The Hancock Jeffersonian. [volume] (Findlay, Ohio) 1857-1870, 1858-01-15

! statement is at least an approxiinn.
ton to the truth
Debts OF the State, Foreign and
Domestic ..................Sl VIC, ,402,O95
: Corporate debts Of Towns, Co.'s
and Municipalities are about $4,000, ,0no
Debts Of Railroad Companies. $4,000 ,000
Debts in Judgment ......... 10000, 200
} Debts secured by Rec Mortga-
.................. $4,000, ,OOn
Debts to Banks and Bankers. 25,00O 900
Debts Of Merchants due outside
the State. ................ $4,000, 900
Other individual debts '..... 100000
Aggregate debts of all descrip-
tions ................... .22l ,4O2,o9o
Deb is not always an evil. Loans
wisely invested by the borrower in
agencies of production, ,sueh as lands,
mines and implements, or Of move
ment, such as canals, railroads or
steamboats,, often afford essential aid
in the development of resources, and
even create the means Of their own
liquidation. A few of these debts
are OF that character. And in many
cases the same debt appears more
than once in different forms. Far
the greater part, for instance, of the
individna! debts, are due to retail
merchants, who, in turn owe the same
money to banks and wholesale deal.
ers. But with every allowance for
these considerations, this mass Of in
debtedness remains a subject of by
no means agreeable contemplation.
For its reduction or extinction we
must rely on augmented production
and increased economy. That these
may be safely relied upon no one can
doubt who understands the charac-
ter of our people, and reflects upon
the fact that this Indebtedness, large
as it il, hardly amounts to one fifth
of the aggregate property in the
State, and exceeds, only by third,
the aggregate productions Of single
year.
TIE CURRENCY AND FINANCIAL REvUL.
sIoNs.
l have already advertcd to the
ing the last six months, 80 seriously
affected the varied interests Of our
community.
Twice before during the present
century, have similar revulsions
occurred; and both were accompan-
led by the same train of calamities
and disasters. The interval from
one of these revulsions 70 another,
has twice been marked by space OF
twenty years.. The cause OF each,
though very different in form, may
be REDUCED to the same general ex.
preston, namely: the reckl IS con-
tracting Of debts beyond means OF
payment. The spirit Of speculation,
eager desire tor great and sudden
gains; the spirit of ostentation and
luxury, seek qualification through
debt. AS there is no limit to these
passions Of the heart, so there is no
limit to debts contracted for their
qualification. except notorious in.
solvency which makes credit impos
sible. Always most active when
prices are rising, circulation increas-
ing, and credit expanding, these de.
sires, unchecked, never fail. under
: such circumstances, to reach their
crisis in enormous and universal in
debtedness, to be speedily and Ger.
tainly followed by wide spread COL
lapse and disaster.
For nearly ten years past the cir
cumstances of the country have ten.
ded to these results. The influx Of
gold from California, has rapidly
augmented from year to year the vol
ume of the circulating mediumi
: which has been still further expand
J ed by vast, though not equal, in
crease Of credit currency. In 1S4S
= = before the importation 0: gold from
California had commenced, the re
i spective amount of coin and banl
notes in the country were as follows
!. coin $126, ,753, ,037;bank notes $l2s,
y 5O8,041. In 1857, the respective
. amounts were, coin 276,l00, ,442
- bank notes, 2l4, ,77S,222.
= The rapid augmentation effecte'
q by the increase OF coin alone, coult
u not fail to produce marked effects il
"a the rise of prices, in the multiplied
ton of tram sactions, in the enlarge
D. ment Of credits aud in the increas
re of debts. The additional stipulation
,e of this tendency by the further in
l. PRODUCTION of $50, ,233,1T1 Of ciedi
4. currency, sufficiently accounts 70
es all the effects which have been vii
is messed.
Do No syste n of currency can insur
to complete protection against speculs
al tion, debt and revulsion; but tbs
to system, which, more that any otbel
cy directly tends to produce and inasm
i. these evils, is, without question. th
IS |system Of credit currency. Tha
of|system, therefore, chiefly demand
ly precautionary measures against sue
M lresnlts, v+a,t.
H. Credit currency in the Unite
on Estates ia snpplied by banks, in th
is form of notes circulating as none,
/, The number Of these banks, on y
an ast Of lappsry,l 1856 ,xas Lass, the