Whig Republican., 1840-11-12


The following beautiful extract from q
peech of Senator Z allmadge, IS worthy of
ttentive perusaI:
.-TFiavhfg showed that the power con-
$ red upon Congress- by the constitution,
unlimited, [ now proceed to enquire
ow. it shall be exercised and what IS.
ie cause of the demand for the exercise
this power
Sir, not many years since, this country
presented to the eye of the statesman and
philanthroplst cause for congratulation in.
a scene of prosperity and happiness, un-.
surpassed at any time, or under any gov
ernment. 1t was not confined to a mar
row district of country, nor To- a prlVlle-
red class of the community. 1t spread
over the whole length and breadth of
our land, and was difflsed amongst, and
enjoyed by, the whole population. Man
ufacthres flourished;; agriculture returned
not only an abundant harvest Of the ne
cessaries of life TO the laborer and hus-
bandman, but 4 price commensurate with
his hi5hesthopes. Trade and commerce
yielded to the industrious and Intellectual
merchant rich reward, and every de-
genial influences of universal prosperity;
industry, capacity integrity and intelli-
gence became capital; the man possessed
of fthese properties and qualifications, was
lifted to level with the wealthy; this
species of capital the great leveller, or
democratic principal, by which the pow
er of wealth was placed upona level with
character and credit. Under this state of
general prosperity, and the influence of
these democratic principles, great numbers
were induced to engage In trade, and in
cur large obligations, under the belief
that property would continue to be easily
coverted into money, and that confidence
IN character would continue throughout
the land. All this prosperity and their
fond hopes were doomed to meet with a
fatal and appalling overthrow. Suddenly
--.ls if a tornado had visited the land with
It's devastating favages find the hopes
of the nlerchant-the fond .anticipations.
efthe farmer, the prospects of the manu-
facturer, and the dependence of the la
borer, overwhelmed and buried in one
common ruin.
In the commercial and trading circles,
doubt, is the forerunners of evil, and the
destruction of prosperity. Loss fcredit,
is loss ofproperty, the wreck of hope, and |
Of despair. Property, of all
kinds, loses. a portion Of its value, when it /
is deprived of It's convertible character.
Credit alene, in this country, renders prop /
erty saIeable. IN proportion to the am
ount Of CONFIDENCE ,tI1d industry, intrlii-
gence and activity, is the amount of per-
sonal responsibility; and this constitutes
the great bulk of the credit of the country.
When individual credit becomes impaired
a general curtailnent OF. business ensues
All wish to sell and collect, and none to
buy and pay. And thus the very strug-
gle that is produced, brings about the re-
suit which all desire to avoid. IN this
trading and commercial Acountry,s every
man is directly or indirectly connected ia
buying and selling, and business opera
tions become SO multifarious and com
plex, that the creditor is a debtor, and the /
debtor a aereditor; therefore, as soon as con-
fdence is'Shalzer, and the means of trans
ferring property ceases all become inVol-
we'd IN one common rum,
s Let not the wise ans prudent chide the
nnfortunate with his overthrow. AL /
are liable to accidents, which no human
prudence or foresight can avoid and pre-
vent. The great FIRE that occurred in
the city. of New Z YorI1, on the 10th ofDe-1
cember, 1885, destroyed more than twen-l
~ five millions of ofproperty and inflicted an
snjury upon the institutions and merchants
ofthat city, that years will not obIiterate
" no can contemplate the destruction of
stores and warehouses, covering do acres.
IN the most active business section of that
great city, flied with costly merchandise
collected from every country on the globe,
and not feel that this misfortune was
100 sudden and overwhelming, to come
within the ordinary rules of commercial
prudence or foresIght Beneath the
burning and crunbling 8allsoft that great
city, lie buried the hopes Of Thousands
So great and proceed delIed was the
calamity, that the insurer and the insured
inetwitil one common taie. And tllns n
this case, as il that of the sudden depre-
clatlon oftae val ue of property the cred.
itor Of yesterday becomes the debtor ana
bankrupt ofto-days without prospect or
hope Of beng able forelease himself from
the vast load Of debt which these misfor-
llnss have thrust upon lllitn
It's beeatlSe Of the over row and ruin
Of hundreds Of thoii ids Of intel lligent
induslrl rloils and honest men that this cry
comes slp to you fas3Ia ais broad alld