Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1857-10-10
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: tant that people should not allow the
fears to carry them so far as to impair a
l confidence in The future, or in the ~solyenc
of banks or individuals. We would sa
then, "Let us reason together"
: In 1887, there was one general crash
e individual, State, City, and National cree
it. In 1857, the finances Of nearly all th
States are in a strong condition. The III
e terest on their debt is promptly paid. Th
t same may be said Of our cities generally
and our national credit is not only unshake
and unassailable, but the 2 100000 {
, coin in the Independent Treasury, afford
a constant relief. The banks of New Yorl
are daily drawing coin from the govern
lnent vaults, from the fact that the govern
ment has had SO much coin on hand tha
1t Is able to pay off its debt in advance, al
a premium. The coin under this operation
will soon be reduced in the Independent
Treasury to SI0,000,000. The banks anl
the community thus gain iinmen ely By
this specie stronghold in our very midst
It is now a rock of safety, and is so regard
ded by every sound business man. But IN
1897, the government had only q few dol
lars III coin. Their own Treasury notes
we're 10 per cent. below par. 1t is an in
variable rule in all countries when national
credit is shaken, that individual credit is
paraiyzed. This unassailability AID i'm
p~regnabllity Of the government credit is
The saving feature Of the panic, and must
bring salvation to that portion of the bust
ness community which is really sound.
Secondly. The harvest Of 1896, which
preceded the suspension of 1887, was a
poor one-one Of the lightest in many
years, so that we were absolutely import
ing wheat, potatoes, de-, from Europe;
but in 1857 we are now certain of a more
bounteous harvest Of wheat, corn, oats, rye,
potatoes, sugar and cotton, than in many
years. In truth, the whole country, east,
vest, north and south, is teeming with all
those necessaries of life, which are trne
wealth far more than gold or silver. A
nation cannot sustain life where there is
nothing but gold; but they can ike, and
well too, when they interchange the pro
ducts of the bounteous earth.
Thirdly. Europe is willing to take
what W e have raised, at a fair price, in
payment Of our debts. Cotton is not only
high in prlce-l6 cents per fb-but Eu-
rope is willing to take every bale that We
can spare. England, on account Of the
war in India, is willing to take all ON beef
and pork at beyond the usua? rates. Our
corn and wheat will also be in demand to
the deficiency Of the potatoe crop.
Fourthly. We have a System now,
but which We did not have in 1887, of
will enable us to expedite union, which
.uarket. We can do more in 1857 IN two
months, than VIC coull in 1887 in six
months. This is a gigantic element Of
power to recover from the present panic
and del ressior. We can now do business
in the winter with New York. In 1887,
the far interior could not transfer q dollars
worth Of its products daring SIX months OF
the year. Our railways have cost US more
money than they should, but they will
now be found 10 be an indispensable aux
iliarv to a revival Of business. Men, il
1887, speculated principally in city lots
and wild lands. In 1857, railways have
absorbed more capital; but since the re-
vulsion has come, they materially aid Us
in lifting the country out of embarrass-
'ments, whereas tie land speculalions Of
1867 were Immediately locke up and
not available in years.
Fs5ihiy. We have in 81 q monthly
supply ofgold-to the amount Of $1,000
900 from California, which inevitably af
fords the basis Of a sound credit, and safely
~cnIarges the enterprise Of our countrymen.
Four hundred millions Of gold have been
extracted from the mines Of California,
since l847. That is not wasted. 1t is
either ia our country or in Europe, among
the boards of capitalists.
We cannot conclude this article without
saving that in one respect 1861 was
like 1861, People had lived TOO fast
The credit system was strained to break
ing: hundreds Of genteel and lazy SWIM
aIers then, as now, have been living upon
the earnings of honest industry. Credit
Iswindling in every form has been the rule,
People have bought largely without calcu.
lating how they could pay. Living with-
IN their income has been almost a rarity.
Social piracy has been so common that
during the past few years it may be. said
that the thieves were the larger portion OF
1.-The community. This crisis will be q
healthy one, if We can root out these
thieves. and set them to work where they
will honestly earn a living. Without a
rsvulsion, these parasites could not be sila-
ken of-and also when credit is more Inn
tied. rents and every necessary of life VIII
be At a much more reasonable price to the
whole working community. Milwaukee
Wisconsin.
LANCASTER MATTERs.-We PAID a f1y-
mo- visit to our county town the other day.
The new Jail and Jailor's house IS nearly
completed, and presents 9 very credltable
apnearance. A fine fence has been pui
around the Court House Square, crossings
+ and sidewalks made, and the appearance
If the town generally considerably innProv-
ed. Several new buildings have been e
rected this summer, many Of them very
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