The Evansville daily journal. [volume] (Evansville, Ia. [i.e. Ind.]) 1848-1862, 1857-11-07
VIEWS OF THE CRISIS.

York Tribune, who has been . distant
and intelligent observer Of the course of
events for the last few months, gives
what appears to him, the causes of the
present crisis. The past in his opinion
affords no light by which to Judge the
present, for there are no analogies. In
all former periods the mining of gold has
been under the -controliof capital. II has
recently been under the control Of labor
which has given labor a new power, and
shown. the world it must rely on labor
more. and capirsl less for the future.
This is . new featrrs in the condition Of
the world, and is not only true as pro-
claimed by the writer, in gold digging,
bat is true also in all branches Of wealth
producing labor. Labor is everywhere
gaining an ascsndencyI but the present
CONFUSION was net brought ON by any
encroachments of labor on capital, but
by struggle Of capital to preserve its as
tendency and control over labor. Indi-
'vidua1 wealth had sunk into comparative
weakness and lost its power over the
multitude Of labor-the lord OF the ma
nor could no loager tax and control it
associated capital was therefore resorted
to, in order TO regain the lost power; and
corporations Of various forms, and vast
capitals have grown up, and BY their ope-
ratiors exhibited the irresistible potency
of money combined in large masses.
This lesson has been caught up by spec
ulators and has lead to all sorts Of COM
binations to concentrate capital and mo.
nopolize products under the term Of
speculation, in order to gain the power to
dictate to consumers the prices they
should pay for the necessaries Of life
and in that form, tax labor and exact
fromit portion Of its earnings; which
was formerly secured under the forms OIL
law and aristocratic principles, when
wealth. belonged to the privileged classes
1t has been the grasping attempt Of these
associations by combining money, and
extending to its utmost limits the pow.
ers of the credit system. to gain addition
al sway over all the operations Of CON-
merce and labor, which has induced our
present disasters. They have expanded
the system ef combined capital and cred.
it till it has bursted by its own tension,
and involved all us covetous inAators
in q common ruin. Labor has mol
sought the conflict, but capital 10th t.
lose the control Of It's old servant, hal
made . desperate struggle and fallen
The chief blessing 70 arise from the pres.
ent disaster is the destruction Of conf.
dence in all corporations-in all sssocia
tons to combine capital and manage I
by agents and directors.
The days Of all sorts Of stock compa.
MES are numbered. Men will hereafter
retain their own capital under their owr
management, and will act singly; gigan
tic speculations to control lands, the pro
ducts Of the earth and the necessaries o
life, will be less known. Commerce vii
be directed by the supply and demand
prices will be natural and labor will b
beyond the control Of capital, and . new
step will have been gained in civil free
dom and social equality. Labor ha
gained triumph without having sough
the conflict, or having caused the disas
tiers that have followed it.
The following views Of the writer ]
regard to the comparative value Of FOL
eign commerce and domestic productio
are sound:
The foreign trade Of our country has a
WAYS been fostered with great care, and Ell
coaraged by all kinds of friendly Legislation
because it was considered source of nation
nj wealth. 1t is q great mistake, for our TO
eign commerce has been thus far damal
rather than n benefit.
Ii is only beneficial when kept within
object of i'm porting desirable foreign produc
in exchange for superfuous native ones--
And to be advantageous TO the country,
ought to be controlled when its TRANSACTION
interfere with native wealth and home indu
try. 1t is profitable to those concerned in
only when demand precedes supply. b
when supply precedcs demand, specul attic
ensues, products glut the market, depreci
ton follows, which ends in the ruin OF ind
viduals and the disturbance Of trade, endiI
in prostration and panic.
What we grow ourselves is wealth less {
cost of production; what we manufacture
wealth less the cost Of the raw material; b
what we import or export may or may not
wealth. In stating the account We mu
debit the business with cost OF materis
charges, risk of debts, machinery and labc
and the condition of exchanges
Commerce, therefore, is merely orok
that may enrich few, but mt the expense
the many, and cannot long be prospero
unless confined to its legitimate object. ]
desolating effects may be seen in every CT
now, and can be read over the ruins OF Tyl
Carthage, Phenicia, Venice, Amalt, Gene
the Hanse Towns, &c. Each for a time dl
played the indefinite capital OF credit.
terprise begat general debt; and for eve
debtor there must be a creditor. When {
day of settlement came, the bubble burst;
the real money and property had remain
unchanged This great lesson seems yet n
learned, that all wealth is individual, loo
and relative, not national nor absolute; al
n n