The weekly Minnesotian. [volume] (Saint Paul, Minn. Territory) 1852-1858, 1857-11-07
From the Detroit Advertiser, October 9th.
lS37-lS57.


IS37-1S57.
Young men, whose recollection extends
not back TO that period, but who have heard
older ones talk about it, are apt to inquire it
the present collapse, is like that Of 1857
that great legendary epoch of financial der
angement Certainly, as far as Michigan is
concerned, there is hardly any analogy be-
tween tho two periods. To start with, as a
prominent and distinctive mark of difference,
then the producer from the earth WAS in the
merchant, the banker, and everybody else,
who saw fit to buy what he raised. During
the hard times which followed 1887, if far
mer had twenty bushels of wheat to sell, he
would drag it perhaps forty miles, and spend
the whole day in Grading 1t out" at some
four-corner store, in which there might be
perhaps five hundred dollars worth of dry
goods, and as much more in groceries, boots
and shoes, crockcry and hardware. If he
wanted nails or glass, leather, salt, plaster,
even at three shillings the bushel. His 9th
err products, except perhaps butter, he kept
at home because it did not signify to draw
them to tho store. His corn, oats, potatoes,
pork, beef, mutton, and all the articles winch
GO to make up the minor branches OF lar
ming, he could consume or do anything ne
pleased with, except to sell them-that
thing was out Of the question, even for the
meager consideration ofshop-work dry goods.
Here there is found one most remarkable and
broad distinction, between the times twenty
years ago and the present-fOr how is it now
1t is true, that wheat, the great staple OF the
country, is not Immediately marketable, be-
cause of money arrangements, but it can on
~ be had from the farmer for the best OF
funds, while almost every other article which
he raises brings cash at high prices. I he
country has settled, villages have grown, cit
les have thickencd in population, and extend
cd their limits, railroads have stretched them
selves across the country, East and West,
North and South, and by all these means a
gerat army Of consumers, who are non-pro-
ducers, have grown up,whose commissariat is
in the hands Of the farmers of the State
Hence the farmer Of Michigan is to-day sell
ling his pork in the hog, for gold, at eight
dollars by the hundred, his butter at twenty
shillings, and his beef, mutton, and poultry,
at prices which make him rich, while they
make the buyer poor. He cannot bring bar
rel of cider or bushel of appless to market
but what he finds himself besieged upon
every prominent corner by hucksters or fore
stalers, so that in eight cases out of ten he
never goes to market at ALL His wood is as
good as gold, at prices which few years ago
were considered high in New England, where
it is mostly cut off his hay plenty as it is,
finds ready market; and if he takes fancy
for horse-raising, the moment his colts
are fairly halter broke, he finds a -four specu-
Lot l., 10
rator, ready to pay him four prices, upon the
remote hope Of getting 2.4O out of the ami
NAL
The difference, then, as regards Michigan
and her great staple of population, between
1887 and 1857. is, 'that the boot is on the
other leg" Then the farmers were the beg
CARS. Now they bid fair to beggar every
body but themselves. Then they were the
servants of the times, now they are the mas
tcrs. Tieir really Independent present con-
dition evinces the fact, that the present hard
ship Is all fictitious and needless. To say
that a country the basis of the existence
and prosperity of which is agriculture, is full
to overfowing with 4 rich and abundant
harvest of the articles of life, for which there
exists demand, both at home and abroad -
to say that such a country need be the sub
ect of financial distress, is to stultify the
first and most elementary proposition in po-
lltcal economy. Any school boy knows bet
ter. But the sweetest wine is sure to make
the sourest vinegar and when politicians,
SPECTATORS bankers, brokers, railroad opera
tors, dressy women, and eXtravagant house
holders, to the number of s'me millions,
take a notion to put their heals together,
and unite their efforts to common purpose,
there is no knowing how much mischief they
can ~ nplel,. Tl,;e they havo do"v. h,-
travagance, as a national vice, has absolutely
run mad, of late and men and women have
We'd with each other in the baleful race
But there is another and more general as
pect, in which the comparison, suggested by
the caption of this article, may be carried
out. In 1887, the bank suspension through
out the country was general, and almost uni
versal. The old Bank of St. C:air, in this
State Used to boast that she never suspend
cd if So, it is probable the reason consisted
in her not having any currency out. The fol-
lowing statement presents comparative
view of the condition Of the banks then and
now, in respect to specie, circulation. and
capital, as compiled from the New Y DIRK
Courier and Enquirer:
Years. Specie. Circulation capital
1886 S40020,O00 $I40300O0 $23l ,S75 900
1861 ..... g. 100000 176,I50,000 373,960 900