The weekly pioneer and Democrat. [volume] (Saint Paul, Minn. Territory) 1855-1865, 1865-03-24

A-WS.SAeo
From the tone of sentiment at the East,
Is reflected BY the journals, it is evident
that strong approximations are felt that the
country is on the eve of a financial and
commercial crash, produced by tho late
fall in gold and the consequent shrinkage
of values. Efforts are made to stay the
panic that has already commenced, by ap-
peals to business men to stand by each
other, and not to throw all their loads upon
the market at once, and to act coolly and
with deliberation, so that the catastrophe,
if it comes, may be greatly mitig ated.
It is impossible to say whether the fears
of an immediate crash are well founded or
not; that it must come, sooner or later,
no one disputes, and it will be well to pre-
pare for it. Gold cannot fall much lower
without serious decline of all prices, in
Guiding that of labor, and comparative
suspension Of business will be temporary
result. The fall Of gold may not be per-
manent, and We do not see how it can be,
until the prospects of peace. great re-
duction of national expenditures and re-
turn to specie payments becomes more ap.
parent. .".0D,,. ...... vs.. ,.' '-'..,. :
In view Of what may occur we commend
to thoughtful readers the following refec-
tons from the New York Journalof Conn.,
naerce:J r..rtt
A financial crash itself is not the worst posi-.
determination TO an imitation. If We compare
the progress of the latter to the ascent OF an
inclined plane, we shall then have the question
as to the best method of recovering the original
level One way is to come slowly back down
the hill; the alternative is to pitch off the top
and come down with crash. To superficial
observer, the gradual descent would seem to
have all the odds in its favor. But experience
has demonstrated that the sudden fall does the
least permanent damage. There is far more
confusion in the crash than in the backing
down, and its first aspect is incOmparably more
serious. The crowded car is wreck, and at
the first glance the disaster is appalling. But
when the dust clears away the mortality is
found to be far less than feared. Even broken
arms and legs are the exceptions, and bruised
and battered cOunte nanees, or scratched cuti-
cles comprise the bulk of the injuries. The
peration, as far as it is possible, begins without
delay. But in the other solution of the diff
Guilty, the agony is not only protracted, but
Increases from hour to hour. All vitality
seems suspended and fear curdles the blood in
the veins The level is reached at last, but the
crowd seems to have become numbed. Some
never recover. others start toward health
but have long relapses, during which they only
live to suffer. In short, as the danger of break.
ing limb is to the probability of chronic
disease, SO is financial crash as compared to
the wasting hamilton of a gradual collapse
The loss of real or tancied Accommodations is
not serious when it does not impair the capa-
GUS elasticity which the people of this country
have shown In recovering from sudden depres-
sions of business is to be found in this fact,
that the great majority are qualified for some
class of labor. In aristocratic communities,
the reduced gentleman has no avocation by
which he can recover his fortune, and the con-
tined elevation of the favored few makes the
debasementSOf the corresponding pauper alike
certain and fremediable. In this country the
distinction of classes is less strongly marked,
and success dignifies any calling. It is true
that the hours of labor in the future are to be
heightened greatly by the pressure of taxation.
If the national debt is assumed by this genera
ton, at least two hours per day viii be added
to every mans toll. But while unoccupied
land is abundant, none need to suffer for life's
necessaries who are disposed to eat their bread
In the sweat of their face. Besides, the tax on
labor must ere long be lightened by change
in the style of living. This may be done with.
out abridging personal or social comfort.
A large part of the expenditure of families,
want, is for mere display. The necessity which
limits the qualification of this vanity will not
prove an unmitigated evil. The avenues to
temptation have been greatly multiplied by
the effort to maintain an appearance of gran
deur without the affiuence which it Is intended
to represent Much of this will of necessity
be swept away, and the people be taught the
Q. The great object for all to keep before
them, in view of the probable future, is free.
dom from entaDgling engagements. The crash
or collapse must come; and the consequent
shrinking of every mans nominal capital Is in
evitable. One OF the greatest mysteries to those
who have congratulated themselves on their
accumulated fortunes, will be what has be-
come of their supposed wealth. They have
succeeded in q majority of their speculations;
they have met with no direct losses; and vet
they cannot lay their hands upon the means
they thought were so indisputably their own.
The shrinkage of values after financial infla-
ton leaves no record of its expunching pro-
cess, and is certain to disappoint the hopes
even of the cautious and prudent. As we have
seen, however, this is not serious evil if the
man himself be left the free use of his indus
trial faculties. But it will be sad day to those
who are encountered with many engagements.
Debts, unfortunately. win not shrink with the
means of discharging them, and many man
who might save snug capital from the wreck,
if he were not thus fettered, will come out of
the trial with nothing about him but the bur.
den of obligation. a
nDnr, nDn MUM
The Nor Wester ONCE Burned..-Sas.
kalcheWan Gold Mines.
RED RIVER SETTLEMENT, Feb. g. 1855.
To the Editor of the Pioneer:
As believe most of your readers take an in
terest in the affairs of this settlement, may
at fhat tho Nor, LVoefor offioo With