The Washington union. [volume] (City of Washington [D.C.]) 1857-1859, 1857-06-26
THE DANGERS OF yER-sPEcUIATIoN THE
WARNING FROM THE RIGHT QUARTER.


The following excellent article appears in a late
number of the Nebraskian, weekly paper published
at Omaha city, Nebraska Territory. The warning
comes from the right quarter;
At no period in the history Of nation has the ma
mia for becoming rich in hurry without hard and per-
severing labor been peculiarly the spirit OF the age as
the present The field in which this disposition RACES TO
the greatest extent in the western States and the Ter
rories Successful speculation in government lands by
few individuals, whenever it occurs Immediately flies
over the whole country, and Immediately there are hun
dreds seized with the mania TO double and quad
ripple their fortunes in few weeks, months at most,
and they abandon the regular pursuits OF their former
lives and rush headlong into the labynthine wndings
of reckless speculation If they successful they
heard from again IL unsuccessful they fall back it may
be- far below their condition in society and with
few faint at what they call the freaks of tor
tune heard of no more,
1.-THE past few year have been to many spectators in
western lands golden age In Illinois, Iowa, and Wis
cousin they have bought they have sold, they have
counted their gains by hundreds of thousands and indeed
have fancied themselves rich but then bold
push and they would be richer they make that, and
they ruined And twill turn out with thousands
who to-day making haste to be rich by speculation.
'Ihe history of the past replee with instruction by
which we should profit. A of years have passed
since great financial crash agated the whole country
Men retired at night confident in the possession Of mil
lions and woke in the morning to find themselves bank
rupts That crash preceded by mania for
land and own-lot specuations not greater than wit
messed at the present day. Then as now, unim
proved lands and town lots where the tall grass still
hourshed sold at extrayagant and even fabulous prices
Nothing is added to the public wealth by these wild
speculatons The fruits of productive industry
abundant the real value of these lands and lots is
not increased by passing from hand to hand in unim
proved and uncultvated state byandby the revulson
came and the whole nation startled at the report of
great failures, the effect of which seriously felt all
over the country. The times suddenly, and TO many
unexpectedly, become very hard money becomes more
than ordinarily valuable and then five and six per
cent month is paid for it, and still the crash comes,
and nothing avert it.
Then let profit by the past 1t is high time that
this reckless spirit of speculation checked and the
useful pursuits of life received general attention 1t is
undoubtedly right and proper that should trade with
each otherthat they should buy and sell and get gain,
but when this buying and selling mania seizes hold Of
the great of the community to the almost total
gect of the productive pursuits Of life the result cannot be
doubtful The sringency of the money market and the
high prices of provisions should convince that
live by speculation alone Change every producer TO
the protless consumer and gaunt famine viii shortly
in the face The great law Of labor cannot be
violated with mpunity and if we viii not learn lessons
from the past the future may compel to listen to in
struction that may be more forcble than agreeable.