Lynchburg daily Virginian. [volume] (Lynchburg [Va.]) 1852-1861, 1855-01-08
From the y. !. Courier and Enq1lr'r.
The Conline o.al C!i. ,s ofthe q. s.

The CONNIE o.al C.i.,s ofthe q. s.
There have been three periods OF extraordina-
~ crises IN the United States. The hrst' ioi-
lowing the struggle of the Colonies for dndepen-
,lenca. and probably originating that article III
the Constitution ordaining that gold and SILVER
should be the only tender for the payment OF
debts in the United States; also an article au-
thorizing Congress to pass general bankrupt
Law. or
The second crisis followed the peace of 1913
with reat Britain, on the conclusion of the war
of lsI2. The result was bankrupt law, and
general insolvency throughout the year iei9.
The third crisis followed the disasters ot I'm
and was succeeded by the bankrupt law OF Con-
gress.
The prcsumption then il that the country was
relieved of the principal Indebtedness for the bal
ance of imports that appear against US III 1907
In 1910. for the first time in ten years, the eA-
ports of the United States exceeded Inc imports
TO the amount of S25,OOO,O 900; aud up to the con
clusion of the year 1919 Il period OF ten years
the excess Of exports over imports was st"'ooo'-
600.
From 1850 to 1851, the excess has been The
other way; the excess of imports over exports be-
ing about &SD.OJJODO, and leaving halahce
again<t the United States of the last fifteen years
of about s:}5. OOOOOO This balance was due at
the commencement of hostties between the Al.
lies aud the Emperor of Russia. At this period
large loans required by the Governments
engaged in war, which has III large measure
paraIyzed commerce; and arrested investments,
bv Europeans, in tho securities OF tho Chlted
States and induced II call for the balance due
from the United States, also the demand Tor ana
drain of specie from this country. thereby eaus-
ing the panic which followed.
Since the Both Of September 1901 there l.
reason to suppose that the exports are largely
in excess of the imports. and that consequently,
a.. LII, tIal nj
gradually reduced or liquidated during the year
ISJ5 and the necessity for further exports OF
specie will cease. More reliance ON the part OF
the United States on her own resources and
wealth. and less on ign aid, will, 1t is behev-
ed in short period, relieve the country from Its
cnbarrs -ments for it is evident that there Is
an abundance of property, and the precious met
ais, aud that we have within ourselves all the
elements for the production otwealth.
1t must be admitted that great extravaganza
has been the result of the prosperity that has
prevailed in the United States for the last few
wears. but in the preseut state OF the country,
therci Is no cause for dependency on the part OF
either rich poor, but an absolute necessity tor
prudence, temperance, self-denial, and economy,
with due forbparance the part of the creditor
to the debtor; and brighter day is not only be-
fore us, but is near at hand.
1t should be- borne in mind that Europe is still
at war, and tina; in its prosecution large means
are requisite, further loans will be made, and IN
the ratio of their extent must be the pressure
upon those indebted to her.
Durng the period of the first severe crisis in
the 'nted States, occurred what has been term
ed the Shays Rebellion in Massachusetts, it WAS
in l1s6. The commercial distress at this tlme
and the difficulty of etfccting exchanges OF prop
orty was SO great, that all assembly OF two thou
sand persons chose DAVID SHAYS for their lead
er, and demanded that the collection of debts
should be suspended, and that the Legislature
should authorize an emission of paper money
for general circulation. They We're dispersed by
the militia.
In 1916 the distress was hardly less severe,
and in the general bankruptcy that followed,
scarcely mercantile firm left in Pearl
street. 1887 is remembered by IA large portion
of the business community of the day. AT this
period their were failures to the extent of hun
dreds day in this city and distress, in the
former period, was prevalent everywhere.
Theperdexity to the shipping interest by the
impcdimruts to commerce, caused by the gener-
al European war, great distress amongst this
class and u large number of failures occurred.
Following the extreme Cotton speculation of
about lS26 mercantile distress prevailed, and Il
grcat number of failures followed.