The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-09-01


Toombs, Wise, Hampton, Forrest, Semmes,
on one side, or Wilson, Boutwell,, Butler,
Wendell Phillips and the rest on the other.
New Financial Mission from England.
The Scotia, now on her way to this country,
was to bring Mr.. James McHenry, who is well
known here for his connection with the Atlantic
and Great Western Railroad; Mr.. Laing, men,
Der of Parliament and great financier and rail-
road man; Sir William Russell and other gentle
men distinguished in the financial world and for
their connection with grand enterprises. The
object of this visit to America, it is said, is
to revive the great enterprise with which Mr..
McHenry, Sir Morton Peto and other British
capitalists and railroad men were connected.
They may, probably, have other objects in view
as well, in which the redundant and unemployed
capital Of England may find profitable invest
ment
1t will be remembered that in the financial
storm that broke over England in 1866 Sir Nor
ton Peto, Mr.. McHenry and others connected
with the Atlantic and Great Western were
overwhelmed by the disaster, and the rail-
road had to be put in the hands
of a receiver. About sixty millions of dollars
were involved, and the bondholders and stock
holders became dreadfully alarmed for their
capital Mr.. McHenry, who had the largest
control in the affairs Of the road, was blamed
at first by some of the bondholders, and a very
lively discussion ensued. But time has shown
hot 10 NJ fbo anita
by the circumstances Of the period and that it
was beyond the power of MIR. McHenry to pre-
vent it. Upon reflection the bondholders
have finally come to the conclusion that Mr.
McHenry was not only blameless for the dis
aster, but that he actually by his ability saved
the Atlantic and Great Western from utter
wreck The consequence is that he has been
again sent out to the United States with the
full confidence of those interested and with
power to resuscitate the enterprise. The dis
tinguished gentlemen in his company are asso-
ciated with him, probably, to carry out this
object.
The time for making this effort is far more
favorable now than was the time for the enter
prise originally. The financial condition of
England, as we'll as of this country was I'M
sound and shaky then. Our war, begin
ming in 1861, had deranged the COM
MERGE, channels of trade and fnan-
cial affairs of both countries, and
even further. Everything was in an abnormal
condition. Enterprises and financial opera
tions rested upon no secure foundation. An
unhealthy stimulus was given in one direction
and lack of confidence was found in another.
The effect of this abnormal state of things
continued till 1866, when over-speculation and
a financial revulsion broke down the Atlantic
and Great Western Railroad and many other
enterprises, and with them Mr.. McHenry, Sir
Morton Peto and other capitalists. But that
time has passed. The effects Of the war are
closing up; we are returning to normal con-
dition, and there is now q vast and safe field
for the employment of foreign and home CAPT
tai. Some of our own prominent financial
men of New York seeing this went to England
and represented the facts to Mr.. McHenry and
others interested in the Atlantic and Great
Western Railroad. They comprehended the ar
guments made and the situation of affairs, and
hence the new financial mission from England
to which we have referred.
Without entering into the difficulties con-
nected with the Atlantic and Great Western
Railroad, or the plans of the British capital,
lists and their agents who are coming here,
we may safely say that there is NO
field or opportunity more favorable for
enterprise or the investment of capital The
resources natural wealth and development OF
the country are stupendous. All the capital
Of Great Britain could be employed here with
a certainty of the largest returns. Every dol
lar invested creates new wants and carries
an active and Industrious population over
fresh productive regions and further West.
England has seen almost the limit of produc-
ton, and her superabundant capital either
remains unemployed at home or brings only
a low rate of interest. Here it would realize
safely more than double or treble what IL
does there. The English have positive
plethora Of capital and can only get about
two OF three per cent for it, while in the
United States there is demand for it in the
safest and most legitimate enterprises at six,
eight or more per cent. Yet we are only
beginning to open the vast resources of the
country. Our gold and cotton crops are a
perennial surplus of two to three hundred
millions Of dollars year for expectation, to
say nothing Of our surplus cereals, tobacco and
other things, all independent of our own wants
for home consumption. Very soon the Pacific
Railroad will be completed, and this great
artery Of commerce from the Pacific to the
Atlantic, together with the enormous trade
opening with China, Japan aud Asia generally,
will develop wonderfully the interior railroad
system and make the United States the centre
and greatest commercial nation on the globe.