The Southern journal., 1846-01-24
Our Country's Prospects.

Inc new 1OTkN IleFalu Closes
discursive and harumscarum article
on the affairs of the country with this
ridiculous sentence: "Look out for
great panic, ia politics and trade, both
in America and Europe, about these
days" We call it ridiculous SEN
tence, because, to The man Of capaci-
ty and judgment to examine truthful
ly the exact posture Of our interna-
tionnal affairs, it must appear non
sensical in the cxtreme.-Such off
hand crudities are mischievou-, be-
cuuse their tendency is TO alarm those
business men who look only at the
surface of things, and thus create a
panic where n4adequate cause for one
exists. In the great panic of 1897
there was not only a cause, but a COM
bination of causes for commercial dis.
tress. During the whole Of the pre-.
ceding year We had imported i'm
mensely beyond our exports. Instead
Of producing again for export, we i'm
ported nearly five millions for con
sumption. All the loose money Of the
country. and nearly all the credit Of
the country, had been wasted on wild
eastern and western land speculations,
which produced nothing except figures
on paper. The specie ofthe country
had been drained TO meet the balance
Of imports; and when the settling part
came, presto! the money had all
changed hands, and nobody could pay.
Almost the whole people had become
speculators and consumers, instead Of
producers. But now, how different
is the state Of affairs. Instead Of buy.
ing foreign grain, we have surplus
Of fifty millions, and a good market
for it. Instead specializing in lands,
people have bought lands and paid
for them in the products Of those
lands. Instead OF balance against
US in foreign trade, the balance is re-
ally and truly in our favor, for that we
have exported more than we have i'm.
ported. Instead Of call for specie
from abroad, the specie is coming
from abroad 10 pay for our products,
besides the great quantity of specie
brought by foreign emigrants. We
have speculated some in rail road
stock, it is true: but then rail roads
give employment to labor, create a
market for produce, and facilitate the
conveyance Of produce to market.
They are therefore productive. Every
branch ofindustry is active; there is a
healthy demand for every species Of
goods; labor is in full employment,
and productive industry everywhere
finds an adequate reward. What
cause, then, for a commercial panic {?
War may menace US from distance;
yet it comes not in a shape to dimin.
ish. but rather to increase the pros
pective demand for labor, and TO give
new activity to present commercial
enterprise. What folly to talk Of pa
mics, when such a state of things ex
lists! II is "the very error of the
} moon" Boston Mail.
/,
Webster and Calhoun. We see it
stated that Mr.. Calhoun was to attend
the anniversary celebration at Ply
mouth, on the ODD, and to be the guest
Of Mr.. Webster. We hope it was so.
Nothing is better calculated TO bind
strongly together our great and glori.
Gus Union than interchanges like
these, from distant sections of the
country. Especially may we hail it
as an omen Of good, when the most
eminent political opponents tender
and receive each others cordalities
and civilities, on occasions designed
10 commemorate the virtues of their
illustrions forefathers.
ssfsts5
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