, 1867-08-23
Business PROSPECTS,.

New York Commercial writer expresses
qualification that England is recovering from the
monetary depression oceasioned by the great
| commercial panic of last year, and then he goes
on to say that had it not been for the mistaken
views OF the leaders of British political opinion
with respect to the duration and final issue of
the war in the United States, the causes which
operated to produce that panic would not have
existed for the previous Initiation of Which it
was the consequence would not have been ex-
psrienced. The stoppage of the cotton supply
from the Southern States threw a large amount
OF capital out of employment, and new channels
OF usefulness had to be formed to absorb it,
Ihere were no wanting, of course spectators to
organize new enterprises, aud promote financial
scuemes, and to those the British public lent
ready and willing ear. Cotton rose rapidly in
price, and it was confidently predicted that
america would never resume her former place
IN Tue cotton markets of the world. Hence at>
tention was turned to Egypt, to India, and else
where, as cotton fields designed TO supply the
looms of Manchester, and cotton growing com.
panies rose like mushrooms within a radius of
half mile of the London Stock Exchange. All
went on prosperOusly with these and thousands
-'ss@.tHF unaerr~kfugsi and prices rose nfguer
from month to month on the Stock EXCHANGE
and IN the cotton market, till the war in the
United States suddenly terminated and a n.w
prospect unfoided itself. A panic in cotton fol-
IohluS d previous decline of magnitude inyolved
the loss of many millions sterling in England
alone, and its effects extended to India and otber
cotton growing countries, where immense havoc
was committed. The financial depressfon
through which England passed, however. more
tnan ulscounteG the results of peace in the Uni
teu otates, aud hence new period of sDeculA.
uon mas set in, which is likely to eliminate in
another great imitation, although not as great
as tns former one This time it will partake
more OF the character of national prosperity, in
stead OF bubble companies. Continuing his re-
MARKS our New York contemporary urges that
III tnls country-the Atlantic States, especially
we are Jnst escaping from a somewhat similar
alhough much less severe, period of commercial
depression as that through which England pass
ed, arising from popular fears of a revulsion
and a vague idea that 1867 would witness
normal degree of despondency and gloom, and
the enterprise of the Nation has been to some
extent paralyzed. Now, however, change for
the better has taken place. The people see that
all the talk about early resumption of specie
payments and a sweeping revulsion were only
false alarms. We have over-discounted the re,
suits of the termination of the war, and like
the English, we are beginning to feel a sense of
restored confidence, and to go forward again
with enterprisiug zeal. And this impulse is
materially strengthened by the prospect of an
unusually abundant harvest Money is likely
to remain cheap and abundant on both sides of
the Atlantic for long time to come and the
indications are of the most encouraging kind
for business men. And money cheap and abun-
dant at the East will exert favorable Influence
on the mechanical and commercial prospects of
tue Pacific States.-S. f. Call,