The star of the north. [volume] (Bloomsburg, Pa.) 1849-1866, 1857-04-22
II.
Land Speculation In the West--Their la-
nuence here.

The extent to which speculstions in land
have been carried on in the w est, canno, but
exercise an injurious influence. sooner or 10.
Ter, even here. To use an old simie, the
financial world is like placid lake, which q
stone dropped into disurbs, msre or less, over
all it's surface, however remote. Already ia
fact, the debts due 10 eastern merch q nts f:om
many quaheB of lha, vast and growing sec.
iion, have failed 10 be liquidaied al maturity,
because The farmers and other cus,cners OF
the western storekeepers, beng embarked
beyond their means in land speculslions,
have not been prompt in paying their semi
annual bills. The nearer regions OF tho West
have been the first 10 exhibit this deficiency,
for il has been from them, principally, that
| the money for these speculations has been
taken, and the actors in them have gone. As
| this state OF things is not new, as we are no,
without parallel TO it in the past, we may
almos, certainly predict what is TO follow.
For prosperous as tho West Is, specula-
tion exaggcrates that prosperity, Over large
portions OF tina, thriving region prices range
according to its supposed future wants, not
| according 10 its present ones. In Chicago
lands will today, bring more money than
| in corresponding situations in Philadelphis,
or even in New York; yet scores of persons
are anxious TO purchase, Notwithstanding
| these enormous prices, in the hope of a still
| further advance. Thus speculation stimu-
la,es itself. A fictitious value TO property
| is kept ur, and will be till the bubble bursts.
Hundreds who are shrewd enough TO sec
the false character of prices, nevertheless
are embarked in speculatious, believing that
they will be able 10 sell before the reyulsion
commences, and saying, "after me the DEL
| uge" To carry on these Transactions how
! ever, means must be had and hence money
IS at three, four and six per cent per month.
Honest debts are neglected in order 10 gam
BILE on lands. Adventurous capitalists, who
have gone from the East, are doubling their
fortunes every two years, mainly by lend
ing usurious rates, with mortgages for col
laterals
hrequircs no long argument 10 dsmoo-
strate ;ha; this state c! things canno, last al
ways. The bursting OF the bubble is simply
a question Of time. And when the convul.
sion comes, the Eas. will be the sufferer,
though more innocent than the West-tha,
is, it will lie the victim, unless it takes heed
in time 10 curtal the Indebtedness Of ihs
West. There was per!cd, which men o.
iorty or upwards Sill remember, when
what IS occurring in Minnesota, Iowa aad
other points OF tue now Ear West, took place
in Ino Llama, Illinois and Nissoun, period
during which lands were run up TO fictitious
and speculative pfees: and after which they
fell, for long years; By natErsl reaction, 20
prices below tAei: actual woria. THOUSANDS
OF persons, even in Iae East, we're ruined
BY these fearful times. There vii lie ihoz-
sands ruined now il hey DO 10: take hssd
in season. We are 10 aIzruLsss Bet vs
should be false 10 our position As coasc.ea-
,ioUs journalists, il We die 10; wa-u the p=b-
lie, ii we did not speak bOidly ogt- Tes
. couiagion OF speculation, which "a. ;t.o--
the Wes: ia;o = fEa1c!ai fever, Is e1tea6iaE
even to Cur eastern cities. and Ius,ly aiar-s
a. cautious a2d rsfe;inZ Eea-L>Szr.