The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1857-09-29
Business and Finance.

The Boston Post regards the present panic as al
most as great AS that of 1887. The foreign indcbt
edness was then enormous, the South and the
West were deeply involved in the meshes of ex
panded credit and the East covered over with
bonds and mortgages. Now, as the New York tx
press says, have foreign debt of nine millions
due us, and "king Cotton, for years, has paid hi.
devotees he never paid them before; and this
year, in very short time, too he will begin to pay
our ship-owners unparalleled amount of freight,
and pay the growers 800, 100000 of dollars
In brief, the South is coming money, and no Gus
toners are sounder or pay better. Look next at
the West, the nobly expanding West, rich in every
resource; when were crops better there than they
are now, 1t is conceded on all hands that they
will be enormous beyond all former experience
and, in place of importing breadstufs, can sup
ply all the demand there can be for them. And in
place of millions upon millions of foreign indebted
ness, and ruinous drain of specie out of the coun-
try, We have, at this moment, a rate of exchange
that, by the law of trade, must bring specie from
abroad into the country, annd which, as soon as
the cotton crop goes forward-briuging such prices
as it never brought before-must continue to re-
turn specie funds"
The suspension of banks merchants traders and
manufacturers has as yet produced no visible eff
feet on the aggregate business and the aggregate
prosperity OF the country. Nature, says the Wash
iDgton Union, has been too lavish in her gifts our
eountrymen too prompt in avaiIing themselves Of
those favors, to admit Of general embarrassment
and suffering from the folly, extravaganza, mis-
management, or ruin Of any class OF classes Of bu
siness men, whether their transactions have been
in private or corporate capacity. While the
financial circles of the Northern cities are daily
and feverishly moved by partial stoppages and
downright bankruptoies-by the depreciation of
real estateand by the hitherto vain effort of the
"bulls" and ''bears" Of the stock market to find
"bottom'-every section OF our broad Union is
gladdened with the glorious assurance that 'penty
crowns the year" To quote from the Albany Ar
gus;
THE corn crop is now generally beyond danger
OF damage from frost. On some low lands and in
the billy regions where the soil is not adapted to
this crop, it would probably sustain some injury
but In the good coru-growing districts, it is now
safe. This may well be matter of congratula-
ton not merely among farmers, but also among
all classes OF people 1t crowns the year with
plenty All the other crops we're already most
abundant and now the usual annual supply of this
valuable aud extensively cultivated article of
breaslsuff aud proyender is added to the luxurious
Catalogue We heard Of no crop which can be said
TO be failure this year, except the potato There
was a very abundant growth of that esculent but
the rot has done great damage to it in many parts
of this State. We cannot speak OF the extent of
tbi. injury In other States and think il nroI.lI.
that the West, which is said to have a barge .x
tent Of in potatoes this year. has escaped this
blight"
In this connexion another New York cotemnor
airy also remarks
"The crops Of the country are the largest ever
known; almost every section OF our land renorts
bounteous haryests, and there is every prosnect ~
good foreign demand Mt fair prices Tor ali ,he
grain and -four we can supply. Through the from
bles in India, and the general increasing G,reig,,
demand our pork and beef, which have becnna
important articles OF export, will command nroha-
bly, double the average value, and we shall bav.
greatly increased supply. The prospects far -
July fair crop OF cotton are promising and nrees
are nearly or quite double those OF average wear.
Throughout the length and breadth of the land
Is an unusual prospect of late fall pasture aud
roots Tor the susienance OF cattle which ia mat
Ter OF more Importance than is generally consider.
20. CALIFORNIA Is sending as regularly more than
forty millions OF gold per annun,, n considerable
portion OF which remains In circulation In the in
terior OF our country Emigration TO our shore,
of more thrifty class Of people is steadily onward
aud through the money they bring, together witt
their industrious habits, our western states AR,
reaping rich harvest"