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

We do not coincide with the views commonly advan-
ced upon the subject Of western migration; In many
respects opinions anagonistic to those which the
journals of the seabord States have held Recently it
is true 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
financial crisis less probable each day. have encouraged
espondng hearts and stolen the thunder of interested
erumblcrs But month ago, from the Washington
Union down to the duodecmo sheets, chorus of Gaze
cpuen rang FORTH beeechng in piteous accents, eastern
capitalists and eastern not to hazard their future
and their capital in fool-harly speculation
In every KEY the song of warning has been sung to
those adventurous spirits who seemed disposed to do that
which their grandnlohers declared foolish and wicked
because novel
In every variety of accent the young spirits OF the
age who have conception of the meaning Of the
word prorress have been informed that the est is I'M
bued with mania Of speculation which must be disas-
irons as the South Sea bubble the fatal imitation OF
1887.
Every Bank, feeling that the blood was being drained
from it's veins by each successive remittance to the tar
West has raised the cry of HORROR the precious nd
left their boated carcasses nvgoate the daring youth
of western enterprise The dread Of diminished profits
and jealousy of those who accumulatng property
more rapidly than they have caused the institutions Of
the East feel this patriotic agony and cast bilious
tnoe upon all the views enuncated through sympathi
sing press Because they witnessed many revulsicns-
they feel authorized to declare without resort to argu
ment that this period of prosperity must be followed
nv sucb collapse as those which succeeded the expan-
ons of former years As the inconsiderate increase OF
Bank paper which was not founded upon proper pro-
portion of true metallic money pr'ooced an e'hance-
mcnt of prices which was followed by its natural conse
ouence destructive depreciation have decided
with true sene reasoning, that the present period of
unexamped prosperity must be followed with similar
crushing msfortunes.
This outcry has been productive Of good 1t has ar
l.:
rested the community when fast becoming audacous
in it's conceptions and fool hardy in enterprise Spec-
laton checked have had him to reflect and compare.
We have examined accounts and know exactly how
we stand We have posted the books, struck the bal
ance between the Debit and Credit and found that the
country was never wealthy and trade conduct
ed upon sound 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 the West
It is now clear to every candid mind that deeper
and more potent than that welded by moncd insttu-
tions have produced and will support this unprecedented
state of things
For six years the world has annually received more
than one hundred millions of the precious metals This
annual Weld forms in itself large proportion OF the
original aggregate. We have undoubtedly received
since 1850 one-thrd one-haf as much gold as the
world employed previous to that year. The effect OF
this increase must have been to cneapen money anu
crease the value of property.
Money is a symbol and as the symbol multlpes,
that for which it stands must be multiplied in similar
ratio and thus we account for rise in the value Of
perty which is universal in this country and throughout
the civilized world So long the gold fields Of Aus
tralia California and the Ural Mountains continue to
pour their golden treasures into the lap Of commerce.
money must diminish and property must advance in
representative value
This is universal law and propose to discuss,
in few brief words its necessary effect upon the un-
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