The western Democrat. [volume] (Charlotte, N.C.) 1852-1870, 1857-10-06
BUSINESS AND FINANCE.

.. BUSINESS AND FINANCE.
The Boston Post regards the present
panic as almost as great as that of 1887.
The foreign Indebtedness was then enor-
| NOUS the South and the West were deeply
involved in the meshes of expanded credit
and the East was covered over with bonds
and mortgages. Now, as the New York Ex-
press says, we have for eign debt of nine
millions due US, and king Cotton, for
years, has paid his devotees as he never
paid them before and this year, in a very
short time, too, he will begin to pay our
shipowners an unparalleled amount of freight
and pay the growers over $lOOOOO,OO0 of
dollars. In brief, the South is coming
money. and no customers are sounder or
pay better. Look next at the West. the
nobly expanding West. rich in every re-
source when were crops better than they
are now! 1t is conceded on all hands that
they will be enormous beyond all former
experience; and, in place of importing
breadstutfS. we can supply all demand
tn ere can be for them. And in place of
millions upon millions of foreign indebted
ness, and ruinous drain of specie out of
the country, VIC have, at this moment, rate
of exchange that, by the law of trade, must
bring specie from abroad into the country,
and which, as soon as the cotton crop goes
forward-bringing such prices as it never
brought before-nust continue to return
specie funds"
The suspension of banks, merchants,
traders, and manufacturers has. as yet, pro-
duccd no visible effect on the aggregate
business and aggregate prosperity of the
country. Nature, says the Washington
Union, has been too lavish in her gift our
countrymen too prompt in availing them
selves of those favors, to admit of general
embarrassment and suffering from the folly,
cxtravagance. mismanagement, or ruin of
any class or classes of business men, whether
their transa ctions have been in private or
corporate capacity. While the financial
circles of the Northern cities are daily and
fevershly moved by partial stoppages and
downright bankruptcies-by the deprecia-
ton of real estate-and by the hitherto
vain effort of the 'bulls'' and ''bears' of
the stock market to find a BOTTOM
section of our broad Uuion is gladdened
with the glorious assurance that plenty
crowns the year."
In this connection, New York cotempor-
airy remarks: ....s- ..
The crops of the country are the largest
ever known; almost every section of our
land reports bounteous harvests, and there
is every prospect ola good foreign demand
at fair prices for all the grain and -four we
can supply. Through the troubles in India,
and the general increasing foreign demand,
our pork and beef, which have become i'm
portant articles of export, will command
probably double the average value, and we
shall have a greatly increased supply.
The prospects for fully fair crop of cotton
are promising, and prices are nearly or
quito double those of average years.
Throughout the length and breadth of the
land there is an unusual prospect of late
fall pasture, and roots for the sustenance of
cattle, which is matter of more impor-
lance than is generally considered. Cali
fornia is sending US regularly more than
forty millions of gold per annum, consid-
cradle portion of which remains in circula-
ton in the interior of our country. Emil
grafton to our shores of more thrifty class
of people is steadily onward, and through
the money they bring, together with their
Industrious habits, our western States are
reaping rich harvest"
CoTToN FACTORIES CLosING.-The high
price OF cotton, and comparative low price
Of cotton goods, has caused the stoppage of
more than ohe-half of the Northern factories,
and many at the South