Washington telegraph., 1853-11-16
are we 10 have a Panic.

tue prospects vi llle Iutuie, contrasting the
past with the present.
Some croakers here, and even some por-
tion Of the press, are endcavoring to get up a
panic. and arc proIhesying that We shall have
financial ana commercial rnvoinlioa ear,al
to that cf 1878. This is simply ab-
surd, as there is no analogy between tie cir
cumstances aud situation Of the country then
and now In 1887 everything was Inflated
to fhe highest degree, by paper currency
which had been pushed 10 its utmost limit
There was vast overtrading We owed an inn
mense commercial debt in Europe, which
was either actually due and payable or be-
coming due in few months; we were then
importing wheat ~ cost, including freight
of nearly two dollars Per bushel, and some
Of The largest interests in the country were
either depressed or suffering. The crisis
which then en.uod annililalcd the paper cur
rencv, either BY the actual bankruptcy Of the
issuing banks Dr. by ohliging The solvent in
stitntions TO collect and redeem it. Now
the currency j. expanded by the immense
supply of gold, which 10 crisis can destroy
or Dive from circulation; but on the contra
ry. it will receive an annual addition TO it
from California Of ST5.0G0,O 600. Fin 1887
the banks, instead VI beng obliged to call
ID and cancel their currency, could have III
creased their issues at the rate Of more than
six millions per month. rs is the fact at pre-
sent in the supply Of California gold. even
that severe crisis would have been checked
and avoided Every great Interest of The
country i nov II sound and healthy state.
The cotton and tobacco growers are recc;v-
ing not only remunerating bat highly profit
able prices. The agricultural interests are
receiving very high rates-ffty per cent
higher than they obtained twelve months
since, and are most proftably remuncrated
for their produce. The iron and coal inter
ests were never more pros porous, particular
ly the latter, under the recent heavy advan-
cos Of iron in the British Market. The
manufacturers generally are doing 4 good
business and the shipping interests Are re-
ceiying higher rates Cf freight than iyr many
years. Indeed, there Is Eor a Tonnage sufi-
cient to carry the hreaAstul.'s wliic. ars rea-
dy for shipment to Europe, aud they are
now paying four shillinEs sterling (al) per
barrel freight on -four from hence N Liver
pool. Though we are largely indebted to
Earopc for our stocks and bo.ids. that Is
deferred debt on which we are only Obliged
to provide for the interest whereas cur com
mercial or cash debt was never less than at
present, as cur importers generally prefer
paying cash for their goods, ana do not avail
themselves Of European credits AZ III former
times when purchasing their merchandise.
In addition TO all tie above favorable cir
crisis. i the fact of the enormous increase in
the wealth, means and resources If the coun-
try since 1887. and the fact that there II
scarcely doubt Of an extra European de-
mand this year for breadstuGls. to the extent
of twenty-five or thirty million Of dollars.
Under all these circumstances / consider
that commercial tornado like that Of 1887,
i among the impossibiliticS nor can T viow
the present pressure, or crisis. if it deserves
that name. in any other light than Temporal
ry, which a few weeks will probably correct,
though possibly attended with considerable
trouble. heavy losses, and some (perhaps nu-
mcrouR) failures, without leaving. however,
any permanent or extensive unfavorable cf-
feet upon the general business and prosperi-
ty Of the country.
One million Of specie viii 90 by the
steamer to-day. and On equal amount BY the
next one, but notwithstanding this the spe-
cie il the banks viii not Ne reduced, D. the
payments for stock from the Sub-Treasury.
and the next supply from California will
provide for al these shipments"
The Washington correspondent Of the n.
Y. Journal of Commerce" writing Oh The
18th, says
The New York panic is not much felt
here. The Treasury eontrives to receive
and redeem about half million of dollars
week. Of the III. $. stocks. upon the terms
offered BY ne Secretary. and ii l. known
that Of the half million that came in last
week. oaly one fifth was received from
abroad
That our agricultural surplus will be in
demand abroad, there il no Doubt There
can be no danger Of general commercial
revolution. such ~ We experienced in 1897,
in 1887, and in 1871 But Ihnt Tie bonds
Of unproductive railroads, aud muliiludes Of
fancy stocks, viii fail to command "a ready
sale, at former rates, there is no doubt: and
some Of those whose object ii was 10 impose
on others. may have been bitten themselves.
30 far a. these speculations are concerned,
the panic will have wholesome influence.
Ii the tendency to extravaganza in living.
so marked everywhere shall be checked. it
would be Of 10 great detriment to the pub
Lie service.
Four CRoPs IN SEASON Ports
mouth tVa.) Transcript" states that in a