New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1858-01-14
PROSPECTS OFT WEST

Correspondence Of The n Y. Tribune.
NlcHoI soNyrLLE, Ind, Jan. |. 1853.
Just about three months ago our people were 10 inc
midst Of great apparent prosperity; but change mas
come over the spirit of their dream. For series ~
years we had been epjoyng-if there could be ENJOY
ment in such things-hgh prices. Nearly everything
pr, duced BY the farmer found ready sales and at rates
unprecedentedly high and labor of almost oil KINDS
was in good demand aud commanded prices correspond
ing with those paid for grain stock, land, &c. Ord1
nary improved farms in this Prtnaml county were IN
active demand at from $50 10 500 per acre. clever
horse sold at sl50 or 5000; tnreeyear old buocks,
grass. fed commanded $40 or more, and hog dealers q
little more than three months since were competing
strongly with each other who could promise most ioS
gross hogs at weighing time about the ISL OF DC
cember
Nor should neglect TO mention the merchant. He
fairly lived upon anticipation His goods went out
freely and promises came in just rs freely, to pay at
Christmas; ard his promises, let it be remembered.
were to mature To Eastern wholesalers at that tme
Nearly every throughout the length ana breadts
of the country was in debt to the merchants, AMI
nearly every merchant in debt either directly or
indirectly Ia the seaboard cities. Besides, hundreds
and thousands of our most thrifty farmers were in
debt for lands which many Of them did not need, and
for live stock, which they would have done well to
have left to their original owners.
To compensate for much debt. our people thought
they had abundant asset in the shape ot hogs. cattle.
horses mules wheat, corn and so on But the crash
and the intelligent readers of THt TRIBUNE weSe
looking forward to and providing against and very
few indeed will escape pecunsry loss OF some KIND or
other. Wheat has gone low that there really seems
to be scarcely any in the country and for corn. 80
great failure when such al abundance seemed to be
the very door of the crib has not been experienced
for twenty years. The yield throughout the West
was undoubtedly larger than ever before; but the
quality of the grain was hardly 30 bad. The sea-
son an unusually backward one and the frost the
middle of October prepared the unripened kernel, for
al G..tb a In Of
November. And the consequence Is, that out Of 40
much it is matter OF much doubt whether grow
ng seed can be found for another crop The amount
Of sound TO come at once 10 the point Is far la
than il was last year.
Hogs in general failed to weigh ~ expected,
chiefly, no doubt because of poor corn which they
compelled 10 eat; andvery tcw OF the contract
Ors have been able to meet their engagements. The
greater portion Of them can hardly escape ruin, and
their perous condition deters Others from undertaking
10 handle hogs at any price, II is nov difficult to sell
hog for three dollars and quarter gross, although
thousands still remain unsold.
To think of selling horse, mule at price
which, under all the circumstances, could be afforded
is little short of madness. And far as real estate Is
concerned few sales will be made except by the
Sheriff. for time to come.
II is plain therefore, that the crash fas heavily
upon of the West, and il cannot DO disguised that
many Of our rood mea-that H. that wore-yill suffer
utter hopeless Insolvency. How the mass of the mer-
chants to escape a like fate know not Ten DAYS
ago many persons were shOrt-sighed enough to sup
pose that the worst OF the pressure was gone by But
Christmas revealed different statements and the
truth is that not much less than ninety per cent Of our
population unable to pay their debts. The remain
ing ten per cent are ike vultures dead carcass
watching their ebbDg fortunes; and they extend re-
lief by loans and understanding to the tune of from 10
TO 80 per cent
But we shall live after ALL aud it il to be hoped that
the lesson now taught will not pass away and be for
gotten for another twenty years These crashes how
ever, will continue 10 while such men as Blu
ehanan and fee trade are to continue to govern us
Having, feel confident, been profted by THE TRrR-
rsEs lessons Of frugaly to ten tnes the amount Of
its subscription price, take pleasure in herewith
newlng It. W. MATTHEWS.