The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1842-05-28

Government which nave Deen denied, anu that
some apprehension is felt lest the former Gov
ernments should authorize reprisals by their cit
liens on the Neapolitan commerce. ii
THE EAST.
The People of the East are daily becoming
more and more convinced that their ultimate
welfare depends infinitely more on their own
industry and frugality, than on the fostering pro-
lection of Government The conviction that
the design and legitimate end of government
was rather to preserve order, and protect the
rights of citizens, than to bestow pecunlary
benefits on certain classes at the expense OF
corresponding impoverishment to Others IS ra-
pidly obtaining universal prevalence. That the
operation of certain laws, and the extinction OF
others, have caused numberless individuals to
sustain ruinous sacrifices, which also severely
effected the humber classes dependent on them,
no one will deny: but that 1t was radically
wrong in the first instance for individuals to de-
pend on charters and monopolies obtained from
matable Legislators, without any constitutional
right for permanent success, is equally obvious.
The Constitution of the United States makes
it the duty of Congress to leglslate for the gen
eral auelfare Of the Union, and not for partlcu-
lar sections, classes or individuals-to protect
the qphole country against the Entertainments
and mpositions of other nations, and not to
build up and sustain one trade, profession or
pursuit to the detriment of another. All men
are equally free to embark in such lawful pur-
suits as may suit their dispositions but they
have no right to demand exclusive Governmental
protection in any OF them.
The experiment of chartered monopolies has
been effectualy tried in the East, and found
wanting. In their zenith, the rich were made
richer, and the poor subservient to, and Deepen
dent on, the rich. When they waned, the rich
themselves became bankrupt, and thepoor were
plunged into hopeless ruin and unutterable wo.
Let any one who has been familiar with the
business men of the Eeastern cities, in years
past, noao perambulate the principal streets and
read the names of the mercantile firms. 1t will
seem to him that war, pestilence, and famine,
have each in turn recently visited the land
The names so long familiar to him in times
past, have vanished--new one ones usurp their
places If perchance he enters certain houses,
the old proprietors of which were once the Gil
rards of the city, the same sad unvarying tale
of pressure, failure, bankruptcy, broken hearts
and death, greet his ears! He will learn that
thousands Of gray-haired merchants who had
amassed their hundreds of thousands by a
strict attention to business, some for twenty,
some for forty years, when the time arrived Tor
them to retire to enjoy their honorable and hoary
age in peace and competence, were induced by
the seductons of unlimited Bank facilities and
the wild extravaganza of the times, to end their
business career by attempting to convert their
hundreds Of thousands into millions. Tickle
fortune! fatal temptation They retired broken
hearted to their graves, ana left their children
pennyless
Such horrible reverses in the Eastern cities
were caused by the inevitable reaction which
follows unnatural expansions in Bank discounts,
and the fictitious evanescent increase OF busl-
ness attending them. Men without capital OF
experience in business, by means of Bank &C
eommodations, were suddenly placed In con-
dtion to compete with those grown gray in bu-
siness. Nay, having nothing to lose, but every
thing to gain, their emulation soon gave place
to reckless competition. The old capitalists
were stimulated and goaded on to avail them
selves of similar facilities and increase their bu-
siness in a like proportion beyond their bona
fde means, and when the day of doom arrived
all were involved in one common, wide-sweep-
ing bankruptcy
What merchant does not regret that United
States Bank was ever chartered2 What mer
chant does not sigh for return OF the old times
when the industry and integrity OF business
men were rewarded with moderate profits, and
these profits remained as so much permanent
wealth? Do they not long to pursue their hon
orable avocations with contented minds, having
consciousness that although they are accumu
lating fortunes slowly, yet their wealth is stea
din on the increase, and in no danger of being
snatched from them by the cupidity and disho
nesty of others? Are they not sick of running
to brokers, and obtaining funds at a rninous sa
criice to replace sums which they were temptet
to borrow in an evil hour, but which might have
been dispensed with, had no inordinaie passion
for large speculations taken possession of them
We will have an affirmative response in tht
heart of every candid merchant whose eye shall
rest upon this article.