, 1859-01-08

the country is already provided with the facil-
tiles and agencies necessary fof great business
activity, and consequently there will be COM
paratlyeiy but little absorption Of capital Tor
this purpose. We have from twenty-five to
thirty thousand miles Of railroad in the
United States, ut O cost Of nearly 81 ,o00,00o,-
000-ships and steamers in great saumbers
upon our lakes and rivers and upon the ocean
canals warehouses, improved machinery,
etc., etc,,-alI Of which, is 60 much actual
capital contributed By the past to the pre-
scnt, and, in considering our present avalla'
ble mcaus, should be added to the large ac-
cumulations Of capital which have taken
place in private hands and ut Our leading
business centres. All these arc ready Tor
their appropriate duties, created to ourhand,
aud are oily awaiting uutil these deposits arc
unlocked and their uutold treasures begin to
flow through the channels Of business, every
where creating activity and arousing enter
prize, to prove bow valuable is the legacy.
Ill. With this comparative freedom from
debt, and with this lurse supply Of the ma
chiuery of commerce in our possession, we
enter upon the new era with an accumulation
Of capital, also, that in any previous period OF
the worlds history would have bean ressasoed
as fabulous. The bank of New York city
ulcne NOW hold in specie and uudsa"n oe-
posits, in round numbers, about one hundred
un1 twenty millions Of dollars. The banks
Of Philadelphia, Boston, New Orleans and
othcr commercial centres are also pletAoric
and oyerdowing with money. So also IN
Europe, the aecumalatIons are beyond all
precedent. Tue Bank Of England holds
ninety millions ia hal]ion; the Bank OF
France nearly az nacl', aud other money in
stitutions in like proportion above their Or
binary averages. Everywhere accumulation
is tie order Of tue day. These immense sums
cannot mach longer be withheld from the
| channels Of business. Capital loses much Of
| its value In tue estimation Ct i's poss-s=er
nbcn uup1oluctire. It is Gully in seasons Of
! depression AID distrust, such US we Lave just
passed through, that it is suffered to lie iuac-
tive. In little while the gates will he ra1s-
| ed. and tic 1cr.ilizing streams will flow
| abroad.
| ", While such il the fact il regard 10
| The accu mutation Of treasure: it is no les
| encouraging truth that tie old sources ol
supply are az prolific as ever, and that vasi-
gu. new one. have been recently discovered.
| California still turns out as much gold an
nually Us she dill in tile earlier history Of her
mines. With the regularity Of clock-woEk
she sends of Il frca:arc,ship Scml-nontbly,
bearing from one to tTo millions, in dust and
lars, to be atl'lcl 10 the general s!o-k Of ihe
worlds wealth. Australia hulds out equally
with The California mines, yielding close upon
fifty millions o1 dollars annually. so too Ill
the older, though less considerable, gold
mines Of tile world continue to yield tAcl1
usual quota to the Common stock. Not only
so, hut the last year Las witnessed discoTe'
ries Of other collaborating regions whiei
promise to vic with CAli!orniI aud Australlu
in proluctiycucss. Twelve months hence
weekly, or at least selni.nonthly, supplies @
gold from Laramie, Arizona and Frazer EiV
| cr will have lc:alnc us common and certain
as those from the older mining regious. Th'
effect Of this new intluS of this increased
| volume Of lie precious metals upon the tusi
uces activity Of the world it is impossible te
oycrcslim1te.
Y, add to all this the vast iield open fo
enttrprize in our couatry-the new State
and Territories to 1'e developed improy
cd machinery now employed il every brancl
Of bushes: to wllic, machinery is applicable
the application Of steam to purposes Of ag
riculture-tIlc reign Of peace throughout tn
world, i condition cnliuently favorable to 1e
yclopincut and progress in al that is emo
bling and lesirab'e-.tle l,ulni grafton from fol
ciyn countries which, wllcl active, ,coutribute
more annually to our natiunal wealth thai
the mines OF C1iiforuia-the 50 ahead, pr:tc
teal character OF our !'*opIc-and hc mus
lie III i1corriyiblc croaker. inlerd, who doe
mt ste i'll aIl llIrSe lac the 1noSt coayiuciu
evidence that The ilicrcace ofMcal1h, Of so1it
substantial prosperity, within the next tc
i, years, will Ear exceed anything which II!
r world has ever before witnessed.