The daily crescent. [volume] ([New Orleans, La.]) 1848-1851, 1849-11-21

Il has been frequently remarked that the ten
ency TO speculation and extrayagant financial /
ohemes IS periodical No sooner has the country /
iassea through one monetary crisis-no sooner has
Is conmerce recovered from the shock Of a iinan-
.ial revulsion than there appears signs Of another
ekoitement, to be followed in its turn
by another commercial depression. Thus trade is |
represented like the waves Of the sea, always rising
OF falling, but never at rest and men, instead Of
being taught by commercial disasters and ruinous
speeulations, to avoid future and dazzling invest
ments, arc lured on by new deception until they
find themselves struggling in the boys and quag-
nires Of another commercial crisis.
Ii any troubles and difficulties could inspire
prudence, tile American merchant should have
been taught it by the trials Of 1897. Then men
were led sslray by the banks; then the extreme,
abundance Of what seemed to be money, deceived
people into the idea that nothing but eredtand an
adventurous spirit was necessary Tor making for
tune Industry and discretion were OF but slight
avail. Consequently oapitalAof what appeared to
be capital-anJl labor, which could not be counter
feited were invested in the irrational enterprises
and men seemed in their financial operations to
discard entirely the assistance Of reason and trust
only to the promptings Of the imagination.
There are-signs. that we are about entering INTO
assessor Of speculation, something similar to that
Of 1885 and SO. A series Of causes have, during
the last dh1eeyeags, been steadily at work, lending
to elevate more than ordinarily the American ma
gination. Tie Mexican war hadsno sooner ceased
to furnish us new and exciting. scenes, than dis
covsry was made in our California possessions cal
eulated to exercise the same daring and active
faneies which had sought occupation in the stirring
and moving events Of war- The same golden
deans which had driven the Old World towards
the New, in the sixteenth century, were destined
In the nineteenth to impel the people Of America
to the shores of the Pacific. 1t is not by the mere
increase in the amount of geld brought into the
markets Of the world-lot by the mere material
influence it may have on the cireuahon.of money,
that we are to measure the consequences Of the
discovery of the plaoers Of California phe' Won
derfu power which the pursuit Of gold, more than
Of any other article, has over human imagination,
is far more important element m the .consdera-
ton of the influence the California mines are to
exert all the world and more especially over
the people of the United States.
But conteHnporaneous with the discovery of the
California mines, the American people are filed
with the idea Of getting the control Of the Eastern
Asiatic trade. We aspire to commercial supre-
snaeyf not actual and territoral-o the inha6i-
tants Of the "Flowery Kingdom and Of the ia
papese empire. And in order to reach this object,
they think Of calling to theiF aid the most powerful
agent of our modern mechanics; they think not
only Of crossing the Pacific through its agency,
but they even aspire toa conquest over the broad
plains and rocky mountains which lie between us
and the Pacific. Not only are steamboats, to ply
between Canton and San Francisco, but steam
cars. are to cross the furious waters Of mountain
rivers, and find their way through the gorges Of the
Cordiueras. The grandeur.6f the conception I'M,
poses on u.s. and we are for moment lost in the
contemplation of the stupendous enterprise. But
the mere Tact that such railroad as that from the
Mississippi the Pacific IS at present talked OF and
considered. shows that the mind Of the nation is
somewhat looseped from its moorings; that the
intellect of the people Is ready to move at the
impulses Of the imagination, and that ere many
days we may be under the entire control Of facul-
ties other than the reason.
There. are circumstances, too which indicate
that the speculative tendency Of our people viii
probably be turned towards railroad stocks; and
that, regardless Of English experience American
capitalists may find themselves pursuing the very
same line Of investment which two years ago pros
trated for time, the commerce not only OF Great
. Britain, but Of Europe. There is hardly Legis-
iAtOre IN the Union which is not more or less
| impreguated wlthvastideas acknowledgements
/ railroads playing principal part therein. There
| is scarcely town or county in the country which
is not nursing up some hRe Of railroad chat is to
make it the centre of the world and the emporium
of all earthly productions. just so 1T was with
the banks in 1885 Fortunately, there are now
restraints On legislation which did not exist fifteen
years ago but disposition is manifestedto throw
those restraints aside and trust the wisdom and
discretion Of Legislators. Although our govern
ments are not at present apt TO give high bounty
to spectators, still it necessary for the people 70
watch closely the acts of their representatives
The danger is that the whole nation may be
injected with this railroad mania, and urge on
instead Of restrain the enactments Of laws aiming
atiuterna improvements, too vast for the time anC
the circumstances
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