Weekly hawk-eye and telegraph. [volume] (Burlington, Iowa) 1855-1857, 1856-01-09

= iiil "a Il III Z ~ !. 70 -
III I. esssyssese ~ ~ year - aeeut 81 &
ses 49, wh1tA nlsse sAkk II GnSI teafe =
soes sae seeefd 81 Anothes eom1essiai vssE. 8
I've 49, 49, ssssek siah ssepested shss shie
nase a6'sssed osf mercanssle and tnanc3at wosil
Osr eass have been excited, many tAink ri
out reason. European wsrs were s Sess,..v - =.
trade, The heavens we're 70 withheld sstAc =,
ana the latter rains. The erpspd WAS TO b
blasted BY perpetual drousas And When IL
harvest proved abundant, Il Was feared tie ma,
kes would be Quilted, aad the husbandmau "a
no return fcs bis hard toll. When these change,
aud there we're many. we're rung and exhausted
then carnethe commercial endorsements Of q,
rope. which were 70 deprive that great markc
Tor our surplus products Of the power Of buyin,
add paying for our cereals, however much II,
hungry multitude might need oarcorn and -four
The Bank Of France vas 70 suspend specie pay
fBcnts before the arrival Of The expect.d stear.,
err The bank Of England would be COMPELLED
to follow the example Of It's excitablc neiehbo
across the channel despite itseifl
These, and many other fearful forebodinns
were told, and re-told q every change Of ti,s
rate Of interest in England, or dnctusaior on tis
Boursc. And the more timid, acting on thest
| suggestions, made sacrifices and suffered heay,
Losses Forgetting that saspcnsion OF specie
| pAyments 81, the part Of the bank Of England Il
ono Of the things only likelyt TO occur in the hou,
Of greatest general embarrassment. For, since
the amendment Of the charter, Sir Robert Pee
i iek~ - - T.
| issued beyond stipulated amount, secured By
government stocks, unless IN equal amount q
bullion Is first deposited in the Bank vault. I,
must be remembered, too, that at that time q to.
tai separation took place between the circulating
and the dscouDting departments Of the Bank.
Thus rendering II next TO impossible that the
Bank at England should suspend specie nav.
ments. On It's bills alone it cannot SUSPEND n the
specie and the Government securities, on which
the circulating notes are based, would always be
equivalent TO the notes in circulation
Such disaster can now occur to the Bank Of
England, only when there shall be an entire
prostration Of confidence in the institution, on
the part Of capitalists and business men, As this
class understand not only their own interests.
but the beneficial operations Of the Bank on
commerce and trade generally, any excitement or
distrust is not likely very soon to arise in that
quarter, and consequently the deposits would
not be disturbed from such cause If howey
err, peace should long be deferred, and the de-
msnd for breadstuffs from abroad should con-
tinue beyond another harvest, such an event
would not be improbable.
And now, while every indication in our o,cn
country shows strength, prosperity, and increas-
ing wealth. beyond any former period in our
history. Ia II wise to allow ourselves to be alarmed
lest, II, by any possibility gold becoming useless
ts,f 10 IF u, o.1 n,xl l.
pension Of specie payments they should con-
trive by some efforts of black art, or modern spir-
itualism, or ancient necromancy, to prevent our
getting pay for the very bread they must buy of
us to sustain life! For no one doubts that they
have already bought and must still buy large
quantities Of our agricultural products, to supply
the deficiency on the Continent as well as in
Engisnd. 1910 $50
Let as not be frightened then, because the
Bank of England, as precautionary step in
checking the outflow of gold, and with q view
to discourage speculation in breadstutfs at home,
sees fit to raise its rate of interest two or three
or four per cent above the usual standard. Capt.
talists are not going to send home our bonds for
sale on that account They are shy, cautious,
far-sighted people as a race. They can buy
bread with their remaining immense resources to
almost any extent, without selling their United
States stocks, or good Railroad Bonds; and
the. more anxions their own country be.
comes to hire money, the more ready they
will be to invest II this side the water All over
Europe, at the present moment, this country is
regarded as worthy of almost unlimited credit.
We doubt not that we are gaining every day on
their confidence, and acquiring ability and So
iidity in their estimation. iaSt =
What stronger proof need we have of the vast
wealth accumulated in this country than the ex-
ipta nf,c cuch Of do
~ constructeds tits estimated that we have
expended in these United States on railroads
twice much capital as has been expended in
Great Britain for the same object Yet every
one remembers the effect produced in that coun-
try not long since by the over investments in
these corporations. 1t was thought that the
withdrawal of only about one.half of the
amonn. of capital we have expended here, would
seriously and permanently injure the CONNER
cial business of that country. The consequences
were felt "from Lands End to Johnny Greats"
A single fact illustrates this statement, and
shows how quietly capital has found its way into
our new channels, while other branches ofindus-
try, with the exception, perhaps of iron and wool
manufactures, have also increased in Importance
Take two companys in this State, the New-York
and Erie Railroad and the New York and Central
Railroads, whose united capitals exceed, by about
thrty-thfee per cent, the capital Of all the banks
in the city Of New York, being about seventy
millions Of dollars! Is not the railroad interest
an important one!
Now il it be said that English capital has
helped to build our railroads, by the purchase of
our bonds, land this we concede) yet, on the
other hand, we have paid at least three-fourths
Of the cost Of the ironi the precious metals Or
what is better to them, in our corn, wheat and
cotton. This we have been compelled to do
while England has kept the whole cost of her
railroads within her own borders, and has in no
wise paid tribute to u.s. And all this railroad
building, to an extent almost incredible, opened
the resources of the inexhaustible West, has been
accomplished without 1.-THE of the direful con-
sequences which was experienced in England.
We say, therefore, let us be calm Let US
produce from the soil, from our work shops, from
our factories our furnaces our rollingmills, every
variety of commodity we need to use, and export
all we can spare that we may become still rich
err and stronger and better able to feed our own
rapidly increasing population in the various
walks Of life without crossing the ocean to nav