The emigrant aid journal of Minnesota. [volume] (Nininger City, Minn. Terr. [i.e. Minn.]) 1856-1858, 1858-01-20
Our New York Correspondence.

New YORK, Jan. IL, 1858.
Editor Em,groat Aid ,urnal:
| have been 80 pleased with the practical information
conveyed by your Journal in reference to the great
West, to which all eyes in this section are now turned,
shat | propose in return, from time to time, to give you
u few data as to the state of affairs here.
Times are mending in one sense, and yet in another
they are at a stand still. We have less subject of COM
plant because we know that the finances of the city and
country are in excellent condition, and yet business Of
all kinds is PROSTATE, and enterprise seems totally ex-
tinguished. The banks are overaowing with money ;
we have now s28, SCI ,946 in specie for S 7,843,2Sl just
after the crash came, showing a specie increase of over
twenty million dollars in less than three months. Such
IA mass Of solid wealth never before was collected in our
city. On the other hand however, our merchants have
not yet gotten fairly over the palpitations of the heart,
induced by tie late convulsion Of the financial world
The money lies idle. With every disposition on the
part of the banks to make loans, the present rate Of
loans is but thirteen hundred thousand more than at
the worst period of the crisis, when every moneyed in
stitution was refusing accommodations to Its best and
and Oldest customers. the burnt child breads the
fire. and our business men have not yet forgotten the
fearful Lessons they have been taught. Humanity how
ever is the same at all times, and it will not AXE long
for ambition, extravaganza and mental restlessness to
set the whole machine going again at the same fearful
rate it was making when the crisis came down upon
it. We believe, with Senator Seward, that the public
will rise from the panic as rapidly as it tumbled into it.
We will once more see overimportations, over-credit and
Misrepresentation, and the mad world will rush on as
usual
Railroad stocks are becoming active and rising rapid.
ly. The Tribune thinks, because of the lack Of activity
IN ali other branches, the surplus funds must find some
outlet, and have fallen for the present upon railroads.
1t will not take long to expind into other branches.
Horace Greeley has been travelling throu ID the West.
He is Of the opinion that the great rcvulsion, though
depressing and disastrous in its immediate influences
will ultimately strengthen and build up the West
Again, while he thinks the day of paper cities is gone
by, he suys: = pig +
There never was a better time for men Of moderate
means AMI expectations to migrate from the old States
to the West til; Il the next season will present. Those
who come out with a few hundreds of dollars (f they
be thousands, so much the be;ter) will find improved
lands within reach of civilization far cheaper than they
have been, with teams, stock, grain, and nearly every
thing else to match. A thousand dollars will 80 quite
as far toward settling a family comfortably next ApIii
as two thousand did last Spring. l say emphatically to
I'll who aspire to live by work rather than speculation,
if you can gel comfortably into the West next April,
with a few hundred dollars in cash on reaching this
point, you can hardly fail to do we'll. Single men u
women who can reach this point with even ten dollar,
each, need have no fear; though | would advise none OF
~."u ore hour longer in a city than may be re.
these 10 o.. =" WITCH route to leave it. In spite
CURED TO determine .. ~-'.4tioa, there is, still
Of the hard times and general pros ---sou.
work for all the able and willing III this bounteous r-s.
Ut course, labor must lie nomlnally lower next season
than it has been; but a years wages will buy more food
and clothing, land and outfits, than it ever did. To all
who are willing, and know how to work, and who fluid
employment with difficulty, or not at all, in tie East, |
sly again, set your faces Westward as soon as you posi-.
bly, can. Avoid the cities, unless you are skilled in
some %handIcrstt which is there in request, aud seek
homes on the soil--the homes If those who hire you at
hrst, but only to exchange those in due season for homes
Of your own. Combine fertile soil with a healthy loca-
ton at eli events, and you can hardly 20 amiss. A SIM
gle uan may step of into the untrodden prairie and