The weekly Minnesotian. [volume] (Saint Paul, Minn. Territory) 1852-1858, 1857-10-03
Money Matters.

The continued pressure at the East, and
especially the sad state of things in Phlladel-
phia, show clearly enough that causes not
wholly transient are at work disastrously in
the financial affairs of the country. The
West cannot escape, and it will be wise to
prepare as best we may for coming waves
Every needless expenditure should be cut
off, the best provision made for necessary
wants, and every possible effort be adopted
to pay debts. Men who have means that can
be spared, should not hoard them up, but
magnanimously help their neighbors, and
keep as much money as possible in active
circulation. Property will soon have rea-
sonabe value, and it is safe to rely on it to that
extent. Let all panics be repudiated, keep
up good cheer, and while some of the deck
load will be washed overheard, we shall sur
vive the storm.
The great difficulty with the West now is
to market its crops. This would make US
secure; but the season is growing short for
them to reach the sea-board, and we believe
that true wisdom will urge them on with the
greatest rapdity. The farmers in States
having surplus, better sell at reduced prices
than to winter over their grain. They them
selves will be the gamers, rather than share
the general suffering which their storage must
occasion.
In this Territory we have raised enough
for our own consumption, now that the sea-
sen has permitted the corn crop to reach ma
turity, at least the vast majority of it, late
as it was in the Spring We shall therefore be
able to keep our money at home, obtain a
reasonable price for our productions, and find
our wants supplied.
| But there is much reason for reflection and
modification in the present state of affairs.
No providential calamity has fallen upon the
land; no war has ravaged; no pestience
SIN itten, and no famine has stalked through
it with CHASTITY step. Health, unprecedented
harvests, California gold, commercial success
and manufacturing industry have all been
in full play. Not a single,source of prosperity
has been closed, yet here we are-our stout
est financial institutions paralyzed, our CON-
mercial houses crashing as by an earthquake,
and general distress spreading over the land.
Why is all these strange phenomena ?-this
thunderstorm in clearSky?
The answer is as ready as it is humiliating.
Wanton extravaganza: swindlins speculation,
and laziness, have brought all this disgrace
and ruin upon us Money enough has been
sunk in this Territory, in crazy, fictitious
"corncr-lot Speculation within two years to
have more than doubled our pecuniary re-
sources. In the larger cities of the country,
wealth has been piled up in buildings with
monstrous extravaganza. Unnecessary rail-
roads have preyed upon our resources with
ruinous pertinacity. Speculation in stocks
has distracted us. In dress and equipage,-
in houses and modes of life, there seems to
have been spendthrift rivalry while increas-
ing thousands, too lazy to work--to produce
anything, have been loafng in idleness and
dissipation.
These are the true causes, and the only
causes, which have brought the country to
the verge of bankruptcy and repudiation.--
Speculation, eaaraoagance, idlemess-these have
rpened into fruit, and we all must eat it.
And it will do us good. For while we
shall so far reform as to recover from these
effects, and our immense resources will grad
ually drift US again, and prosperity, it is to be
hoped more permanent for these small les
sons, will smile upon us. Every man and
every woman will see where improvement
must begin. Produce and saue-that is the
law of prosperity