American union. [volume] (Morgantown, Va. [W. Va.]) 1855-1859, 1858-10-08
COMMERCIAL INTELLIGENcE.

COMMERClAL INTELLIGENCE.
The accounts from the West are not of
nature calculated 10 give confidence TO The
future. The crop is below en average, and
The low prices prevailing throw n gloom
over the country. The thaMe from alarge
crop to small one, and from high prices
70 low, is not easily overcome. /: is not
difficult to enlaIgeeour expenses but hard 10
reduce them. This is tile trouble West;
they have had good crops for sesies oil
years, owing to war in Europe, have OBJ,
lained good pIicGs-and upon this cities and
railroads have been built, reaching far be.
yond the borders of civilization, bonds is.
sued, and iron contracted for in Europe,
lands sold Tor lots at high prices, and specu-
lators made rich. This State of things is
not good 10. the great mass high prices
benefit the rich more than the poor, the rich
having property 10 sell, and the poor their
labor. The last thing to rise, and the first
to fail. High prices bring in foreign compe.
liiion, increasing the cost Of home produc-
tloh without affecting The foreign article
consequently European countries producing
under low prices, can afford to send us mer.
chandlse, pay the expenses Of transporta-
ton, duties, &C., and underse,! us at our
own door. This arises from our system of
currency, paper based upon specie, two,
three and five for one, thus increasing the
volume OF money without adding to the ba-
sis. Money being the measure or represent.
tative OF value. property advances or falls in
proportion to the quantity in circulation
when plenty, prices go up, and ntnue to
advance as the circulating medium be in
creased-thus our scale Of prices is high, and
goods flow into us from every quarter, are
readily sold at profit, the paper exchanged
Tor specie, the only thing cheap under the
paper system, and the specie sent to Europe.
"o occupy most singular position-we
can ouy almost everything necessary for our
comfort cheaper than il can be made a, home
consequently we become gentlemen and
and ladies: eat drink and get merry, buy
what we want, and at the end of tho year
settle up by giving our note. This is The
effect OF high prices, growing out OF an III
fiaied currency.
Some specie Is going abroad, and exchange
rules above the shipping point. Cotton has
not yet come III, and in ,he absence of ship
ments to Europe We must send forward
gold. The stock market is quite languid,
and but little spirit manifested. Brokers
nave butlew orders Tor fancies, and those
confined TO speculatoIs. We can conceive
why man should sell fancy stocks, bu,
cannot tell why he should buy them a, this
! time. .. ...' =
In looking through Wall stree, we are
struck with the change that is constantly
taking place. Some who walked through
! the street with firm step one year ago, are
now bent over, with care deeply MAJ ked up.
on lhelr bFows. Some have lost their friends
-oWhers llirir money, the two generally
| walk together. 1t becomes us then TO take
care OF our money, and in doing so we Ia Ike
care OF our friends. Many buyers of paper
previous TO the panic are now quiet in the
narrow house, and The eye that sparkled at
the sight OF twenty and thirty per cent. now
lies dam IN tie grave. Some who live have
los, and they pass through the streets un-
noticed, devIslng the ways and means for
Tomorrow. The sharper who has mad by
the mlS!ortnnes of others, whose purse Is
Loaded down with the precious metals, may
be seen moving rapidly through The street,
with his thoughts fastened upon his rocket
A selfish man lives for what he can get,
comes into the world and leaves il, with
none TO rejoice except those benefited by
his absence. We have an evil in the land
| those who labor and produce the wealth of
The county are depressed in spirit, and the
man who can devise plan and carry it out
Tor their relief, is entitled to the gratitude
Of his country.
Business is falling off, and in some instan-
ces before any permanent Improvement has
occurred. Take the season as compared 10
former years, and the reduction has been
large, This is rs it should be, the country
Is III debt, and the only relief to be found is
III retrenchment. Over banking aud over
trading did the work-we Sought more Than
we could pay for, and now we must pay
more rapidly than we buy, until our lost po-
s''Ion be regained.--N Y. Chronicle.