The Ashland union. [volume] (Ashland, Ashland County, Ohio) 1854-1868, 1858-01-13

mate OF our condition, which must not be
overlooked.
The Commissioner Of Statistics has in.
stitutcd excessive inquiries, with view
to ascertsin, a. accurately as possible, the
debts due from the State, from corpora
tions, and from individuals. It isobvious
that, except as to debts Of record, it was
impossible to obtain precise results; but
it is believed that the following statement
is at least an approximation TO the truth:
Debts of the State, Foreign
and Domestic SIC, ,4oa ,oss
Corporate debts of Towns,
Counties, and Municipali-
ties, are eabout-. $4,000, 900
Debts of r. Il. Companies- 10000, 600
I" in judgment-------- 10000, 900
/" secured by recorded
mortgages 5O,OOO,OO0
Debts 10 Banks and Bankers 100000
g of Merchants due out
side the state------ $4,000, 600
Other individual debts---- 10000, 900
Aggregate debts of all de- ------- -
Isccriptions 1921 .4o2, ,oe5
Debt is not always an evil. Leans
wisely invested by the borrower in agen-
cies of production, such as lands, mines
and implements, or of movement, such as
canals, railroads or steam boats, often af
ford essential aid in the developments of
resources, and even create the means of
their own liquidation A few of these
debts are of that character And in
many cases the Same debt appears more
than once in different forms Far the
greater part, for instance, of the individu-
al debts, are due to retail merchants, who,
AZ 90 be- 4
wholesale dealers. But with every al
lowance for these considerations, this mass
of indebtedness remains q subject of by
no means agreeable contemplation. For
it's reduction or extinction We must rely
on augmented production and increased
economy. That these may be safely re-
lied upoB, no one can doubt who under
stands the character of our people, aud
reflects upon the fact that this indebted
ness. large as it is, hardly amounts to.
fifth of the aggregate property in, the
State, and exceeds only by third, the
aggregate products of a single year
have already adyerted to the financial
revulsion, which has, during tho last six
months, so seriously affected the varied
interests of our community.
Twice before, during the presen4 CEN
tury, have similar revolutions occurred
aud both were accompanied by the same
train of calamities aud disasters. Tho
interval from one of these revolutions to
another, has twice been marked by space
of twenty years. The causes of each,
though very different in form, may be re-
duced to the same general expression, viz;
the reckless contracting of debts beyond
means of payment. The spirit of specu-.
lation eager desires for great and sud
den gains; the spirit of osteutation aud
luxury, seek qualification through debt.-
As there is no limit to these passions of
the heart, SO there is no limit tosdebts
contracted for their gra atifeation, except
notorious insolvency which makes credit
impossible Always most active when
prices are rising, circulation increasing,
and credit expanding, these desires uI-
checked, never fail, under such circum-
stances, to reach their crisis in enormous
and universal indebtedness, to be speedi-
ly and certainly followed by widespread
collapse and disaster.
For nearly ten years past the circum-
stances of the country have tended to
these results The influx of Gold from
California, has rapidly augmented from
year to year the volume of the circula-
ting medium which has been still far
ther expanded by Yast, though not equal,
increase of credit currency. In 1e4S, be-
fore the importation of gold from. Cali
4ornia had commenced, the respective
amounts of coin and bank notes in the
country were as follows coin Sl26, ,753,-
027 bank notes Sl28, ,506, ,041 In 1857,
the respective amounts were, coin, S276,
100 ,442; bank notes, $2l4,776, ,222.
The aggregate currency IN
lS46 $255, ,259, ,11S
The aggregate currency in
T 1857 was--------------4 400, SIS, ,664
The increase of currency was 235, ,6l9, $40
The increase of coin was las, ,367 ,4lS
The increase of bank notes
was 6,272, 18l
The rapid augmentation effected by the
increase Of coin alone, could not fail to
produce marked effects in the rise of pFi-
ces, in the multiplication of transactions,
Ia the enlargement of credits, aud in the
increase of debts. The additional stimu-
lation Of this tendency by the further in
PRODUCTION of 86.232,l7I of credit cur
rency, sufficiently accounts for all the eff.
fects which have been witnessed,
No system of currency can insure COM
plete protection against speculation, debt
and revulsion; but that system, which,
moro than any other, directly tends to pro-
duce and inAame these evils, is, without
question, the system of credit currency.
That system, therefore, chiefly demands
precautionary measures against such re-
suits. :.
Credit currency in the United States is
supplied by banks, in the form of notes
oirculatipg as money. The number Of
these banks, on the 1st of January, 1856,
was ,3es their capital, $343,s74,272
their circulation, s195,747, $50; their de-
posts, s2i2, ,7O5, ,662 their other liabili;-
ties, 64,947 1928; their specle, s59,3 3 q
o63 their resources other than specie,
$500, ,7Is, 1862. The namber of banks at
the present time probably somewhat ex-
ceeds fourteen hundred. Their circula-
tion is stated at S214 ,778, 1922, and their
deposits at $3.50, ,35s,352, and their spe-
Gle at sec, 100000 It needs but glance
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