The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1842-04-23

From the Journal Of Commerce
THE TIMES.

THE TIMES.
There are certain points OF time when marx CIT
ses in the opinions and the affairs OF men, lhey are
points at which wrong tendencies assume such
strength to carry every thing over 70 rum, VI "hen
right tendencies have accumulated such power as TO
form a guarantee that all will go well. The lndis-
pepsable basis of all sound business is sound cur
renew When the currency IS not composed OF actu-
al values or is not redeemable IN such values, busi-
ness il like ship at without the power OF steer
inc in any given direction. No tell whittier
she will be driven. There can be security until
the currency placed upon an immovable basis. II
was with such opinions as these, and when after
tempestuous year of suspension cash payments were
restored in New York and New England, in the spring
of 1888 that we cried Land Ho! We did not mean
to say them that the troubles of business over,
but that position had been taken which would even
tually bring all things right. The suferngs of the
community have been severe since, but it was not
possible that the great United States Bank should
pass through the agones of death, taking along with
multitude of lesser institutions convulsed with the
common epidemic, and even some sovereign States,
without causing great suferings to the healthy mem
beers of the body. Cash payments have, through the
whole scene, however, guaranteed the ultimate health
of New York and New England, and in fact the final
restoration of the whole country to prosperity. 1t
has been impossible to say, during the four years
since cash payments were resumed here, luhen the
point of lowest discount would be reached and the
basis of solid prosperity laid Recently the factions
in Congress have brought their influence to prolong
disaster by adding the discredit of the nation to all
the other disorders and even war has been loudly
talked of. But events which have lately occurred,
of them known to all the world, and others not
yet public, make it certain in our humble judgment,
that the worst is now passed, and that the time of
steady prosperity has come. One fact OF great i'm
portance is that there is great machinery OF
business to break down. There is National Bank TO
play pranks and break there is considerable num-
Der of other institutions break and State stocks
not be much worse. On the contrary opinion has turn
ed powerfully in favor of sound currency. Re-
sumption has already taken place through most i'm
portant portion of the country South of US, and the
impetus which has been given to public sentiment
will create sound currency, and so regulate the
changes through the whole country. The currency
being every where sound, the necessity for regua-
tor of any sort will have disappeared The insttu-
tons of business will afford safe repositories for the
safekeeping of the public money, if perchance the
public should ever have any money to keep, though
if Sub-Treasury or some sort of an Exchange ma
chine were superadded it would do no particular mis-
chief
The difficulties which have existed this Spring are
passing over. Business within a few days has be-
come toerably brisk payments from the country are
better; money in the city is plenty; the disasters
which were feared and predicted six weeks ago. have
not happened and confidence recovering strength
The Banks may come out of their shells little,
and they will of course do so, and moneyed men who
have been hiding their treasures will be glad to unlock
them
1t has been supposed that it would be difficult for
the state of New York and the United States to
gociate the loans which were to come into market
together about this time. But it is satisfactorily
ascertained that there will be trouble about either
loan. The national loan is not wanted at present
than two three millions of it and for this,
and he; whole in fact, there plenty Of bidders.
This little loan will be choice stock among the rich
men, and they will soon find there is not crumb
apiece for them ALL and will be glad to take New
York State bonds, at the very high rate of interest
which they bear
We are able to say that within few days the tenn
per Of Congress has very essentially changed. The
voice of the people, condemning the factous spirit
of the National legislature, which allowed the public
credit be dshonored in the market has been heard
in the capitol, and obeyed. The members are yield
ing their party feelings to the necessities and honor
of the country and authorizing the executive admin
istration to count upon them for all necessary and
proper measures. 1t is now, therefore, quite certain
that the Appropriation bill will follow the Loan bill
and SO the immediate exigency be proved for There
is also good reason to expect, happy to say
that tariff will be adopted in spirit of moderation
and with such reference to all the various Interests
of the country will ensure its permanency and suf
fcient revenue.