Washington telegraph., 1855-04-18
The Crisis Of 1854.

we are indebted to an esteemed friend
for valuable circular that has just been is
sued by Messrs. Marie & Kanz. OF New Y ork.
in relation to the s'crisis of 1854" 1t
abounds with Interesting facts, and while it
compares the past with the present, it furn-
ishes highly encouraging view of the fu-
ture. The crisis of 1854 is attributed to
five causes. viz:-Our American system of
granting too long credits: too rapid ex-
| tension of our banking system, arising out of
/ the gold discoveries of California the ex-
traordinary development of our railway svs-
TEN, exceeding our means, and in many in
stances anticipating our wants; the war in
Europe, whereby the current of European
capital has been diverted from America to
the Black sea and finally, the frauds and
peculations which, by SCATTERING confidence,
precipitated the contraction of credits But
/ all idea that the recent troubles should be
regarded as but precursors to a crisis similar
! to 1887. is discouraged, and for these among
other reasons
l. The country has undergone material
change since 1887. Thus, the territory of
the Union has increased about one half
| The last census makes it 2,230,572 square
miles
2. The population has increased in the
most signal manner.
j. The tonnage shows a gain of more than
$50 per cent.
4 The amount of coin in the country
has more than trebled. In 1887 the gold
mines of the Atlantic States produced
scarcely three quarters of million annual
ly- The present steady, and we may say
inexhaustible production of the California
mines. is at the rate of more than four mil
lions month.
3. In 1887 the total debts of the twen-
ty-six states amounted 20 SI23, 900, ,OOO.-
In 1858. the total debts of the thirty-one
states did not exceed S2I6, 167, 900.
g. In 1887, the taxable property of 6
states. namely. New York, Pennsylvania,
Virginia, Ohio, Indiana and Kentucky.
amounted to 81 ,634, ,516,012. In 1852. to
SO, ,234, ,5S7, ,291.
T. In 1887, our coal mines yielded 6S7,-
coo tons. In 1854, 6.550,000.
8. In 1887, there were / 400 miles of
finished railway in the country. In 1854
there were 1926 miles in operation. and
5000 in progress.
Q. In 1887, the population amounted to
15.S0S. 900 souls In 1854, to 25,750,O00
10. In 1887, the annual yield of gold
was S7,O00.00C In 1854. S53 100000.
IL In 1887, the specie in the banks was
S35.000,000. In 1854, amounted to S60,-
100000.
II. In 1887, the amount of specie in
circulation was 35,000,0O0. In 1854, it
was S1S1 100000.
13. In 1887, the total specie in the coun-
try amounted to S73,000,000. 10 1854, to
S1S1, 100000. .
IL. In 1887, the balance of trade against
the country for years, amounted to up
wards of S1SS. .9S4, 900, and for the years
ending in 1854, to S93,7 900.
And so on in relation to other leading
items. The circular concludes with this
language The drain of specie seems to
have ceased. Everything leads us to ex-
pect that our banks will continue to increase
their reserve of coin. Confidence howev-
er, revives but slowly We must expect
some failures in the spring, but that period
once passed. we look forward to perma-
nent improvement. Should Europe renew
on large scale. her investments in our Sc
curities. as we have reason to believe, the
revival of prosperity viii be more rapid .
The prospect, indeed, is full of encourage
ment