Montgomery County sentinel. [volume] (Rockville, Md.) 1855-1974, 1857-07-03
The Dangers of oyer-specuIation.

france from 1854 to 81.
The Dangers of Over-Specu Iation.
The following excellent article appears
in late number of the Nebraskian, a
weekly paper published at Omaha city,
Nebraska Territory. The warning comes
from the right quarter:
AT no period in the history of our
nation has the mania for becoming rich
in hurry without hard and persevering
labor been so peculiarly the spirit of the
age as the present The field in which
this disposition RACES to the greatest ex-
tent is in the Western States and the
Territories. Successful speculation in
government lands, by few individuals,
wheneverit occurs, Immediately flies over
the whole country, and Immediately there
are hundreds who are seized with the
mania to double and quadruple their for
tunes in few weeks, or months at most.
and so they abandon the regular pursuits
of their former lives, and rush headlong
into the labyrinthine windings of reck-
less speculation. If they are successful
they are heard from again; if unsuc-
cessful, they fall back, it may be, far
below their former condition in society
and, with few faint murmurs at what
they call the freaks of fortune, are heard
Of no more.
" The past few years have been to
many spectators in western lands a gold
en- age. In Illinois, Iowa, and Wiseon-
sin they have bought, they have sold,
they have counted their gains by hun
dreds Of thousands, and indeed have fan
cied themselves rich but, then, one
more bold push, and then they would be
richer; they make that, and they are
ruined And 50 it will turn out with
thousands who are to-day making haste
to be rich by speculation,
The history of the past is replete
with instruction by which we should
profit A score of years have passed
since a great financial crash agitated the
whole country, Men retired at night
confident in the possession of millions,
and woke in the morning to find them.
selves bankrupts. That crash was pre-.
ceded by a mania for land and town-lot
speculations not greater than is witnessed
at the present day. Then, as now, un.
improved lands, and town lots where the
tall grass still hourished, sold at extrav-
agant and even fabulous prices. Nothing
is ever added to the public wealth by
these wild speculations The fruits of
productive industry are no more abund-
ant; the real value of these lands and
lots is notincreasod by passing from hand
to hand in an unimprovcd and uncultiva-
ted state; by-and-by the reyulsion came,
ard the whole nation vas startled at the
report of great failures, the effect of
which was seriously felt all over the
country. The times suddenly, and to
many unexpectedly, became very hard ;
money becomes more than ordinarily
valuable, and then five and even six per
cent. month is paid for it, and still The
crash comes, and nothing can avert it.
" Then let us profit by the past. 1t
is high time that this reckless spirit Of
speculation was checked, and the useful
pursuits Of life received general atten-
ton. 1t is undoubtedly rightand proper
that men should trade with each other
that they should buy and sell and get
gain, but when this buying and selling
mania seizes hold of the great mass Of
the community, to the almost total neg
lect of the productive pursuits of life,
the result cannot be doubtful Tho strin-
gency Of the money market and the high
prices Of provisions should convince us
that men cannot live on speculation alone.
Change every producer to the proitless
consumer, and gaunt famine will shortly
stare us In the face. The great law Of
labor cannot be violated with IMMUNITY
and if we will not learn lessons from the
past, the future may compel us to listen
to instruction that may be more forciblc
than agreeable"