Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1861-01-17

VII. All, M. 81.
ton, and which were unexpectedly and
strangely thrown into market. A sudden
depression in such stocks was the conse-
'Iquence, followed by fall III the price 81
grain.
Acceptanccs held by our bankers were
lin some cases dishynoled; and lie grain.
after reaching the seaboard, was necessarily
withheld from market, awaiting rise, or
heavy ard uinous losses would have been
the consequence. The result was, Of course,
! dat the basis Of exchange of western bank
Ieis was suddenly, though temporarily,
stricken down; that no adequate balances
Remained to be drawn against, and hence
ian instant and unexampled rise III rates Of
Exchange. To add 10 The perp'exity, this
Happened at a period when our merchants
usually make heavy remittanees, and large
Isums Of interest on railroad and other debts
were to be met in the Atlantic cities and
States.
The demand for exchanges, and the IA
most entire absence Of supply, placed Us,
for season, in the novel position Of hav-
ling abundant means, but totally unayail-
able to meet the just dues Of Eastern cred
litors.
In this singular emergency, a confidence
in our people in the -eculity Of their banks,
and iorbearance to press claims upon
them, added to the prompt and judicious
action Of tie bankers themselves, saved the
commercial and agricultural interests from
Imminent peril, if not utter ruin. The
stock panic commenced subsiding as soon
as its causes were understood, and it was
aseertalned that the interest to become due
on stocks at the commencement If the pres
ent year would be promptly paid Indebt-
ed States made speedy arrangements to
Inject their interest, leaving no grounds 10
distrust either their good faith, or their
ability to pay. The prices Of produce,
with every other article, underwent fay-
orabe change; sales were made At far
profit; acceptances became due, and were
I duly met, and already rates Of exchange
have fallen sufficiently to enable remittances
to be made, and business Of every Kind to
resume its wonted course.
\ Indeed, the panic and its effects upon
Wisconsin trade have probably disappeared
while our people have still on hand, ready
for improved prices, at least sixteen mil
Lions Of bushels of their surplus crops
When this shall have been sold, and its
proceeds realized, large amount Of in
ldebtedness will be wiped out, and the COM
immunity left i'll condition Of comparative
IaAiuence.
i In former messages l have repeatedly
ladyerted to what | regard as evils i'll our
I Banking system, aud still believe the
nearer our currency approaches a specie
STANDARD the less Liable it Will be to sudden
lspasmodic fluctuations in exchanges or 9TH
lerwise.
4 In the isolated position of the State, cut
lof, as it is, for about three months every
year from the seaboard, when shipments
cannot be made, and consequently the ba-
sis Of exchange cannot be readily renewed,
! it is probable that rates Will always rule
higher in winter than the summer months.
! This seems a necessity Of our geographical
position. At the same time precautions
should, if possible (by keeping orr circu-
llation up to specie value, and by prevent
ling combinations among bankers and bro
Ikers) be taken against excessive rates
which are not only an excessive tax levied
upon the producing classes, but may amt
to prohibition uDon common business tran
sections among citizens. So far as these
evils can be remedied BY legislation, taey
Require, as they doubtless will receive, your
careful attention.
SPECIAL PREMIUMS.
In view of the probable difficulties which
may embroil the States of the Union, but
more especially with purpose Of develop
ling new agricultural products, and render
ing our citizens more nearly independent by
reason Of their home productions, | have
deemed it proper to call the especial atten-
lion Of the Legislature to the propriety Of
special premiums on one or two products,
from whose diffusion important and yalua-
Die results may be anticipated.
The annual expenditure Of the people Of
the State, for supplies Of sugars and syr
ups, reaches beyond million Of dollars
/ Experience has already demonstrated that
the recently-acqaired Imphie, Sorghum, or
Chinese Sugar Cane plants, may become
acciInated, and open wide field for the
enterprise Of agriculturists. Thus far. the
cultivation has only been experimental, and
on too limited scale to be regarded as a
fair test. But these experiments, made
generally in connexion with other pressing
llabois distracting the attention, with limit
ed means and inadequate apparatus, have
afforded very satisfactory results They
seem to render il certain, that every acre
OF good cane will produce from one hum
dred and fifty to three hundred gallons Of
syrup, equal in quality to any imported,
and that the manufacture of sugar is also
an attainable end, at but moderate cost.
It is difficult to induce agficultuIists, en-
gagged ia the common farm pursuits, to de-
lyote their attention to a new crop on a suf-
ficiently large scale, and incur the necessa-
~ outlay OF capital required, without some
special inducement. | suggest, therefore,
whether it is not a lh,sster Of sufficient inn
portance to the State to offerfor one or two