Wilmington journal., 1858-09-10
The Uses Of Adversely.

suffered and are still suffering, appearing to suffer-
ought to be regarded rather good than as an evil
painful perhaps but remedial in its character and bene
fetal in its results. Let US look at it a little.
What has caused the pressure? 1t may be said that
panic had great share in it. No doubt it had. But
how? Why by impairing confidence restricting credit
and precipitatng settlement The pressure for money
has been occasoned by the immediate demand for mon
ey pay debts and that demand has too often shown
the rotennes of the fabric of credit under which these
debts were contracted and the inadequate preparation
made to meet them save by renewal and increase Of
the same. Immense importations brought immense
sums into the public treasury of the Union which
came out of the pockets of the people and spent
with lavish hand the inevitable consequence Of full
treasury States borrowed and spent counties borrowed
and spent towns borrowed and spent chartered corpora
tions borrowed and spent, individuals borrowed and
spent. HO1V much than was necessary may be
shown by slight reference to the importations of the
country during the last twelve months compared with
the twelve months preceding and further by the
Of bonds negotiated abroad any of the five years peced
ing 1878, with the amount during the year ending
August 3lst, 1858.
This thing had to stop some time. Are we wrong In
saying that its stopping when it did was better than it
would have been had the thing gone four or five years
longer which could hardly have done. Then the crash
must have been overwhelming. Are we wrong in say
ing that the people of this section embarrassed they
now are, are really whole safer and sounder than
they were three or four years ago. That they know
better where they stand That they as section owe
less money That people they trying to spend
less than they maketo get out of debt rather than to
go farther into debt. Unless we are much deceived,
these the facts Of the The lesson that we have
all learned, has been painful one-s painful one
Some have suffered deeply through no fault OF their
own Others have gone by the board, whose position IS
really little worse than it had been for considerable
time Through much pain and tribuation, goodly
amount of Indebtedness has been settled and arranged
and the atmosphere is clearer.
Are we to look for an immediate reaction, any
violent reaction desirable? We think that both OF
these questions may be answered in the negative AS
The pressure Of debt is relieved current business can be
done more freely and easily because the necessary means
will be less diverted to the payment of old scores. By
the creation of capital which means the accumulation of
incomes over expenditures will be furnished Tor
investment in real estate, and thus al impetus be
given to the value of property, until that value Is
brought into proper relation with other classes Of invest
ment which it is not But sincerely trust that
no rcactionary return to the flush times Of few
years ago will oycrtaic us, ony to be followed inevl-
tably by the same result That easnes5 of money and
deluSvc prosperity may not lead men into projects
beyond their means or business How many houses
bought or built in 1888 or "a, with the idea OF easy
payment at the worst of ready resale at advanced
rates, have been sold in l857-'58 at little half
their cost This has been the case oil the country
Every community can easily point to examples. II
the past twelve months has had to suffer for the mis-
takes of former years, it has not been chargeabe itge
with many sins of extravaganza.
Flush times have been ruinou5 to the holders o.
railway property by stimulating the construction o.
rival lines which are now struggling with the gallant and
benevolent object of cutting each others throats The
New York AMI Erie and the New York Centra
Roads are doing their best to ruin each other, anG
are meeting with admirable success These roads force
the Pennsylvania and Maryland lines to run for almost
nothing Or lose the trade of the West. The Virginia
and Charleston lines are competing for the trade of Eas
Tennessee and working for nothing the upper anc
lower lines in our own State are doing their bes
against each other. All these lines are built upol
credit mainly Surely, it was time that something
should force pause We will venture to say that tn
world in It's wide circuit cannot produce anything tC
equal the railroads in the United States We were 90
ing to say the Railroad system of the United States bu
there is system about it, No projects have ever beer
ushered into existence with the parade of plaus
bic business calculations. Every talking railroad MAJ
prove to demonstration that his particular proec
must pay immense profits; but sooner is the wor
done than some one is started apparently with tn
view to kill it off, State works started to kill o
State works already in operation, and tn
result Railroad property with few exceptions is near
ly valueless. We don't honestly believe that the raj
roads of the United States, as whole have mad, ey
penses for the last six months, and rival lines are de
veoped and completed the thing grows worse. 1t i
surely time that pause should be given to thi
reckessness If the only did something in thi
ine then its occurrence may be forgiven. If it onl
caused people to examine Of the current shams an
cants of the day. then it has not been wholly useless
A great falacy the subject of railroads has bee
cherished by fancy political economists, or at least pre-
mugated by them 1t has been asserted that the usus
laws of business might safely be ignored in reference
the location of such works. at least aChen built by publ
money The dividend idea has been disregarded-
Other things being equal, the road that makes mos
money is not only the most useful to its stockholders
but to the community at large, because, by carryin
large numbers of passengers large quantities of regh
it gives extensive accommodation to persons and prope
ty. If road or other work does not offer some toe
able inducements for the investment of private capita
it is fair reason why State should pause before gon
into it. Under the present state of thing
it ought to be a controlling reason. 1t is tim
that Legislatures should learn to practise some of tt
l,orl