Gold Hill daily news. [volume] (Gold Hill, N.T. [Nev.]) 1863-1882, 1865-04-07
Panies in General.


If there is any creature really existing
which justi6es the celebrated description
of the myth whose head and tail were
each where the other should be, and whose
head and tail went in contrary directions
when it moved, although 1t had neither
head nor tail, that creature must be the
Panic Nothing else forgets all Prece-
dents, runs stupidity into the game hre
where it was burnt before, moves in OPP
posite directions, and utterly defes all the
usual governing principles of action.
The Panic finds its gala time in such
war as the present, and the trade Panic
naturally appears in the commercial GEN.
tire of the country. There was an exam
pie in New York last week, when the do
nestle trade suddenly lost its balance. and
dealers went home on Saturday night to
Sunday which to many was not a day OF
rest. The expectation of new influx OF
cotton, which may not come in any con-
siderable quantity for months yet, de-
pressed the market and set it wild with
excitement, out of which, as always hap
pens, the coolest and shrewdest parties
only had the opportunity to profit, and
probably improved it. Indeed, Panic is
a private servant, in many cases, and Is
let out by its keepers in order to start
dust and confusion for the quiet further
ance of their own plans.
The market experienced sudden de-
preston, but that very suddenness means
a partial return. which is already seen !;
for when the bottom is once touched re-
bound follows Immediately. There is all
reason for decline in cotton goods; there
is no ell-founded reason for sudden
plunge downward, and there is no escap-
ing a return from such plunge, leaving
as Its effect an unsettled feeling which
damages trade, and gives chance of gain
to the few who will not be frightened.
The reason on which We base our expec-
tation that there will not-most certainly
thereneed not-be commercial and tinan-
cial wreck at the end of the war, are, that
the business of the country, government
dealings excepted, is SO largely transacted
upon a cash basis, and that productive
industry never had so great demand
upon it as now. This demand is only in
creased by the prolongation of the war,
and the destruction which the war makes
cannot paralyze and destroy industry I'M
I'll it has dragged itself out to length for
which there is now neither necessity nor
excuse.
The idea of an increased prosperity in
consequence Of the war, and as compared
with peace times, is hollow one, as we
have before attempted to show; but the
prosperity of tine country, compared only
with itself, is substantial and real. Ev-
erything which human consumption re-
quires will be in immense demand upon
the return of peace, and doing business so
nearly upon the cash basis as at present,
trade need not be overturned.
These considerations, if just and practi-
cal at all, apply with especial force to the
market for domestic goods. 1t is our firm
belief-and will be until events disproye
lt-that there will be remunerative mar
ket for all the cotton which can be grown,
and all the cloth which can be woven, for
several years to come. For not only have
our people to be supplied-and the con-
sumption of cotton goods during three
years past has been reduced to very low
figure by the high prices-but England
and France will both look to this country
again for an increased supply of the raw
material. Egypt and India cannot yet
compete with the South in quality of fibre.
amount of yield. cheapness Of culture, and
ease of transportation and even if they
could, England will prefer t. buy here
with merchandise rather than in the East
with hard gold. The checks which sup
ply and demand exercise upon each other
viii be seen in marked degree in the cot
ton trade; and aside from our own de-
mand at home, the English markets will
thankfully take all the cotton that'can be
spared, and will thereby ease the decline
to the old basis.-U. S. EeoBoastst.