Marshall County Republican. (Plymouth, Ind.) 1856-1878, 1859-01-20
From the Washington Union, Doc. 29.
Progress of Wealth During the next Ten
Years.

Progress Of Wealth During the next Ten
Years.
If wars or famine DO not intervene. or
some unforeseen dispcnsation of providence
do not prevent, the next ten years will
probably witness the most rapid progress
of civilized nations in wealth and power
that has ever been known. The unwonted
profusion of the precious metals, and the
prodigiors development of industrial re-
sources that will be effected by railroads
and 10y steam navigation. cannot fail to
accomplish results during the next decade
more stupendous than have ever vet been
witnessed, or are now anticipated by tho
most sanguine
Notwithstanding the wars which desola-
ted Europe and taxed to the utmost the
resources of all its great powers during
the sixteenth, and seventeenth and eighteen
tn centuries, the progress of civilization
and the growth of popular power, under
the influence of a metallic currency which
grew more and more abundant, was far
more rapid than it had been at any time be-
fore since the fall of the Roman empire
Indeed, 1t was under the influence of the
mighty impetus that had thus been given 70
the cause of human liberty, that the inde-
pendence OF the American colonies of Great
Britain was happily achieved, and that the
revolution in France was most unhappily
inauSurated at the end of the eighteenth
century.
The disasters which grew ont ofthis lat
ter event to Spain lost that kingdom tho
control OF her own American colonies also
from the mother country. But it was not
Spain alone that experienced the evil con-
sequences Of these disturbances. The i'm.
portations of the precious metals from the
Spanish colonies, which in 1909 amounted
to more than $50. 900, 900, fell off during
the progress of the long and desolatiny
wars which preceded and attended the
hnal rupture, to some $1,000 900, and
such was the general prostration that over
took all industrial pursuits in the colonies
that they have never been able to recover.
and the expectations of specie in amounts at
all approximating the original supplies
have never revived.
The consequence was, that from the Pc
rod Of the falling off of this expectation.
down -1ls4S-49, there was continual
paralysis Of coiii1sns.rce and industry in sll
parts of the civilized worify which found
no other mitigation than in the mr. 's-s.
sues OF paper currency, which were resorted
to chiefly in the Cnifel States, England. and &
a lew countries of Europe. England em-
barked most largely in this experiment of
paper money and of suspended specie paw
ments. By This tremendous agency sia
succeeded. in 1s14-15, after a long effort
IN suosidlzing all the great powers of Eu-
rope; and marshalling against him force
which overthrew the empire of Napoleon.
Dut her return to specie payments in 1919.
spread bankruptcy broadcast throuphout
Europe and the United States. Tbrouch
the moro prudent use of this dangerous
agency, however, her own commercial
ami industrial interest revived. suxta;n-
ing but few and less heavy disasters from
time to time in the quarter of a centrrv
succeeding that year. We in the United
States also employed the dangerous sub-
s'i'ute Tor metallic currency. but much
more rashly, and have suffered terribly
az intervals for our rccklcssncss and fol-
ly. ' ''
lhe enormous fresh supplies of tho pre-
cious metals, which began in IS49. would
nave at once afforded relief to the CONNER.
c'ai emDarassments of both countries. If il
had not been for the immense Indebtedness
and expansion which existed at the time
AS sample of immense undertakings
which mad then be emarked in, wo do not
know at what vast cost in money. Great
britain had undertaken the construction of
her stupendous system of railroads. The
system IN this country has been constructed
u an outlay OF thousand millions of dol
ars- But this was but single class of
credits, the Immense fabric of which hal
been commenced in 1S49. There were nu-
ncrous Others of proportionate magnitude
md cost; and it required all the resources
u California, OF Australia, and of the pa
'cr system itself. for ten years, to COM
'lete the enterprise that had been underta-
zen. Notwitfstan ling the magnitude of
hese combined resources there was
crlous monetary collapse in 1857; but it
) probably better, on the whole, that that
atastrophe should have occurred, and that
he general system Of liquidation which il
lauguratcd should have been brought
bout, in order that the way might be clear
pr the halcyon times that are now appa-
n tly to follow.
What is now the condition of atfairs?-
he great railroad systems of America and
uroPe which have been the object OF such
immense outlays of money in their con-
ructlon, have at length ceased TO be tho
b)ects of expenditure. and become aeen-
les OF production. Machinery and skill
J manufactures have been brought to tho
ighest degree of perfection; Improvements
steam locomotion and navigation have
pparently reached the ne plus ultra of
rogress; maritime knowledge in tides,
inds. and dangers to navigation have at
lined to marvellous thoroughness and pro.
cheney; and with all these facilities for
'aterial and financial progress. We have
'pplics of gold setting in upon US from
ustralia and California in streams more
fuse and proaisai than mankind ever
'retofore imagined in their widest
rcams- In view Of all these propitious
ieumstances, we repeat, it Is fair to pre-