The republic. [volume] (Washington [D.C.]) 1849-1853, 1853-06-20

Ing now in the bright month of June at a time of
general prosperity, with the balance of trade in
unusually safe state, and one branch of specu-
ation in evident excess, the porten comes like the
hash OF lightning in the cloudless sky, the
thunder and rain In the wheat harvest" of Syria.
During the last hve years such a flood of the pre-
cious metals has poured into this country as was
before inconceyable and during the last week
alone gold has been arriving at the average rate of
not less than ton day. Consos IL per
cent. higher than they were in November lS4S
and have remained so long above par as to iatter
us all with the hope of being able to reduce the in
teres OF the debt to q per cent, Yet the hank
q finds II can safely demand as much a. g. per cent
from It's best customers. So great a check in ante
of favorable Appearances and after all eciting no
other remark than little natural remonstrence
agalnst such sudden strokes of mercantile. nohcv
does reaily suggest moro reelection than similar
occurrence on the eve of expected disaster We
should be alarmists If We said that there was AT
THIS moment any reasonable or general anticin,-
tlon OF dlhculty and collapse. No manufacture
uas Oeeu overcome, no trade pushed too far, no
unuer'aAlngs pledged beyond the limits Of easy
performances, no millions cast the waters in the
shaPe OF loans to insolyent or revolutionary States
~Onn Gun, usually creduious, easy, sanguine and
Iose inCohunent OF his cash, has not yet ceased TO
Sg5ua1e over the decennlal catastrophes that have
AHtCled MS purse. "He is rich man, and one
mat hath had losses,'' and his losses are fresh
enough TO make him almost too cautious. What,
then, Is there that should lead our great capitalists
70 ushten the refns ofconhdence just at this mo-
henE Their instinct il not to be impugned, for
haolt gives them special sense of mercantile
credit. They may not look very far nor need
tney look very far, since credit is only question
OF the day, and requires but a narrow, though
NICE and exact, observation.
Perhaps the chief cause of this comparative
nghtnes5 which has gradually come on with SO
little TO account for it, is the usual oue-specula
ton; but IN the more ordinary and uniform shane
OF what Is called general prosperity If by the test
OF trade returns, OF customs and Of excise the sx
pendlture OF this country ia now greater than it
has ever been, there must be a great amount of
speculation. To spend Is to invest, and to invest
IS 10 speculate, or to lay out in the hope of return
In TACT, there never was more building going on
than Just at this moment; never did land in the
neighborhood Of the metropolis and other large
cities command 80 high price; never were so
many manufactures, warehouses shops public
houses, built or enlarged; was there SO much
snPomldlng, especially in the more costly kinds
IN magnificent mercantile steamers; never were
there 30 many people said to be making their for
tunes; never were artisans and even laborers 40
well paid; never was there 30 much spent in luxu-
RES, IN dress, in smusem ents in education and in
all that ductuates with wealth or credit Never
was there so much spent in railway travelling:
and just now ii must not be forgotten that there is
areviyal OF railway expenditure in the shane of
new branches and Improvements, made with the
OBJECT OF securing traffic from competition One
company alone has recently raised more than three
millions IN shares for this purpose; and others, on
the like plea of self-deience, are raising propor-
Honate sums. Now, all this is speculation large.
ly, equally and so far safely dffused The farmer
spec lates when he raises his wages: the laborsr
when he consumes more bacon and beerS the pa.
rent when he sends another son to SCHOOL, the
village tradesman when he takes iournevman
Into ms service, and allows another months credit
to MS customers. A very slight survey of the
country VIII show an unexampled prevalence of
speculation IN lta usual its local. and its domestic
forms, but constituting an aggregate as great
though not as formidable, the passing of railway
acts to the amount of hundred millions of money
Z u IA NJ lrty mill d. o.
tral and South American republics.
On speculation of this universal, uniform and
regular character we have two remarks to make;
hrst, that 1t is more than usually absorbent of
the precious metals; then that it is comparativeIv
safs As to the first point, we have very little
douot that there is money ahoat in this coun.
try than there ever was before-not only boarded
or deposited but to speak, in the pockets of the
people, and "fructifying' accordingly The work
ing classes ind an extreme difficulty of investment
IN this countTy-hardly any alternative indeed
except the 2 per cent given by the not infali5le
savings banks, the certain ruin of the Dublic house
the probable ruin of the shop, and the per cent
offered by the tradesman OF lawyer, who may or
may not ever give back the principal In the face
OF this dlthculty servants and work king people of
all classes have no choice but to keen their money
In their boxes; and believe the amount so kent IA
now unusually large, abundant is work and so
high are wages. To this absorption of the circu-
laung medlunl-Whlch We point out because it can
appear IN no return, and is only a matter of CON-
lecture upon personal experience-must be added
the immense sums retained by the gold prod ucine
colonies themselves, and the many millions annu.
ally carried out to them The drain OF the pre-
clous metals to the continent to India and in coin
TO Australia, has been go often and go exactly
treated IN It's proper place that we need not now
enlarge on II. If people ashland we presume
they VIII nov ask more than ever where all the
gold gocs-hOw the sixty or even q hundred mill
lions lately added to the currency above the ave
rage increase has all disappeared we need only
answer oy asking, g Where should money go 20
Nhere except into the workingman's pocket, the
shOpkeepsr's till, the strong box of the superior
tradesman? In other words, the best and most
natural result Of great influx of wealth is gen
eral increase OF prosperity and expenditure, by
which the community is enabled to bold much
larger quantity Of money in solution without pre-.
ciPHaung it into the cellars of banks
Nor can 1t be doubted that such a state of things
ls mucn safer than an excess Of enterprise in one
or two branches OF industry. Indeed, there is no.
tn-ng unsOund, nothing to excite any particular
mlsglving in the commercial world, at this mo
ment; no rash mourning of debts, no excess of
trusting, no unwarranted reliance upon new tastes
and habits OF expenditure. At least, without de-
Iendlng all that enc SEES and without luling pro.
per caution, We may that there is no such ex-
trayagance in progress is likely to be follow ed
oy perllOus reaction. The dangers this time are
rather from without than from within the COM
merclai world. The misgOvernment and falling
resources Of India, the abyss of a Burmese war,
the dark future of China, the inscrutabe move
ments- OF Russia, the still glowing embers of
european EeyOiutlOu-elI that terrlleS kings, and
all that lnturlates peopes-Constitute rather for
mldable whole, which has its sure effect on the
sensitive nature Of the capitalist. When such
state Of affairs supervenes on general absorption
Of money as fast it ia added TO the circulation
no wonder that we startled in the very hour of
prosperity to find money ''dear' as ever the
three per cents. falling below par, and symptoms
Of possible stoTm in the mercantile atmosphere.
The Strawberry TRADE One hundred and
Biy country wagons crossed the Hoboken ferry on
wednesday evening last, loaded with Strawberries
for our city markets; and the average for about
every evening in the week, and nightly all last
week, is full one hundred. The yield Of this deli
clous fruit this season Is said to have been prolific
beyond all precedent, and the profits of course are
proportlOnably increased. One gardener, who has
patch Of ground on the Hackensack informs us
that he viii clear 500 this season, and we have
heard Of several others from the same district who
expect to exceed that sum. The fruit is selling iu
the markets at very low prices-that is to saw
often at four baskets for shilling for fair qualities;
but the best go as high elk cents and sometimes
a shilling, the basket.
we have spoken of the receipts by the Hoboken
Terry only. Almost as many wa CONS, are told,
cross from Jersey City and Brooklyn every night.
Some OF these wagons driven long distances
and often accompanying the farmer is his wife,
who comes along to help unpack and sell their
luscious stores at the markets.
The strawberry season is one to which the far.
mer always looks forward with anxiety, as be is
generally able to turn in more hard cash in