The Cadiz Democratic sentinel. [volume] (Cadiz, Ohio) 1854-1864, 1858-01-13
M. eoMMtArE AND NAvIeArIoN.


Number of miles constructed in lS51........ s.
in progress, about 1880. 3G(
Total cost of Railroads in uhio....... $50 900 o0(
Estimated gross receipts. lO,oOO,OOt
net r-'' ............... 4,oUO,OOt
According to the Compendium of the Census
Ohio, had in 1854, more miles Of Railroad in
operation than any other State in the Union
The same statement is probably true at this time
If SO, the Railroads in Ohio form about one
eigth of all the railroads in the United States
and more than one-fiitecnth Of all in the world
v. EXPORT AND CONSUMPTION.
The value OF vegetab products expor- ....
ted III 1857, is estimated at S22 9n0 000
The value of animal products "A 800 600
s' mineral products.....s =. 2,F0,O00
d products Of manuiactures2O, o 0GO0
T otnI exports ...,....,.,,...., $40 400 tCO
The products as above shown are s26l So, 500
Leaving for hore consumption. 1871 ,467 800
These condensed statements exhibit, clearly,
the immense actual resources of the State, and
inspire Just confidence in her future progress.
1t will be seen that manufactures and mines
contribute in increasing proportions to the ag-
gregate Of annual productions. The coal fields
of Ohio are nearly equal to the entire coal
fields Of Great Britain, and fully equal to
those Of all Soathern Europe. This fact, in
connection with the immense beds of iron ore
so widely diffused in the State demonstrates the
vast capasity OF Ohio for mineral production and
for manufactures. Still Ohio is emphatically an
agricultural State The products OF her farms,
during the last year, very largely exceeded in
value the entire cotton crop Of the United States.
An interest so important cannot be too earnest
ly commended to legislative regard.
The State Board of Agriculture has perform
ed service of great value in stimulating an
promoting agricultural improvement, and its an
nual reports add largely to our stores ofagricul-
tural knowledge But this Board cannot do all
that should be. done or must be done, il we wish
to retain our present agricultural position. |
respectfully suggest to your consideration, the
expediency Establishing an agricultural lnsti-
tuition for the Instruction OF the rising generation
in those branches OF knowledge which pertain
especially othe theory and practice Of farming.
1t is thought BY persons qualified to judge, that
such an institution could be so organized and
administered that it would almost if not alto
gether, sustain itself No one can doubt that
any cast. Of which it could he the occasion, wo'd
be repaid 10 the State thousaud fold III bene-
fits.
While on the side Of industrial development,
there is so much to excite qualification and in
spire hope, there is another class of facts essen
tial to u correct estimate OF our condition,
which must not be overlooked. ..
The commissioner OF statistics has instituted
extensive inquiries with a view to ascertain as
accurately as possible, tie debts due from the
State, from corporations and from individuals.-
1t is obvious 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 lhe State foreign 4 domesiicsl6,4 ,o9s
C0rporbte Debts of Towns, Counties a.
6 municipalities. are hbY,It. -.......... lo,OGO0o0
Debts Of Raroad Companies. HD,G00,hto
+" in Judgment. lOuOt uuu
2 50 secured by Recorded Mortgages. 50 ooe,o0G
3 10 Bank and Bank kers. Z. ...... ZOO, 100
!" OF Merchants due outside The ste lS,0CO,OGo
Other individual debts :. ....... 40,GCO,00e
E+ Il 1fE d. -----
Aggregate debts Of all descriptions 22 ,402,09i
Debt is not always an evil Loans wisely in
vested by the borrower in agencies Of protuc-
tion, such as lands, mines and implements, or Of
movement, such. as canals, railroads or steam-
boats, often afford essential aid in the develop
ment Of resources, and even create the means of
their own liquidation. A few. OF these debtsare
ot that character. And in many cases the same
debt appears more than once in different forms.
Farthe greater part, for instance, of the indivd-
ial debts, are due to retail merchants, who, in
turn, owe the same money to banks and whole
sale dealers. But with every allowance Tor these
considerations, this mass oiindebtedneSs remains
subject Of by no means agreeable contempla-
ton, For its reduction or extinction we must
rely on augmented production and increased e.
economy. That these may be safely relied upon
no one can doubt v no understands the character
ofour people, and reflects uponthe fact that this
Indebtedness, large as il is, hardly amounts to
one fifth OF the aggregate property in the State,
and exceeds only by third, the aggregate pro-
ducts o a single year. WI a
/ have already adverted to the financial reyul-
sion, which has during the last six months, so
seriously affected the varied interests Of our
community. @sI gsa"
Twice before during the present century, have
similar revulsions occurred; and both were ac-
companied by the same train of calanites and
disasters. The interval from one ofthese reyul-
sions to another, has twice been marked by a
space oftwenty years. The causes Of each, tho
very different in form, may be reducad to the
same general expression, namely; the feckless
contracting of debts beyond means OF payment
The spirit ofspeculatioB; eager desires for great
and sudden gains; the spirit Of ostentationand
luxury, seek qualification through debt. As there
IS no limit TO these passions of the heart, so there
is no limit 10 debts contracted for their giatif-
cation except notorious insolvency which makes
credit impossible Always most active when
prices are rising circulation Increasing and cred
il expanding. these desires, unchecked, never
fail, under such circumstances, stogr reach their
crisis in enormous and universal Indebtedness
TO- be speedily and certainly followed by vide
spread collapse and disaster.
For8neariyaten years past the circumstances
ofthelcountry have tended TO these results. The
influx Of gold from California, has rapidly aug
Dsnted from year to year, the volume Of thecir
culating medium; which has been still further
expanded by q vast, though not equal increase
ofcfodit tcurrency. In l848, before the impor-
tation OF gold from California had commenced,
The respective ainonnts Of coin and bank notesin
the country were as follows: coin SIPS, ,753, ,c27;
bank notes S l28, SOC, ,041a In1857, the rsspec-
tive amounts were, coin, 276, 100 Az; bank notes.
Tho aggregate currency IN ls4s was. $2ss, ,2ss Ils
IsJg aai slsa4assf., 1851 st sl s., 490, ,87s 6s4
The increase Of currency wac, 23, ~ 546
The ipcr eeee ot nei was l49. .3hI -
Theipcre rease, of bank notes was; :. 86 2B2,
The rapid augmentation effected by the IN
a..