The emigrant aid journal of Minnesota. [volume] (Nininger City, Minn. Terr. [i.e. Minn.]) 1856-1858, 1857-08-15

Quite early last NeaI tS Wy VI " ote i"Hn "
gan to circulate through the Eastern ~papers-especially
the commercial ones-and every Imaginable evil was
10 befall those who should have any thing further to
do with Western enterprise. 1t was kept up through
out the year, and begun again this spring with redoublcd
force. as if it had been well concerted. 1t were folly
70 saw that the effect designed was not in some measure
produced. Capitalists and others really supposed there
must have been some danger apprehended to warrant
this prevalent cry of warning, and the aggregate of
Western emigration will undoubtedly sum up less than
was anticipated, up to the middle of this season, al
though certain localities may not directly have been
affected.
But the cry of {" crisis and g crash" has spent its
fury they can no longer safely be used as a bugbear to
check the progress of the West. Each journal con
cerned in promulgating the violent cutlery is now adopt
ING its own tactics to escape from the dilemma, and save
their prophetic regulations. The most influential, pro-
badly, in this questionable warfare was MompSoas
Bank Note Reporter. 1t now sings in the following
key:
The danger of a revulsion-a crash-a crisis,-is, in
a great measure, over. The day of impending ruin is
postponed sine die. Stocks have had their time to
fall. Western speculation is check-mated. The credit
system has been dosed with a settling concoctlon, that
is carrying down the impurities and sweetening the OIL
of trade and commerce. Contraction, consolidation,
and consolidation are taking the place of fermentation.
Like a good chemist we have agitated the commercial
and financial cauldron. We have poured in the acids
and ~alkalies-watched their effects, and are now the
first to make 4 reaction. Time is now necessary for set
Element. Caution, prudence, a steady hand, small ac-
counts, proper. returns, and solid backing are all that Is
necessary.
Probably the same tone is now exhibited in most Of
those journals who, like the above publication, engaged
in the general cutlery. But we prefer to quote. from
different sources, where sentiments of honest conviction
are always uttered, The Haris1myh Telegraph says,
in closing an article on the prosperity of the country
The future has a bright aud cheering aspect. The
clouds which threatened a short time since have all
disappeared. The apprehension and anxiety have sub
sided, aud confidence is again visible in our commercial,
monetary and business circles generally.
A still more important authority, the y. J. Ade-
pendent, thus speaks:
The great crash of 1867, was brought about main
" by speculation in land-not in the wild lands of the
West, but in city and town lots-lots under water ana
above water, lots in peopled cities and lots in paper cl-
ties, lots among the pines of Maine and in the flats OF
New Jersey, lots never seen except in night visions,
never located except by the imagination, and lots never
bought, owned or paid for.
Again in the Times of the same city, in an article
on the commercial prospects of the country
They put to absolute shame the shallow speculations
of the croaker and the wicked progno>tics of the panic
makers.
We will not now enter into an estimate Of the effect
on the West of this general revulsion of feeling now so
earnestly manifested at the East. 1t betokens not only
4 sound and healthy state Of the whole country, but a
growing confidence in Western enterprise that must
lead to food-tide OF emigration unexampled even in the
many periods Of extraordinary prosperity sh~. have oc-
casionally marked the history of the West.
Men will be astonishcd at their blindnHe~ in not per-
perceiving that the rich and fertile lands OF the great
West must always be enhancing in value by reason OF
the certain growth in population that goes on increasing
everv wear. Where thousands and hundreds of thou
sands are pouring in day by day, every enterprise must
come out successful if persevered in. Every year the
patient labor that was once required to see towns grow
IS measurably diminished. Here then will be the invi-
ting field to invest their capital, where returns are so
large and 50 quickly made. This mode OF reasoning
will no doubt prevail with those who have been influenced,
while the causeless alarm raised to deter their enterprise
will lose their power to produce further effect, if not
entirely sileneed.
We may safely prepare to welcome a large excess OF
emigration, beginning this fall, but fairly to set in the
next spring. Those who have only enjoyed the ordina-
ry seasons of Western spirit that have marked this and
the past years, will learn by observation to what extent
a seeming reckless enterprise can be carried on and yet
be as secure and safe as. the %plodding business of east
en life.