The star of the north. [volume] (Bloomsburg, Pa.) 1849-1866, 1857-04-22
IspA sreeaIsssess - the wess-Their Is-
Gueues here. 4E


The extent 10 which speeulstions in land
have been carried on in ihs Wsss, cannot bot
exercise an injurious iniiusnee, sooner Or 10.
ter, even hsss. To uss m old simils, the
financial word 10 like placid lake, which .
stone dropped into dissurbs, msse o. yss, ever
Ill iis szrfses, however rsmosssS Alrssdy,ia
fact, ths deb.s due 10 eastern merchants fson
many quarters Of hat vsst and growing sec
ton, hsvs failed 10 be liquidaied 81 mssufity,
because The farmers and other cuslomeD of
the western storsksspers, being embarked
beyond heir means I'm land speculations,
have not been prompt in paying thsir semi
snnusi bills The nearer regions Of the West
have been the first to exhibis this deficiency,
for il has been from them, -;ncipslly, that
/ the money for these speed Szs hes been
taken, and the actors in the m have gone. A
this state of things is not new, as we are not
without parallel 10 Il in the past, we may
almost certainly predic, what 10 to follow.
For prosperous rs the West is, specula-
ton exaggerates that prosperity. overiargs
portions ofthai thriving region prices range
according to its supposed future wants, not
according to its present ones. In Chicago
lands will, to-day, bring more money than
in corresponding situations in Philadelphia,
or even in New York; yet scores of persons
are anxious to purchase, notwithstanding
these enormous prices, in the hope of q still
further advance. Thus speculation stimu-
lates itself. A fictitious value to property
is kept up, and will be till the bubble bursts.
Hundreds who are shrewd enough to see
the false character Of prices, nevertheless
are embarked in speculatious, believing that
they will be able 10 sell before the rsvulsion
commences, and saying, "after me the del
uge." To carry on these Transactions how
ever, means must be had; and hence money
is at three, four and six per cent per month.
Honest debts are re-neglected in order to gam
BILE on lands. Adventurous capitalists, who
have gone from the East, are doubling their
fortunes every two years, mainly by lend
i ing usurious rates, with mortgages for coli
iaferals.
1t requires no long argument 10 demon
strate that this state of things cannot last al
ways. The bursting of the bubble is simply
a question of time. And when the conyul-
sion comes, the East will be the sufferer,
though more innocent than the West-that
is, If will be the victim, unless it takes heed
in time to curta1 the Indebtedness of the
West There was period, which men of
fakty or upwards still resaepaher, +-hcn
what is occurring in Minnesota, Iowa and
other points of the now far West, took place
in Indiana, Illinois and Missouri, period
during which lands were run up to fictitious
and speculative prices, and after which they
fell, for long years; by natural reaction, to
prices below their actual worth. Thousands
of persons, even in the East, were mined
by these fearful times There viii be thou
sands ruined now if they do not take heed
in season We are no alarmists. But We
should be false to our position as conscien-
tious journalists, if we did not warn the pub
lie, if we did not speak boldly out. The
coutagion of speculation, which has thrown
the West into financial fever, is extending
even TO our eastern cities, and justly alarms
all cautious and refeting men--Ledg9.