Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1858-10-30
Banking in the Wegt-ReInagks on the Times

Banking in the West-Remagk ks on the Times
Iowa and Minnesota are soon to com
tinence extensive banking operations
latter State using Railroad securities as
a basis. 1t is thought that Iowa has the
most unsafe Banking Law Of any State in
the West.
Money, however plentifully supplied,
icannot make easy times, unless 1t goes into
general circulation; it cannot 60 into gen
eral calculation unless there is a general de
mand for property, and also, an abundance
| Of market supplies. That there is but a
small supply Of marketable products in
THE region is certainly true. Our farmers
| in Grant County, have fair surplus o.
Oats and Corn; perhaps, also of beet, and
pork will be plenty. But the great
staple, wheat, is nothing, SO far as a mar
ket supply is concerned. The prices of all
these will be low for full year. The PEG
pie of this region will therefore be little
able to secure general circulation Of mo-
ney for some months to come, however
plentifully the precious article may be sup
piled by Banks. But worse feature still
remains to notice: Though money should
get into general circulation, it will be gath
cred in large bulks from circulation and
used in the payment of heavy debts. 1t
is this buking of money that will long
drain the circulation, and keep it within
scanty bounds. Our mines supply the
place of wheat in part, but the money de-
rived from mineral, also remains in bulk
1t is all bulking, except the Incidental sales
of small farm products. This bulking Of
money to pay large debts must continue
for many months to come, and to some ex-
tent for years. Mortgages are being slow
y cancelled and fewer mortgages are given
than cancelled. Mortgagors are deciding,
in preference to letting property 60 at
Sheriti's SALE Some are selling their farms
at low rates and thereby getting out OF
debt; and some are securing the favors OF
Eastern friends at low rates Of interest.
Altogether, the crisis is working thro'
as in '37 and 40. We do not think there
will be long stand-still period of low pri-
ces, inactivity, and general sacrifice of prop
efty as in the crisis inahgurated in 81
Gold is too abundant, and too many RENE
dial powers exist to allow such recur-
renee. In one or two years the country
will resume its usual prosperity, and thence
forth be in more solid and healthful con-
dition than at any former time, unless I'M
foreseen accidents should interfere. Land
will long remain low, as compared with
former rates; but cheap lands will bring
on emigration, and emigration is worth
more to the country than land speculations.
The cheaper the lands the more emigra-
ton, and the greater the emigration the
more money will be brought for circulation,
and the greater the demand for hundreds
of products made in the country. The
land speculations, and the stimulus thereby
caused to overdo everything except work,
intensified the crisis over half, and the eff
fects are visible on every hand. Less land
and more work, fewer acres and better i'm
provements, cheaper lands and more emf
grafton, less going in debt and greater in
dependence-all these are the essentials
to produce richer and happier people.