The emigrant aid journal of Minnesota. [volume] (Nininger City, Minn. Terr. [i.e. Minn.]) 1856-1858, 1858-02-24
Our new York CorrosponAence.
New YoaK, Feb. IL, 1858.


Our New York C-0rrosponde0ce.
New Yoax, Feb. II, 1858.
To tie f. lior Of the Eniyranl Hid Journal
DEAR SlR-Who can say how long the barAt child
will dread the frer Certainly no deniSen u thfs great
metropolis. Despite all the experience Of the past few
months, speculation again runs mad in Wall street.
Once again the knaves and fools are at work-ths knayes
leading and the fools following-the chase il ~, and
heaven knows when or where it will end. Who would
expect within -four months after the greatest panic the
world has ever known, to find such paragraphs ~ this
in our leading papers:
Feb. ll.-Business at the Stock Exchange to-day
was on a scale Of importance seldom equalled, even in
the most exciting times of former years. For most Of
the proninent stocks on the share list the rush was
overwhelming, and every call At the Board Was accom-
panied by so much confusion, that the transaction Of
business was a matter Of more than ordinary d~ilkeulty.
The influence Of on unprecedented money accuiaulaaion
of tic idienes1 Of c1pit.t-1sKi1s TO Re ex1111i1zoe3
10 full force and the crasinsss Of speculation, which
We have endesyored TO foreshadow since the saspension
Of specie payments, j dsvelopiag itself wish qniss =
in aries the merit Of intrinsic valsss on il ~ 81 not
that feature, in point of fact, beccning ons o. con-
parativc insigni6cance in the bread ard usbroken wave
OF speculation, which carries everyth' ng before it,
Capital cannot lie idle. Its activity is as much . mat
ter of necessity to the lender as the borrower.
Let not the West despair. If human nature can in
so short a time run into such insane excuses in the
Investment of money in those securities which fell lowest
and left least behind them-what may We not expect
Tor the great fertile lands Of the West, whick, % is
generally admitted, bore the depression better than any
other species Of security, and which we all think will in
tho snrinv ho hnovo} nm h., on rru~o~oIc~<oJ ia -
cmigrations.
While all kinds Of fancy stocks are thus sletive in
Wall street, where are your Minnesota Land Grant Rail-
road Companies? They have something substantial behind
them, AMI should be here now to take advantage Of the
general uproar instead of wasting precious moments
begging and whining at the doors of the State Legisla.
ture. fear they have not the right kind Of men
connected with them or they would have dons something
by this time, instead Of, as report says, being unable to
pay the exp:nse of their surveys, and the salaries of
their officers. rssvo qi,d1 s-ee e8 s.8s.ysfI .lu1I
Kansas affairs still attract great attention in this
quarter. The hopes of the Free State party are again
up. We fear any Congressional triumph will be but of
a temporary character. We condsider the admission Il
Kansas under the ~Lecompton Constitution I certainty.
We see that the Tribune thinks that while the admis-
S"u =" u"ScO W0SNAuksOuI OSSkOu 0uU 0AAOIo
will give the North a preponderance in Congress, that that.
too will be but temporary-and asks very pertinently,
where are any additional free States to come from ! To
the South, it truly remarks, the means Of enlargement
are unbounded they have Cuba and Central America
now on the carpet, while the purchase of q new slice
Of Mexico is already contemplated, and the territory Of
the present State of Texas is suficient to make half. =
dozen ordinary sized States. We are, like yourself, NOT
very ultra in politics, but we confess We look forward to
the time when Southern interests shall largely pre-
~pondera'e in Congress with no little apprehension. Why
amid all these proposed purchases Of Mexican Territory
is no proposition made to invest some Of the govern.
,nent's spare funds in a Canadian purchase. There are
large tracts of ~unpeoplel lands to the North Of Us, that
We doubt not could be readily obtained, and which for
the purposes Of settlement by a hardy and enterpr;sing
population, are far superior to the insect-infected shores
Of the Gulf, or the sterile interior tracts Of New Mexico,
which, as scientific research has shown. are akin in
climate and soil to those d~esolate regions Of Asia, upon
which the prophecies of the Bible have fallen.
The p~erpetuity Of our Government depends upon a !
balance Of power between the adverse interests locked
up in it
Local affairs are. rather dull just now. No murders
Of startling interest to whet the public appetite for the
horrible. Some developments itis true are being made
as to huge frauds and enbeszlements in one department
of our city government; but these things are 20 much
matters of course that they create no surprise IAN
inquisition resulting in no discoveries Of the kind would
be more a matter Of wonder. Adieuf for the present.
Yours truly, MANHATTAN.