The miners' express. (Dubuque, Iowa) 1849-1854, 1853-07-13
OUR FINANCIAL AND COMMERCIAL
pROSpE(yTS

Many Of our welI.informed commercial men
have expressed apprehensions that our present
high state of prosperity was soon to be sue.
ceeded by one of those revulsions in trade which
spread gloom and diasters over the land. We
have INDUCED such apprehensions ourselves,
and are still disposed to regard such an occur,
renee is sufficiently probable to make it pru.
dent to examine carefully into the chances Of
continuance of our present commercial prosper
| ity. We find in the money article Of the New
York Herald an able and interesting discussion
of this subject and, without conceding that
the writer has removed all our apprehensions,
we are gratifed that our prospects are SO fiat
tering. Our readers will find the Union follow
ing extract highly interesting
1--WE have had such a long period OF pros
peritv, that the impression Is daily gaming
strength that we must soon experience revul-
sion-a reaction in financial and commercial at
fairs Those who do not see any indications OF
an approaching revolution think that it's about
time another crisis should be upon u.s. Many
have been in the habit of anticipating periodical
revulsions, and on that account they think II Is
about time we should have another. Others,
considerably anxiety relative to the future, IN
consequence of the steady expansion which has
for several years been going on in public and
private credits The numerous projects which
have from time 10 time been put upon the mar
ket, and the immense amount of capital which
they have absorbed, induce the more cautious to
suppose that we are moving upon an un-
sound, dangerous surface, and must, before the
lapse of many months be brought up suddenly
with tremendous crash. These fears and
ankle ties are natural enough, and we are not
disposed to mike light of them, The effect
is rather of favorable character than other
wise. and We are more in favor of frequent
moderate checks than any sudden, disastrous
withdraw of public confidence. We have had
il is true, period of about six years OF great
commercial prosperity we have within that
time enormously extended our system of inter.
nal improvements we have projected and com
pleted lines of steamships extending across all
the great oceans, and have constructed fleet
of clipper ships, surprising in number the navy
of Great Britain We have enlarged and i'm
proved our cities, and have filled them with
splendid palaces and magnificent store houses.
Our great staple product, have kept pace with
the progress IF other things, and consumption
is fully up 10 the supply. Amidst all this, the
prices for the necessaries Of life have preserved
a uniformity unusual in times Of prosperity and
extravapance Luxuries have become more
EXPENSIVE and those who have been disposed to
indulge have had to pay well for it. The
power 10 live within moderate means has, how
ever, existed throughout, and the poorer classes
have not been Obliged to 60 without any OF
these ordinary comforts. In this particular, at
least, the present state of things differs mate
rally from those periods when speculation was
rampant and production appeared to have been
lost sight Of entirely. The movement now is
natural and real then it was artificial. IL was
at that time speculative now it Is bona tide and
legitimate. The effect is altogether different,
and the result will differ materially from what
is generally anticipated. In former times the
basis of any expansion was paper now It Is
something more substantial. Then speculation
hold Of visionary things now it tends to the de-
velopment ofour most valuable resources. The
great speculative movements in past years have
been confined principally to unproductive kinds
Of property-to real estate or lots located, no
one knew where. Beautifully engraved maps
were consulted to learn the situation of lots
which had never before been heard of, and cap
ital and credit were lavished upon property,
which in itself had no actual value. All was
unreal artifical-a bubble. Now we are work
ing upon different foundation and upon diff
ferent principles, and the result must, as ma
tural consequence, be entirely different. Every
great interest of the country is at present in
sound and healthy state. Production has not
been arrested, but on the contrary, is going on
more vigorously than ever, and prices for all of
our great staples are but moderately remuner-
tive. This is favorable Of the consuming clas-
SEES, and preserves healthy state of these in
terests The basis of prices is gold and silver;
and so long as that is the regulator we shall not
be subject 10 those violent changes and great
extremes which have heretofore been SO disas-
trous. So long as the sources of all national
prosperity remain sound we may rest assured
that no general revusion can occur. So long
as the industrial interests of the tountry contin-
ue healthy, so long our prosperity will be per-
manent'