The Ashland union. [volume] (Ashland, Ashland County, Ohio) 1854-1868, 1858-10-27
From iha Evening Post
THE ANNIVERSARY OF OCTOBER
Is. 1857.

Just one. year ago to-day the banks {
this city suspended specie payment, baz
ing in their vaults less than Sc 900 ,00o
Property of every description was de
preciated to the standard of o previou
generation the soundest securities wer
selling at from twenty to forty per cent
below their usual current value; banl
stocks, commonly regarded as the safes
and most reliable of all investments
were by many supposed to be worthless
money commanded from three to fou
fper. cent. mouth on the best securities
and every where commercial and fnan
cial disaster were hurrying the mos
| prominent merchants in the country into
bankruptcy.
To-day, how charged the escenel money
| worth per annum wha. then it cost pc,
month; sound securities at their, full
value, or rapidly advancing to i; the
banks groaning with more specie than
they ever contained before,s with cor.
| responding abundance at all the great
centres OF trade 10 the Old World,
| while the business of the country Il
gradually returning to its old; channels
and moving forward upon "a sure and
safe basis. We say sure and safe, for
what we regard as very conclusive rea.
sons.
In the FIRST place, the importations
this year have been some seventy five
millions of dollars less than the year
previous. and the liquidation of foreign
indebtedness has been steadily going on
While the wheat crop has been in most
parts of the country a serious failure, a
large quantity of the old wheat remains
in the farmers hands, and the corn
crop promises, through its quality, to
equal in value any CROP of the past few
years, though probably measuring less
than the crop of the last year. The cot
ton crop of the present season now pro-
mises to be very large one, and in con-
sequence of the favorable financial con.
dition of Europe, and the opening of the
Chinese empire to more unrestricted
trade, it will probably produce the lar
gest sum ever realized from the crop of
any season. The steady production of
gold in California, aud the new discove.
ries of this precious metal at Frazer
River, will also have their effect in CIV
ing new and healthy impulse to all the
industrial, commercial aud financial ener-
gies OF the country.
Doubtless many are yet suffering
from tho piuch of last year; but putting
their losses at the highest, the country
has gained more than it lost by the re-
vulsion. It has taught merchantsa q les.
son about speculating. in railroads and
wild lands wirh- their business capital
it has opened the eyes of multitudes to
the folly as well as sin of stock gambling;
it has created a healthy suspicion of all
corporate property not managed by men
of probity and character; it has relieved
the country of mountain of debt
which was rising higher and higher, and
which was rapidly destroying legitimate
business, by placing fictitious prices upon
all marketable commodities; in fact it
has brought the country to condition
of good sense and prosperity, which
should be the subject of universal con-
graduation. Indeed, Gov. King might
with great propriety. have selected to
day for the annual thanksgiving of the
State.