The weekly democratic statesman. [volume] (Austin, Tex.) 1871-1883, 1882-02-16
Prosperity and Panic
Baltimore Herald !

Baltimore Herald.
There are n class OF croakers who
are now predicting a panic. In fact
they always predict a panic when
prosperity is the greatest. If stocks
are booming, prices high and money
plenty, a panic in the near future Is
prOphesied, and if the reverse OF
these conditions are true and money
is lying idle in the banks seeking an
investment, then that deplorable
state OF things which always follows
depression or imitation, is fOretold
with a certainty, which leads the
Iimid to tremble and causes the
heavy investor to halt. But ii is
well TO know that panics do not fol-
low such a aperiod OF prosperity as
tins country enjoyed last year, and
the official statistics show that 1881
was period of substantial growth
and unusual prosperity. These sta
tistics show that in fields, forests,
mines, fisheries and manufactures,
the nation has prospered. Our ce-
real products are estimated at ST.
OOO,0O0,000; our hay crop at $780,
100000; potatoes, SS0,000,000; and
tobacco $25,000,000. There are no
exact statistics or even close esti-
mates of the timber felled for
home consumption and foreign ex-
port, nor of the product of our fish
cries, but the amount is very large.
The cotton yield is over 6,OOO,OOO
bales of $50 pounds each, of which
one thousand million pounds have
been consumed at home and twice
as much exported. The cash value
of this is not less than $300,0OO,OOO.
Our wool crop has been not
less than 250,000,000 pounds, worth
about $1O0,000,000. The sugar, rice
and molasses produced at the south
is valued at S30,000,O00. The output
of coal is estimated at $75,O0O,0OO
tons as against SO, 100000 in 1880, and
this, at three dollars per ton, will
aggregate 1925, 100000. The output
of gold and silver did not fall below
$75,000,000. Three million tons Of
pig-iron was smelted during the
year, representing still greater
value. Then $250,00O,OOO may be
added for provisions not included
in the above. The sum total thus
reached exceeds So, ,5OO,OOO,OOO, a
vast sum TO be added in one year to
the national wealth. Taking all
the items named it has been year
that fully equals the average in the
production of wealth.
But this only partially presents
our national prosperity. Shielded
by our tariff, manufactures have
prospered, and the export of manu-
lactured products has been very
large. OF agricultural implements
our exports were nearly $3,000,00O {;
clocks and Their parts, $1;500,000; I;
manufactured cotton goods, $10,O0O,-
600; articles in iron and steel, $13,-
100000; leather and its manufac-
lures, $7,000,000; musical instru-
ments, $1,500,000; refined mineral
oil, $35, ,000,0 900; ordnance and stores.
81 100000; wood and its manufac-
lures, $17,000,000. These represent
surplus products over and above
what is necessary for the supply of
our needs, and were sold at lucra-
tive prices. Added to these arc our
exports OF fruits and living animals.
VI IhO idIbOi Jul GA pOIGS ndNC d.
gregated $17,000,5OO, while bread
and breadstufls have been exported
to the aggregate of $300,00O, 900.
Over $2,000,000 worth of fruit
has been sent abroad to supply
the deficiencies of Europe. Also,
1920, 100000 of cotton TO keep their
Looms busy. CottOnseed, linseed
and other seeds, in natural or manu-
featured form, have been exported
to the amount of $350,O00, 900; while
bacon, butter, cheese, lard, etc., TO
the amount OF $3.50, 100000 have been
shipped abroad. Tobacco TO the
value of of S20,000,000 has been eX-
ported. Taking all our exports,
grand total OF nearly 100000, 600
was reached in 1881. This exceeded
our imports by nearly $250,0O0,OO0
These figures might be extended to
include other items, but assuming
that the production of such large
amounts of wealth and the export
of so much, after supplying our own
needs, is evidence of sound pros
perity, we reach the conclusion that
the conditions for a panic do not
exist. People do not usually fail
when they are max iuO monav