The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1867-01-19
Commercial Cycles.

,ier, we presume it is from the pen
of that able and venerable writer on
political economy, J. N. Cardoza,
ESQ
Those who have watched the pro-
gress Of trade, must have been struck
with those remarkable condolences
which, at nearly equally recurring
periods, take place, and which are
denominated commercial crises
What is not less remarkable is that
they recur at nearly regular periods.
Thus, IN 1926, crisis OF this kind
was witnessed in England, and which
extended to the United States, that
gave great shock to public and pri-
vate credit. In 1861. about ten
years after, an exactly similar crisis
occurred both in En- gland and the
United States. The crisis Of 1857 is
too familiar and too recent not 10 be
! in tho recollection of all The causes
of these occurrences may not always
be philosophically traced, bat the
most rational way of accounting for
them is by supposing that tue public
mind after lapse Of years having
ing 9 tolcrably long course of pros
perity having accumulated capital, n
spirit of enterprise and adventure is
engendered as the result OF reaction
from the previous quietude or mac
ton. Be the explanation what it
may, the historical fact IL ihdisput-
able that, such nearly recurring
periods form u part Of the history Of
commerce.
The question arises from the great
tension of the public mind in the di-
rcction Of excessive speculation, for
some time past. whether 1867 will
not find MS in the midst of collapse
and excitement similar to what has
occurred in previous decennial
periods? The spring of the present
year may not pass without witness
ing crisis of this kind. 1t behooves
all connected with trade to employ
precautions that would meet q com
mercial crisis that appears to be
menaced from several causes, both
commercial and political. The
| shortness Of the cotton crop seems
favorable to speculation; the pros
pect Of balance of trade against us
from q deficiency in the aggregate
value OF our exports, as compared
with our imports, and thence the ne
ccssity of remitting 4 large balance
| in gold point 70 such - result almost
unerringly.
In addition to these circumstances.
political complications indicate SINH
lar consequences. Those who have
watched conjunctures in our history
nearly identical with the present state
of things, will not fail to deduce the
proper inferenses. When the admi-
nistration of Mr.. Van Buren, carried
out the financial policy of General
Jackson, it did not fail to bring Gen.
Harrison into the Presidency, and to
effect complete revolution of par
ties. The pccuniary pressure was SO
severe on the people-the consc-
quence of that policy-as to revolu-
tioa'ze nearly all the industrial inte-
rests of the country.
Now the application Of this princi-
of the course of events. The papers
inform us that European capitalists,
who are large holders of American
securities, are becoming alarmed at
the political state Of affairs in the
United States. The menaccd i'm
peachment Of the President may not
result in anything that threatens a
conflict between the Executive and
Legislative departments Of the Go
yernment, for we believe that the
radical party leaders are too sagacious
to force such an issue, but the Eu-
ropean noneyed interest is too scnsi-
tive not to be affected by the appear
ance Of things on this side OF the
Atlantic. The supposition is natural
that, becoming alarmed, American
securities will be remittcd to the
United States, and the proceeds in
gold sent to Europe. If this should
be concurrent, with large balance
due for over imports, it would cause
a pecuniary pressure that may result
in a political revolution and the over
throw Of the radical party. 1t, per-
haps, is to be wished that this party
would carry out the policy of some
of its leaders by an impeachment Of
the President. 1t would bring about
that political change that would re-
suit IN the speedy restoration of the
Union and the equality of the States.
J. n. C.