, 1860-11-16
FINANCIAL POSITION OF THE
WEST

mercial circles at the East and South. Our
shrewdest md most far-seeing men, from
all the facts within their reach, have freely
expressed 10 us the opinion that it cannot
last beyond few weeks at most; and in
view Of its existence, it is proper to inquire
whut effect it Is likely to have upon the in
tcrests Of the West Are We in condition
to bear successfully whatever burthens it
may impose upon us? Without attempt
ing to enumerate all the points that might
be named, the following facts and sugges-
tions may help our readers to form cor
rect judgment in regard to the financial
position Of the West.
In tho first place, the West has already
sent to market large part Of our splendid
crop, and it has been sold at fair prices
The shipments Of cereals from this port
fill very little, if any, short Of so,0oo,o00
Of bushels, worth at least $21 100000. In
addition to tllis, produce Of all kinds has
been going South in large quantities for
several months past the proceeds Of which
have put the Southern portions Of Illinois
and tue sections Of our own and other
States bordering upon the Mississippi in
funds to meet old obligations, and furnish
cd :: surplus for future necessities.
The cattle and the hogs and their pro-
ducts with few minor articles, shipped
East from Chicago in 1859, were worth
about $8,5oo,0o0. The shipments Of the
same this year will not fal1 short Of
sio,ooo,0oo, making at least s31, 100000
Of exports for the year 1860. The ex-
change made by the cereals already mar
keted has been mainly used in the pay
mcnt Of old debts, the purchase Of mcr-
chaudise and manufactures, and some
three or four millions have been, as all can
now see, unwiseiy invested in State bonds,
On which new banks have been establish
ed Tic high rates Of exchange will
now put IN extinguisher upon the
bank operators and our city banks
and the business public win have to rely
mninly upon the shipments Of beef and
pork to make current exchange for the
winter. Werc the West as largely in debt
as at some other periods in her history, this
resource would fail us; hut the hard times
through which We have passed hive taught
us prudence and economy, and though
rates Of exchange may rule uncomfortably
high, We sec no reason for anxiety or
alarm. Certainly for the past three or four
years the West has not been in SO favora-
bic position to resist all the financial
storms that the Disunionists of the South
and the fears Of Wall street can raise.
In view, however, Of the financial dis
turbances Mt the East and South, the mcr-
chants and dealers Of the West will consult
their own interests andthose Of their custo-
mers By purchasing sparingly for the winter
trade. 1twould be safer to fill up stocks as
needed, than to risk the fluctuations Of the
exchange market If we have nothing
to pay ecan calmly wait the unfolding Of
future events. Let the old lessons Of pru-
dencc and economy, which during the last
three years have cost us SO much, be again
reduced to rigid practice The South and
the East must have our cereals, beef pork
and other products, and they must pay us
in coin or its equivalent The West is
therefore in a position to await the subsi~
dencc Of present troubles with calmncss
and with hope.