The Tiffin tribune. [volume] (Tiffin, Ohio) 1848-1859, 1858-01-01
Aggregate debts Of all descriptions. .


Debt ia not always an evil. Loans wisely In.
veated by the borrower In agencies OF production,
such as lands, mines aud implements or Of move,
meat such as canals, railroads or steamboats,, OF.
ten afford essential aid In the development Of re-
sources, and even create the means of their own
liquidation. few Of these debts are Of that
character. And In many cases the rame debt ap-
pears more than once Ia different forms Fart
greater part, for instance Of the individual debts
are due 20 retail merchants who, 90 turn, owe the
same money TO banks and Wholesale deaera But.
with every allowance for theSe o0nsiderat this
mass Of Indebtedness remains a subject Of by no
means agreeable contemplation For It's reduc.
ton OF egtinotion we must rely on augmented
production and Increased economy. That these
may be safely relied upon no one can doubt who
understands the character OF our people, aud re.
ects upon the fact that this inde ebedness large as
It Is, hardly amounts TO one-ith Of the aggregate
property Ia the stale, and exceeds, only by a
third, the aggregate products Of a single year.
have already adverted to the financial revul.
sion, which has, during the last six months, 80
seriously affected the varied Interests of our com
munity.
Twice before during the present century, have
similar revusiona occurred; aud both were &C.
companied by the same train Of calamities and
disasters The interval nom one Of these revul.
siOns 10 another has twice been marked by a
space Of twenty years. The causes OF each. though
very different In form, may be reduced 70 the
same general expression, namely: the reckless
contracting OF debts beyond means Of payment
The spirit Of speculation; eager desires for great
and sudden gains; the spirit Of ostentation and
luxury, seek eradication through debt As there
Is no limit 20 these passions Of the heart 80 there
ia no limit 70 debts contracted for their gratiB,
cation, except notorious insolvency which makes
credit impoaslbls. Always most active when
prices are rising, circulation increasing and cred.
u expanding, these desires unchecked never fail
under auoh eiroumstancea, to reach their crisis
In enormous and universal Indebtedness 70 be
speedily aud certainly followed by widespread
oolaps and disaster
For nearly ten years past the circumstances
Of the country have tended to these results.
The influx OF gold from California, has rapidly
augmented frum year to year the volume Of tbe
circulating mediumi which has been still farther
expanded BY vast, though not equal, increase
VI credit currency. In ls4s. before the impor.
ta,ion of gold from California had comu. need,
the respective amounts Of coin aud hank notes
in the country we're as fillows; coin, Sl26.753,-
O27 hank notes. Sl25.506,O4l. In 1857, the
respective arnounia we've, coin. S276,l co. 442 ;
hank notes, S2l477s.222
The aggregate currency in 4s was S25s 2sg.lIs
e'57 q 400 878 666
The increase OF currency was 295,6I9 $40
The increase Of coin was l49 36TAI
The inerease Of bank notes was 66272l6I
The rapid augmentation effected by the in.
crease Of com alone, could not fail TO produce
marked effects in the rise Of prieea, in the mul.
llpNcallon ui lfAnhActlona, IN the enlargement
Of credits, aud In the increase Of debts The
additional stimulation Of this tendency by the
further Introduction Of S86292l7l Of credit
currency, sufficiently accounts for oil the effects
which have been Witnessed.
No system Of currency can insure complete
protection against speculation. debt and revul.
sion but that system, which more than any
other, directly tends TO produce and infame
these evils, is, without question, the system Of
credit euuoncy. That eyatem, therefore. chiefly
demands precautionary measures against such
results.
Credit currency in the United States Ia sup
piled BY banks, In the form Of notes circulating
a. money. The number Of these banks, on the
lat Of January, 1856, vas 1898 their e,pital.
ass, ,s74272 their circulation, el95.Tf7 $50 !;
thsir deposits. S2l2,7p5.66Qi their other Ilabil-
itiea. a04 Y47 .S2S their specie. $50 81 4l69 I:
their resources other than specie. 520. N $50
The number nf banks e. ih0 present time prob-
ably snmsvhat exceeds fnnTteen hundreds
Their circulation Il stated a. SHAFTS 622 and
fhelr dopapila - o230. .S589 $50. aBd thsiT sps1is
ul o10o oQQooA y naaas bei 3 glano1 q Ah