Morning herald. [volume], July 26, 1839, Image 2

About Morning herald. [volume] (New York [N.Y.]) 1837-1840

Image provided by: Library of Congress, Washington, DC

                
MORNING HERALD.
rUDAV, 1VLT H. IM*.
The Cnm
When we laat week referred !? thi? important un
we stated that the report of the Water
Commiiiioatri wii due on the l?t instant, but that
it had beea delayed for mm? stock jobbing or other
epcratiun, which was tha fact. Since then, we have
.procured a copy *f the report, (although it hat not
been circulated generally,) and find that every page
?f it bear* out our assertions that the whole arrange
ments on this most magnificent work of modern
times, hare been made one of the moat disgraceful
jobs that erer disgraced this jobbing city.
We stated that amongst other meaus resorted to
by the Water Commissioners for jobbing, was the
forcing of the low bridge into contract against the
wishes of the peeple, and in violation of all law and
common sense, aud when this proceeding was stnpt
by the Legislature, they still delayed the contracts
for the high bridge. Here are their own remarks
?pon this point, and out of their own mouths shall
they i>e condemned as jobbers and incapables ? obsti
nate, st lipid men.
" After due consideration the Commissioners have decided
to adopt the pUu of crossing the rirsr wilk a stone ? true lure,
a* recommended by th* Chief Engineer, ia preference te either
the flan of tunnelling, or by raising a woudeu bridge on pieri
of stoue, or on blocks composed of lop filled ia with stoae.
They tliiak the difficulty to be encountered by tunnelling, and
tke Uncertainty of tke estisaate. is mors than sailicieat to ha*
lance the difference ia the expense; and that the erecting a
?wooden bridge of part wood and part itonc, aside from iu lia
bility to destruction by fire, and short darttion, would ?o illy
accord with the work finished, aod finishing, that discredit
?night be cast upon tke whole structure, which, when com*
wleled, will nst only ke an important acquisition, but a lasting
honor to the city.
u The reasous wl?ich b ro upon the miu -t of the Commis
aieaers, on a former occasion. are by no means diminislied in
their farce now. We still apprehend much embarrassment in
?inking piers iiA feet through mud and water, anu in raising
them up to the prwper height for springing the arches; and we
?till believe, the p an proposed by us of a sjplion bridge, w ith
aii archway of 140 foet span and 65 feet iu height, was the
preferable plan, both a* to its cost, security, pernaueace of
structure, and e:??e of execution. We are however precluded
by the Act ol" the Legislature from carrying into eftVet what
we hate deemed the most advisable, and are re<tricltd to the
two modes already mentioned, and must therefore obey the
Jaw, whatever the eoasequeuce may be to oarselves or the
public.
''That the Corporation will have to raise a very large addi
tional amount i.i money, and be deprived of the use of the
ie*tcr far two or three jean, by the alteration of the plan, is
iadisputahle. Th* cost of the syphon bridge was $4'2d,0J7,
?while the high bridge, which it is now proposed to build, is es
timated to cost $->36,619, being $410,586 more than the cost of
the syphon; and to this must be added the claim of the con
tractors for materials and otb*r preparations, under their eon
tract for erecting the low bridge. This contract was to have
been completed in 1841, or two years fr?m the present dale,
?while in the opinion of the Chief Eogin<*r, the structure now
adopted will require fire years from the date to complete it;
consequently the interest, say of b 000,0 0, for the additional
term r quired, insist be added to the cost, it is assumed, there
fore, that the io?? in iuterest, aJded to the difference iu cvit
between ihe >)ph?n bridge and the present plan, with the sum
claimed by the foimir contractors, will not ke less thro one
am' a half millions of dollars; which sum, when added to our
estim:it>- of the twlal cost as computed in our report ol the
4ii. of January, I&33, will bring it up to aboat ten millions of
dollars!
" The Commissioners issued a notice on the Idth of June
last, inviting proposals for building a bridge of masouri. in
eluding the nerc??aiy materials, conforming to the plans and
specifications at the office of the Water Commissioners, which
will be ready to be cxhibiied on tke 9th day of Juk install'. ?
The proposal* to be presented on the '29 lh of that moo th, on
or before nine o'clock, P. M., aud the work to be completed by
the 1st lay of August, 1843.
u Wr should ha?c preferred delay iqctkis report antil enabled
to mfurm your honoraole body of the result of the afi>re?aid
notice. *
Here it a superlative display of wisdom, from men
professing to be the leaders in all great public mut
ters. No doubt they would have preferred delaying
the report: no doubt they would have preferred
never reporting at all, because it expose* their stu
pidity These astonishing Solons " still believe the
plan proposed of a syphon bridge to be the preferable
plan;** and this, too, notwithstanding the chief en
gineer says, 44 It i? my opinion, as before expressed,
that the aqucduct bridge of masonry, with iron pipes
for the conduit, (the plan we spoke *f in the " He
rald" last week) is the most suitable structure t.? be
adapted, and, when c ?ir>pl?-ted, it will be viewed as
the most satisfactory work!" Aud iu the very teeth
of this, Stephen Allen and Saul Alley say the syphon
bridge will be best. And because their jobbing
plans have been foiled in this particular, they throw
the whole blame on the Legislature, and come out
iat footed, and say, that whereat the aqueduct was
to cost $*,000, 000 with a typhon bridge, it will now
cost git, 000,000. The syphon was to cost $425,090;
the high bridge $825,000; a difference of only
?400,000, and yet an increase it added to the total
expeuse of ?2.000.000. If this is not jobbing, then
?ever was there a job carried out in thii city.
Moreover, by their blundering aadobttinate haste,
they have to pay all the lass on the materials fnrnish
ed and prepared lor the ?yphos bridge. In (lie con
tract for building the syphon, entered into with
Ells worth, >1 ix ft Co., are the follow ing provision*: ?
"Audit it fu r ? he r agreed aid under?teod, that if the said
Commi??i' >n?rrs sli'll a', sue time decide not It construct the
work kb the pi m contemplated by thu ecsu'ract, then sad la
that caae, the taid Caaitatsiiaaers shall have pnwer to declare !
this cs ntract t.b .ndr.ucd, and may proceed forthwith to con
tract sad erm?truei tW? wcrk, in Ihe ?a*e manner a* they would
haft power I ? Jo if thu contract had not h eti ia <d? . It i? fur
ther i greed, tli it in the event of abandoning thi? contract as
above provided, i he ?aid Commissioners will pay the said e?a
tractors lot the work (me and the material* dtlivereJ on the
line of aqueduct. ( ?r that nay he delivered on ?aid line within
three we k< aj'ur receiving u>tice from >md ( nmnioi m>ri
that this coalract is |o he sbakdoaed, hcrci i provided.) ar
cording to the lalttcof the same under this contract. whn;n
?hall let ascertained and determined by i he ?vul KiiKine.r 1 he
sani Commissioners fnrth-r agree, thst for all materials fr
which a specific hill may have been given by the ?.<i<l Rngineer,
they wi'l allow eight week*, after notice of ahtindonmtnt, for
their delivery on the lit e. The said CemmisaioBrrs further
agree, that for stich preparations a? may be dir'Cted hv said
F.ngitieer, the^ will pay (he mm which we saic Engineer shatl
estimate as the value oft' e same."
And under this arrangement, we have no doubt
that an extra charge of at least a million of dollars
will be made on the city. Side by tide with these
cool calculations, it i* amusing to see th* Commis
sioners complaining of the oppressive demand o
$f!M. Hi cents, for taxes by the Collector of the i??n
of Mount Pleasant, and speaking of an application to
to the Legislature for relief ! Murmuring orcr JflS
and Wi cents, and s<|tiaod?rinK two millions in extras,
as coolly as possible. They say, moreover, thus :
" Had the ' on.misnoi.' rs bees left to pursue l he original plan
of the wi.rh, however, tin re can >caierly he a doubt U.e Cr.C.m
W"i, ii have been flow inc through our streets, and regsliug ln.|ii
th? i?tte md tight of our ciiisens, on. if not before, the 4th of
July, Ian."
A*id now. we are not to have it before lf< 4o. We
?hall leave iu? sublet for today, after thus stating
|h? amount of
W'im tini* ?? tiii aqwrnrcT :
Aq>ied"c? V mptoter). . . 77.*?7
wall f \<pi. duct fmitlfd, J7,?I5
I ul?'H? fni h?d, . . ? ?4U
6 Tunnel* ituislied, . . . i l'f7
6 Tuns- Is excavated iu total Isng h, l!**W
Cubic yards of foundation hMi.l,?d f?|
lo of Pi Hvction Wall, ' . 74*70
d Ventilators completed
7 do ia progress.
The following taoles give the sumt of mtn.ey al
ready expended on the work ?
mm July, 1*35, to January, |a.ti. a^l
" Jiiiury, IU.KI. lo July, ISM, IUJI70 *4
" July, IWH, In January, 1837, li'mrj
" Jaimar , 1*37, to Jnly, 1*37,
44 July, IWtf. to January, ia.lt, in >-se 113
? January, lt?K, tn July, ISIS, S'i.7?? -;n
* July, IN3*, to January, l*3S, <is| t|.% 70
M January, IMP. o Jul), ItHS, 714, WW 01*
$i,S7liim +u
Add balance in hands of f*.umiai< sinners, 41
Total of r< ?| tisi ios? on the Corny t roller, 10
The following will afire a condensed vie-v of ihe
? icral objects for which the money drawn from the
City Ch Maker tain during tlM laat atx
been expended
1(1. Far had reqoired for the aqueduct ui ??
servoir*, md for right af way aad to be wed
for embankments, - ? ? $6>,471
2d. For work doer ul material* fumtahed by
the contractors, 934,844 N
3J. Far salaries and incidental nprun ef
the Corp* ef Engiaeers, . 91,167 04
6th. For advertising, printing and stationery, ? 3, ISO 08
4th. For the salaries of the Commissioner*
and thair Clerk, aud for their incidental ex
penses, 3,838 97
Tetnl of disbursements from Jan. to July, 1839, $716,301 01
These are the most important points of the Report
that we can dwell on to day, with the exception of
the following, which, on account of its immense im
portance, the Commiaaionera appear to have dwelt on
with great emphasis, in describing their tour of in
spection along the line.
E. T. Menomy. ane af the Inspector*, having neglected to
bring with Mm his inspecting bar, by which neglect, we were
inucn incommodeed ia our opcratians; and he having declared,
that he would rather relinquish hi* statiaa, than be bouad to
carry the sail instrument ovtr the liar, be was informed, if Ihnt
was hi* determination, hu might boasider hi* service* a* not re
quired after the present month.
In our last article, it will be remembered, that for
the first 50 sections of the aqueduct, we enumera
ted the exact state of the work on each of these sec
tions. The Commissioners also made % tour along
the line in June last, and have published an addenda
to their report, with the following pompous title:?
u Report of a Taur of Inspection on the line of Aqueduct, by
8. Allen aud W. W. Fox, in company with the principal As
sistant Kugineer, and the lesidenu oa their respective dis
trict*."
And this mountain in labor brought forth a mouse;
for of the whole 97 sections they do not state a single
word in relation to the progress of any of them, ex
cept the following IS: ?
Sertioiu. Stctioni.
1. ? U*m progressing slowly 30. ? Masoa work finished
2. ? Finished 41 ? do do do j
4 ? Mason work fiaUhed 42. ? do do do
4.? All dan'.' but 'JO feet 43. ? da do do
7. ? do 160 " 41. ? Small piece of Spuodril
8. ? do 200 " banking
II ? M 4*ou work lint hed 44. ? 411 but 200 feet of Ms
14 ? Masou work all fiaished soury
19.? do do do 47. ? All but 164 do do
30. ? Mason wark finished 40. ? Complete
And here we leave the matter for to-day. We
shall refer to it in a day or two, with copious draw
ings and diagrams of the whale line of work, which
we have prepared at a great expense, and which will
be ready in a day or two.
* This sum is exclusive of the estimate due the centractert
for the moath of Jane, amounting to $334,280, the payment of
wl ich is to be mide an the 6th of July instant.
Father or Atlantic Steam Navigation. ? Yen, j
the father, and he is a regular bred Yankee, a native 1
of Connecticut. Junius Smith, E?q. who cornea out
a passenger in the British Queen, and may be expect
ed here daily, till he arrives, is the gentleman who j
began, full ten or twelve years ago, in London, to
turn the attention of English capitalists to the ease,
pro/it and practicability of navigating the Atlantic by
steam. For more than twenty years he has resided
in London. In enterprise, industry and intelligence, j
we possess all the New England character. He
brought those capitalists ? together, w ha form the
British and American Navigation Company, and to
his untiring energy, the enterprise ia indebted for its
existence. \\ lien we were in London, we frequent*
ly saw Mr. Smith, and on one occasion spent half a
day with him at his elegant cottage ornet at Pelhaiu
Rhy, near London, on the Snrry side of the river.
He will he accompanied to this country by an ac
complished and beautiful young lady, his only daugh
ter we believe.
'I he views of Mr. Smith on ocean steam naviga
tion, are far ahead of the age. He entertains the be
lief, and shows calculations to that effect, that the
whole freighting business aeross the Atlantic will, in j
a few years, be confined to large steam ships, equal i
to 300(1 tons burthen.
The Cillev Duel. ? An extract from a speech,
recently made in Kentucky, is going the rounds, by '
which it appears that Mr. Graves was urged into I
that duel by a number of his friends, in order to savo |
his own honor and the houor of the ?'ate of Kentucky
from imputation. What a sad abuse of words! ?
" friendship," " honor!" &e., &c. The original dif
ference was about a few words involving the respec
tability of a man who never had any, which these
friends called a question of ?? veracity." How much
would " honor," " friendship," " virtue, " religion,"
and all the noblrst sentiments of nature have bean
consulted, had Mr. Graves have had the moral cour
age to strip sophistry of its difguiae ? and modern
chivalry of its blackguard pretentions! Mr. Grave*
acknowledges that he was opposed to duelling on
principle. How so? What sort of principle is that
which resigns its own judgment into the hands of
friends whose advice violates every moral, legal, and
religious obligation!
We do verily believe that moral courage is the
only kind of true courage? that courage which ena
bles a man to follow his own natural principles of
honor and magnanimity, in the face of vulgar preju
dices or the rotten opinions of cliques aad coteries.
Defalcations in I'pper Canada. ? According 1
to the British "Colonist," Mr. Barber and the Hon. |
Col. ells are no longer officers of the I pper Cana
da College. It is sai<l their services were not dis
pensed without a cause, and it is further stated that
the funds uf the college have diminished rapidly.
Hon. Hrnht Clay reached Rochester on Sa
turday. and made a speech to the people immediate
ly after he arrived. On Monday he left for Canan
diigua. win re he will visit the Hon. Francis Granger.
LlBRRAL. ? The Hon. Thomas W. Williams, of
New London, member elect of the next Congress,
has made a donation of $1000 to the Colonization
cause. ? Hartford C'ourant.
This is real liberality. Persons of an ordinary
min I might snppoae that a thousand dollars given to
clothe the naked, or feed the hungry, would have
I bt*en more charitable. Not so? it is much better to
expend large sutus in sending a few black rascals
to the coast of Africa to live in idleness and drunk
? enness. It is far mort of a philosophical experiment,
too.
Complimentary Ball toCatt. Robi hts ? Wo
understand that a number of gentlemen are prepar
ing to get np a Complimentary Rail to Captain Ro
berts, of the RritUh Queen, as a mark of their sense '
I of his talents ami enterpise in bringing over the fir>t
steamer fmm Europe tr. America \ very capital
idea ? p<> ahead. It is to be given at Tammany Hall, i
under the management of Mr Parker
( - Chimin wiiv.? We are very much dispov, |
; to believe that thi? mode of multiplying the coj ie<
of maps Rnd charts, is no invention at all. From de
1 scriptJoRs, gnrl several recent French periodic^!*, it
i i? la to have been known in Paris for some length
i of time.
lie Montreal papers, not having many rebel*
to blniv up *n<' * noise about, are now basy
sliowing up the very worst lineaments of the Yan
kees, as they call us. Go ahead. We might be bet
ter than we are? but then again, we might be much
worae.
Moke J*wabtwoctiho. ? A very painful on tlil v as
j .ifl<>a? last night, which affected the character of an
i iudlfMaat who has hel.l important offices both under
j the whig and ItMOfoco corporations of the city. The
sub-treasurer in qneition had Ijirgr sums of money
; to rec< ive through the Straet Commissioner's Office,
and hi* defalcation* are estimated at $*20.WI0. This
I is the way the money goes.
??? ?!?><-? n > tt ??*,
Thie is a truhy affair, aad uaworthy of the name
announced as it* author. Many of the atUupU at
wit are meat melancholy; the descriptions art Com
mon place; and a majority of the jokes aad anecdotes
are aere reprints of aewspaper paragraphs which
are worn threadbare, badly arranged and connected.
We can only aifrrd room today for the following ex
tracts from this " Diary in America:"?
A visit, to make it agreeable to both parties, should
be well timed. My appearance at New York was
Tery much like bursting into a friend's house with a
merry face when there is a death in it ? with the
sudden change from levity to condolence. " Any
other time most happy to see you. You find us in a
very unfortunate situation."
" Indeed I'm Tery? very sorry."
Two hundred and sixty houses have already failed,
and no one knows where it is to end. Suspicion fear,
and misfortune hare taken possession of the city.
Had I not been aware of the cause, I should have
imagined that the plague was raging, and 1 had the
description of Defoe before me.
Not a smile on one couuteuance among the crowd
who pass and repass; hurried steps, care-worn faces,
rapid exchanges of salutation, or hasty communica
tion of anticipated ruiu before the sun goes down
Here two or tnree are gathered on one side, whisper
ing and watching that tliev are not overheard; there
a solitary, with his arms folded and his hat slouched,
brooding over departed affluence. Mechanics,
thrown out of employment, are pacing up and down
with the air of famished wolves. The violent shock
has been communicated, like that of electricity,
through the country to a distance of hundreds of
miles. Canals, railroads, and all public works, hare
been discontinued, and the Irish emigraut leans
against his shanty, with his spade idle in bis hand,
and starves, as his thoughts wander back to his own
Emerald Isle.
The Americans delight in the hyperbole; in fact
they hardly have a metaphor without it. During this
crash, when every day hfteen or twenty merchants'
names appeared in the newspapers as bankrupts, one <
party, not ia a very good humor, was hastening down '
Broadway, when he was run against by another whose ;
temper was equally unamiable. This collision
routed the choler of both.
" What the devil do you mean, sir !" cried one ; I
" I've a great mind to knock you iato the middle of
next week ."
This occurring on a Saturday, the wrath of the
other was checked by the recollection of how very
favorable such a blow woald be to his present cir
cumstances.
" Will you ! by heavens, then pray do; it's just the
thing I want, for how else I am to get over next Mon
day and the acceptances 1 must take up, is more thar
I can tell "
All the banks have stopped payment in specie, and
there is not a dollar to be had. 1 walked down Wall
street, and had a convincing proof of the great de
mand for money, for somebody picked my pocket.
The militia are under arms, as riots are expected.
The banks iu the country and other towns have fol
lowed the example of New York, and thus has Gen.
Jackson's currency bill been repealed without the
aid of Congress. Affairs are now at their worst, and
now that such is the case, the New Yorkers appear |
to recover their spirits One of the newspapers
humorously observes ? " All Broadway is like unto
a new-made widow, and don't know whether to laugh
or cry." There certainly in a very remarkable en
ergy in the American disposition; if they fall, they
hound up again. Somebody has observed that the
New York merchants are of that elastic nature, that,
when fit for nothing else, they might be converted
into coach aprings, and such really appears to be
their character.
Nobodv refuses to take the paper of the New York
banks, although they virtually have stopped pay*
ment; ? they never refnse any thing in New York;- j
but nobody will give specie in change, and great dis- '
tress is occasioned by this want of a circulating me- !
dinm. Some of the shopkeepers told roe that they
had been obliged to turn away a hundred dollars a
day, and many a sontherucr who has eome up with
a large supply of southern notes, has found himself a
pauper, and has been indebted to a friend for a few j
dollars in specie to get home again.
Tne radicals here, for there arc radicals, it ap
pears, in a democracy ?
- In the lowest depth, a lower deep" ?
are very loud in their complaintp. 1 was watching
tlic swarming multitude in Wall street this morning,
when one of these fellows was declaiming against the j
banks for stopping specie payments, and " robbing a ,
poor man in such a loillanoui niaaner," when one of
the merchants, who appeared to know his eustomer, ,
said to him?" Well, as you say, it is hard for a poor !
fellow like you not t<f be able to get dollars for h.s
note; hand the u out. and I'll gi*e you specie for
them ?Tielf!" 7' he blackguard had not a cent in i
hi . pocket, and walked away looking very foolish, i
Hi- reminded me of a little chiainey sweeper at the I
Tower Hamlets election, asking ? " Vot vos my ho- '
pinions about primaginiturl" ? a very important point
to him certainly, he baring no parents, aad having
been brought up by the parish.
I was in a store when a thorough-bred democrat
walked in: he talked loud, and voluntarily gave it
as his npinion that all this distress was the very best
thing that could h.tve happened to the country, m
America would now keep all the apeeie and pay her
English creditors with bankruptcies. There always
appears to inc to be a great want of moral principle
in all radicals; ind< sd, the levelling principles of
radicalism are adverse to th< sacred rights of mtum
ft tuum. At Philadel hie, the ultra-democrats have
held a large public meeting, at which one of the first
resolutions brought forward and agreed to was?
"That they did not owe one farthing to the English
people."
" I'hev may say the times are bad," said a young
American to me, "but 1 think that they are encel
lent. A twenty dollar note used to last me but a
week, but now it is as good as Portunatus' purse,
which was never empty. I eat my dinner at the ho
tel, and show them my twenty dollar note. The
landlord turas away from it, as if it were the head ef
Medusa, and begs that 1 will pay another time 1
bay ever* thin;; that 1 wan*, and 1 have only to offer
mr twenty dollar note in payment, and my credit ia
nriboundeil ? that ia, for any s?m uader twenty dol
lars. If they ever do give change again in New
York, it will make a very unfortunate change in my
affairs ''
A government circular, enforcing the act of Con
gress, which obliges all those who have to pay eui
tom-honse duties or postage to do so in specie, his
created great dissstisfsction, aad added much to the
distress .tad diMiculty . At the same time that they
(the government) refuse to take front their debtor*
the notes of the banks, u|?on the ground that thev are
no longer legal tenders, they compel their creditors
to take those very notes ? having had a large quantity
in their possession at the time that the banks ?us
pended specie payments ? an act of despotism which
the Knglinh government would aot venture upon.
Miss Martineaii's work is before ma. How dan
gerous it is to prophecy. Speaking of the merchants
of New York, and their recovering after the heavv
losses they sustained by the calamitous fire of 1H.V),
she says, that although eighteen millions of property
were destroyed, not one merchant failed ; and she
Continues, "It seems now as ifthe commercial credit
of New York could stand any shock short of an earth
quake like that of Lisbon." That was the prophecy
of I'iit Where is the commercial credit of New
York now, in |H37 f ! f !
The di-trcss for chan >e has produced a curious re
' reed v. Kvery man is now his own banker (io to
1 the theatres e?d places of public amusement, nnd,
| instead of change, you receive an I. U. 17. from
j the treasury At the hotels and o* ster cellars it ii
i the lame ihi ? *'all for a gtcas of brandy and wa
i ter an I the change is fifteen tickets, each " good for
one j;la?? of brandy and water." At an oyster shop,
' eat a plate -?f ^esters, and you have in return seven
? tick* t?, good for 'me plate of Cvsters each. It i? the
1 sent* everv where. '1 lie barbers give vou tickets, ?
1 food for so munv shivesj and were there beggars in
' the streets. I presume they would rive you tickets )
| hi change, good for so much philanthropy. Dealers,
[ in ;?cii ral. ^ive out tlioir own bank notes, or as they >
, are culled here, nUinphithrt, which are good for one i
j dollar, and from that down to two and a i-alf cents, j
I all of winch are redeemable, Jand redeemable only,
upoa a general rstarn to cash payments.
Hence arises another variety of exchange in Wall
street.
"Tom. do you want any oysters for lunch fodayl"
" Yes!"
" Then here's a ticket, and give me two ihauri in
return."
The most prominent causes of this convulsion have
i already been laid before the Knuliih public; but
there is one -that of speculating in land? which has
not been sufficiently dwelt upon, nor has the impor
tance been given to it which it deserves ) as, per
haps, Cell to the losses occasioned by the great fire,
if l*d. more than any other species ?t over specula
tion and ovcr?tradieg, to the distress which has en
xud. Not but thel Ui ?tu( anuot have tmkmm plnee
in the natural courae or things. Cask payments pro
duce aure but ??tall returns; but commerce can
be carried en by this meaiM oa any extended scale.
Credit, se long as it is goad, ia se much extra capital,
in itself nominal and aon-exiateat, bat predncieg real
returns. If any one will look back upon the com
mercial kistery of these last fifty years, he will per
ceive that the system of credit is always attended
with a periodical blow up; in England, perhaps
once in twenty years; in Ameriea, once in from
seven to teu. This arises from their being no safety
valve ? no cheek which can be put to it by mutual
consent ef all parties. One house exteuds its credit,
and for a time, its profits; another follows the ex
ample. The 1'aeilitv of credit induces those who ob
tain it to embark in other speculations, foreign to
their business; for credit thus becomes extra capital
which they do not know how to employ. Such has
been the case in the present instance: but this is no
reason for the credit system not being continued.
These occasional explosions act as warnings, and,
for the time, people are more cautious: they stop
for a while to repairdamages, aud recover from their
consternation; and when they go ahead again, it is
not quite se fast. The loss is severely felt, because
people are not prepared to meet it; but if all the
profits of the years of healthy credit were added up,
and the balance-sheet struck between that and the
lots at the explosion, the advantage gained by the
credit system would still be found to be great The
advancement of America depends wholly upon it. It
is by credit alone that she has made such rapid
strides, and it is by credit aleue that she can continue
to flourish, at the same time thai she enriches those
who trade with her. In this latter crisis there was
more blame to beattached te the English houses, who
forced their credit upon the Americans, than to the
Americans, who having such unlimited credit,
thought that they might advantageously speculate
with the capital of others.
One ef the most singular affections of the human
mind is a proueness to excessive speculation; and it
may here be noticed that the disease (for such it
may be termed) is peeeiiarly English and American.
M en, in their racc for gain, appear, like horses that j
have ran away, to have been blinded by the rapidity
of their own motion. It almost amounts to an epi
demic, and is infectious? the wise and the foolish
being equally liable to the disease. We have ample
evidence of this in the bubble-manias which took
place ia England in the years 1S25 and 1S26 A
mania of this kind had infected the people of America
for two or three years previous to the craab; it was
that of speculating in land; and to show the extent
te whieh it had been carried on, we may take the
following examples: ?
The city of New York, which is built upon a nar
row island about ten miles ia length, at present covers
about three miles ef that distance, and has a popula
tien of three hundred thousand inhabitants, build
ing lots were marked out for the other seven miles;
and, by calculation, tkese lots when built upon,
would contain an additional population of one million
and three quarters. They were first purchased at
from one hundred to one hundred and fifty dollars
eaeh. but, as the epidemic raged, they rose to up
wards of two thousand dollars. At Brooklyn, on
Long Island, opposite te New York, and about half a
mile distant from it, lots were marked out to the ex
tent of fourteen miles, which would contain an extra
population of one million, and these were as eagerly
peculated in.
At Staten Island, at the entrance into the Sound, an
estate was purchased by some speculators for ten
thousand dollars, was divided into lots and planned
as a town to be called New Brighton; and nad the
whole of the lots been sold at the price which many
were, previous to the crash, the original speculators
would have realized three millions of dollars. But
the infatuation was not confined to the precincts of
New York: every where it existed. Government
lands, which could only be paid for in specie, were
eagerly sought after; plans ot new towns were puffed
up; drawings made in which every street was laid
down and named; churches, theatres, hospitals, rail
roar! communications, canals, steam bouts in the
otting, all appeared on paper as ?f in actual existence,
when, in fact, the very sito was as yet a forest, with
uot a log hut within a mile of the preteuded eity.
Lots in these visionary cities were eagerly purchased,
increased daily in value, and afforded a fine harvest
to those who took advantage of the credulity of
others. One man would buy a lot with extensive
water privileges , and, upon going to examine it,
would lind those privileges rather too extensive, the
whole )ot being umler water. E*en after the crisis,
there was a man still going about who marie a good
livelihood bv setting up his plan of a city, the lots of
which lie sold by public auction, on condition of one
| dollar being paid down to secure the purchase if ap
proved of. The mania had not yet subsided, and
1 many paid donru their dollar upon their purchase of
a lot This was all he required lie went to the
| next town, and sold the same lots over and ever
?gain.
To ekeck this madness of speculatioa, was one
reason why an act of centres* was pasted, obliging
ail purchasers of govensmcnt lands to paj in spccie.
Nevertheless, government received nine or ten mil
lions ia specie after the bill passed. Now, when it
is considered what a large portion of the capital
drawn from England was applied to these wild spe
culations? suras which, when they were required,
could not be realized, as, when the crisis occurred,
property thus purchased immediately fell to about
one-tenth of what was paid for it? it will be clearly
seen that, from this unfortunate mania, a great por
tion of the present distress must have arisen.
The attempt of General Jack?on and his succesers,
to introduce a snccte currency into a country which
exists upon credit, was an act ol lolly, and has ended
in complete failure. A few week* after he had is
sued from the mint a large coinage ol gold, there was
hardly an eagle to be seen, and the metal might al
most as well have remained in the mine from whence
it had been extracted. It was still w> the country,
but had all been ub?orbed by the agriculturalists; and
such will ever be the case in a widely extended agri
cultural country. '1 he farmers, principally Datch,
liv* upon a portion ?f their produce and Hell the rest.
^ir?crly they were centent with bank bills or .Mex
ican dollars, which they laid by for a rainy day, and
they remained locktd up for years before they were
required VVhsn the gold was issued, it was eagerly
collected by these people, as more convenient, and
laid by, by the farmers wives in the foot of an old
worsted stocking, where the major part of it will re
main. And thus has the famous gold currency bill
been upset by the hoarding propensities of a parcel
of old women.
There are some fine buildings in this city, but not
many. Astor House, although of simple architec
ture, is, perhaps, the grandest mass; next to that is
the City Hall, though in architecture very indiffe
rent. In the large room of the latter are srnne inte
resting pictures and busts of the Prt sidents, Mayors
of the city, and naval and militaiy officers, who h?ve
received the thanks of Congress aad the freedom of i
the city. Mome are very fair specimens of art: the i
most spirited is that of Commodore Ferry, leaving
his sinking vessel, in the combat on the Lakes, to ,
hoist hi* flag on board of another ship. Decatur' i> j
portrait is also very fine. Pity that such a man should
have been sacrificed in a fowiish duel!
At the corner of many of the squares, or block$ *f j
buildings, as they are termed here, i* erected a very !
high mast, with a cap of liberty upon the top. The
only idea we h.ive of the cap of liberty is, the bonnet
rouRt of the FrencL; but the Americans * ill not
copy the French, alhough they will the English; so
they have a cap of their own, which (begging their
pardon), with its gaudy color* and gilding, looks
more like a/oo/'s cap than anything else.
New York it not equal to London, nor Broadway
to Kegent street, although the Americans would
compare tliem. Still, .New York is very superior to '
rao?t of our provincial towns, and to a aian >\ ho can
exist Ml of London, Broadway will do very well for j
a louncc, being wide, three miles long, am! the up
per pait composed of very handsome house*; be
sides which, it may almost challenge Repeat street
for pretty laces, except on Sunday ?. Many df the
shops, or slores, as the> are here called, (for in thi?
land of equality nobody keep* a shop,) ha to already
Leen fitted up with large plate-glass frent*, similar
to those in Loudon, and but for the depression which
has taken place, many more would have follow < d the
example
Among the few discrepancies observable bet w< en
this city anil London, are the undertakers' nhvp*.?
In England they are all wooden windows below and
scutcheons above; planks and shavings within*? in
fact, mere workshps. Here they are different; they
have large glass fronts, like a millinery or cut glass j
-hop with ns, and the shop runs back thirty or forty i
feet, its sides being filled with coffins, standing on |
end, mahogany and French pnlishod. Therein ton
may select ?< you plea?e, from the seven feet t<> re
ceive the well grown adult, to the tiny receptacle of I
what Harai calls, " Wee unr hristened babe." I
have, however, never heard of any one choosing their ?
own cofRn; they generally leave it to their relative*
to (perform that office.
I may here remark, (hat the Americons anaetisi- i
Lie eneagh nut to throw away so much uisne/ in fu- ,
nermli u we do; still it appears strange to ?n ht.
lishman to see the open hearse containing the body
drawn by oolj one horse, while the carriages which
follow are drawn by two : To be sure, the carriagea
generally contain six individuals, whilst the hearso
is a sulky, and carries but one.
I made a purchase at a store; an intelligent look
ing little boy brought it home for me. As he walhed
by my side, he amused me very much by putting the
following questions:
" Pray, Captain, has Mr Easy left the king of Eng
land's service 1"
" 1 think he has, "replied I; " if you recollect, he
married and went on snore."
" Hare you seen Mr. Japhet lately"!" was the next
query.
" Not very lately, ' replied I; ? the last time I saw
him was at the uublisher's."
The little fellow went away, perfectly satisfied
that they were both alive and well.
1 had a genuine Yankee story from one of the party
on deck. I was inquiring if the Hudson was frozen
up or net during the winter 1 This led to a conver
sation as to the severity of the winter, when one
man, by way of proving how cold it was, said?
" VVhy, 1 had a cow on my lot up the river, and last
winter she got in among the ice, and was carried
down three miles before we could get her out again.
The consequence has been that she has milked no
thing but ice-creams ever since."
Post Office Rogueries. ? Every week? every
day we have complaints of these little kitchens of
Amos KendtfL my particular and trusty friend that
is to be, if^Bver should reach the lower regions,
which the ^rgin 1 hope will prevent. The last
complaint is of the post ofliee route between New
York and Duxbury, Mass. Why can't our sub
scribers at Duxbury get their papers'! Why! Whyl
We have also received a letter from Providence,
complaining that asany letters containing money are
plundered by the post masters or their clerks. We
believe it.
Qvere 1 ? Can any body tell whether Mr. Van Bu
ren or Mr. Clay is making the greatest fo?l of him
self 1 One enters the eastern capital of New York,
and makes a royal progress west ? the other enters
the western capital, and moves east? both have ca
valcades, processions, lpafers, fools and devils in
their train? both make silly speeches, and all seem
to be foolish together.
We do verily believe that the world is losing the
little sense it ever had. If General Scott has any
taste for making an ass of himself, he ought to begin,
or Yan Buren and Clay will leave him no folly to
perpetrate ? they will monopolize the whole.
Be lgiax Rail Roads. ? We have received from
Mr. F. A. Chevalier de Gerstner a full comparative
report of the Belgian and American Rail-roads. ?
This gentleman had charge of the construction of
the first rail road on the continent of Europe, which
was commenced in 1824, connecting the rivers Mal
dau and Danube in Austria, and also constructed
several other rail-roads in Europe. He has been
travelling in this country a year, and has collected a
vast deal of information on the subject. By his re
port it appears that there will be finished in the Uni
ted States at the end of the present year, 4,100 miles;
there are 425 locomotives running. The capital ex
pended on rail-roads is now $65,000,000, or an ave
rage cost of $20,000 per mile, and yields an average
interest of 5J per cent. There is a yearly increase
of 15 a 20 per cent in the income.
ft?" The State of the Country was never so
critical as it is now. The brokers of Wall street are
preparing to drain the banks of half their specie to
send to Europe. Will not the public take fire at this,
and demand specie for all circulation and depositesl
We are on the verge of another suspension, all
brought on by the rascals and speculators of Wall
street.
Republicanism- ? Webster's bowing to Queen
Victoria'* pretty petticoat? Van Buren ranking a
royal progress -Clay another. Oh! oh! oh! As the
Israelite* said to the Lord? Do let u* hare a King
ai the other nations" ? and a King we shall have, too.
(iRirKi H. M ussle white uai killed in Milledge
ville, Geo., on the lti'.li mst.,by John J. Ragsdale.
The Utter ,vas held ta bail.
Accident in Wall Stkeet.? Yesterday, about
twelve o'clock, a large scaffolding, which had been
erected in the front of the building gaiag up for the
Union Bank, fell to the ground with a tremendous
crash. Ten or twelve Irish laborer* were on the
scaffold at the time, all of whom were more or less
injured. Fortunately no passengers were passiag
?n that aide of the street.
[Kr?et lh? Cincinnati llrput.li.au.]
It will be seen by the correspondence published
below, that Miulcnioisellc Aiu rica Vespucci had ac
cepted the invitation to visit our Theatre on the oe
aasion of Mr Scott's complimentary benefit on
Monday evening, ?tiered to her by the Committee
on Invitations.? The fair Florentine exile has ex
cited so much sympathy from 'he peculiarity of her
position, and so much admiration and esteem frta
the purity of the motives which have prompted ner
to throw hersell upon the chivalry of the American
nation, that we doubt not her presence 01 the occa
sion referred to will he a source of considerable gra
tification :
Cincinnati, l&th July, 1H30.
Give hal ? A favor coming from the proplt, is
every where to the feelings ?f an exile ? a national
boon ? in any community of the United States, it is
nm h more yet in America Vespucci ? it is a glory.
I do accept with the greatest pleasure and the most
profound gratitude, the invitation of the Committee
appointed by the citizens of Cincinnati, to give to
their favorite actor the deserved compliment of a
public benefit.
I beg leave, General, through you, the chairman of
the Committee, to tender them my heartfelt acknow
ledgment of their courtesy and hospitality to me, and
also to present my thanks to Messrs.* Scott k
Thome, the managers of the National Theatre, fcr
their kind politeness in my behalf.
I have but one word to answer for myself to your
flattering language.
If 1 have drawn upon me the sad distinction of
misfortune, I certainly owe it to my name? to my
own dear name? which mounded in n?y immortal
soul as the voice of glory, nnd liberty of modern
times ? a? the voice of sixteen millions of freemen ?
of brothers? who taught me. young, that there was a
shameful yoke upon the noble ruins of Rome.
General, as to the eloquent and gratelal expressions
with which you honor lite memory of my illustrious
ancestor, I can only respond to tlteai by the silent
but warmest sympathy of my heart.
A time will soon come for me to restore his immor
tal services to the true light of impartiality which
begins to breuk througli the darkness of ages, to show
to mankind a great man wronged in his watery grave
by old national prejudices, and the wilfal error of
history. Then, only then, shall I publicly reverencn
America Vespucci according t? my ow n conscien
tious cr?ed. and as becomes one lately acknowledged
as his lint al descendant by the representatives of the
world, within the very w alls of the American Capi
tol. Receive, kindly, general, the persr nal assurance
of the high esteem and consideration of
America Vespucci.
To Gen It I Lyttle, Chairman of the Committee
appointed by the citi/.ens of Cincinnati.
I'ollcr 0(tl?r.
Tht fympk 'Ar Thursday ?
dashing nymph of the pave. w ell known in Broadway
front her peculiar German tuteis anil her gay exte
rior, was l>rytit;ht tip before Justice fiopson ler using
insulting language to some dentist in Chambers
street, whom the gsrl averred was indebted to her in
the sum of two dollars?
? for fiitnrt
Sftnt.tsifl >ni(| prf-cions."
The worthy magistrate, after hearing the com
plaint, directed the accused to find hail. Some man
who was in the office immediately stepped forward
and offered to become surety for her. hut Justice
Ifopsoa, who was the sitting magistrate, not liking
his appearance, refused to hare any thing to do with
him
llti Honor John M Blond good, K?<| , immediately
got up and railed the girl to him, when something
iike the following scene took piace ; ?