The daily Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1841-1845, 1842-01-24
From The NJ Y. Journal Of Commerce
THE COUNTRY.

There never has been devised more than oae safe
and sure way TO competence and credit, and that
announced TO man from the highest possible au-
thorlty before he left his original garden. Other
schemes seem TO prosper and do prosper for while,
but they gather the powers of self destruction within
themselves in proportion as they depart from the
original plan The of our country during the
five years preceding the last two, is establishment
To us all and the confidence which monied men
placed in our States and companies, Notwithstanding
the dangerous measures when pursued on all
hands, is still more astonishing. States which came
into existence but yesterday, peopled but I'll some
detached points, whose pecuniaIy resources were all
to be created whose revenues were taxes lald by
adventurous pioneers and assessed upon themselves
have been trusted if they had been old monarch
les, Foreigners have taken taken the bonds Of these
sovereignties in vast amounts and with boundess
dence and for them and the stocks and bonds of the
IT, s. Bank and other Corporptions, they have given
the products Of their industry to the amount of hum
dred millions Of dollar, to say nothing Of the other
millions which they have given US for other securities
which stand better Our ships have come home
with ample ireights, our imports have exceeded
our exports in.mghty quantities, and the difference
we have paid in bubble which has burst. During
the time of this deuson, the country made some
magnificent strides in internal improvements. Its
population vastly increased, and its and
means of wealth of every sort greatly augmented.
But we were brought up at the end of ether and
stunned by the shock. Our money gone and credit
too The States and Corporations which plunged
into excuses most recklessy, have "bursted up
and the losses are immense that multitudes Of
wealthy men and families are reduced to poverty,
and every mans standing is brought less into
question Distress therefore, OF necessity, very
tensiye. The capital which had been accumulated
by the labor of years and invested in stocks is blown
to the winds, ard all affairs have shrunk within a
narrow compass. But they who think the county
ruined will find themselves most joyfully mistaken.
She 3 Keen ruined worse than this repeatedly and
! when she had much fewer means of recovery. The
country is all here, with all its vast improvements.
The cities are here, and cannot be taken away Our
canals and railroads steamboats, and ships, are
all here, transporting our citizens and the pro-
ducts of their industry III every direction. The
seasons will, year after year, fill the store
houses of widespread country with an
abundance of products, which will come pour
ing down to the sea-board, to be exchanged with
other parts Of our country and with foreign
nations for their surplus products. The amount OF
mercantile business Will extend TO exchanging the
Surplus products OF nation OF seventeen millions OF
the most industrious people on the globe. Our i'm
ports will hereafter not be increased by sending out
State stocks but diminished by the amount of inte-
rest to be paid on those which remain good Now is
the time TO settle the foundations of affairs in
! durable manner. The tariff, which agated the
country to its centre for twenty years, and fruit
! full source Of a thousand evils, has been removed
Let us not create another upon any such mistaken
ton, that the nation can be made rich by embar-
RAISING the free exercise of its capital and industry
| The money regulators are broken Let not at
tempt to repair them but let us regulate the curren-
cy by compelling the banks which issue the dcpreci-
ated portion of it, to give up their dishonest position,
and come upon the honorable and constitutional ground
of specie payments. Let the several States and the
nation stop running in debt Luckily, we shall be
compelled to act right in this respect, for the
nation cannot get credit, except upon very stnted
scale, and at high rates of interest These times
to settle up and get ready to start again. Business
must be conducted cautiously until the broken things
have reached their destiny, and the rubbish is cleared
away. Then the country will rise in its restored
strength like Samson when his hair was grown