Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1854-12-25

cast anu ilOcL SpiSAy eSPRAO--.~---So
seems like the beginning of total eclipse,
which the almanac-makers sometimes pre-
dict several months in advance, nobody
caring for the one or the other till its dawn.
Like the day of Judgment, nobody is ex-
actly prepared for it, and besides, twas not
looked for 30 soon anyhow. When, in Jul
: ly last, from well digested and reasonable
conclusions and unfailing principals of t.
nancial laws, we warned our readers Of the
times six months ahead, we then scarcely
believed there could be such a whirlpool
of distress as now appears sweeping over
the east, blotting out hundreds of fortunes
and millions of capital. The most we ex-
pected was tolerable brushing for our dis
orderly conduct, and then a reconciliation
tween extremes. When reproved last
summer by an elderly Potosi merchant for
our bad faith in the future, who guaranteed
that trade and banks and stocks and every
sort of business stock upon the soundest
legs and best foundation in the world, we
were not amazed at his faith, well know
ing that merchants and bankers are among
the last to see breakers ahead. Their faith
in banking is always at par; they hate to
hear of hard times to come worse than any
other class, and hence seldom allow them
selves any thought or investigation of the
causes which lead to financial troubles.
What are now the facts? Confidence
is down to 0; State stocks are tumbling
down; railroad stock are down; banks are
blowing up and their paper is lowering be-
low contempt. Like the death simoom of
Arabia, the crisis has little respect for per-
sons, and property melts into nothingness
as snow under a meridian sun.
However, there is consolation in this !:
unlike the crisis of '37 and '3e,--the dis
ease seems to be not so much the fault of
Government as of a National greatness for
stock speculations and banking. The Go
vernment is clear Of present Indebtedness
with a twenty-five million surplus. In 81
Government owed immensely. Again, the
balance of trade against us, held in Eu-
rope, and subject for draft at any time, was
immensely heavy at that time; now, ex-
cess of importations is not SO great as to
add materially to the trouble. California
enables us now to meet our demands a.
broad at the rate so millions year. Ex-
cess of importations has stopped, and con-
trary excess has already been exhibited,
which will aid materially in absorbing the
BALANCES against us in the proportion Of
time and quantity. Our exports will also
be stimulated by pressing wants from the
hardness Of times.
But, how is all this desangement "a ~.
feet Wisconsin: This IS what we have to
inquire into. The Milwaukee paners esti.
mate an excess of exports from the STATE
over imports, Of 100000 for the pre-.
sent year. Their estimates seem to be-
made with much care, and upon statistics
truthfully presented. Our banks seem to
not have power enough to drive all our
gold aways--they are watched and guard.
ed on every hand. Our merchants and
people have the longest warning of any 9TH
ers to be ready for a panic, and they are
getting their houses in order as fast as thew
can. Every day among the prudent, in
creases our Notifications.
In the mining region, we have much
less to fear. Our annual surplus of lead,
amounting commonly to million and
half of dollars, all in gold, will save us from
being preyed upon. Our agricultural sur
plus is large; there are plenty of consumers
north and east of us. We shall feed Min
nesota for years. and the Pineries will draw
heavy on our stock and other farm pro-
ducts. The Illinois Central Railroad ter
sninating in our midst, will send in con.
tinued stream of emigration by whose
means alone we could survive an ordinary
panic.
The merchant provides the only avenue
of consequence by which our money can
escape from the country. The lead pro-
duct alone will over-balance the entire i'm
port of goods and merchandise. What
our people spend in travelling, gambling,
and debts TO eastern LAND spectators, is
more than recovered by the same opera
sions - our favor. What money we nav
into the land offices for lands is far more
than offset by emigrants who come in and
buy our lands and improvements. So we
Of the mines are safe enough, though not
absolutely out of danger. Imprudence
may involve us yet. Should bank paper
get the ascendancy over our gold, we wo'd
have IN nov Iaar &, L. -b<,,n,a h,,+ 80