The Evansville daily journal. [volume] (Evansville, Ia. [i.e. Ind.]) 1848-1862, 1858-01-19
THE COMMERCIAL FUTURE.

THE COMMERCIAL FUTURE.
From all sources we have assurances
of great improvements in business-an
increase of coin and rapid restoration
of credit. 1t is predicted that the recov-
cry from the panic will be more rapid
than the, decline;-that the strength
gathered during the suspension will,
when business is resumed, give it more
activity and energy than II ever possess
ed before. When trade takes a new
start it will eclipse all its former achieve
ments, in the magnitude and number OF
its enterprises. The wealth it has here
tofore created has been assayed in the
crucibles of the panic, and its real worth
tested. The fictitious creations Of prop
erty have passed away, and the real
and solid that remains bears stamp
that will make it current as real value
wherever it exists. We shall have,
therefore, a solid foundation in the fixed
property Of the country to start upon.
Sad experience has taught us the value
of money--its power has been felt-and
it will be used more prudently and eff
ciently;-the lessons we have learnt will
be worth in the future guidance Of bust
ness more than they cost to acquire
them. Luxury and extravagance have
been arrested, and the inordinate con-
sumption Of the precious metals in the
arts and personal ornaments has been
checked and larger portion Of them has
been accumulated for the use Of curren-
cy; and commerce in its new career will
have broader and more abundant met
allie currency--the largest amount oil
products it ever had for its operations;
butt will for season be crippled in its
movements by the arrangement Of its con.
nections and loss of former facilities.
Ii all other things were equal, oul
confidence in rapid restoration of trade
would be unbounded;-but it will lacl
one important element of strength
which it III lost in the recent con
vulsion and which will be of SLOW
recovery; and that is its former amour
Of established private credit. The sun
of this which has been sunk in the vor
tex of the panic is enormous and almos
incalculable. Whatever consideration
we may give to money and bank curren
cy used in commerce, it is insigni6cau
in comparison to the amount and impoI
lance Of private commercial credit whic
is the chief agent that moves and sus
tains the trade of the world. The con
mercial credits hat have been annihils
ted by the failure of old and establishe
houses is almost equal in amount to tn
circulating coin in the world. But cred
it has been everywhere shaken an
those who have not fallen by the shocl
and who have met all their engagement,
have not the power now to create tn
kind Of medium, which they had beiol
the panic.
The aggregate liabilities in the form
commercial paper and credits of Il
houses that have actually failed in tn
country and Europe since the LIST
September last, is stated at $1,000
600. The depreciation in fictitious pro-
erty, and the loss Of credit among tho
who have withstood the storm has bee
to an amount three times as great as Il
actual liabilities Of those who have faile
and the humiliation ofcommercial cred
may be estimated at 100000 900, a
amount more than all the bank and mets
lie currency in circulation in the worl
This vast sum cannot be restored in
season or year. Although we have {
elements of credit in abundance, it "
require time to construct it in new forl
and repair the damages suffered by
aldest and strongest houses,-the pill,
of the past commercial fabric-from t
earthquake that has shaken the STIR
ture to its centre. Our local and {
msstic trade will recover more rapit
than the general and foreign trade Of
country; for credit will be re-establist
at home before it can be recovered a
distance. We look for healthy and
tive spring domestic business, on sh
credits, but we do not expect any
provement abroad that will material
increase the demand for and prices of
products.