The Union and eastern journal. [volume] (Biddeford [Me.]) 1854-1858, 1857-05-29

ever intended TO cultivate the soil. To trade
to speculate-h the object. Msngss rich
BY owning lands and selling them ct higher
rates, they say. A.
The two men shut up in prison. who bar
tered q jacket for hat all day. each time
adding to the estimated value Of the ara-
cles, till at night one had the same hat val
ued at thousand dollars, and the other tho
saue jacket at two thousand, made money
Just rs much. These lands may DO carried
up by speculation they are already carried
up so that ''city lots'-that will not have
habitation within miles Of them for years
bring fabulous prices. as much as they would
if located in the heart Of Boston or New
York but when the bubble bursts, what 10
the last man to do with them? This game
was played in this city fifty years go,when
the Plains was laid out into house lots, and
when land, not worth over Eve dollars rod
at the south end, sold for forty. We saw it
tried again in 1856, in Eastern lands I;
and what came ofitf Exactly what viii
come Of this. But lands may 20 up higher
than they are now. The people are going
there, which creates real use for them, and
does add some actual value to them; then
Our people are sending money and goods
from the East for which there is no security
but lands, and that heightens the specula-
tons; then railroads are being built, which
are partly owned in Europe, and European
money carries il higher still and then Con-
gress is donating lands by the millions Of
acres at q vote, which falls into the hands
Of spectators and yet more increases the
fever; so that perfect madness has seized
upon the western people till they lay and
reyel in golden dreams, and men, women and
children are running about to purchase lands.
Their debts due to Eastern merchants they
can't think Of paying, and they don't pay
though their paper is said to be good -
Why should they pay, when money GU.
there is worth two, three and four per cent.
month, to put into land, and men who
buy marsh in the morning, and mark out
"eity lots" upon the place in the evening,
wake up millionaires the next day without
ever scein: their purchases? "No; no
can't pay debts now-hold on to this mon,
ey q day or two, and I shall DO rich. What
nv notes are protested for $4,000 in BOs-
ton or New York, they will never think oil
that when 90 East with hundred thou
sand or a million in my pocket.
Now we do not mean to say that there is
no real prosperity in the West. We err
building up mighty empire there-rich
powerful, free-such Us the world has never
seen; and Providence allows this mania u
answer that purpose; but these waves sweep
ing population onward, retreat after they
have advanced, and they dash themselves
up to roll back, creating terrible under.
tow that cautious men will keep out OF
Speculation places a fictitious value on prop,
erty which lasts till the bubble bursts, and
then ii is gone. There is nothing in the
present state Of affairs ut home or in Eu-
rope, that should raise the price Of land.
one shilling rather in the decline of bust.
ness and Of agricultural products, land
should decline; with the fall Of wheat and
corn there should be fall in the soil on
which they are grown; and it takes no ar-
gument TO demonstrate that sooner or later
1t must be SO. The capitalists by usurious
interest may heap up fortune, but If they
are shrewd they will DO out Of land gam
bling in season, while many an innocent
victim will be caught in the collapse and
ruined.
We advise those who have the fever upon
them to take rect day-think u minute ;
don't be in hurry. True, the times are
dull here, and perhaps they will DO there
before another crop comes OF. Exercise u
little patience, reduce your expenses, live
within your income, and our word for 1t.
when the balance sheet is struck, thirty
years hence, between those who so and
those who stay at home, in life, health NOR.
ais, happiness, and even money, it will show
decidedly in favor Of the latter.