The Washington union., 1857-09-25

Hampshire, vice Benjamin +. Vittum, from 3lst Oc-
tober next. .-.r... ..
THE FINANCIAL CRISIS AND THE GENERAL
PROSPERITY OF THE COUNTRY.
FREQUENT record is still made in the Journals of
New York. Philadelphia, and Boston of the suspen-
sion of banks, merchants, traders, and manufacture
ers; but Notwithstanding the widespread losses and
embarrassments which these suspensions have occa-
stoned, they have as yet produced visible effect
on the aggregate business and aggregate prosperity
of the whole country. Nature has been too lavish in
her gifts, our countrymen too prompt in ayailing
themselves of those favors and the financial policy
of the democratic party has been too successful
in confning within comparatively safe limits the
schemes of enterprise and the expansions OF trade,
to admit Of general embarrassment and suffering
from the folly, extrayagance, mismanagement or
ruin of any class classes of business men, whether
their transactions have been in private or a cor
porate capacity. While the financial circles of the
three cities named are daily and feverishly moved
by partial stoppages and downright bankruptcies
by the depreciation of real estate-and by the hth-
erto vain effort of the bulls and "bears" OF the
stock market to find a "bottom" every section of
our broad Union is gladdened with the glorious as
surance that "plenty crowns the year." To quote
from the Albany Argus:
ssThe corn crop is generally beyond danger Of
damage from frost On low lands and in the hlly
regions where the soil is not adapted to this crop, it
would probably sustain injury, but in the good
growing districts it is cafe This may well be
a matter of congratulation not merely among farmers
but also among all classes of people, 1t the year
with plenty. All the other crops were already most
nf
able and extensively cultivated article of breadstu and
provender is added to the luxurious catalogue We heard
of no crop which be said to be failure this year,
ccpt the potato There very abundant growth Of
that escuen but the rot has done great damage to it
in many parts of this State We cannot speak of the
tent of this injury in other States and think it probable
that the West which Is said to have large extent Of
acres in potatoes this year. has escaped this blight
In this connexion, another New York contemporary
also remarks
The crops of the country are the largest ever known
almost every section of land reports bounteous har
vests and there il every prospect OF good foreign de-
mand at fair prices for all the grain and flour sup
ply Through the troubles in India and tie general in
ceasng foreign demand pork and beef which have
become important articles of export will command prob
bly, double their average value and we shall have great
ly increased supply The prospects for fully fair crop OF
cotton promising and prices nearly quite double
those of average years Throughout the length and
breadth of the land there unusual prospect of late
fall pasture and roots for the sutenance of cattle which
is matter of importance than is generally consider
cd California is sending regularly than forty
millions of gold per annum, considerable portion OF
which remains in circulation in the interior of coun
try Emigration to our shores of thrifty class of
people steadily onward and through the money they
bring together with their industrious habits,
tern states reaping rich harvest.
The time has happily passed by when the agrieul-
tural and manufacturing interests of the country
can be almost ruinously affected by the operations
of State bankers and brokers, or the corrupting,
overshadowing influences of 'great regulator"
of the national currency and the exchanges. That
there has been serious financial crisis in several of
our largest northern and western cities admits of no
dispute; but we suspect that the losses complained
of are, to very considerable extent more nominal
than real. The enormous decline which has taken
place in the value particularly of railroad property
is the natural sequence of excessive speculation-of
stimulating unsafe and unknown stocks to the point
of gambling prices. AS far we have observed,
the crisis has not forced any railroad stock to any
serious extent below its real intrinsic value, pre-
vented any company from declaring an honestly
made dividend. The decline, we fancy has been
from the ruling, fictitious figures of the spectators
to the trying standard of real capital and real invest
ments. In other words no inconsiderable share Of
the enormous losses of Wall and Third streets must
be counted the anticipated profits of the 'bears"
and the unsettled differences of the "buls."
There is no occasion for alarm distrust, but
abundant and abiding cause for joy and gratitude AS
long as can draw upon the cotton-felds Of the
South and the factories of the East, upon the eem-
ing granaries of the middle and western States,
upon the gold deposites of California and the iron
and coal deposes of Pennsylvania and Virginia and
as long as our industrial interests blessed as
they have been, and continue TO be, in a re-
markabe degree, by kind and benefcent Provi
dence, it is quite likely that the great mass of the
people will not be seriously nconvenienced by the
money pancs and money disasters of any city in the
Union.
HON. j. NJ. SANDIDGE.