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

We do not coincide with the views commonly advan-
ced upon the subject of western migration; IN many
respects our opinions are anita gonistic to those which the
journals of the seabord States have held. Recently, it
is true. a change has commenced in various leading pa
pers-an unusually fruitful harvest, the continued influx
of gold and the fact that the money market is easier and
a financial crisis less probable each day, have encouraged
descending hearts and stolen the thunder OF interested
erumblcrs. But a month ago, from the Washington
Union down to the duodecimo sheets, a chorus OF care
conem, rang forth, beseeching in piteous accents, eastern
capitalists and eastern men not to hazard their future
and their capital in a ~fool-hardy speculation.
In every key the song of warning has been sung to
those adventurous spirits who seemed disposed TO 40 tnat
which their GRAND mother declared foolish and wicked
In every variety Of accent, the young spirits OF the
ACE. who have a true conception Of the meaning OF the
word progress, have been informed that the West is I'M
bued with a mania of speculation which must be disas-
irons as the South Sea bubble or the fatal imitation OF
1887. !,
Every Bank, feeling that the blood was being drained
from its veins by each successive remittance to the tar
West. has raised the cry of horror, as the precious fa'd
left their bloated carcasses to lnvigorate the daring youth
Of western enterprise. The dread OF diminished prohts
and jealousy of those who are accommodating property
more RAPIDLY than they, have caused the institutions OF
the East to feel this patriotic agony and cast a bilious
tipoe unon all the views enunciated through q sympathl-
sing press. Because they witnessed many revulsions-
they feel authorized to declare, without resort to argu-
ment, that this period Of prosperity must be followed
nv snch a collapse as those which succeeded the expan-
SONS If former wears. As the inconsiderate increase of
Bank paper. which was not founded upon a proper pro-
norton of true metallic money, produced an enhance
mont Of prices which was followed by its natural conse-
ouepce. a destructive depreciation-the have decided
with true senile reasoning. that the present Perloo OF
u%nexampled prosperity must De followed Win s'"''ar
crushing misfOrtunes.
This cutlery has been productive of good. 1t has ar
rested the community when fast becoming audacious
in it's conceptions and fool hardy in enterprise. bpecu-
lat;on checked,-we have had him to reflect and compare.
We have examined our accounts and know exactly how
we Stand. We have posted the books, struck the bal
once between the Debit and Credit and found that the
country was never so wealthy and trade never conduct
ed upon so sound a basis.
This panic, therefore, has continued sufficiently long.
We have had sufficient time to understand the condi-
ton Of the country, whether IN the East or IN tue west.
It is now clear to every candid mind that causes deeper
and more potent than that welded by monied institu-
t;ons. have produced and will support this unprecedented
state of things.
For six years the world has annually received more
than one hundred millions ofthe precious metals. This
annual yield forms in itself a large propornon OF tne
original aggregate. We have undoubtedly received
since 1850 one-third or one-balf as much gold as the
world EMPLOYED previous to that year. The effect OF
this increase must have been to cheaper money and IN
crease the value Of property.
Money is a symbol and as the symbol multlphes,
that for 'wh;ch it stands must be multiplied in q similar
ratio. and thus we account for q rise in the value Of pro-
perry which is universal in this country and throughout
the civilized world. So long as the gold fields Of Aus
tralia, California and the Ural Mountains continue TO
pour their golden treasures into the lap Of commerc.e,
money must diminish and property must advance IN
representative value.
This is an universal law and we propose to discuss,
in a few brief words, its necessary effect upon the IN
settled portions Of our Territory.
From the earliest days Of which history takes note,
men have moved westward from the supposed cradle OF
the human race in Central Asia, building cities and