The Jackson standard. [volume] (Jackson C.H., Ohio) 1847-1888, 1853-05-26
Commercial Crises.


time past, has been the organ OF Locofo.
coism in that city. 1t is true we have no
great faith in its honesty or integrity OF
purpose. But the following, in late
number, being so different in its tone from
articles we have seen in the StaieSn.a
and other Locoioco sheets. we lhoupht
worthy OF presentation TO our readers
It is subject about which all ought TO
feel a deep interest. Alter speaking of
expansions, railroad bonds. &c, the Her.
all says:
During the past five years the financial
and commercial community have been
rapidly rushing onward in this channel.
They have been actively engaged in ere
ating evidence of debt, whilh0u, the re
moIest idea, apparently, Of the conse
quences. Bonds have been manulac,u.
red by the million, and sold. either at
home or abroad, to the highest bidder. and
frequently at great sacra6ce. AL sorts
Of internal improvements have been com.
menced and partially completed. and eve
ry species OF extravaganza entered into
without the first thought of where the
meaDs OF payment were coming FROM
This reckIessnesS must have lis reward
1t must sooner or later reach its culmina.
ting point. We do moi intend here 10
point out the method of preventing il or a
remedy for its cure, AT present we shall
confine ourselves TO the fact that such a
state of things exist as will bring upon us
all the evils which have heretofore so of.
ten followed such an artificial expansion
of public and private credit, The large
receipts Of gold from California and Aus.
lralia have for some time past and con.
tinue 10 lull the public mind into fan.
ced security. Il is argued that so long
as the supply Of precious metals conlin
ues undminished there can be no dan.
ger Of revulsion. This is a dangerous
delusion. The receipts OF gold in large
sums will only hasten the collapse and
make it more disastrous when it comes.
All the unmined gold in the world would
not restore public confidence when once
widely proslrated. Credit, both public
and private. is very delicate, sensitive
element to deal with. We may for years
go on prosperously. All the future may
be full of promise. All may be sunshine,
and not a solitary speck be visible in the
financial or commercial horizon, when
suddenly dense black cloud may ob.
scure the whole, and gloom and despair
b. visible where but momont before all
was confidence and hope. We have
known panics 10 take possession Of the
public mind as lnstantaneously as a sum.
mer'S cloud will shut out the mid day sun.
The immediate cause is seldom or never
clerrly shown, but its effect is whitening
When credit is enormously inflated the
financial and mercantile systems of the
world are in an unhealthy, diseased con
dilion, and we know not what moment il
may take on acute form, and prove fatal
10 many whose condition particularly sub
eCls them TO its influence. That we are
approaching such state of things with
rapid strides. no one who coolly and
calmly watches the expansion of extrava.
gance, the headlong way in which all are
rushing into every species OF indebted.
ness, can for moment doubt. Our i'm.
petus has already reuched such height
that we question if it is possible to stop
without causing serious damages, We
might perhaps with safety put down the
breakes and apply all our force 10 grad.
ual Stacking OF speed; but it would not
do 10 reverse the motive power while un
der full headway, for we might bring about
by such a movement the very evils we
wish TO avoid.