The weekly Minnesotian. [volume] (Saint Paul, Minn. Territory) 1852-1858, 1857-08-29

9ss Va 471 NJ al
The panic makers have been compelled, in
effect, to confess that their gloomy predictions
last spring were all wrong, but some of them
make a retraction with a bad grace. One
eastern journal, with which crcaking has be-
come chronic, consoles itself with the re-
Election that we are very largely indebted to
Europe for railroad and other bonds, and it
will take everything that we can rake and
scrape to pay the accruing interest upon them
in connection with our large importations.-
This we are told, will cause a constant drain
of specie, and tend materially to detract from
the country's prosperity, The u s. Econ-
omist, however, makes very encouraging
exhibit of the available resources of the ma
ton to meet all contingencies. Let us pre-
sent few figures showing our probable ex-
ports for the year.
First, there is the cotton crop. estimated
at 100000 bales, and which will be worth
S20O,0OO,O0O. Specie for export, consider
ably more than last year, say $7O,0O0,OO0
Wheat, 3O,O00,000 bushels required by
England alone. Saved to the country over
last year, over S20,000,O00, by the bountiful
sugar crop of the South. So that with the
addition of the usual items that make up
our export list, it will reach over $400, 600
OOO-an Offset, with freight and profits. to
importations amounting to at least $780,
100000, or an amount fifty per cent greater
than than that of 1856.
On this state of facts the Economist forc-
bly, comments as follows:
This is the reasonable prospect for the
fiscal year now commenced, as the necessary
result of our natural production, responded
to by the improved wealth of Western Eu.
| rope. Already the year opens well with a
fair business, and already the croakers begin
to sound notes of a arm, by enquiring how
the goods are to be pail for? The true in
curry is. How are VIC to get pay for ouI
enormous exports ? The first great want OF
Europe is Cotton; the next (for this year, is
gold; the next food. OF all these ar cles the
United States possess abundance. The sew
eial countries OF Europe compete with each
other and with England for cotton, and all 0!
them contend for it with the Northern States
Six millions of souls, and an incalculabIe
capital locked up in machinery, are anxious
~ inqulring. Where they are to get the
raw cotton for the manufacture of the cloth
ing that GO0,O00O 900 prosper, us people in
| Europe, Asia and America require at their
hands The Southern States may hold
| 100000 bales to be divided among all man.
ufacturng nations, but the question arises,
How is it TO be paid for? The American
factories North and South supply most OF
| the clothing wanted. and American indus
try being lin common with that of England
and EurOpe) producing all that they can
produce-Our manufactures are equal to any
! in the world-our food better and superb
! bundant-onr supply of gold excessive-in
short all that Europe grows or manufactures
we grow or manufacture in surplus quanti-
ties. When these people come, then to but,
$50 600, 900 worth of cotton, and $7O,00O,-
600 worth of gold, and $50 100000 wort
food in addition to other commodities, We
may we'll ask, How are You to pay? France
indeed can give us silk and wines and China
! tea, but these articles vii not foot the bill.
Besides, we are to remember that the people
of Europe who consume manufactures are
this year prosperous, and will keep up an ac-
tive demand for goods, presenting not much
surplus and therefore the disposition to pay
for cotton by giving goods at low prices
England may be able to give some tea, end
coffee, and sugar, by running into debt to the
producing countries for them; but our own
direct trade with those countries will furnish
US enough of such articles. 1t would seem
t. b the case, therefore, that if she must
! do without the gold, since she cannot pay
| for it. In such a case the accumulation here
Won d be excessive of that article. as well as
of other prnducts of industry which consti-
fute Our national wealth and of which thn
absorption is now very small, since there are
no great enterprises afoot for its conversion
into fixed capital.