Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1853-11-21
rhe Cry Of "Rard Times.o

NJ hear, from more than one croak-
srognostications of "hard times. -
cry is that interest has advance d in
pue; that there is partial famine
Ekth England and France that cot
i down; that no more American
ods can be sold in London that mon
tight in our Atlantic cities that
Nal failures have already occurred
. New York; and that, in consequence
hese things, or, at least, in conse-
ii zee of causes that have produced
q things, period of unusual fnan-
distress is approaching, if not a
FaI monetary and industrial crisis.
h think no snch thing, however,
fopinion which we have often ex-
Ned, that widespread CONFUSION
psw almost impossible, we still hold ;
he reasons, which originally indu-
S.hs formation of that opinion, yet
ii, and in quite as much force as ev-
The influx of gold from California,
Example, receives no check. The
'ue of bank paper continues to be re-
dded. Wild speculations receive but
Eds countenance, because the old days
j Unlimited kiting are over. In word
Eusibess generally is, and has been,
bnducted on a sound basis and In a
Esfs manner ; and while trade is thus
bad lcted, il is not in the power of any
)slG alarmists whatever to produce a
Eissen of general disaster.
Mt why, then, is money tight; Sim
M because the wants of trade demand
/ cfculating medium greater than tn g
kuatry possesses. In an article which
NJ d ublished last week, extracted from
Blush journal, this was set forth so
Esarly that it would be a waste of
lords for us to go over the question
ap The influx of gold, great as it
heen, has failed to keep pace with
n growth of the country. Meantime,
|ublic opinion, in nearly all the States,
kcones, more and more decided a.
5int the increase of paper currency.
Esnce, as there is neither enough coin
tr bank bills in circulation for the
Dants of business, money has a pletho-
/ d bidders. This excess of demand
Fsf supply prevails in England as we'll
b 10 the United States, so that no re-
lief Gan be obtained in London for what
yer deficiency there is here. If the
ID gsten Of unlimited banking still ex-
tied with its enormous expansions and
onkactions, fictitious supply would
= manufactured for the emergency, and
ao1ey cease to be tight, at least for a.
yaIle but, sooner or later, day of
sctpning would come, and the ficti-
lo'is supply be withdrawn, when IL
iversal storm of bankruptcy would
Weep over the land, and the sc enes of
30end '37 be re-enacted in our midst.
ne weather wise tell us that the du-
atipn and intensity Of cold is in exact
roportion to the length and fierceness
lhe preceding heats. What is true
d Innate is true also Of finance. Un-
CT The old order of affairs, when an in
ated currency maintained, for long Pc
DDS, seasons of unsound prosperity,
lcfe necessarily followed, after the gay
lbbe of speculation burst, winter of
stfess and insolvency, protracted and
rnble almost beyond endurance
Icney then continued easy for years,
be tight for nearly as many years in
lrn. But, under the present and i'm
Owed system, over-trading cannot go
] long without a check. We have,
sry often, periods when money is
'arce but these periods are now of
ompara!ively short duration. In a
Iofd, the former vicious system was
ke locomotive without break the
res ent enc is a locomotive under con-
FeI Or the former was steam en-
re without safety valve, so that
aere was then no check short of disas-
VI; now the boiler, by its own admira-
lelnachinery, relieves itself. The cri-
ICES, as they are called, were then pro-
racIed and awful they are now short
% comparatively gentle.-[Phiiad
>llia Gaz.