The daily Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1841-1845, 1842-05-27
THE EAST.

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 irugality, 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 pecuniary
benefits on certain classes at the expense of
corresponding mpovershment to others, is ra-
pidy 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 it was radically
wrong in the first instance for individuals TO de-
pend on charters and monopoes obtained from
mntable Legislators, without any constitutional
rgh) for permanent success, is equally obvious.
The Constitution of the United States makes
il the duty of Congress TO leglslate for the gen
eral .relfare Of the Union, and not for partcu
lar sections, classes or ndividuals-to protect
the phole country agalnt the entertainments
andimpositions of other nations, and not to
build up and sustain one trade, profession or
pursuit, to the detrment of another All men
are equally free to embark in such lawful puf-
suits as may suit their dispositions but they
have no right to demand exclusive Governmental
protection in any Of them.
The experiment Of chartered monopoes has
been effectually tried in the East, and found
wanting. In their zenith, the rich were made
richer, and the poor subservlent to, and Deepen
dent on, the rich. When they waned, the rich
hemSe selves became bankrupt, and the poor 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, no,r 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 u,urp their
places If perchance he enters certain houses,
the old proprietors Of which were once the Gil
rards of the city, the same sad unyarylng 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
strict attention to business, some for twenty,
some for forty years when the time arrived for
them to retire TO enjoy their honorable and hoary
age in peace and competence, were induced by
the seductions of unlimited Bank facilities and
the wild extravaganza of the times to end their
NJ, ,,o
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 bust
ness attending them. Men without capital or
experience in bu mess, by means OF Bank ac
commodations were suddenly placed in con
dition to compete with those grown gray in bu-
siness. Nay having nothing TO lose but every
thing to gain, their emulation soon gave place
10 reckless competition. The old capitalists
were stimulated and goaded on to avail them
selves of similar facilities and increase their bu-
sness in 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 a 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
weah2 DO they not long TO pursue their hon
ora.le avocations with contented minds, having
consciousness that although they are accumu-
lang fortunes slowly, yet their wealth is sted-
dlty on the increase and in no danger OF being
snaiched from them by the cupidIty and disho-
nesty Of others Are they not sick of running
10 brokers, and obtaining funds alta ruinous sa-
crtce to replace sums which they were tempted
TO borrow in an evil hour, but which might have
been dispensed WITH had no inordinate passion
Tor large specuIations taken possession of them
We viii have an affirmative response in The
heart OF every candid merchant whose eve shall
rest upon this article.
We admit that ii is vitality important TO the
merchant to have sound currency. An eauali-
zauon Of exchange is necessary to their prospe-
ry. But this can easily be obtained without
lar of trade may be qualled without swallowing
The poison of chartered monopolies. II men of
business lciH assume The erciusire control Of
"etr oion interests, chartered companies can
Ueref THiD them The C,ovetnnont can onJ