The daily union. [volume] (Washington [D.C.]) 1845-1857, 1851-06-18
..0.a#r. "a .w,n.. From the New York Herald
Commercial Condition or tho Counary-Past and


.. Future.
History IS philosophy teaching by example. This is
an old apothegm but is always applicable 10 the great
leading affairs of cvilizatlon-poucs, religion, com
merce, and trade The country at this moment in all its
commerce. relations, was never more prosperous-never
successful more enteprisng, or more buoyan; yet
in respects presents the same features the
characteristics whIch marked condition in 1885, and
previous 10 the terrible revulsion OF 1887.
The recent publication OF the treasury returns for the
last twelve months establishes the fact that the estimates
made by the Secretary of the Treasury for the past year
have been exceeded by the enormous amount of nearly
million. OF dollars THIS single fact indicates the
extraordinary development OF the foreign trade OF the
country, which The estimates pedcaed and from
which the revenue collected The foreign trade OF the
and expansive internal progress which is spreading and
expanding itself at rate unprecedented in the history of
nations On the reasoning that may be based this fact
or the result to which points II makes no difference
whether the estimates of The Treasury Department and
the actual receipts prove the ignorance oil The Secretary
III his opinion SO much az shows the extraordinary
This 10 of the leading facts showing the CONNER
cal progress OF the country at this moment; and is one
OF similar character to that which prevails every de-
parment OF trade and commerce. from the Atlantic the
Pacific, from North South The increase that has been
made TO the enterprise and trade OF the Atlantic, by The
aurferous discoveries in California, has been astonish
ing-beyond anything in the history of commerce since
the first discovery by Columbus This accession to cur
gold circulation is positive and real The enlargement OF
banking capital aud the increase of individual credits of
all kinds, which we witness, are not OF solid posi-
tive character During the last year probably bet en-
twenty and thirty millions of bank capital been added
that hch ously existed nu The basis Of An
additional circulation OF credit 10 three times that amount
or sixty seventy millions OF dollars may be reared on
such foundation during the coming year The Legislature
oil this State about to create ifesb OF State credit
TO The amount OF nine or ten millions OF dollars winch
will be equally applicable 10 The species of enter
pse IN the enlargement OF The currency All these
and circumstances IN the progress a commercial affairs
have produced the effect which they naturally would-of
increasing The prices OF almost all the great staples OF The
commercial world. and those OF many OF the local articles
~ kar1. unI Tha al
Piles far beg ond the usual rates winch prevail in Years
OF moderation real estate and in the city OF New
York. and other places have reached pon, almost equal
to thai the great speculative period OF 1885 In fact
the foreign trade the currency the revenue the vast in
crease OF the cash sales OF public lands the prices of
great staples the vast emigration the advance in real
tate and IN speculative property OF all knds indicated the
same general expansion OF business the exraord
nary spirit OF enterprise and the dangerous move
mens and disturbances which led to the terrible revur
SION OF 1897.
We well remember the period OF 1895, &c, and 1T
We were in the midst OF il, wrote its history marked its
progress, and predicted It's final contamination, The first
symptoms oil that great disturbance paoYysm in com
nercis Affairs indicated in the increased revenue OF
the government from all increase far beyond
the wants OF the country AT that day. In only one re-
spect the year 1851 differs from 1896 The country was
then free from debt, and did not know what TO do with
the surplus The country is now covered with
national debt, and requires all il receives fast az il &C
crues This is favorable symptom of the present. as
compared with 1885 and 1885, bu, the general features of
the two periods are so alike and parallel that the mind
rs naturally led to expect results somewhat similar 10
those which occurred IN that day crash-a revulsion
similar 10 the we have referred owoud be far more
terrible at this day Than it in 1896. We are mghter
people now than we ihen--a greater naon---have
more capital invested, extavagan in our tastes
and more mixed up and blended with The movements
IN England and throughout Edrops II the world continue
peaceable and no political umults OF outbreaks occur 10
Europe for i've years, there doubt that The United
States, England and France will enter upon career of
speculative enterprise that will oulsrp nyihng Of the
kind which has marked The history OF commerce. and
which will lead not managed with great SIX Ill and discre-
on 10 The most terrible reyulsiop that ever agiated the
civilized or co.,ne'ciai world The Revision OF 1885
and 1897 was merely type of what we may expect, If
moderation and judgment do not operate governments
communities, institutions, banks, and merchants of all
descriptions '.'#