The Charlotte journal. [volume] (Charlotte, N.C.) 1835-1851, 1837-09-15

lars IN unprodncive lands, in the year 1885 art
1886, whilst IN The preceding year the sales
ted 10 only four and halt millions; the creation
OF debts, 10 an almost countless amount, for fea
estate m existing or anticipated cities and villages
equally unpoduciiye, and at prices now seen q
have been greatly dIspropottinnale 10 their real va
Tue the expenditure of immense sums 10 improve
menis Whish, IN many cases, have been found "a
be runously Imptoyident; the diversion TO other
pursuits OF much o, The labor that should have
been applied to agriculture, thereby contributing
10 the expenditure Of large sums in the impotta.
ton OF grain from Europe--an expenditure which,
amounting IN 1884 ~ about Two hundred and ffly
thousand dollars, Ra~, ~ the first 1--WE quarters OF
the present year, sed more than tR NIL.
ions Of dollars aud, finally, without onumera,ing
other injurious results the rapid growth among
all clsss,s, aud especially IN our great commercial
losns, Of luxurious habits founded too oftca on
merely iaacicd wealth., and detrimental nike to The
industry, Tic resources, and the HsTa oouf people.
II was so impossible that such 4 state OF things
could long continue, that the prospect Of reyu.-iou
was present 10 the minds OF eonsldcTsie mer be-
fore . actually CAGE. None, however. had cor
rect'y anticipated is severity. A ooncurence 81
circumstances isadcggals vi themselves to pro-
doeu such widespread snd es-mitous smb4rrsss.
ments, Icudtd 50 greatly TO sgEfaYste u.sm, that
they cannot be Oyetin0At,i ~ dofing their biz
tory. Among these may be mentioned, as most
prominent, the great losS q capital sustained BY
our Commercial emporium 10 the IRE q DscsH-
Der. ls35--a loss, the effects Of 0hich we're under
falei a. shs tune, because postponed lor season
by die great facilities Of credit then existing; the
disiurbln. effects, m our commercial ctes, d the
tganslers ot the public moneys required by us DE-
pos.te lass u Juuc, i.3t snd tie measures eeop-
ted by tie i1rUgu CREDITORS 81 our mere hauis 20
fcduce their o. 81, aud 70 wIthdE2W from ihr NJ
ted States . large porllou 81 oar specie,
However, uawilhug any Of our citizens may
hsfetolyre have byeu 10 asvga 10 these ea'se, To
talqi fundamentally IA pfodac,nE toe present
siata Of things. the Gosrlapomte's sl5aequ,atly
made. aud li4e actuai condition ui alief cutnutt.
cal Coanuts. lAast A. u stcfas y ne. disprl AZ
fciasiulHg doubts Bp1a the .htt. II hts since
appeared TART csiis. similar o. theac faiieret ay
oBfse.sfs havp beet rtPrtisuCfd 10 ffts' r. 'ai.,
90 ghr epalGarui. sna, nceca lh'nus hpa gasH-
nlrFciai sefidf end th4i, IH oiacf tH4Hl-.E go
wei - in oat uWu they hste btca uulttr Efs-
rcded - ga Badun ent4f .cmrnt 81 ght oaoHatls-s
o; trade, prompted, a. Nllh %, ~ unprecedented
rrpansiprn 81 tbe yysltaae q ctfall 4 rrftftHHs
10 iAs am0lni 81 bsnaltF capital. aoa iat as-4ss
81 paper credits pat ia clfcaistsau iU Great lirl
tam hy baaSs aad ~ usae. aass casing tee years
1884, i-35 and 800 81 sl,a4 au aBga station
Toned 20 Jba scal waa's rs trade " ~ Or niied
States. wth thi. rtasadsury o, ne payer cor.
rtaey ibsfe ayo-c ~ tAat rouftry siso Fl'.ih VI
adveniat8ns speculation, esn6faciag INV aAule
rsnga 81 haman ettbfpgigc. AID nas ptuasely
given 10 pf0je,ie4 tnpFosemeBisi afFe lhytsi
meets wofe made tn fofusen Mocka and loans
credits Tor go1as airs gtauied wuh aataapded
INSTABILITY g. merchants 10 ioFtIgr eouEiiirss ard
an li.r u,att 81 HgntE.ng and gmp'ctlU. rtsdt
ssfe yal lu active rgsIsfirn aud taieo4Ea Co shei'
tfivcts "a every department. d s0s.usAe au1 20 sy
ery qasttrr al Too gigaa The fca ~iion IVES pro.
boriiamea a. ls tio.onco o. lr extraordinary oha.
taeiet 81 The gyeuls which pfsce9ca q. Tie opH-
tarfufal community III Gfr4i ll.iiain ware salghe
I'D 10 tbs vress.t dsbeaitits, aac arir Jgtsats la
tbs eoaniry wtrc nol oay sudarHs, ospfiyed "a
4eeusinncd aUd 81, eire CREDITS. Uut ,al.cd upon
- "a asats - hic Ia lie briu4 Itfarv 81 ihlugs
here. caall aulf ee made t..frgl a gcaalsl yros-
sstr Atd at the iDasl f4lraas ssrrihscs.
H. ylev ut tbssv facts 4 wuUid s.cn inpossi.
ble ioe smcetc iuqutff5s aitcr u,Hh ~ fcsfst Tie
ronxirt.9p. tbst TBS gausrs 81 the rcsuisfea 10 hth
countries heye been saasants.iy ~ ssur. iuo
n,tiara, Tie rast t3sJrar-cal Is tfe wefd, frlaY.
,bv bot recently yl1c behcst degrr - apparent
prosperity. and msif,amlug Win Carh other SIC
cloatsl re'sgipus ste udtrriy, N . ufae q pre-.
lound peacr, md srhout Soy great nai,onal disas
lcr arrested to their rafrrf, sHd Pisrged into n
nste nj embarrassment and aisifusE W. hoth
countries IS E have siincsscd ne satire redundancy
n pspsr money. ana sltef ayiiiss Of credit; tho
same splr,i Of speculation the same Partial sue.
Gees tie same dtaicuitc. ard rcveuea, aud, At
length. roal5y tic slre overwhelming catastfo.
pba The ao,l uA,,eial diltrencs bouveen the
results n Tho teo countries rs. only hrCr, that
piIh a. there has occurred an extensive terarge.
,uspt ie The fseal Affairs ~ tae Federal and State