A Controversy In Wall street.
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OF the approaching speculative era,and on the proba-
by OF It's occurring al all. party has started in
10 existence called the party of "besrs," who are
very positive in ting that notwithstanding the
appesrances-in spite of all the symptoms Of
The approach OF an era OF great speculation,
yer there are other indications OF the existence
Of elements potential enough to prevent any
great infion of p.ices and values, and which
will be sufficient TO throw a wet blanket over
a the pranks of spectators and stock k-jobbers
These men constitute small but resolute party in
Wall street, and they confident in their unbelief,
md determined to bring into action all the forces
within their reach to prevent any speculation in
stocks or merchandise, or houses, or lots or land
any thing that is in the earth before US or round
about On the contrary, the party Of bulls" as
they are called-those who are animated by hope
and exultation-are more than ever satisfied, that
every thing in the way Of stocks will rise, and that
t,e prosperity of the country, which is steady and
wcllfounded, will not lag or stop until we see Pc
rod of speculation far beyond even that which took
Place in the years 1856


Such is the position of things in that extraordi-
nary street called Wall street, where commence
all the CONNIE rcai manies of the age, affecting the
extremes If this wide and extended republic. The
contest and fight In relation 10 this matter, between
these factions Of houses, and parties and bro
kers and clubs of spectators, will continue with
VARYING fortune, until those who are in iavor OF
speculative time succeed and triumph over those
who are not so disposed. During the great era of
speculation that took place between 1880 and 1887,
The contest diverted and amused the loungers
IN Wall sireet-that ls, the conflict between the
" bulls" and the "bears" But when the prosperity
of the country great, and the activity of commerce
is increasing, the spectators or bulls" always
have victory in the end. In the mean time il must
be admitted that there certain elements in ex
istrnce which continue to prevent that sudden in
fauon in ere dts and in values which have the pure
characteristics OF period of great speculation.
The foreign relations of this country with England
are not founded on principles of permanency and
repose. The Oregon question every now and then
breaks out, and in ,he hands of an administration
that knows how to use it for that purpose, the
Oregon question can be welded 30 as to prevent any
speculative mania from rising to any height in this
country. A single act OF Congress, with the con.
currence of the Executive take possession Of the
whole of the Oregon territory down to
the Russian line, would bring US in immediate and
direct collision with England; and that occurrence
Woulu tHIoW d udIpcI upon the COInIneICldl speCu-
lalion which would et1ectually break down all the
enterprises that are now beginning to enter the
minds of men, in anticipation Of the great period of
bank initiation and speculation 1t would be the
easiest Thing in the world fan the popular impulses
Of this country to produce such course Of ac-
ton on the part of Congress and the Executive 1t
will be seen, therefore, from the uncertainty of the
position OF our foreign relations the Oregon ques
ton, thai there elements al work within
the reach OF politicians and spectators, by which
check might be put to the advancing progress OF
commercial affairs, that would throw US back for
several years, al least until this important question
were settled.


But should the Oregon question be taken out Of
the cdudron that bubbles-bubbes-b negotiate sn


between the two countries, there are still other ee-
m-nts OF financial and social character which
those disposed to speculation might be able to bring
into action, 10 prevent the recurrence Of an
other great speculative era. The enactment of a


bankrup law by Congress- agreeably TO the consti-
tuton, aud operating upon banking corporations as
well az individuals, as ii was proposed TO make the
former bankrupt law, would be great and perma-
nent check on the actions of the banks, thar
might prevent any speculative peri ID from taking
place Indeed, the creation OF bankrupt law ope-
rating on banks and individuals ought TO be one of
the first pieces of legislation adopted by the next
Congress. The present system OF law IN the differ
ent States, and the practice OF making assignments
10 confidential creditors, have created great deal
of The disturbance and vast deal OF the dishonesty
which have agitated and convused the commercial
world OF this country for the last half century. A
general bankrupt law, operating on all classes and
all the corporations throughout the whole republic,
would be check on the banking system far beyond
tha, which was generated by the old United States
Bank. Indeed, national bank never can be a
check on the speculative spirit of any period what
ever II rather augmens and increases speculation
But general bankrupt law puts it In the power
Of the sensible and practical men of the
immunity to regulate their affairs on honest prin-
cpes-to throw lasso as it were, over the heads Of
ose restive institutions and restive spectators
who want to go too fast and too recklessly in the
course OF speculation.


Such are the arguments used by those individuals
IN Wall street, who set their voices against all


hose movements which tend to another pc
riod Of speculation. Yet we are very much afraid
that such arguments will fall poweress before the
growing mania Of the times. 1t is true the Oregon
question is in the hands of the politicians at Wash
ington, and may at any moment be precpltated into
position to create sudden revulsion in CONNER
cial affairs But yet no one believes that the Oregon
question: in any respect, will create deberat,
and general war between the two countries II i.
believed by all practical and sensible statesmen tha
the United States has now power in the cotton anc
other staples, over the government of England anc
France, but particularly of England, that will make
them keep the peace of the world at all hazards


The movement, however, in favor of speculative
period seems to go in Wall street, and the excite
ment was very evident yesterday by the sudden ad.
vance Of a variety Of fancy stocks. In
deed we are not sure that some slight
encouragement OF this movement is not beneficial
TO the country at large, by bringing all the active
mind OF the nation into play, and fetching all the


dormant capital from all the various hiding places
throughout the country 1t tis very certain that the
banks of this city, and Of Boston, and Philadelphia,
- Il Il