Fayetteville observer. [volume] (Fayetteville, Tenn.) 1850-1966, 1855-08-23
The Crisis Of 1S54-'55.
SBs PAST, THB PRESENT, THE FUTURE.

We are 10 receipt Of valuable
Circular which has just been issued
by Messrs. Marie s. Ksnz, OF New
York, in relation to the "Crisis of
1854" Itabounds With interesting
facts, and while it compares the past
with the present, it furnishes high
ly encouraging view Of the future
The crisis Of 1864 is attributed to
Ave causes, viz: Our American sys-
fem Of granting too long credits; a
too rapid extension Of our Banking
system, arising out of gold discov-
cries Of California: the exsraordina-
ry Development Of eur Railway sys-
tenn, exceeding our means, and in
many instances 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 speculations which, by shatter-
ing confidence, precipitated the con-
traction of credits. But all idea
that the recent troubles should be
regarded as but precursors to crisis
similar 10 1887, is discouraged, and
for these among other reasons:
l. The country has undergone a
material change since 1887. Thus,
the territory of the Union has in-
creased about one-half The last
census makes it 2,230,572 square
miles
g The population has increased in
the most signal manner.
3. The tonnage shows gain Of
more than I50 per ceutum.
4. The amount Of coin in the
country has more than trebled. In
1887, the gold mines Of the Atlantic
States produced scarcely three-qaar-
tsrs Of a million annually. The
present steady, and ne may say in.
exhaustible production Of the Crli.
fornia mines, is at the rate Of more
than four millions month.
8. 10 1887, the total debts Of the
twenty-six Statesamounted to 1928
000,000. In 1858 the total debts
of the thirty-one States did not ex-
eeed s2l6.167,OOO.
6. In 1887, the taxable property
of six States, namely, New York,
Pennsylvania, Virginia, Ohio, 1udi-
ana, and Kentucky, amounted to
S1,644,5170I2. In 1852, 70 S..
233,5s7,291.
7. In 1887, our coal mines yield.
ed $4,000 tons. In 1854, no less
than 6,55e,eGe.
8. In 1851, there we're I,4UU
miles of finished railway in the couu-
try. Tn 1854, there we're 1926
miles in operation and 5000 in pro-
gress.
8. In 1887, the population amount
ed to 15,S0S,000 souls. In 1854, !
to 25,750,000.
10. In 1887. the annual yield Of
gold was 100000. In 1854, $685..
100000.
IL. In 1887, the specie in the
Banks amounted to 5S.000,00o.-l
in 1854, to s60,000,000.
IL. In 1887, the specie in circu-
lation amounted to S35,000,000.--l
In 1854, to S1Sl, 100000.
II. In 1887, the total specie in
the country amounted 10 $4,000
600. Tn 1854, to $24l, 100000.
IA, In 1887, the balance of trade
against the country for Z years, a.
mounted to SlsS,9S4,0C0, and for
the I years ending in 1854, to $685.
755, 600.
Aud 90 in relation to other lead.
ing items. The change for the bet
Ter is truly extraordinary. The cir
eular concludes with this language:
.'The drain Of specie seems to have ,
Everything leads US to ex-
peet that our banks will continue to
increase their reserve OF coin.-I''
We must expect some failures in the !
spring, but that period once passed, g
no look forward to permanent i'm
provement. Should Europe renew
On a large scale, her investments in i
our securities, as We have reason to
believe, the revival Of prosperity q
rill be more rapid" ssg a v
In PENNSYLVANIA. a Whi~ State