Let us 90 ahead, by all means; but let US be sure
that we are not running down hill vehemently as
to break our necks when we bring up at the
bottom.
Now, friends who have your hands full OF quar-
ter. sections aud corner lots in the West, let us
understand each other. If your lands are paid for
and you Owe no man any shiDg" it is all right, aud
you are at perfect liberty to value your quarter
sections at $50 per acre and your cornerlots at
s., coo each. Possibly, they may command these
prices in time, if you hold on; and if they don't
the loss is your own affair, not But to those
who are holding on to more lands than they mean
ever to cultivate while owing upon those lands and
borrowing at usurious rates to buy more, we say,
Gentlemen, there is great danger of a financial
crash; and, if there be one, you will have pro-
duced it; if it be avoided, you deserve no credit
for the escape. If the money market grows tighter
and tighter bear in mind that yOu and such as
you, have caused and are causing the stringency.
If the Banks are impeled to rigorous contraction,
the fault will be yours if they should be driven to
suspension, it will be because you have borrowed
their money, invested it where Bank loans should
never be invested, and cannot return it new that
it is wanted If you hear blockheads cursing
European capitalists for drawing away our specie,
that they could not do it if you had
not run us in debt abroad. Banks never cur
tail their leans when they avoid it, they never
break unless some one has borrowed their funds
who can't or won't repay them; they never suspend
when solvent unless their solvent customers have