The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1859-05-23

Inc most marked cecne OF the week has been in State
securities against which the Wall street obbers are using
the heavy shipments Of specie with considerable
enect. Mssouris have given way per cent other
State stocks from l to IN, and government loan
4 per cent The argument Of the bears is that money
going to be very tight here, in fact, that are
ing to have repetition Of the times Of 1857 that the
banks going TO suspend and the merchants to break
AID would hardly be worth while TO notice these
they not occasionally laid before the public
pnts devoted TO the interests of the obbers As 1t 1t
mar be as well to say for the benefit of any morous
sous whom the specie shipments alarming, that be-
tween the present time and the Of 1857 there
prodgious, paramount difference that whereas in
1851, the expansion Of public and private credit was
enormous and unprecedented the market being perteu
ally fun Of apparently responsible borrowers u and
per cent month"; and the whole country having reached
he eliminating point Of unexampled of enterprise
and commerce, now in 1859, the expansion is almost
pomina, trade is only just recovering from eighteen
months stagnAton industry Is trying to rise from
we're depression and there enterprises con.
Stunning or borrowing money-there is, in short no
bubble to burst, il a for a collapse
Money might be shipped TO Europe twice as fast
as going; the rate Of interest might from and
to 10 and IL, no one would be greatly Inconvenience
The merchants never owed less in their lives and as to
Wall street, the amount Of stocks hypothecated not
been small for many years. monetary crisis or
panic, caused by specie shipments rise rate of
interest only be destructive when the banks largely
expanded and the country full of mercantile houses or
corporate enterprises which doing business credit
whose existence the maintenance of that credit is
essential The present state of things the very reverse
of This picture For the past two years corporations and
merchants have been engaged in the wholesome Of
lqudaton and prepared to stand any financial
{r,pi- nr
to expect any prolonged consider able
rise in the value OF money The movement in Europe ia
evidently furry caused by the agitation on the
Continent which will subside as soon US the usual
laws Of trade and exchange resume their sway.
At latest Gdvices the drain Of gold to The Continent Ind
materially checked and the exchanges Vienna
st. Petersburg and two other points had be.
come more favorable 10 London Money ia now as dear
in London ut any other European centre. The rate
st Paris is q, at Amsterdam 8, at Frankfort Az, at
London AZ per cent The drain Of silver to the East
Is checked Az the activity Of our money market pro.
ceeds wholly from sympathy with the European markets.
these facts justify the belief that cannot be Of long
duration.
There very little change in railroad stocks. At the
close Of last week& negotiation foot between the
Central the Erie and the Southern roads, with view
TO restore prices to the old Standard and to put to
the pending competition. basis OF negotiation was
rived between the representatives of the four roads,
but on reference the New York Central managers they
refused TO ratfy the acts Of their representative
This policy proved equally fatal to an endeavor
which earnestly made, with good hopes Of success
to reconcile the Erie and Central the Erie declining TO
put up reghts in concert with the Central until the whole
fight ended We have already detailed the nature of
the questions at ISSUE and need only repeat here that be-
tween Mr.. Richmond and Mr. Thomson the real difference
is so email that two Of ought to settle In half
an hour. Mr.. Richmond agrees to allow the Southern
roads small difference IN their favor they demand
larger one and because these gentlemen will not meet
each other half way, one hundred millions worth @ pro-
perry discredted the railroad recovery retarded and
the income of thousands Of stockholders jeoparded
The earnings of the Northern Western railways for
April have proved very poor expected. May is
doing better but the pending contest In which many of
the leading Western lines fellow sufferers with their
Eastern connections and the short crop TALL still cause
difference in favor Of last year Happily the reports from
all parts Of the West with regard to the crop prospects
continue to be very cheering. few weeks more good
weather and the Western country will harvest the arges
crop ever known whe from all appearances the prices
of grain and provisions will be little il at all lower than
they were during the great years Of the Crmean war
Such prospect sufficient console stockholders in the
western railway enterprises for the depression Of the pas
eighteen months and the protracted suspension of dvi
depds few months hence all the really sound enter
prices will again become paying property, and they are
well managed, will continue for some time TO come to
Weld fair return TO their owners.