The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1858-05-14

~~s =" sueS0 prencAeS the plun0oc
system u only carried ON by retail. Ia email
amounts. II is not Of 90 stupendous q chsrsc-
ter as that OF the regulating Of streets. Those
make methods Of cheating the taxpayers .uu.
bers six, seven and eight.
The reader can observe by these statements
through how many veins and arteries the oitr
treasury and tho property owners oaa bs basl
to depletion, and how easily Corporation on
oisls can get rich, keep yachts, country houses
and fast horses.
TIE Nnw TREASURY LoAx.-Mr. Cobb. e
seems, has done better with his second than b
did with his first loan. He will get no Ave
millions he wants now 1t something like q
average Of four per cent This time, il may -
taken for granted, tho capitalists throughout
the country were not 20 blind as to leave Ne
monopoly Of the field to the Washington bank
ers and their correspondents it was known
some time before the opening Of the bids that
there would be pretty active compstitioa.
and accordingly We see that many Of the parties
who bid for the first loan ct extravagantly high
rates, now c0ndescended to take very mode
rate rate Of interest,"
Something is due, likewise, to the increaan9
accumulation Of money in the banks. Our city
banks now hold thirty-hve and half millions,
and will hold thirty-seven millions next Monday,
after they have received the arrival now due
from California At the current rates Of into
rest in England specie could not be shipped,
even II exchange rose here to the usual specie
point, 1905 1923 and there is no doubt what
ever but that our banks will very shortly hoA
forty millions, and may rise very considerably
above that Unprecedented figure. In tho al
sence Of employment for this immense accumu-
lation Of money the rates Of interest must fan
below anything we have heretofore witnessed.
Three per cent is commonly mentioned a.
likely figure for the month Of July.
We notice that nearly one-half the bids for
the new loan under per cent came from New
York. Half the remainder were from two bank
ing houses In the city Of Washington, who ars
understood to be acting for paties here. Tho
balance was distributed among the small
country towns, such a. Lancaster, Boston,
Baltimore and Philadelphia But for the fear
that outside influences might be brought -
u,
obtained four-fifths Of tho loan though per-
haps, under the circumstances, il Yves well
enough to LET the rest of the country have Ne
appearance Of sharing in the operation. II b
very we'll known where the money comes froa
in reality. All loans, whether to governments,
States, or private corporations must either -
made in New York or not at all there d n
THE CENTRAL. RAILROAD DrsAsrER-RAnwAY
MIsMANAGExENr.-Fromt the evidence taken b.
fore the Coroner's Jury empannelled to invssG-
gate the origin of the disaster by which -
many persons have lost their lives or have besa
seriously injured on this road, 1t seems to 10
placed beyond doubt that II was to the rotten
ness of the timbers of the bridge over the SAa-
uuolt Ureek mat the accident was due TIE
breaking of the axle on one of the cars Of tho
freight train, to which II suits the purpose Of
the railway authorities to ascribe 1t, was simply
one of the results, and not the origin of tho
catastrophe. From the examination made Of
the bridge immediately after the accident It
appears that the main or centre stringer was
thoroughly decayed; and this Is the point where,
according to the evidence, the break originated.
This fact, If 1t be confirmed BY the verdict Of
the jury, will reflect q terrible condemnation
on the management of the road II n
not merely neglect Of supervision, but
recklcssness of construction, that will be laid
to its charge. The breaking down from
sheer rottenness Of bridge only three years
old, shows conclusively the amount Of care
which the company has exercised over the crsc-
ton Of its works. Had the bridge been one Of
half century old some allowance might DO
made for atmospheric or other natural inau-
ences. In that space Of time, In climate like
ours, woodwork may possibly give way, although
there are wood constructions Of that age all
over tho country which have stood the tcst Of
years, and which are nearly a. strong ct the
present moment a. when they were first built.
Wood properly seasoned and prepared will not
yield In the manner in which the materials Of
which this bridge was composed are stated 10
have done. What il then the conclusion ct
which we are compelled TO arrive Either that
the company employed persons to superintend
these works who were Incompetent for their
duties or that they knowingly used materials
which we're unsuitable and unsafe for the pur-
poses TO which they were applied Their con-
duct In either case was criminal in the extreme;
for when we take into account the risk Of human
life involved In their operations, no extent Of
care or Of precsution could have been too great
for the responsibility imposed upon them.
The occurrence Of such an accident from such
causes Is one Of the heaviest reflections which