The native American. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1840, 1840-04-18

The present condition of the monetary
affairs OF our country, are indeed distressing.
We are informed by one of our merchants, inst
returned from the east, that the whole ner-
camille community is suffering under the
shock. The manufacturer is staggering under
the blow; and the Mechanic, the farmer, and
the Iaborer, all fe Il, more or less, the severe
pressure. Am'dthis Daric in our pecuniary al
fairs, we are called upon to put in requislton
all our forttude, sympathy and forhearance.
tortitude to bear up under our trials sym
pathy for the general distress, and forbearance
10 those who have been placed in power
Truly, the state of the times are distressing
vet the cry of "hard times" has accompanied
every year, nay, every month and every day
since our recollection and a worse predca
ulent may enthral us, if we do not employ the
improved circumstances available.
1t is very unfortunate for our country, and
entirely wrong, that, whenever embarrassment
affects our financial affairs, the cause of the
disorder is blamed alternately by one political
party to the other, as though each had pro
reproach on either political parity, or even on
President Van Buren,, or the Banks, because
specie is scarce, is almost as unreasonable rs
W ClttlcI vi 10 oSdiSC
in the event of failure in our crops. For
neither one nor the other can pay our foreign
debt; nor is it in the power of either the one
or the other, to prevent the expectation OF
specie to pay that debt! Nor is either party
whether in power or out of power, able alone
to restrain extensive importations, or to pro-
hibit inordnate forei gn purchases.
But to afford relief to the present distress Of
our country and to sustain our form of govern
ment, bequealhed by the blood of our fathers,
our representatives and great men in power,
must forego all personal animoslty discard
local jealonsies and political intolerance !;
avoiding reproachful language, and like a
band of brothers, unite to legslate for the
good of their country, with good intent and
becoming respect for the we'll being of the
whole community.
But, we, the people at large, have had con-
siderable influence in producing, if not di-
rectly or indirectly causing the present I'M
exampled embarrassment of our country. Oar
expenses of living are too high-they have
upon an average during the last ten of twenty
years been quadrupled. Were they increased
for necessaries and comforts? No but for
the hanefn luy,lres and s,porAuities Of life.
We lice too high We dress too fine. We
are now, in the midst of calamity, the finest
dressers and the highest lvers, perhaps, in
the world. We have, particularly in our cities
and towns followed and kept pace with all
the fashions Of dressing, cooking and eating
of at least four European nations! and though
we plainly see to what state of things tins
has brought us, few are willing to practice a
connendatory degree of self-denial. That
we have consumed too much time in shoe
and McWy there is no possible doubt and
how painful the reflection, when it is consd
cred that time is nl0hey-even more valtla-
BILE, more precious. The lost dollar may be
restored, whilst that moment which is lost is
gone gone forever!
It's our province to profit by past errors,
and like the bee extract honey from the appar-
emily bitter plant. Adversely is not only a
better teacher than prosperity, but it is the only
school in which some people will learn. A
prevalent and unaccouutable desire not only
to surpass ones neighbor in obtaining riches,
but to live more osten.atiousy, as if our hap
piness the great object of pursuit, depended
more upon reputed wealth than CO npetency.
The dull ploddng pursuit of lab " did not
promise soon enough, to realize to many, their
| golden dreams of wealth, but they engaged in
| commercial and other extensive enterprises
and specn'atons, producing temporary sue
cess and to crafty the ruling passion OF these
fictitious Adventures, banking and other ia
cilties were necessarily increased to almost an
indefinite extent. This fancied accumuIa-
ton Of wealth, induced many farmers and
mechanics to leave their employments in
which they had prospered, to gain fortunes by
their wits and without labor; and keeping
pace with extravaganza, multitudcs were
transferred the great detriment and shame
full neglect OF Agriculture, the main source of
our wealth--from the producing to the con-
Stunning class, and our annual importations
increased millions upon millions, until our
citizens became greatly in debt both at home
and abroad. At length, pay day has come .
the foreign merchant requires ofour importers,
payments of their heavy debts, and that too in
the precious metals who, upon turning to
the banks in this country for assistance, find
them with one accord to close their vaults
against them; having issued notes, generally,
ten times the amount of their real capital or
solid basis, they are compelled TO suspend spe-
Gle payments, and the importers necessarily
turned upon their debtors, and thousands are
reduced to bankruptcy, who had believed
themselves secured in opulence. General dis
trust takes the place of general credit. Com