Muscatine weekly journal. [volume] (Muscatine, Iowa) 185?-1890, 1859-07-22
and Oskaloo>,, Il. n.

Muascatillc and OskulOo>,l R. II.
Our friends in Mahaska county arc
anxiously cnquiring: what has become Of
the Railready'' HWhy has not work been
commcnced." &c. We feel AZ much interest
in the above questions as our friends in
Mahaska possibly can, and should Le very
happy to answer the queries propounde.l in a
manner that would give universal satisfaction,
if it We're in our power. AS it is, we can only
repeat in substance what have been given to us
as some of the, reasons why there has been SO
much delay; and We ask our Mahaska friends
to weigh the reasons we'll, and see If they are
not good ones.
Western railroad securities cannot be dis.
posed of, except ut ruinous rates, just at this
time Several causes conspire to produce
this result, among which may be named
lst The failure Of the crop last year, and
the consequent falling off in the business Of
railroads. Those who invest their money in
railroad securities, watch with vigilant eye
the amount of business done by railroads !;
and as an increase of business and large earn
inss cause railroad securities to advance in
price, and to be sought for, so, on the other
hand, falling Oft Of business and small earn
nss cause them to be looked upon with sus-
picon and to be avoided as long as other and
more promising securities are in the market.
I'd. The uncertainty which has been thrown
around the western crops, this year, by
croa1ers who arc always saying that the
wheat has the rust" that it is being destroyed
by the "scevil," that it has the "spot," &c.
1t is astonishing what effect these ''catch-
words" have upon the nerves of capitalists.
They read and ponder over every gloomy
word that is written, and are ever ready to
look at the dark side of q subject. The effect
of one letter written by croaker, tinged with
the sombcr hucs Of his own imagination, can
only be overcome by absolute demonstration ;
and the idea of at least partial failure of the
wheat crop in Iowa, this year, is so thoroughly
infused into and mixed up with all the calcu-
lations of eastern capitalists, that the wheat
will have to be harrested, secured, threshed,
and begin to move in such quantities as to
reduce very materially the rates Of exchange
between the East and the West, before the
truth which We all know namely, that Io,oa
never produced such a crop as zoe hare this
year-will begin to dawn upon the cautious
minds of money dealers in the East.
Sd The war in Italy. The effects Of this
war are variouSly estimated. 1t is thought
by some that it will be beneficial to the United
States; that it will create such a demand for
our products, and that such prices will be
obtained, that we shall at once be placed in as
hourishing condition as We were during the
Crimcan war. This may possibly be true
but the facts thus far are the other way.
There has been steady decline in the price
Of breadstuffs, and unless there is failure Of
crops in some portions of Europe, or unless
the war should become of European proper
tons, we need not look for any unusual
demand for our breadstuffs.
On the other hand, it is thought by others
that the war will affect US disastroYsly; that,
instead of causing an influx of money to the
United States, it will have tendency to drain
our country of specie, and that the relations
existing between the United States and Europe
generally will cause us to feel keenly all the
depressing influences which are felt there. II
may be that neither of these extreme views is
correct, and that moderate demand for our
breadstuffs at fair price will be the result.
But the uncertainty of what the future may
bring forth, and the fact that we are now
exporting large amounts of specie to pay the
balance against US in Europe, has the effect
to cause capitalists to s'acait and see," before
they invest money in Western railroad
securities.
There are other reasons, but the foregoing
are sufficient to answer the questions "Why
are not bonds disposed off" and "Why is
not the work on our western road actively
prosecuted
\ few weeks will probably give turn to
matters which will be decisive one way or the
other, and in the meantime those interested
will have to console themselves with the
reflection that uneasiness and d,seontent Aere
will not inspire capitalists in the East or
elsewhere with the idea that they ought to
incest their money in the purchase Of bonds
which the oblgors, before one dollar of them
has been negotiated, apparently regret having
issued.
i NERNosT.-The Republican State Conven-
t;nn Of V.r,,ont mot ~ Rr,t<lohoro n, tho