Richmond daily Whig. [volume] (Richmond, Va.) 1842-1861, 1857-10-22
THE FAST AND THg PRESENT.
TIE CONDITION OF THE COUNTRY IN ls,7-wuA1
OF THE FUTURES

THE CONDITION OF THE COUNTRY IN ls5T-wuAT
OF THE FUTURES
Il Is difficult to realz, the terrible financial pressure
that has been experienced with AL its embar
EASEMENTS and with the nation large in possession
such immense wealth. Il is least certain that We are
infinitely bette. OF than in 1887 and that decided i'm
provten be anticipated in the course OF very short
time comparatively speaking II is qlite possible nay is
true, thsi have imported much aud that have
lived too last Blu, is equally certain thai possess
many Of the substantial elements Of wealth and pros
pery and that the panic aside have experienced moth.
Ing in the way OF national calamity What then are the
facts relates to the periodsS According to the
Cincinnati Gdtee the commercial crisis of 1887 was
attended by the folosog marked and leading features
lat BY the reduction Of the tariff of 1892.
I'd BY the great and rapid extension foreign com.
/ merce
81 BY the great aud rapid extension of Bank Dis.
counts, attendant upon the extension OF commerce.
4th. BY great aud general land specuations.
9th. by the heavy drain OF gold the demand
from Europe, and the payment Tor lands.
9Th By the rapid curtaiiment of Bank Discounts to
meet the demand for coin.
18th. The general suspension OF Banks in CONSEQUENCE
| OF their inability IN meet that demand.
sth. by the failure Of the States OF Indiana Ilino
Michigan, Mississippi, Aiksusar, and Florida,
their Obligations.
9th. By the efforts of State Legislature through Re-
liei laws and other temporary devices remedy the
general disorders OF finances aud the mt OF
debtors
Ioh The banks of New York resumed specie payments
In lsss, aud all the backs IN January, 1882
llth lu September, 1889, all tie banks South and
Wet OF the Delaware suspended second tine
l2h In February, ls4l, the Pennsylvania Bank of
the United States failed aud the banks OF Philadelphia
and Baltimore suspended sgsin.
Aud according 10 the Washis ton Union our position
ut the present time Is as follows
The balance u trade IA iavor ENGLAND sin our
debt IL Is nsateriai tothe Question that some 81 her
capitalists have eboscu from tInc time to invest large
sums oil money In ouF railroad companies. Their biting
msiornnes with the stocks OF Mississippi Years ago pr
jected them heedessly upon corporations II they had
pot their money in State stocks would have been safe
ALI that Is thus vested viii be- found he So The int.
rest which those loans will draw from the country will
b" comparatively tmal But the actusI indebt.d.s. ol
Eogand will be than balance for any drain
which BE- made by her citizens interest upon loans
We al this moment stand fair aud equal with ali nations
and have nothing TO Cypress or even TO annoy
abroad. What then, is condition in regard TO our
home resources! We shall simply speak in nun.
beers, but within the minimum of the true figures
Our cotton crop OF last year hundred and tbir.
~ millions. Ii will he worth hundred and sixty
Our tobacco crop ths year will produce twenty millions
of dollars. There are twenty States in this Union
which grow tobacco and the crop Of this year is an
! rage one.
Our wheat crop in 1850 was one hundred millions Of
bushel., and esmate that year at an equal amonnt Of
dollars Since then very great sIimulous has been ap
piled TO wheatgroSing. Tn We had only eleven mil
lions OF sores In wheat. Now have not less than
twenty-five. II s years SINCE then which is an
item TO cause Increase. and DO added to that of
years and the greater demand then. The pro-
duct OF ~heai We have doubt, will be two hundred
and twenty-five millions OF bushels. II may be rated at
/ 40 equsl sum in dollars.
California win produce orty-f7e millions Of gold This
will not leave heretofore Then four fIths Of IL
went away. Tbi- year iour-6fths OF il will remain
Oar crop OF corn In 1880 estimated at two hun
dred and sixty Fix millions OF dollars This year We shall
have eight hundred fliions Of bushels. IL i he wortb
more than the sun Of that year.
Besides these staple articles have long .t NJ
ports which would swell the aggregate amount to all i'm
Bense number Of millions.
The contrast the reader will perceive is once s,tk
log and encouraging. Surely, them may indulge n
hope, and With reason, that the existing troubles will
prove but temporary, that light W dawn and that
the excitement, the anxiety aud the panic will speedily
pass away They have, admit, listed much longer
than we at 81 supposed the crisis ia over and the
revival however sloS, cannot but DC sure-PhiL Isg