The weekly Portage sentinel. [volume] (Ravenna, Ohio) 1854-1861, 1854-09-13
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We are in the mltlt Of 4 momenlsry|
pressure. pnequalled % this country since
bat commencing ln 1897 and epding ls42.
fhdse wsie HVe.yeatp of sore trial, carry.
ing Thousands upon thousands in compara-
tive affiuence to ruin and poverty. So
great then was the shock TO trade and enter
prise, that new life was infused only By the
operation Of national bankrupt. law. That
great sponge wiped out millions Of liabil.
ties and the tariff OF ~ gave renewed life
to speculation. We hope never to see the
necessity for any similar enactments, laws
30 unjust and so demoralizing in their ten
by alluding 10 that ever memorable crisis to
compare present troubles in extent or inten-
sity with those. But we think there is
enough in the signs Of the times to awak-
en- serious apprehensions and to induce all
to look closely about them--to live eoono-
Omicslly--te narrew business, and al far
as possible shun- debt. Though probably
not the worst storm that ever was, il is
likely to be longer blowing over, than many
iof the more sIhguihe are now willing to
believe. The great increase of currency,
rbegetttng wild speculation, and the with
drawal Of labor from all the more produc-
tive pursuits, have loaded the country with
immense debts and have run up almost all
prices enormously The necessaries OF
life, even where enterprise continues ac-
tive, are hardly within the enhanced prices
of labor. But enterprises are now tagging,
and labor, always the first to feel the effects
of an unfavorabie reaction, is just beginning
.ro realize that which, Is now upon US. The
railroad spectators, the spectators in real
estate, in manufactures, in merchandise Of
every description are on all sides pressed
for means to meet their havey extended LA
bilities. Specie il fast going tout of the
country, already this year the export Of the
precious metals exceeded by some ten nil
lions the export for the corresponding time
in 1853 The imports are so very heavy
not of American orders, but goods sent
here as ventures, and sent here because the
manufacturers have no European or other
market to which to send them. The effect
of this heavy export Of specie 10 to hpprc-
ciate the currency us we'll by its loss as BY
alarming the banks and narrowing bank
ing facilitios. The purchasing power Of
each dollar for the future, If the heavy ex-
port Of coin continues, will be some TWEEN.
~ or twenty FIVE per cent. greater than it
has been. -...
This IL an effect that will be ruinous to
those holding stocks manufactured or &C.
quired at the higher prices of a cheaper
currency, and will both pnolong and ng.
gravate the pressure. The imports NV be.
ing forced on this market will haye to be
sold, as q general thing, for just what they
will bring; which under the condition of the
market and its tendencies, will probably
be much lower than the pricns now cur.
rent. These are all facts that will tend
to para yze the business of the country, and
to bring the market to lS40 prices. 1t is
not wisdom to be alarmed and do indiS-
Greet Things in face Of these facts, but it
is wise and proper to speak Of things as
they are, and to endeavor. as fur as posi-.
bic, by timely warning and preparation, to
meet them with as little loss as possible
Fortunately, we have no United States Bank
in our midst now, with its thirty-fve mil
lions of capital to drag US down. The peo-
pie of Philadelphia and of Pennsylvania, in
their banking connections, are better off
than ever before in many years, and really
In possession of sounder currency than al
most any other State in the Union. What
is more and better, the agricultural interest
Of the country is in most healthy con.
diton and agriculture is, after all, the
greut backbone Of the wealth Of the nation
The iarmers are generally rich, and have
rich farms about them. With these aids,
economy, and industry, bnd reasonable
time will carry Us over, If not all safe, at
least not all ruined. ."'|I'' "' "''"''