True American. [volume] (New Orleans [La.]) 1835-18??, 1839-10-26
From the Baltimore Chronicle,

|
The capital Of naon is not its wealth it il
the productvenoss ofcapital that constitutes thu
wealth of people; Industry, ingenuity and enter
| prize are its true riches
Henco it is that Frare and Germany, who nov
hold in their Golfers uost of tho coin ofthe world
! are not so rich ithcir coin, instead of being
| honrdcd, was let out ipon interest either to Dor
TOWELS abroad, or orrators ut home, who woulc
| increase its value by nnging and working it up
with raw material, circulate it for The labor Of
| Internal improvement,
When that illustrbus statesman, Pitt (illustrious
because the orr matr of mighty political theories
ll'ustsa lng that his mind was as practical as nvcn
ti7e,) first announced tho startling measure of d
suspension ct specie payments by he Bank OF
among all tho trends oil Great Britain wero sur
passed OILY by tho exul alton Of foreign enemies
and internal dsorganizc!s.
But during tho whole time Us years, of tho sus.
pension dspccic payments by the Bank of Eng
land, herpapcr never fell more than thee per cent
below TIN value OF gold and silver, aid yet this
three pei cent was sufficient inducemeut TO bring
back god and silver from tho continent 10 Eng
land. ~ soon as the precious mctalsbecome an
article If demand Qlko other article, at other
times, nnre strictly in their nature arlicls of ner.
chandiz@ gold and silver vii find their way back
to England and America. In the mea,tirne. all
classes will direct their labor and attention to tho
payment Of their debts-for it is the in,erst men
to pay their debts-credil is valuc-no ma, can do
nothing wthoat it, and no who wants fut,te credit
must psy present debts, as fast aud as vii as ho
can. Such thing as 4 unanimous and srmulta
neous consent of mankind to unite in onegonrral
bankruptcy would exhibit en- unhcard of ;EomaIy
on The records OF the world ; il would be Nrepur
nant to the moral sense humankind, as to 10 opo
aation OF physical causes and eftecls, which arc
always together IN the main (such is the orer and
AZ Sf.t,, <.t ,,.x Dat
things to lcat 10 TIE joint results of duty AMI nte
rest, in othe words, OF self preservation Without
which ncithr societies nor individuals ca,long
exist
Extraordinary circumstances, hut above altcin.
c!denccs, su:h s the manner of the distrhutin of
tho surplus revenue of the United States aSona
the ndlvidml states, the scarcity of crops in Mug
land, tho gnat speculation in cotton estates And
ether matters i'll the Sou and West; tho irnnh,Se
importatons of foreign goods consequent upo,fho
great expectation of cotton, by which drafts Ind
inportatiorr. were expected - BIZ met and paid ir
the immense sums borrowed for unfinished intcraI
improvements, the abstraction of labor from asi
culture and manufactures which latter dccliI,d
OF course ndcr reduced taItf.] and which latr
was upp led to those unproCuctive improvement,
the inevitable rise in cost u all articles of subj
tcnco; the importation ofth6e articles from abro&
paid for too, by the very momy borrowed for pull |
lie works-these causes altogether say, have ct
NEEDED and c"'opcrated 10 bir about an nnusua,
it not unexpected state in the affairs of tho world
but more 9 pecially in those # the United States.
But this s'u1e Of I'll n,s begns to at the very
a'"meht the cause that brough them about ceases ia
continue. The moment has ,ctually arrived. The
crisis may be painful aud critics. and t. some 1.-THE PANEL
suck) very alarming but this cry moneu, the fore
runner OF roh'aIescence-a"d now prudent, cool
forbeurace and sedenal unbe ,,nrt nj iii. creditor
offering the hand OF euty AM eucourae msnt to The
ebtor' with honesty industry and good faith gu his
part together win the instructive romptings Of self:
vii the aid of tn bouues OF Providence
ii the abundant .-Id Of the errh, will psuiu restore
perity. ''o'
Great numbers of this nao NAV he uheedIoJ int,
eiS'"s' ana exasPsrated int occasional fits Of tur.
Dni'nce and msruie but hesere but fits; and he ,u
;aicua'es on continual v0lenc and crime or fraud
Will find himself abandoned to"agruran' dcsola.ion'
Every old woman with spinning wheel for her aiI |
knows that there is some one vrse ofF hs" he,sai,
ma would protest. most vocifoukly against agrarian
i'Vsion nt her property. I'D women, male and
nmsh WI. nave te,f say. 1u there is too much
pece payments.-Ihe great convenience from il, the
want Of circu atins mediumxouId NOT have ieen so
much felt ifhe banks Ind povr to issue small notes;
ranks redeam them in specie. 'pdjug Them 10 snsw.1
" the purposes Of currrEcy,ve should be satisfied
md specie would not freely,e demanded, from The
cry cIcumsance that specie .uld be had for them il
o compensate and afford prerum for collecting them
oggetheE tor the purpose of sun upon the banks,
With regard to the 'stoIage Of the Bank of
he United States as it is mos riunphan,Iv nnnoun.
ed in the Journal of Connce of New York. fsel
safe in the little stock owns ever il i. iusI "a in
rinsically valuable when the ,nnel price ia ITO as a,
D. II its debtors good, not the bank thar has
suspended, so much thus,ln whom lis nancy i, .
'aned Indulgence will only AXE them more solvent
nd the more interested 10 be hest. Surprising ev.n
Ie rival in the foreign market Mr. Janion, The agent
Prime, Ward T. King, shouconspire together with
'e French house Of HoltingueN Co.. and hiring dnwn =
i'll further the price of the U. blank Stock how anon
iond we experience and Wits the conversion Of ,hv -
DID and silver on the continentto the u s. Bank md
her stock! The temptaouould be too great. and Ia
e profits too sure not to tept the cupiIy of The ~,
vners of Improbable gold; al that ais and exner.
iced fnancier, D. A. Smith, il! he found TO be Hill
hen ne asserts that people fifteen millions of in -
hiians arc capable Of enrn, and do earn, bv be;r -,
bor lof all sors) two mioiof dollars day: NOR.
an six hundred millions a yr. Can such peonI..
at once, he rendered traudult, bahkrunt md ide r.
the msCliinat0is Of neane limited, cunriyanres -
trayng more OF venom, thaEvic-, M re- Of saeg;e n
an Of roper' Let the ing iud., oi New York tn |
rholas Bddla, steppedrh with two million, Of ow
ilaIa when they stood up;,ed anl.t conf grafton mi
despair, IN 1885 respoht ia not the province ,f 20
NOT FNOFTHE TINES. Ii,