East Saginaw courier. (East Saginaw, Mich.) 1859-18??, 1860-11-29
THURSDAY,
THE PANIC.

In the summer Of 1857 while the great
and sovereign people of the United States,
believing themselves secure, not only in
the everlasting enjoyment of the manifold
blessings, flowing so copiously from our
republican form of Government, but also
in the possession of an amplitude of
wealth, substance and credit, to ensure
their prosperity for ever, were rioting in
luxury and ease, forgetful of their true
interests, and neglected. of their duties
as individuals and as people, feasting,
reveling and lnxuriating in manner
becoming the thousand Lords assembled
at "Belshazzar's impious feast" suddenly
appeared the fearful handwriting upon
the wall, in characters, the meaning of
which, it required no second Daniel to
interpret, but which he who runs might
read" -" Thou art ,oeighed IN the balances
and art found Wanting." Banks suspended,
brokers broke - old established Houses
tumbled down stocks DEPRECATED
commerce stood still - manufactures
ceased operations, and their operatives
starved; every financial interest was Grip
pied, and universal bank ruptcy and ruin
threatened the entire country.
Thousands of wise ones Immediately
appeared to tell us, that, for years they
had been aware that this fearful crash
was to come - each assigned, what was
doubtless to the author, a satisfactory
cause for It's coming, but all signally
failed in demonstrating to the public any
thing except what was already known,
viz: the terrible fact that it had come
Come AZ the winds come when forests rcnded,
Come as the waves come when navies are stranded"
For while every commercial and in
dustrial interest Of the country was
paralyzed, confidence was impaired, and
crcdi; destroyed. The cause of all this
ruin was sought, and little patient inves-
tigation demonstrated the great fact, that
as a great people, we were an debt far
beyond or ability to pay, over.trading had
been primarily the cause of all our mis-
fortunes. Importers and jobbers stimu-
lated by long career of successful opera
tons, We'd with each other in the magni-
tude of their trade. Banks expanded to
accommodate the increased demands for
discounts - Railways were built with
borrowed capital where they were not
neutrality-suspicious. all things became
rife - Towns sprung up as if by magic,
pulled into existence by some ambitious
Spectator, and ready to collapse and
! disappear when their projectors credit
was destroyed - everything was inflated
beyond its capacity to hold, aud in the
twinkling of an eye the bubble burst -
with what disastrous results we all have
witnessed.
The people having discovered the cause
of the panic, and consequent distress set
about correcting the evil with all the
vigor and energy that has ever charac-
terized their conduct in similar cases
compromises were effected by some, ex.
tensions obtained by others, Railways
were surrendered to the creditors of the
corporations - mushroom towns were
abandoned, and SPECTATORS dcthroncd--
corporations, merchants, brokers, bankers
and individuals economzed, and during
the years 1858 and 1859, confidence and
credit were to great extent restored,
and the country was once more rapidly
attaining that condition of prosperity
from which it had been so suddenly pre-
cipitated. The spring of 1860, opened
upon a hopeful and prosperous people
business Of all kinds was Furnishing and
remuncrative. The banks encouraged
by the success Of their customers, liber-
ally, yet carefully expanded their circula-
ton, and everything wore the aspect Of
stability and soundness. The country
was not yet altogether out Of debt, but
both debtors and creditors looked forward
with great confidence to tho incoming
crops to relieve all existing cmbarass.
ments. Providence smiled upon the
efforts of the husbandman, and there has
just been gathered, throughout the en-
tire length AMI breadth of this great
country, the most abundant harvest with
which we were ever blessed. With won
derful alarcity this immense yield of grain
commenced moving to the East, there to
perform its mcrciful mission of settling
balances, paying old debts, and leaving a
handsome surplus in the hands of the
dealers. The laborer who is worthy of
his hire receivsd IL and yae contantaJ