Daily Richmond Whig. [volume] (Richmond, Va.) 1840-1842, 1842-11-02
.im,riean Sfsft Si,eks.

There is general jasiness Of views, truth and
sense in the suhjoned article fiona foreign news
paper, which entIile IL to attention from every Anne
riean. The aspect in which the entire question o.
American Credit and American morality is present
ed I've are bound to ssy) the most reasonable, the
least unfavoursble. that any Of another country
could be expected to take. Except the FIRST para
graph, where the condition of Monied Institutions
istoo sweepingly described, ruinous almost with
out exception. we scarcely see a word, in the whole
article, which is not perfectly soand and dscf mi.
mating. Ia teis one point. there is want or jus;
Distinction or Of Information; for nothing can be
moro unequal than the solvsney Of he Banks in
different regions OF the country. In the T. is,etn
States generally; in New York, N. Jersey. Dela.
ware, Maryland, the two Carolinas. they have been
greatly embarrassed, but must now be considered as
having passed the crisis OF darger.
We ntreat from our readers a careful and a calm,
consideration of the salutary truths uttered below.
They are especially valuable, ss serving to enforce
this great moral-That American credit in Europe
has fallen 10 its present extreme depression, rot
| from any diminished confidence in the actual Re
sources Of the country, bu, entirely from the
victon Of the general demoializ, tion of our poo
pie, and the spread Of wild and lieen,ious prinei
pies, that render impossible, while they last, any
faith in the communities where they prevail
From the LONDON Spectator of sept 81
AMERICAN STATE STOCKS.
The political intelligence by the last arrival from
] the United States ~ unnccompanied by airy thing
20 warrent belief IN any Improvement IN their f.
n,neiol condition. Every account seems TO indicate
that the prostra ton of credit is general the
present moment than at any preceding time. and
that the reaction so eagerly foretold during each
month OF the past three years has yet TO be com
rneneed. Discrcdit has extended from individuals
TO corporations, from corporations to state Govern
ments, until all confidence between man and man
appears to have been entirely destroyed. Not only
have nine out OF ten of the banks, and other es-
tablishments with which the country was ovcrrun
during the period of initiation, "burst up" in utter
insolvency, bat each catastrophe has usually been
| attended with revelations Of long continued fraud
upon the part of Presidents, Cashiers, or Secreia>
res; AMI os these events daily take pace, the few
| institutions that survive the wreck are looked upon
with suspicion as the next that are to fall. Hence
the prices of stocks and shares, that may really
possess intrinsic value, reduced to the lowest
point; and personal property OF most kinds-f we
are TO adopt the sourd rule that the value of thing
| Is Just what u will ering-nay he regarded as al
most entirely worthless. To add to the evils of the
time, every new Law that Is passed by the various
state Legislatures appears 10 have its origin in the
desire to protect improvijent, no; TO say fraudulent
dsbIoTs; and even tho Ordinary trans cions of the
police and criminal courts daily denote the existence
OF something like popular sympathy for roguss.
For ths state Of things tins alone can bring the
remedy. The Americans themselves adopt the ap
proved custom of atttIbuting u TO improper esis
la;on; and each man may be heard TO say, "If Con.
gress would only pass such and such law" every
thing would come righ just as during the anarchy
OF the French Republic each man had his favori,s
constitution" that was to be the panacea for all
exis'ing ills. They will find, however, that dsor-
ders which arise fotn corrupt state of the nntion-
al mind are not TO be cured 10y the magic OF few
words engrossed upon roll OF parchment; and that
II IS only through the slow experience OF suffs ring
lie q n hstt IA
last i've years, the simple lesson that "Honesty is
TIE best policy" has been forced upon them by the
bitter consequences Of opposite course; and al.
though this lesson Is vet complete there ire in
GATORS even during the present teporable state
OF en- AIRS, that II has not been read IN vain.
Ia looking upon these results, we eomplacen,ly
trace the operation of the law by which suffering
follows rs the consequence OF a wrongful course
The American characters is universally denounced,
and the people whom short time back IL would
have been "preposterous" disirusi, are with.
out even The shadow OF credit ia any European city.
Butthe distress which has fallen upon them, and
which dis incty discover be the appro pirate
fruit of their miSdoing, has been shared by US, al.
though IN different way, toa very considerab be
extent; and the question occurs, has the proportion
OF the suffering which we have been called upon to
bear arisen from participation in the evil courses
whene. 1t had its orsir; Is II as regards ourselves
only on ''inscrutable" and as far human obser-
vation goes, an undeserved nfictiop7 The former
IS papably tie case; and although We may denounec
as an opprob.iu;n TO civilization, we are bound be-
fore we cast stone at them 10 moderate our inds-
nation by the reflection that ourselves are not
without sin.
reneed man of business by whom n young and
unserupulous prodigal is tempted 10 draw up |
deferred resources, and who at length through de-
ect in his own calculations becomes involved in the
embarrassment which ensues. He may have exacted
no more than a lawful rate Of interest but If he be
found TO have placed unlimited means in the hands
oil young adveniurer without due inquiry into
CHARACTER, or as 10 the uses be made of theni-if
he has locked 10 nothing els. shan tha: by thus
lending his money he could obtain q good rate Of
interest, and that the borrower nd good pros
pecis"-ve fee entitled reproseh him for the sci.
hshness OF his course. There 10 no reason in all
this that he should be cheated; but IT The party
whom he has 50 impruden;ly trusted turn, out TO be
improviden; and unconscientious, he must no, for
get that an undue command OF money IS apt 70
bsse' these Characteristics, and ,ha having fos'ered
10 some extent the very tendencies Of which ne IL
the vctim he IS bound 20 exercise in MS estimate
OF them no slight degree Of fjrbelrance.
In this relation stands England 10 America. Six
years ago, IN our esger pITsuit Of gSin, unlimited
credits were not only offered but pressed upon her
merchants, and loans to any mount could at once
be negotiated on behalf Of her rising States. All
this went on without any inquiry on our part other
than that which was involved IN the Lombard street
method Of estimating the "resoUrces" ofthc borrow
ing party. Your man OF business is not prone TO
indulge in metaphysical subtleiies. He div d S
mankind into two cl1sses-ihe poor and Tie rich,
the safe" and the unsafe-Rnd II is not very easy
TO teach him that better mode Of Classification
might be adopted. Experience Of the American
Character WIS not wanting. people among whom
It had become necessary 10 stimulate public mea Of
both parties by tho axiom "to the victors belong tho
spoi.g," and whose watchword among the nations
had long been recognized IN the phrase "our coun-
try right or wrong" were not likely TO exhibit any
great amount Of self denial in those times OF FL
elli difficulty TO which every country must be oc
easonally liable. II those who pressed forward 20
Offer loans, dezzled especially by the productive
pabites OF the States in the far West, had paused
to inquire 10 what extent these Governments called
mo life from the outpourngs Of Europe and the
Atlantic cities, might furly have been expected TO
develope that nice sense Of morality, even that
true perception OF their own permanent interests,
which could alone render them worthy OF confidence,
u - certain that the SECURITIES" with which have
since been flooded would never have attained very
high appreciation.
The great error Of our capitalists, then, appears
10 hove been. that they estimated only the physical
condition and prospects Of the country overlooking
entirely all considerations regarding the moral nhu-
ences daily operating upon its inhabitants. As re-
CARDS state stocks, It may be affirmed that the value
OF them Is ntrnscaily greater OF the present than
al any previous time. The internal resources Of tho
country are undinninished; no CONFUSION hiss oc
cured % destroy the mines Of Pennsy wanna or the
pafss Of Illinois; the value Of this wealth has been
increased by rapid extension Of population; and,
above all, the people have Undergone the snluinry