Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1882-01-15
THE FINANCIAL ALARmssrs.

The fact that there has been over two hun
dred failures throughout the country during
the past two weeks-the largest number that
has occurred in the same time for nearly two
yesrs-has set the financial croakers to proph-
esying evil, and filling the public mind with
the solemn dread OF great calamity. The
truth is, it is utterly impossible for the coun-
try to be involved in financial troubles. Ga
the contrary, it has entered upon a long and
unprecedented career. of prosperity. There is
abundance of actual money in every part of
the country. Resumption as been successfully
accomplished. Our revived manufactures
are enlarging the area of their operations.
We are finding new markets ali over the
world. We have added, by the products
Of our mines and by importation, about
S370,000,000 to our supply of gold and sill
yer within two years. This is an amount
largely in excess of our total greenback cir
culation. All our industries have prospered
The increase in population and wealth last
year would, if cast in the wilderness of some
of our uninhabIted territory, create Stale as
large and with as much population as Ten
lation for this year promises to exceed the
last. Fifty millions of people scattered over
the United States are moving to the order:
Let there be an advance along the whole
line" This vast army, backed by the power
of one hundred thousand steam engines, by
the restrained force OF a thousand rivers, by
myriads of laborsaving machines, is march
ing to the peaceful conquest Of a continent
Never was the prospect of the American
people so bright and glowing as now. Never
did the people of any country marshal such
a host for progress as is TO be found in the
United States. The forests are disappearing
and smiling and fruitful fields are taking their
places. Where year ago the savage and the
wild beast howled, the smoke from the cabin
of the peaceful settler rises and curls in the
air like a banner indicating the march of
the great army Of progress and civilization.
The deep mountains are yielding up
their treasures. Railroads have supplanted
the trail of the savages, bearing the treas
ures of life and commerce. Temples of JUS
tice have taken the place Of council fires
and the church bells have silenced the yells
of the savages. Toward our shores thou.
sand vessels are always turned with an army
of immigrants, who look with loving, long
ing eyes for our shores and with as much anx-
iety as did Christopher Columbus Peace and
progress are the watchwords of all. What
country How boundless its promisesl Such
a country can take no step backward There
is nothing to justify the evils which the
prophets tell us are just ahead. There will
no dout be financial crises in the future, as
in the past These seem to be inevitable
and may always be expected after twenty or
thirty years of extravagant over-trading and
the mania for speculation. But nothing can
impede the dawning prosperity of the
American people. There is not enough
in partial failure of some OF our
export crops to produce The crash predicted
by the purveyors of gloom. If they are to
be believed we are going to ruin with our
vaults full of gold; with our mines increas-
ing our circulation over S100,O00,0C a
year; with our manufacturers selling their
wares all around the globe, and with a
healthy tide of immigration pouring in on
us. Going to ruin under these conditions
because our balance of trade has fallen off;
because we have not so much to sell as we
had in 1880 on account of the drouth? The
splendid financial condition. There is moth
ing to indicate disaster either Immediately
or re motley.