, 1859-05-02
39rcss 4 Trihttt1c,


system Of conlpcusatons. Tie tornado tl1a
carries desolason in its pathway, restores tht
equilibrium II the atmospheric forces, and fol
months, perhaps wears the winds hear npol
their wings life. health and prosperity. The
earthquake for the moment threatens the uttel
ruin ri :ll things. hut in the history Of the
WoTid IFS raya~es hive been comparatively
limited; and science assures us that with all
It's trrTorS by giving vent to the ccaseless fires
beneath US. It saves the world from more awful
disasters. 81 III the social and the moral
World The 1c"st oppressive tyranny has its
orlf:!:s-a good one i:ritsslf-;n the necessities
.: MIA : niturc, and its very cxcesscs are the
sure precursors If its destruction and its cure
Excessive w:cheuncss ma: for a time prosper.
bit tie very .A1ensity Of its indulgence, in the
progress Of events, rids the world of its loa,h-
son1e presence
50, also. great commercial! commissions have
their I>e; a1:,l while still smarting under the
eaett~ u! l'la, ME through which We have just
paSSe: Il may be VEL! 1einyestigate the causes
that produce them, anu the Office which they
svrEe in t's economy or our social system,
For Tie purposes olthis article. men may be
divided i2tH thu cautious and thu couserva-
tive: tic s:l''.uine and the eElcrprising. The
former adhere do*geily IL old ideas and old
institutions: they never trade beyond their
luea-s. When disaster sweeps over the com
ln3!c.,.! world. its effects scarcely reach thcm
Their laoiry is loaned on property worth
swsc- tue au :uui ot their obligations. Their
x9,.i4 ii ,:":..s 4aI tarms are paid for, and
though they tnd themselves nomna!ly worth
1nue: less than They were, they are really
ricllcr t!4la they were before the crisis Thu
E:tn game :.nd The eH:crrrisius have uo pa
ticnee viii! conservative old foglcs. They arc
the tlsa WIZ build our railways and telc-
graphs: tie: establish lines Of steamers, e1-
tend c";4l:ncrce from pole to pole, and are ne1~
CT satisfied while any new conquest over nat
uF:l. obstacles rc.4sa % he achieved or any
'4cw discovery il scieuce to bc made. They
bclicye lAa. uloucy is valuable only When il Is
u5-i, aal t:lcv arc ever ready to take the risk
ot its proper application. The conservative
element is the b:iance wheel oi society, tile
sAHSui:!e lis :lv:lve power. Both are equally
essential to its existence and progress.
Alters great commercial rcvulsiou las swept
over the civilized world, The conservative Gle
nau. for Il tine controls the affairs Of society.
1t ius:sts oa tue ;,a:meat u! Old debts; thai
eve:ybod;; shall live within his incYa,e Loweyc-
k:lli!; lllat business sA:ll bc confined to :!
hca,ly. paying basis aud generally That M
risks S:tlU he run which insurance policies cass-
not vovcr. -ls capital Increases, aud tile c2pe.
r:cnce Of the past Wears away. tic sallgusnc
aud tic c';erpris;:i.. gradually and lmlerccpt:-
bly, gain euat.' srca1 public improvements are
planned laI completed; fortunes are made by
si'cclila'i,n: the ir'os bccol1c rich, aud 1'n'
world lss; =! !4ut strides in its onward pro
grtss - tx carrr..i Of Speculation lows III.
and 'ce;cs Gecl,:s ami l,roa,l'r Men uS'ia!'v
coa=,r1a;ye !ii in;o III: ranks Tic sanyulnc.
and Trough I'LL are :9ntinecl that !, crash must
cons. t"'!l eyI".~ss II mike his fortune anu
escape l's'!orc il oytr{akes lin. t}lteM those
WIN werc previously The ln,st conservative.
becour' tue Widest aud tlc mos, reckless, ami
arr l4l"s1 sadly iu;,,srl il the ruin witch fol-
lows
Tlr:~e principles have ali ample illtlstruti''a
the jt:s .t' tf,t. TA'sk.I
From tia; time tt! lslu. 1T th Last. a:a'i
aboa; ~ Il, til" Wcs. !,us:.n..s was thorough
y p7'>irA:''l, Tie opening Of ti' Ere Callal.
III ls-';, tra years !e:urt 1le tvv,l}sh'!l, lad
lnau@ura:el 4 new IRA Of prosperity %hr':
eliminated in &c.. in the wil,lest disaster air?
ruin BY ISIS tll.: r..:iway svstc:n was under
full he;luwa;: ii IT,; ';:ls1. and t!I. oI"in= vi
tic 1li!n1:S ari Michigan C..:lal raw. a healthy
stimulus 10 Western cn'crlr:s". The rallwa'
system sr'e!i followed. aud tron ls5D II -
the w"r.l .r.vtr siw s1lc:. progress u VIC were
permitted y w;t.!e-. On: railways rea"l1 cd
the Mississippi =. nearly i dozen different
points AID 1ltsrs seemed 10 end I"
the r,!c:-v and the rccunlary re-
SOURCES a: III" c"u.,,ry. If the investment d
capital in no."l.d and substantial improve
meuts had no. ls..n attended hy t!sv widest
extravaganza: in ol;lcr respects Ill would
have been well. Tie wave ri appreciation,
uader tl. rEc-s,:.' t'F years OF prosperity
rusul n'al.. onward. till property Of ali kinds
Reached fearful Initiation. Money WAS plenty
aad SONG kinds ri property appreciated 10 H.
,nost fabulous figures, Some eyen es;inate
tAat L i 'llar actually represented but fifty
c,nts Of value. For railway stocks. this
is even above t!4c RATES now rnln@ in thu
principal markets ii; the cossntry. The wlldes:
folly prevailed in domestic and general
expenditure. Mistress and llouscmaitl
aud all between, wurc the lines;
silks; m1Ster aud nlan-scrvapt, tic richest
bEoal']fsh: tables groaned with luxurIcs
merchant l'alateS, packed with the prt'-
ducts If every cline lined tic streets. and 1lH
bodvst e1'rava2aner. side by side with I'll,
most scasclcss folly. s.alked through the LAM
without rebukr.
In August. 1871. the hub!e hurst with tl.t
explosion .! tho Ohio Life anil Trust Company
The condition Of that c7r.lcerr is f;lir illustr:
ton ol tIle l,1i..,lvr il Which values arc ;n.la,-t
during times q commercial prosperity. anu
reductd Iy IN cxpl SION to t!lrir actual stan
dard. Statistics showing the actual nnnunt u
the capital of tic Country ri the lst If Angus
III wynl have s.. down ,hc u..io Lie and
Trust Company IL, several Millions 4 mont1
later it WAS I'LL wiped pul. and eighteen month,
later millions nurr. We're added 10 tle list
These lSs:s. with ;;:. inevitable drl,rcciatiu:
Of other pr"!,crt:, must all come from til.
pockets a tie people. They nust Ire sub
sr:'"'"'l irou the sei,.lalr, showing the actual
va!u: y: 1:se'r property.
At tho east. values rcarlcd tinir lowest
point several months since. They are now
either stationary "r gradually, some uf them
rapidly. apl'r:csat'ng. Had not the crop iailts
us last year, the West it IS admitted on IL:
hands would :savc ]assctl tue lowest p,:nt Q
depression. Malirrs 50 far as we can JUDI.
are NOW abos,t stationary. anl al! ltpcs ART
ccn:cred OIL the fruits q tie coming harvest
Cpou il will dc!ctid our financial and much q
our social position f,r a; icas, another ycar
In any cvs:s, lei the experience Of the pas:
10. Le lost upon llc future. L., INDUSTRY