, 1870-07-08

VI DNAA*.S1 ~ "AA+At VIZ AHU Ql9l9 49, H~-ASt
equal in tho quality Of speed. They say that
Captain Leathers was ons-generaled, or out
maneuveted By Captain Cannon and that
Captain Cannon can takn the Natcnez and
come up in the time made by the Lso7 md
make only the time OF the Nntchez-
TIE ERA OF SPECULATION.
Approach OF thc End-.l I'ortra..r.rc
of the Past.
Front the -Sa.ioH-
Precisely ten years from now the business OF
the whole of the United States was marked by
dullness. q stagaatiop, aim!lar to, but even
exceeding, that which now prevails. IIat sam an
summers dullncss is, we think, the cna, Of
the widest era OF speculative excitement wit
messed since the tunes Of Law aud the south
Sea Bubble. In 1sG0. the terce agitation OF
the Presidential election, and the alarm created
by tho bold threats OF the Southern ez-
tiemista, almost para1rzed business. in
ynlved Ill the mercantile interests OF the
con1try in serious loss, threw large numbers
ct people out Of employment, ard thus pre-
pared, on the o1e hand, the sudden and sPon-
taneous UPRISING Of the unemployea e. masseS N
the other hand, creaied cla6s Of people
almost new to orr geue17tson-unoccupte
poor, frequently heavily, nay hopelesslJ, in
cetted. often reckless with hopelcssncss, and
thst con,munity of spectators Tnlcn has o.
cupied so large share OF the public attention
ever Bipcc. The depression in business in
1850 furnished allie the first armies OF soldiers
and tho first armies of contractors, c..mp-fol-
/ soldiers were impeled BY patriotism; the last
were compelled by the draft Tho nain army
| of spectators was subsequently attracted by
I the extraordinary temptations Of the tiu,esa
I tho Last and most noticeable detachment were
| themselves the outgzowth OF all that vas vic
| ious and bad in period pre-eminent Tor bAd-
| ness aud vice. But both armies had then first
| origin in the GUNNER dulneas Of 1850.
| The career Of the soldier atmyis we'll known,
| though as ret, unwritteU. The career Of the
| tfrely misunderstood. When, in 1861, the gov
eminent came into the markets OF the coun-
t1y rs tuycr Of labor and Of all the pro lucts
| Of labor, it came into markets oyerstocIed al
\ most beyond precedent, and unnaturally de-
pressed to the point Of despondency. The
treble, effect: They, rapidly, reduced
supplies, and ther enabled al sellers to be-
I como enlarged cocsumers At tho very time
when liberal proportion Of the producers
was Withdrawn from active labor. The effect
upon prices was magical Everthing advanced
comprehensive. First food. clothing, arms,
| munitions Of war, next machinery, metals.
raw materials Of every kind, then ships, and
other means Of transportation, and their rep
Iesentatives, Like steamship stocks and rail-
road etocls-oue after another, all rose in
price. The extraordinary gains made SO sud
denly and ncompreLensibl5 BY. the le-
! g1tiuate dealers il these articles, and
| the almost certain continuance OF the
advance, based Us it waB upon the steadily di-
1niDishing production and increased conaump-
tion Of both government and people, were
quickly recognized by that large class who,
from natural taste OF from their peculiar cir
cumstances. were inclined to take advantage Of
it. 1t was this extraordinary rise in prices thst
followed the speculative mania To the thou
in al the various objects OF trade as lucrative
profession were speedily added tho hundreds
Of thousands who, whilo really engaged in 9TH
ef pursuits, were yet tempted by the reports Of
fabulous gains to indulge in more Or less in
| pQrtsnt Houtsida Transactions" which
can be properly characterized only Us gam
bling. This class cane to be known in al tho
markets a. outside dabblerB: lawyers, doctors,
merchants, retired capitalists, government
officers, and bank officials, who had no better
excuse for being engaged il operations ia
aour, or gold, or cotton, Or stocks, than for
playing rouge ct noir. For all these c1asses
The Three years from 1862 to 1865 were mainly
years OF d certain tevellsh prosperity The
great majority OF specu1ators al tho world
| over arc inclined to speculate for rise, and
l
chases by government, the steadily diminisl,-
ing production, and tho reckless waste and
consumption of a people that deemed itself
rolling in wec1tb, kept everything almost con-
ssantly rising; hence speculation, IL tho main,
was profitable
with the close Of the war, in 1856, 4 violent
change set IL. The 1isbandiDg Of the armies
| restored large number Of men to productive
pursuits, the government purchases rapidly
Diminished, stocks Of many articles became
ed. But it WIS found that the South was so
| entirely deprived Of every article Of merchan-
disc that the demand from that section suffc-
ed to maintain the prices Of many thtnga.
Many soldiers returned from the war possessed
Of means, and did Lot resume their former &C.
cupAti0ns with tho expected prompt
Tie destruction OF the war even in tlla North
was 60 Re1ious as not to be rePalred even in a
| year or two OF peace. Two successive poor, or
at best Indifferent, crops OF breadatuffs fol-
| lowed the peace, and prevented great decline
in food and, consequently, in the wages Of IL
boz. A great abundance Of idle capital in Eu-
rope sought employment with tho utmost con-
fdeEce in tho extension OF our wonderful rail-
road eystem, and became during the last Teara
. purchaser Of products and labor almost con-
parable to the government itself during the
time OF war. A1l these circumstances tended
to delay, though they could not prevent, the
decline IN prices which was sure to follow ulti-
mately the cessation OF the CAUSES which had
produced the advance. The two years following
the close Of the war were years Of repeated
to ccnt;nue<<for time their speculative opera
ticns, but which, in the main, resulted disas-
rously for all outside spectators, leaving 4
profit only for the brokers, bankers, and others
employed IN conducting the operations. and
reducing aaiIv the number Of d dabb1ers +" By
tLeir complete financial exhaustion. The ac-
counts from all the leading markets agree in
this, that the fortunes uade, the email and
large sums gained during the years Of war,
were almost all lost again before the close Of
1eG7, and that the men who fed the great
speculative fire previously to 1865 had almost
ali disappeared from view.
But the men who had adopted speculation
as a profession were not to be tlhs driven OF
the course by q mere decline in tbs natural
supply Of deluded victims. Men who had
once tasted the delight OF taking the money
earned by other men, and making it their own
unscrupulou=nesB, were patcled With a cray
ing for the continued Indulgence Men who
had acquired habits Of luxury not far inferior
to those Of Imperial Rome. needed perennial
supply Of revenues to maintain thelS state
Men who had acquired control over markets,
to relinquish it. AL these men must
continue to speculate, even though
the original temptation, the natural fluctua,
tions IN prices be utterly wanting. y there bt
no natural fluctuations in prices. artificial fuc.
tuatione must be created. It il our OF this
combination Of circumstances that has grown
whAt might be called the second period Of tne
| speculative era. The first began With Efforts
to profit tJ violent fluctuations IN prices,
brought about by natural causes, and necessa.
r1ly, indeed, ended as soon as these natural
causes ceased to operate. The second began
with efforts to create artificial fluctuations iI
priees. ard is, We think, now gradually draw
ng to close.
The markets in which the operations Of this
second period we1e carried On were compa-a
lively limited in number In the eafly yeart
Of the war. speculation invaded everything
Latterly it has bean confined mainly to rail
road stocks, gol1, cotton, gram. and Eea
estate. It would bo impossible, within OIL
limits. to follow it's career closely through all
these markets; but we will point ont such ot
its salient features as viii, We think. justify
our belief in its early end.
Few people ,slo visit the lovely parks grow
ing up in all cur leading cities, who roll a;cng
the miles Of new boulevarlls and drives thai
inte1sect or surround every suburb, stop to re-
fleet that most Of these improvements. viii
ali their manifold ATTRACTIONS, arc only tha a.
Iifcial but seductive stimulants to gigantic
real estate specnlation,. The people who ar
feuow-citizens with agreeable opportani
tiee fer healthful receeatloIa AMI
exercise, especially on horseback O.
any interest IN "lo:s" along The drive or nea
the park. They induce Legislatures and cit.
/ governments to order the construction Q
these improvements. Who has the right t.
object Is not the expense Assessed on thf
property benefited by it? Nouinal1S. reg
Really, no! These improvements, Carried on
everywhere, are raising the ta1es in onf so"ns
and cities to such frightful figures that a. nont
can afford to live in cities except ~ rne t vst1