Windham County Democrat. [volume] (Brattleboro, Vt.) 1836-1853, 1837-07-21
From the Albany Argus.

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From the Albany Argus
The TIMEs-AND THE " PROSPECT BEFORE usn-
The period of depression has undoubtedly reached
its climax, and already the tendency of things is
upward. Improvement cannot be rapid, if it
were desirable but we do not doubt that the
country will recover from the effects of the pecu-
mary revulsion through which we may now be
said to have passed, in far less time than has been
generally supposed. We trust that the causes
which have led to it, and which, if repeated, must
lead to it again, will not be forgotten at least by
the present generation, and that they will impress
powerfully upon all classes the great truth, that
the elements Of national and individual prosperity
consist in productive labor and not in speculation;
in the accumulatlons of actual capital, not in the
undue expansion Of credit; and in frugal acquis-
ton not in the initiation of commercial or mercan-
tile enterprises But whether or not the evil be
remembered, and be applied for the future as an
admontion, and as the teaching of history and
bitter experience, ii will pass away comparatively
at early day, SO far as its effect is apparent in
the great business pursuits of the country and
the revival Of trade and confidence will succeed
the depression and disaster which signaze the
last six months as one Of the darkest periods in
the annals of the commercial and pecuniary
world.
Our foreign debt has been regarded as one of
the most formidable of the obstacles TO the return
to sound and improved condition of things 1t
is so, undoubtedly, TO an extent of such indebted
ness. But the amount has been greatly exagge-
rated. We allude TO the immediate liabilities
arising from the trade and commerce of the coun-
try-its importations-not to its stock obliga-
tons, which are remote, and are not to be included
among the payments, provisions for WITCH can at
this time affect the .no.."y market orkf general
s' Post H5 IT, S0G aT tmmy dRIS is
now ascerained not to exceed twenfA Eve mil
lions of dollars, and by house of the highest
standing and with the best means of forming an
opinion from correct data, it is estimated at little
more than twenty millions. To meet this agere-
gate (conceding it to be the largest amount) we
have cotton on hand, state stock soon TO be issued
merchandise ready for or in course of re ship
ment, specie, and other means Ct liquidation, TO
say nothing of bankruptcies and compromised
that cannot be estimated at less than fifteen mil
lions OF dollars. So that the foreign debt, under
the means Of remittance which may be made
available within the next ninety DAYS, dwindles
to the comparatively small aggregate of ten mil
lions of dollars. 1t is rarely less than so much.
we imagine, at any period Of active trade between
the two countries. Add to this the nearly total
absence of importations; by which we avoid in
curing new debt, whilst we go forward in the
process of liquidating the old.
But we have other resources. single cotton
crop land the next promises il is said 10 be abun.
dant) will far exceed our Indebtedness abroad;
even If the prices shall not materially advance
Already the advces from the southern country,
and particularly from Alabama and Mississippi,
the evils they suffer from an ex.
cessive multiplication of banks wild expansion of
banking facilities, and over-tradng in the domes
tic staple show improvement and afford reason to
believe that that section of the Union will recover
from the times sooner than has been antjciDated
In the northern and middle states the great farm
ng interest-the substantial wealth and durable
property of the country-has suffered compara-
itlvely little from the revusion that has swept
he ea-board, the commercial cities, and the re-
.ions of speculation. The farmers of those sec
ions as well as The western states bordering on
he Lakes, have realized handsome returns for
heir products, and comparatively easy. In
hose sections also, the crops generally promise
arge yield-sufhcient not only TO meet the def
encies of the last season, but TO reduce the cost
# the necessaries Of life to the consumer whilst
he aggregate profit to the agriculluraist will
robably be fully maintained.
These are among the means and resources by
Which we shall, at an earlier period than has been
expected even by the more sanguine, relieve our
elves from the burden of foreign and domestic
Indebtedness, and from the depression and embar-
assment arising from the excess and imitation of
ne last year. And these will be rendered the
lore effective and the relief be accelerated, as the
)ne ard conduct of our citizens shall be in a
prit of mutual forbearance towards each other.
nd towards our moneyed institutions, and as the
liter shall pursue liberal but safe course to-
ards the community. Fierce denunciation and
determination to PROSTATE all such institutions,
n the part of the community or any numerous
ortion of it; and on the part of the banks undue
verify to their debtors or an unsafe extension of