New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1860-07-27
Netp1lork DAILY Gribn,re
WISCONSIN.
pEBTs-FINANCEs-C PROSPECTS. ga.
<..no.Senoe Of The N. Y. Tribune.

nFBTs-FINANCES-CR PROSPECTS. ga.
ss,rspsudence Of The N Y. Tribune.
EAGLE, waukesha Co., Wis, July 20, 1860.
During the past two years, and in fact since the
snspcis revuion of 1857 the reputation of the people
of Wisconsin financially and morally has been sub
et which has received considerable discussion at the
kands Of the Eastern press and in too many instances
the PEOPLE of State have been upustIy derided and
held up TO public scorn. Several of the New-York
papers have published communications sgainst us as
State which were utterly false and gratuitousy mali
Cious articles which, if true would be lasting dis
grace 10 people. Special reporters Tor infuen-
tial and widey-circulatng "daiies have pronounced
Hbes against ne which manfestly unjust that it
would be wrong to give further publicity 10 them
even for the purpose of review and contradiction.
Whv Wisconsin has been singled out and made
specsl subject for vi6cstion and abuse has not been
publicly explained although The tenor Of many of the
pubshed articles Often betrsys the secret motives
which have prompted the assault 1t is indeed strange
that the Badger Safe is made the grand scspegoat for
the iuioutes of the entire North West when is we'll
known that during, and since the crisis the whole
country 20 greater ess extent has bten involved
In the consequences of that great revulson Has Wis.,
eonsin been less prompt in the payment Of her isb
ties than her sister States Has she shown ess will
hDgDtss 70 meet her engagements than other Western
States Is there greater laxty of the public morals
in this State than in sny other s her legislation
corrupt or her public officials more vena than in other
States not excepting New-York Are the citizens of
Wisconsin less disposed 10 deal Justly than indi-
viduals in other localities !
In putting forth statement of facts relative to the
condition, prospects, and future Importance Of this
State we shalt avoid any invidious comparisons be-
tween Wisconsin and other States, simply conining
this communication TO facts and statistics, leaving paid
hbelers to draw upon their imaginations whenever
A. H.
condition of Wisconsin matters is perhaps of more
interest 10 Eastern capitalists and those creditors who
have aide her citizens than 10 those citizens them
selves who are too fully of the alsehoods which
have been persstently circulated relative TO our
failures finan sial embarrassments, &c.
Prior to the crisis of 81, Wisconsin, in common with
all Western States apparently enjoyed high degree
of property Crops had been good for several pre-
ceding years immigration large real estate high,
and frequently changing hands, and capital too fire.
sueny diverted from It's legitimate channels to be en-
ployeS in speculstons which gave the remoes promise
of an early realization Of golden dreams. Merchants
frequently invested largely in real estate, lawyers
neglected their professions and embarked upon the
of speculation, relying more upon black loan than
Blackstone TO advance their fortunes. This was per-
haps pardonsble in that profession, for law was drug
in the market and man felt too well disposed toward
his fellow while his pockets were filed 10 think
of enforcing lust demands Collection fees hardly
worth mentioning, for creditors, in country " flush
with money! had rather borrow than sue for it was
much less trouble, and could be done on the instant.
The yeomaDry were In the full tide ofprosperty Any
ordI ary farmer might be knocked down with the
tainty Of finding from $500 to $500 in his pocket but
such extreme measures not necessary for money
could be had by simply askog for 1t. Everything was
buoyant, hopeful, and promising.
Our Cities too, were rapidly increasing in population
and wealth. Real estate was high, and at every
change of ownership it grew higher. Capitalists
" crowded sll possible sail. The purchase Of to-day
gave them basis upon which 70 again enlarge their
worldly possessions tomorrow by mOrtgaging what
-. ha1A IN hia Mo
tnued until the people throughout the entire West had
reached an "exaltation of mind, financially speak
ing. The various trades associations and professions
were all smmeriDg down into one grand cauldron, and
their representatives might have been termed of
speeulators Railroads were being rapidly built, and
Eastern capitalists not knowing what 10 do with their
idle dollars, volunteered to furnish means 10 put Tor
ward these contemplated enterprises for which the
people Of Wisconsin owe. them debt OF gratitude,
which, perhaps, some few individuals are no more
willing to acknowledge than 10 cancel their pecunary
obligations.
wisconsin. we repeat, was to all appearance enjoy
inc high degree of prosperity. Many of her citizens
had become possessed with the burning desire TO be
come wealthy without labor, to consume without pro-
dncing; and what say of Wisconsin ID true
of eperV Western State, and IN erery particular We
have no desire 70 screen shield those Of our citizens
who in the DAYS of prosperity took advantage OF
the confidence reposed in them to press their own lnd
y;SnaI schemes upon the public mind, and, in their
deavors 10 cOngummate their purposes, brought as
grace upon people. In days OF great prosperity,
when confidence between man and man is great spec
plators sharpers, and shrewd nnanclers reap mar
ves which In DAYS of financial depression could never
be theirs Hence, during this haeyon period, sci
of cormorants were feeding upon u.s. ana wmen only
thorough and complete revulslon as IN 81 could dls
pense. for not until adversely presses upon an ndVld
nal sill he carefully examine for leakages and waste
and the same is true of people Let Sensure fail
where il belongs, whether upon public ofncias htl-
road operators or iniquous nanclers, but let not
people suffer reproaeh and disgrace for the moral de-
fnauencies Of individuals.
The reyulsiOn Of 1857 swept over the country Con
6dence the growth Of years, was destroyed IN aay
Our ueople very soon understood that there were
limits 10 human aspiration and presumpu0ni ana
though the lessons taught were bitter to the tase they
have been productive OF the most sanitary results
Desperate diseases require desperate remedies and
w I'D sneculations and over trading must necessarily be
followed by financial depression and compulsory re-
trenchment. And yet, notwithstanding our over
trading and wildness IN reaestate transacuohS-hO-
witbsranding very poor crop OF wheat IN 1885, ana
moderate one in 1852 few indeed are the States whose
debtors have more promptly responded 10 the deanos
of creditors than Wisconsin. Retrenchment and riga
economy have been visible IN every department Oh
society the people seemingly determined TO vie one
with another in consuming htte as possible OF I'M
ported goods and selling as largely as possible OF nome
products. Had this system been lnaugurated lor d
wear or TWO before the panic the embarrassments OF
onr n.ople would have been triiiDg in comparison 10
what thew have been. But as it is, they have made
virtue OF necessity
Farmers and tradesmen who scarce wore old clothes
before pow put them on and wear them all the more;
we positively know that the amount OF imported
Goods consumed In this section Of the state since o.
od f short in quantity least third, and mer-
sbants who, before the crisis sold $4,000 worth OF
goods per year on credit now sell perhaps $40 goo for
eask or batter and is reasonable TO suppose that s1e
snirit has prevailed throughout the ate ana 70
tbs syem of retrenchment may be attributed the
that Wisconsin owes less by sererai millions than be-
lore the 'panic" notwithstanding the great improve
en,s tbat have been made throughout the State aud
nv sraon who has the audacity TO state that our peo-
Me have been more lax in the payment Of their labl-
L. ,bon other Western States is amenable TO the