, 1859-01-08
Progress Of Wealth During the next Ten
fcars.

1fwars or famine DO not intervene, orBoule un-
{orcsern dispcIsatlon Of Providence do not pre-
vent, the next ten years will probably Witness
tho mos: rapid progress 81 civilized nations in
wealth and ,soTer tha. Las ever been known.
The uaTonted profusion Q: the precious meta.s,
and tie prodigoas development Of industrial
RESOURCES that will be ELECTED by railroads and
by etcam navigation, cannot fail to accomplish
results during tie next decade uo1c stupeo dous
than lave ever yet been witnessed. or are now
anticipated by the most sacguine.
Notwithstanding the wars which dcsoated Eu-
rope aud taxed to the rttsrnos: the resources Of
Ell lis great powers durlug the sixteenth, seven
teen.h and eighteenth centuries. the progress Of
civilization and the growth Of popular power,
| under The influence OF metallic currency which
grew more and more abundant, WAS far more ra-
| p'd than it had been at any time before, since
| iLe FILL Of the Roman empire. Indeed, it was
unde7 the Influence OF the mighty impc,us ttat
| bad thus bee1 given to tie Cause Of human lib
erty, that the independence OF the American col
| oaies Of Great Britain was happily achieved, aud
that .he Revolution IN France was most urhap-
| ply laauEurated ct The end Of The eighteenth
| century.
The disasters which grew out Of this latter
eve1t to Spap lost that kin:,1om the control OF
| hrr cwn American COLONIES and laid the ground.
| work OF L revolution which soon severed those
| cc!oa'es also from the Elosher csuGtTy. But it
] was 20! Spain alone that experienced the evil
! co-se 4atcees Of these disturbances. The isa-
port1tlocs ct the precious metals from the Span
| l=h colonies, which in lsu9 amounted 10 more
| thun $50 tV0 600, fell GT during the progress oil
tie long aud desoGt1Dg wars which preceded
ard attended the hoal rupture, to some Sl5, ,0u0,
| V13; nud such IVES tbe Evncsa! pEostf fation ihat
overlook cil iodustr.u! pursuits in the colouieu
that they have neSe: since been able 10 recover,
ari the e1porta'loas Of specie IN amounts at all
| arp7oximaticg the o:isioa! supplies have never
| rtyiyed.
! The consequence wos, that from Tic period oi
the falling ct o. this expectation, down 10 ISIS
| ~. there was I continual paralysis Of commerce
aud industry IA all parts Of the civilized world,
which lound no other mitigation thar in the
large issuvs nl paper currency, which were re-.
torlct. - chiefly IN the United States, Englaud
| a1d Il few countries Of Europe England en-
larkcd most largely in this experiment. Of paper
/ n,tney 1ni Of suspended specie pay mcDts. BY
this tre.. eadous nEe1cy she succeeded, in ISL
Is, Ef:c: lor2 ett0rt- IA subs'd'zln9 all the
erea: powers OF Europe and mar6haling against
| h;:a tofce which ove1shCew the empire Of Sa'
| pclIca. But her foturu to srrcsa pay noents Is
| fStn, spread bankfuptcY bEoadcaset throughout
Eure2e 1nd the United States. Through the
np1e prudent Iee Ct this dangerous agency
| however, Ler own commercial and industrial IN
teres!s scon revived, sustaining but few and lest
tcayy disasters lrcn time to time in the quartet
of century succeeding that year. We in tht
United States a!so employed the dangerous sab
s,5:u,e for metallic currency, but much mort
rashlv, and hare suffered terribly ut interval
!or cur reckessae.s 13l folly.
| Ths enormous fresh supplies OF the prec!ou.
metals. which began IN ls:9, would have at onca
afforded relief TO the commercial embarrass
/ utnts of both countries. IT it had not been fo
The immense Indebtedness and expansion whicl
existed ut the tine. As xaupls Of the in
mease undertakings which had then been en-
| ba7ked ia, We do not know 81 Whist vast cost il
| h1,4 rfar
atsuc:ion Of her stuperdous system Of railroads
| The sys.eal in this country has been construcset
| at an outlay Of i :huasaud millions Of dollars
Bat this was hui single class Of csed'ta, IN
imsnense fabric Of which hsd been commence,
ia 1912. There we're numerous others Of Pre-
| pog,ions.e magnitude and cost: aud it has re
auired uli the resources Of t;allfornia, OF Aus
traia, and VI the paper sTstetn itself, for tel
| reats TO complete the enterrrises that hsd bee
undertaken. Notwithstanding the maguitud
| Of ihese combined resources there Was eesiou
monetary collapse in 1e51 bu: 1t is rrobaol
! better, Oh the whole, that that ca,astroph
should hare occurred, and that the general 81
TEN OF liquidation which i. iuaugurated shout
have been brought about, iu order that the Va
might be made cle1r for the halcyon times tbs
| are now apparently to follow
What is now the condition Of affairs! tn
great railroad systems Of America and Europ
which have been the ohieclx Of such immens
OUTLAWS Of money in their construction. have I
length ceased 10 be the objects Of expenditure
aud become agencies Of production. Aaehines
mud skill in manufactures hare been brought
tbs highest degree Of perfection improvement
in Bseam locomotion 1nd navigation have appa
emily reached the 1tp!us ultra Of progress; ma
it1me knowledge in tides, winds, and danger
to navigation hare attained TO 1narT elsoua tho
oughntss aud proficiency; and with Ill the.
{acilities for 1naierlai and financial progress, y
hare supplies Of gold setting in upon Us tro
Australia md California in streams more pr
fuse and psodigu than mankind ever heretato'
imagined in their widest dseaua- In view
ali thess propitous circumstances, we repeat,
| il fair 70 pretume tha. the next ten years vi
| probably be tho most prosperous which It
/ vortd nYNr RU8N. j..