The weekly pioneer and Democrat. [volume] (Saint Paul, Minn. Territory) 1855-1865, 1857-12-10

To The kitors of tho rioAeer and nemecraii
TRnY n " My 81

Vin'cr perceive mas Ialltn upon
you in earnest and with unexpected sud
dencss. hut you must not think that
you are worse Off in this regard. than
are the people Of the East. This is u
cold, wintry and clustering day, such day
as iniallibly predspo~s nervous man to
an attack OF the blues" unlike our Min
nesota days, which in their greatest severity
are still full Of healthial inauguration aud
cheertulness. ] am satisfied tina, there is no
better penacca for the ills Of the body or Of
the mind than tho January climate Of Min
nesota Since last wrote, no very decided
changes have taken place in financial affairs.
still confidence is slowly gaining ground. and
all foolish alarm rapidly passing away. The
community is awaking 10 the conviction
that they have been more " frightened than
hurt" 10y the tornado that has swept so
universally over the land, checking the wheels
OF commerce and Frustrating industry on
every sidc The storm rs orer--t there is no
doubt Of that; but the individual ruin and
national loss that has been occasioned by L.
cannot be repaired in day.
Our troubles arc beginning to exercise
their influence upon the other side Of the
great waters. The latest news from
England is of an exceedingly gloomy char.
acter, many failures have occurred. The
Bank Of England had raised its rates Of
interest to ten per cent, a higher point than
had ever before been known.
However, We ARE not now in condition
to be very seriously injured by any convul-
sions which may occur on the European
side, we have nothing to lose by failures
there, for they owe us nothing. "lhe boot
is on the other ley" We owe them great
deal, which to their misfortune and our dis.
grace, he il said, will nepr be pad upon The
earth. Their troubles therefore can only
have the effect Of chronclng the sad results
OF our insolvency. and IN this way. Of cancel
ling the greater part Of our foreign debt.
The New York stock market may be
regarded as the financial pulse Of this coun.
try. II rises and falls with the fluctuations
Of commerce and Of finance. It's u tolerably
fair index Of the state Of public confidence
AZ confidence flags, prices fall--U confidence
returns. prices rise. During the height Of
the late panic, in September and October.
the best stocks fell fly per cent. and some
even more than this. Stocks Of rotten
railroad companies, which had been sustained
at par by the most corrupt and nefarious
schemes, fell suddenly down To noih,ng. the
rascality Of their management became oh
vious to every one, and every one waS aston
ished, that they could have been so grossly
deceived
The scales fell from the eyes Of men, and
distrust naturally took the place Of the es.
traor,llnary and blind confidence that had
prevailed. Panic arose upon the wings OF
the wind and an insane terror eizei upon
the souls Of men. Railway stocks fell into
the darkest repute, and ior time were
regarded by men Of capital. ns Of no intrinsic
value whatever. The good and bad fell
togcthcr--a common wreck
But the return of reason and common
sen-e, has shown nv that our fears hnye car.
ried rs 10 ridiculous extreme. TO our sur.
prise, We scc that the rnilronds stiIl exist
and VIII continue 10 exist for ayes 10 come.
binding together, by tics Of commercial re-
cIprocity, the remote portions Of our vast
country. They have become u necessity
we cannot do without them They possess.
therefore, intrinsic raiw, which capitalists
must soon acknowledge, however greatly
Their confidence may be shattered for the
hour.
Within xix weeks some railway stocks
have advanced full fifty per cent. and are
still advancing. The Companies have been
reducing Their debts and cnrtailing their OK.
penses, and IN some instances. raising the
rates Of iarc. The stock II sacb roads will
soon tic Of par, or nearly 30 The safest
and hest roads in this county, or in the
world, VIII prove 10 bc those lines which
connect together the Eastern and Western
States. The business Of these ruads must
lmnPn~ly increase, from gear 10 year, with
the increase and development, 81 the country.
and must consequently becorn" iDtrinsicalIy
more valuable every year Those who trut
The future will not tie disappointed
ia iging from present signs. il seems IA II
emigration 10 the Wcs, mus, BE- unprecc-
fisutIy great pe,t Eprt,v npd rnt,id IL, s,,ti