Western Reserve chronicle. [volume] (Warren, Ohio) 1855-1921, 1857-10-21

II OAN ~ SUI OSAAah
hold it, they must sell, and when a pres
sure comes, and emigration is checked,
an immense quantity is thus thrown into
market. All are sellers and o n buy
ers. Land which yesterday WAS deem
cd worth $50 per acre, is 10 day offered
for $50. next week fer $40. a month
hence drops down TO government price.
LES per acre, and no buyers. Corner
lots in paper cities are not worth the tax
es, and that bubble is exploded.
After this crisis there will be another
peliod of quiet; men win eschew rash
s~peculations, economy will be the order
of the day, fewer foreign goods will be
imported, country merchants viii buy
sparingly, the rates of interest will fall
and money be loan d only on good Sc
cuTity. But soon there will be ease in
the money market, competition among
lenders will encourage rash men TO ven-
ture more, new schemes will be formed
and old ones galvanized into life; city
lots in western wilds, coal mines, new
rail roads, and ~extravagant expenditures
again have their day, and again will
come a pressure, and again the same
round of panic and suspensions follow.
At the bottom of all this trouble lies
the indisputable fact that the country
has been for years importing more than
it export.
The following is the table for the year
ending June 31th, Is T..
I~MPoRTATIoNs.
Free S54e67, sol
Foreign Foods, duitabIe. eg4. lG0,s36
.+es ,2ie
EXPORTS.
Free Goods. Portign.---...s 4.3l3.sS
Foreign Goods. duitsiIs----- 10 9I-947
Domestic Merrhandise----- &c .9o6.7l3
--S294.si a go
Export of Specie. excess beyond Imp9rts...56,G75.ls3
Nominal balance in favor Of the United
S-'S9SO OS
The New York Courier and Enquirer,
commenting on this state of things says:
at requires no labored article TO show
that this is not an index of a prosperous
condition of orr foreign affairs. Some
readers will inquire why We export fiiiy
six millions of precious metals in pay
ment of a balance of fGty-four millions
only: and why after that balance is *
tinguished, we go on exporting. at an
accelerated speed, the gold snd silver of
the country. In the first place, there is
an important item of Indebtedness which
is not presented in the above resume.
viz; the annual interest on the funded
debts of the United S ates, the several
States and held in Europe. The aggre
gate of this funded debt is variously es
limated at $500. OOO, 600 10 500, 600. 900.
Assuming it at $500. 00O. 600 there is an
average interest of Z per cen 10 pro
vide for, resulting in an annual drain of
twenty eight millions of dollars a least.
Tie principal OF this Accumulated
debt must be provided for during the
next twenty years, for this liquidation it
will be an annual average
For Eve years at least until 81 co., Gro
And annual . 800 GEO
4c,unc'UOu
This is a great load TO carry; but 1t
can be safei done, and leave a salutary
lesson for Us TO reflect upon, if we hus-
band orr vast and reduce our
importations from abroad. So far as
specie is concerned the country is in a
less favorable condition at this moment
than a year ago We have exported
more than We have created or produced.
TIE specie we have exported 10 Europe
land which has been re exported thence
TO India and China) would have been
retained il wiser counsels had been fol-
lowed. Fifty millions devoted TO the en-
couIagement of the iron trade, woo!ens.
railroads, &C., would have fortified the
whole country, and enabled it more
readily to withstand Tor obyiate) such a
revulsion rs the last few weeks have ex-
hibited."