The Sun.
London, England, 1827-12-15 00:00:00

STATE OF THE NATION.

We are not among those who despond as to
the state of the country, for though it would be
vain to deny that we have difficulties to en-
counter, as there is no condition of human
society free from these, yet we have always been
of opinion that the country was perfectly ade-
quate by its energy and resources to contend
with transient and accidental evils, which how-

ever severe for the time have in no degree
trenched on the main sources of its prosperity

and greatness. At present there are no doubt
some passing clouds in the political horizon
which may be a source of alarm to those who

are so disposed ; to some the Turkish war is a
subject of dread, though we see little cause for
this feeling. It is far from certain that any such
war will take place. The Sultan, naturally ir-

ritated at the loss of his fleet, does not immedi-

ately accede to the demands of the Allies, pre
ferred as they must appear to him in a manner
somewhat rough. But could we, it may be asked,
expect his ready acquiescence in so mortifying a
catastrophe ? admit that he is startled a little at
first, and that he cannot accede at once to'
national dishonour, is there no alternative be-
tween this and war ? May not a little interval of
reflection assuage the first violent feelings of re-
sentment in hie breast? We can easily believe
that under a deep sense of humiliation he would
for a time hear of nothing but war. But as
passion subsided, reason would come to his aid,
and calculating coolly the chances of war, he
might easily see that it would issue only in fresh
humiliation. We do not certainly expect that

Turkey is to be any striking example of wise or
moderate policy ; but there is a wide interval
between this and an utter dereliction of all pru-
dence and common foresight, which would cer-

tainly be implied in any contest at present with
the European powers. Her counsellors, how-
ever arrogant or ignorant, cannot have forgot-
ten the issue of the last wars with Russia. They

now, and well remember, the rout of their
armies, the waste and dismemberrxent of their
provinces, and the sack of their strongest towns ;
and if they were foiled then in a contest with
Russia, what chance have they nosy of contend-
ing with her matured strength ? The con-

querors of Ismael still survive in their descend

ants, and the Russian armies, always intrepid and
obstinately brave, are now better disciplined, bet-
ter organised, and have superadded to rude
valour the refinements of science. These ob-

vious considerations must, we may still expect,

impress on the Sultan a lesson of caution ; and
may render him averse, however he may threaten,
to risk his very existence in the desperate specula-
tion of a European war ; and even if such a war
were to take place, how can it involve this coun-
try either in danger or expellee ? The matter
must be speedily settled. The crazy power of
Turkey is already tottering to its fall, and war
with the Allies would be the signal of utter ruin.

In short, we do not see that the state of our re.
rations with Turkey sanctions any sinister pre
dictions of evil.

In the internal state of the country there are,
no doubt, many and serious evils which we may
deplore, but which we cannot altogether remove.
—The truth is, that we have not yet recovered

from the ravages of the late commercial storm
In many branches of industry wages are low, and
scarcely sufficient for the bare subsistence of the
workmen ; nor has any brisk or steady demand
yet arisen for certain species of goods. But
that trade and commercial confidence will
revive is a matter not of mere speculation,
but of absolute certainty. What, it may,
he asked, was the cause of the great convulsion
which, in 1825, befel the credit and commerce
of the country, and which has produced such a
lamentable and long-continued train of mischief ?
It may be briefly stated to have been misplaced
confidence—an evil to which every mercantile
community is in an especial degree liable. Con-
fidence or credit, however cautiously given, will
be occasionally abused ; and when this takes
place on a great scale, it will occasion propor-
tionally extended embarrassment and misery.*:-.
It is quite clear, that the great foundation of
commercial distress is laid in the abuse of credit,
—for, if there were no credit, if every article
were purchased for ready money, neither loss
nor ruin could be incurred by trade ; and it is
in times of peace and prosperity, when ca-
pital, rapidly increasing, overflows at length
in all the channels of trade, that men of
substance, at a loss where to bestow their goods,
are naturally tempted to give credit more rea-
dily, and at an easier rate than before. Money
is abundant, and can be got almost for the ask-
ing. This then is the sera of ardent speculation
and of desperate adventure ; and the facilities
afforded to projectors without capital by the high
state of mercantile confidence, aided by the re-
fined and factitious expedients of paper cur-
rency, in its various forms of notes and bills at
different dates, enable them, long after they are
ruined, to preserve a false show of wealth, and
to draw out their thread of credit to the most
attenuated degree of fineness. At last, how-
ever, the bubble bursts : they can no longer con-
tinue the delusion ; they stop payment, and in-
volve others in their ruin. Now, in 1825, a
great portion of the commerce of the country
rested on this false foundation of misplaced con-
fidence, and hence, when those rotten supports
were blown down, when the speculitors could no
longer pay their bills, and the two parties, the
debtor and creditor, came to count and reckon, the •
real state of matters was discovered, and insolvency
took place to such an extent as was scarcely ever
before paralleled. Embarrassment, ruin, misery,
and universal pr-tic, and distress for money, were
the necessary consequences. Such then is the
evil by which the commerce of the country was
affected, and from which it is slowly recovering ;
and from its very nature it will be seen that effects
unicannotn a
ree
permanent.rrile
felt by individuals, it still left the national stock
country was as rich in
Januar) 1826, when the commercial distress was
at its height, as four or five months before,

There was in short no actual loss of any thigt;
which the nation was . possessed ; it Was
olie'
sudden and violent shifting of property from.os
hand to another, which gave the shock ; it
,g
not so much loss as confusion and distress ;.;
usual relations of • commerce were deranged;
machinery, which was wont to move so harir°:)
I,
ously, was entirely out of order ; the system
lost that perfect union of parts which was .esd;
tial to its functions. But human affairs ten
if!!
themselves to emerge out of confusion ; theY.d'
turally fall into the most orderly and c0nv0,1.4
arrangement ; every one is interested to n
what accident has broken down, and to
"back matters to their old course. There is, of
cordingly a visible amendment in the st1:00,
mercantile confidence ; and the increasing a.oe of
dance of money is testified by the gradital There
ish the
ofudnodlstinaitticllattlie matters lower ratel
stillof interest'furtile iitosytie;
provided they be let alone ; and We esnr-
hope that Parliament when it meets will 9-t,Cthe
sumo its valuable time in discussionsollo" tic;
state of trade, which can lead to no Prac.
good. Legislators cannot regulate the foltchl'ilfer
of commerce ; the best boon they can cc) tit
upon it is neglect, in which congenial elell'efloit
seams to thrive, while it is stinted in all its te,
proportions by more petty restraints, Which
gislators too frequently impose on it.
with
There are several other topics connecte—
the state of the country,.which want of rot
vents us from discussing at present, bt't
we shall resume in some future paper.