Constitutional Whig. [volume] (Richmond, Va.) 1824-1832, 1824-04-23

we nave NOT, thank God, suffered i'm any great
degree, for food. But distress, resuItins from
the absence OF supply of the mere physical
wants OF our nature, is not the only, nor, per-
haps, the kecnest distress, to which we may be
exposed. Moral and pecunlary suferings is, if
into hopeless despair. 1t poisons, it paralyzes,
the spring and source of all useful exertion. It's
unsparing action is collateral as well his direct.
II falls with inexorable force, at the same time.
npon the wretched family of embarrassment and
insolvency, and upon its head They are faith
fui mirror, rejecting back Upon him, at once,
his own frightful immage, and that no less an
paing, of the dearest objects of his affection.
What is the cGeseof this wdespreadng distress.
of thisdcep depression, which we behold stamped
on the public countenancc We are the same
people. We have the same country. We cannot
arraign the bounty Of Providencc-'The show
ers still fall in the same grateful abundance.
The sun still casts his genial and vvfying influ-
ence upon the land; and the land, fertile and di-
versifei in ltssoils as ever, yields to the indus
trious cultivator, IN boundess prOusion, its ac-
customed fruits, its richest treasures. Our vi
gor is unimpaired. Our industry has not re-
laxed. If ever the accusation of wasteful ex-
travagance could be made against our people, it
cannot now be justly preferred. They, on the
contrary, Ter the few last years at least, have
been practising the most rigid economy. The
causes, then, of our present affection, whatever
they may be, are human causes, and human eau
ses not chargeable upon the people, in their pri-
vate and individual relations.
What, again would ask, is the CAUSE of the
unhappy 'conditioneo our country, which have
family depicted, 1t is to be found in the fact
that, during almost the whole existence of this
government, we have shaped our industry, our
navigation, and our commerce, in reference to
an extraordinary war in Europe, and to foreign
markets, which no longer exist; in the fact that
we have depended too much upon foreign sour
ces of supply, and excited too little the native;
in the fact that, whilst we have cultivated, with
cssiduous care, our foreign resources, we have
suGcrci those at home to wither, in a state of
neglect and Abandonment. The consequence
of tie termination of the war Of Europe, has
been the resumption of European commerce,
European navigation, and the extension of Eu-
ropcan agriculture and European industry, in
all its branches. Europe, therefore, has 10
longer occasion TO any thing like the same ex-
tent as that which she had during her wars, for
American commerce, American navigation, the
produce OF American industry. Europe in COM
motion, and convHised throughout all her MEM
bers, IS to America no longer the same Europe
as she Is now tranquil, and watching with the
most vigilant attention all her own peculiar in
tereSts, without regard to the operation of her
policy upon u.s. The effect of this altered state
of Europe upon us, has been to circunlscr;be the
employment of our marine, and greatly to re-
duce the value of the produce of our territorial
labor. The further effect of this twofold reduc-
ton has been to decrease the value of all pro-
perry, whether on the land or on the ocean, and
which suppose TO be about fifty per cent. And
tho eli NTH b.. hoe - .
amount of our circulating medium, in 4 proper
ton not less by its transmission abroad, or its
withdrawal by the banking institutions, from a
necessity which they could not control. The
quantity of money, in whatever form it may be-
which nation wants, is In proportion to the
total mass of its wealth, and to the activity of
that wealth. A nation that has but little wealth,
has but a limited want Of money. In stating
the fact, therefore, that the total wealth of the
country has diminished, within few years, in a
ratio of about fifty per cent we shall at once full
ly comprehend the inevitable reduction, which
must have ensued, in the total quantity of the
circulating medium of the country. A nation
Is mo- prosperous when there is a gradual and
attempting addition to the aggregate of its cir
culating medium. 1t is in a condition the most
adverse, when there is rapid diminution in the
quantity ofthe circulating medium. and a con-
In the former case, the wealth of individuals in
sensibly increases, and income keeps ahead of
expenditure. But, in the latter instance, debts
have been contracted, engagements made, and
habits OF expense established, in reference TO the
existing state of wealth and of its representa-
tive. When these come to be greatly reduced
individuals find their debts still existing, their
engagements uneXecuted, and their habits inye-
terate. They see themselves in the possession
OF the same property, on which, in good faith,
{. cy had bound themselves. But that property,
without their fault, possesses no longer the same
value: hence, discomfort, impoyerishment, and
ruin arise. Lut us suppose, MI. Chairman, that
Europe was again the theatre of such a ccne-
raj war as recently ragged throughout all her do
minions-such state of the war as existed in
her greatest exertons and in our greatest pros
perity: instantly there would arise Il greedy de-
mand for the surplus produce of our industry,
for our commerce, for our navigation. The
langour which now prevails in our cities, and in
sea-ports, would give way to an animated acti-
witty. Our roads and rivers would be crowded
with the produce of Che interior. Every where
we should witness excited industry. The preci-
GUS metals would re-hDw from abroad upon us.
Banks, which have maintained their credit,
would revive their business, and new banks
would be established, ~ IKE the place Of those
which have sunk beneath the general prcssure:
for, it is mistake ~ suppose that they have pro-
duCcd our present adversely; they may have
somewhat aggravated it, but they were the CT
feet md the evidence of our prosperity. Pri-
ces would again get up; the former value ofpro-
perty would be restored; and those embarrassed
persons who have not been already ovcrwheIn-
ed by the times, would suddenly find, in the aug
mentcd Yaluc OF their property, and the renewal
of their business, amplemesnsto extricate them.
selves from all their difficulties. The greatest
want Of civilized society is market for The sale
md e,ccl,nnn Of fIc errnIts of lie r,rcl,,ll, IL