The Abbeville banner. [volume] (Abbeville, S.C.) 1847-1869, 1858-02-25
From The Ih;iaielrhia EreSing Gaze
WHAT SHOULD WE DO WITHOUT GAIIFoRNIa

WHAT SHOULD WE DO WITHOUT CALIFORNIA
This is question that may we'll be asked. Is
= it. not practically answered by the gradual and
wholesome manner IN which the country is re.
covering from ,'sc disastrous effects Of the late
panic? Are we not INDEBTED to California for
circulating MEDIUM that is sounder than ever
before kpown in our annaisl Is not au almost
Isreparabe ruin Of trade and manufactures pre-
vented by the gold Of California and it's influ
encesi These are simple ihterrogutoties the
replies elected will necessarily he in the afirmu.
Gvc. Still lit must be admitted, that an elution
uf the national mind and of sound and unsouud
ttMctary and commercial enterprise, stimulated
and infamed by the hundreds of millions Of
gold Poured within the last years intothc lap
of the Atlantic STATES, ns If the auriferous stream
of modern Pactous had been suddenly turned
through the land, has produced excessive infa.
ton. all the ills that naturally follow in its train
Hence the stock-bubbles, paper cities, Western
land speculatiOIs, eNtravagan living, modest resi-
dences exchanged for palaces, gorgeous furniture,
over imports Of tinscl and finery. aud over cx.
ports of bullion, with the many wild, visionary,
fantastic, aud almost frantic schemes aud eXpen-
tliturcs that led to the recent and terrible panic
from which all now suffering Let us,
for II moment, survey the extent and changes in
"ur circulating medium. caused by the gold Of
Cnli(Urnia-upnn which, alsO, but too much pa
per currency has been bnsed-a"d therefore
temporary suspension Of the l,nmks Within the
five years ending January lst. 1883, the L niied
States Mint has coined nearly 30n,n00,O00. The
prndlct of gold in California, from 1913 to the
present t;m", has been. in round numbers $5H0,-
0nuOuO. The export Of gold to foreign couu-
tries tchieny to Finland in nine years, has been
nearly SjOn, n,OOD.Wu; Will. tine imports from
foreign countries has hut Imtle exceeded S3nO..
400 400. The circulation Of bank notes in le56,
did not exceed Sl96,UJu, ,u0O, while the specie
now in the country is believed. hy stalisticians.
to amount to nearly S3Ou, ,nu0. 900. There is no
occasiom therefore, to b- down hearted with re-
gard to the currency, especially as the gold and
silver ut this time, probably exceed the paper i'll
bank notes, in the proportion "I tw" To one Be
sides, the severe rcbukc we have received as the
penalty OF over trading, will induce u In!icy Of
prudence that in It's ultimate influence, will
prove nli.hti,r in its beneficial results than even
plethora Of the California product. How diff
fcrcut the condition Of affairs us compared with
the more permanent effects Of the disastrous
crisis of 1887 aud 1871, when there was 50 lit
tic gold in the country to meet the paper, aud
when, result un,lcr the brief bankrupt act,
debts amounting 10 SliO0n."0 were cleared
fionthc slate by the sponge "f thrnew law! But
we viii be even more cNcursirc III oui view, and
travel to Eur'p.. where the same CAUSES have
produced the Suiile ntlitiun, 10 he followed by
similar, though we hope hut trnmsitnry, ruin.-
For it should be remembered tha, the gold Of
Australia has been sent exclusively to England,
(Iore than $:;,U, ,OuU) though much Of it.,
according to the laws of commerce, went to fer
tiliZc the industry and increase the wealth Of
other nations. Before these discoveries political
economists and stations estimated the gold
and rilver Of the world nj $ l,9OO0O0.0 900. Cal
ifotna and Australia have furnished SS00, ,00O,-
O0O-so that the present specie used by mankind
may be regarded Ms representing a total Of S2,-
TOu,0O0,Ou0. That the sudden influx, and we
may say evon inunta1un of the precious metals,
should dazzle the eyes and bewiider The human
mind every where within the bonds Of civilizu-
tiOu is "A matter ,f Surt,risp neither uepl IL
be any luneer Il subject OF ALARM For Enter
prise has been taught lesson of experience,
that will warm her to restrict her specuations,
for the future, within more reasonable limits.-
And the prospect is all the more hopeful, when
We reflect that Providence, in His goodness, has
conferred these great fountains Of inexaustible
wealth upon the only two natons Of The ear:h
that are Of Anglo-Saxon origin, past records
demonstrate, are wiser in their day and genera
ton than any other people, So iur, IL, lraSt, as
commerce, agriculture and the industrial arts
are concerned Let us use the glorious gifts,
. therefore, with judgement, in order that they
may not prove perniciOus in their effects, but
crown our honest, honorable and prudent en-
.leavors with The reward Of n sound and solid
prosperity, rather than puffch up system Of
gilded mutations. that glitter 10 betray. The
gold Of California will largely influence our re.
cupcrative euerg les. 1t is a powerful engine tu
aid our well.directed efforts, while the combined
product Of Australia and California will act nv
The lever of Archmedes, in moving the monetary
.und commercial world.