The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1838-07-26


eordiag 10 is raHis. did mol aPP'y 10 mr.. situation
Household manufactures supplied The uhsliianss With
colhng aud the internal trade and exchanges were al
most exclusively carried by barter ms ehec'naly
checked any advance even the most necessary snp-
features Every species Of business required the W
| most caution ~ any failure IN tho performance OF
engagements in The way Of barter eesme under the
general law Of the land obligation TO pay money,
and might involve the party IN complete rum under
these circumstances even paper carhey kept wiimh
| proper houlds might have proved useful
beg leave, in passing, just TO call yoor attention 70
this vivid though simple. picture 81 the condition even
Of the industrious people, sirstehed Tor want OF
sufficient circulation. You how oil enterprise Is
parazed all labor arrested oil the springs aud Prn-
cpes Of social Improvement weakened and relaxed. by
want OF the OF exchanging the products OF la
hor produced, and IN the manner most CON
vcnent tolhe producer There is no greater mistake,
has been well remarked by sensible writer than 10
consider certain quantity Of capital and certain num-
her Of laborers, productive instruments OF Uniform
| power, operating with certain uniform intensity.
Many circumstances, by qaickcning the activity with
which they applied, may add Immensely to the re-
suits effected by them. Among these causes, none Is,
perhaps. more prominent than abundant, and espe
cialy progressive currency. Men labor only TO sell
and lie, one rich-deprve them Of market, and they
sink into apathy and dieness; make the market dull,
diminish the chance Of exchanging the products Of in
dns,ry, and YOU discourage il propor.ionaby. Hence
all business is at stand-s tl as want OF
ney circulate commodities felt and by diminishing
gradually the currency, You would reduce society pan
passa, to Incidence poverty and bari arismt Ia this
greatly progressing country above oil others,
qne cqusy p,ogressire currency all the Effects
| ut decreasing one IN older countries would ebsue,
though less DISASTROUS IN appearances because OF the
counleractng Influences Of our youth and vigor
But to return 10 immediate topic Here then,
wc have state of facts entirely peculiar which the
general principle, 10 the certainty OF procuring all the
specie wanted IN country. for the purposes Of ccua-
ton, evidently does not arply II is ono Of the Pheao
mema which philosophical inquirer viii be most anS-
ous TO explain TO his ow satisfaction call your
tenon it, and that Of the adsocses Of this measure.
who seem 10 think they have nothing TO do but 10 break
down banks and explode their paper in order TO food
the country with the precious metals appeal TO our
own experience TO show the dangerous character OF
their products, cite fact, 10 be accounted for on
the principles Of sober nductive philosophy. not by
mesphy slcal distractions and theories, prior The
modern world had abandoned that Of thing and it
Is not asking loo much Of great men, hope, to
pect that they will tread IN the footsteps of Bacon and
Calico. 1t is fact, then, that during long periods,
this country. aud every part Of il, have been IN the
creates. embarrassment for want OF rirculsng medi
um; and yet gold and silver to fair share in The
stock Of which clearly entitled would not
1 como relief ...
This apparent anomaly must, doubt he ascrbed in
good degree to the peculiarly OF condition
young and growing country, by far the greatest amount
oi whose very inadequate capital and labor has been
land ont IN cultlysting virgin SOIL and covering mih
/ Improvements Of all sorts We have been borrowers
from the beginning but great profits have enabled
to pay debts and grow rich by them, without any
other Inconvenience than this very scarcity of the pre-
cious metals created 10y standing balance Of payments
against aud that has been practically nonc because
their place has been amply supplied by the Of paper
Du, something, should rather say grca, deal is
also due to our way Of thinking on these subjects
Whether 1t be owing TO our peculiar situation. which
mas accustomed us to The paper system whether it
be that our people, IN this as IN so many other reforms
have anticipated the conclusions Of philosophers and
the progress of society," certain is, that Trey have
greater confidence in bank paper and have accomplish
cd more by means OF II, than any other nation IN the
world This confidence, as has been well relnarkedb by
very sensible French writer who lately travelled
through the United States and whose information struck
al the time (for his letters were published in The
newspapers at PaIis) as, in general remarkably exact
Is not blind conbdence-it is tho result OF reflection
and experienced II is in my Judgment most striking
and honorable trait of our people, and is irdcx Of
some oil The highest excccncies of the national
ter well as Of the singular happiness OF cond
ton. have listened with establishment the false and
superficial defamation, so much in vogue, upon this
SUBJECT 10 hear some persons talk. you would take
us for nation OF shapcrs, and suppose that the whole
history OF our currency and banking tissue Of
downright. knavcry and inposture. These gentlemen
totally nisapprehend the case, they would
not do much i0Justicc TO their country 10 turn
what rightly understood is her glory. into her shame
Why, sou perceive that the foreigner just quoted
has observed IN regard to the comparatively slight shock
TO credit occasoned by the confagraon at New York,
have been trading in effect, upon /" moral capital,
which FIRE could not consumer, No, nor moth or rust
corrupt thieves break in and steal This is that sort
Of ayfifc,ai capital, the object Of much absurd de-
nuncatlon here and elsewhere capital made up Of
skill capacity perseverance,, integrity enterprise. Po
litical economists have always appeared to me to I've
guilty OF one great, cardinal which precisely
tins, Of not attaching, by any sufficient impor
lance TO moral causes considered productive porers
merely. The first heals in every well formed table Of
statistics ought to be the national characteristic con-
sttution and laws Of peope--he liberty they enjoy
the 10 which they belong-the education they
ceivetheIr conduct pursuits and principles. Ia com
parson Of these, the great features of the geography,
physical aud natural, OF coun,ry-its SOIL climate, siiu-
alton, rivers harbors &C. really unimportant Had
some other people been planted the rocky shores OF
New England they might have sunk into the condition
Of obscure fishermen. perhaps Of hafsavagc lcthyo-
phagi instead Of uher,ng they have done, in their
gigantic increase, directly indirectly, half Of this fair
continent. 1.-The might which slumhers in peasants
arm, in country awakened revealed brought out
into mighty and efficient excr,ion, under the moral in
hucncCs Of another and covers the soil cultivates with
lasting monuments Of lis power. It this high moral
y and intelligence animated with the spirit improve
men protected by equal laws, full Of confidence in
future, which the peculiar circumstances OF most
happy situation, could fail make better than the
pastit Is these high qualities, these distinguished pri-
vlcges. That have constituted the CAPITAL Of people
that had hardly any other in other words, have
bcd them TO anticipate, by means Of credit the abun-
dant fruits of few years OF well directed industry We
live upon the resources Of tomorrow, because they
to he better than those Of to-day. This is the
magic under which and fertile country up,
almost nsany y, into life and beauty Failure and dis
appointment not in vocabulary, and though they
sometimes occur they comparatively so rare amidst
the dazzling successes OF the great majority of sdvena
rers. wonderful career Of improvement as to be
scarcely worth taking into the account One oil the