The daily Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1841-1845, 1843-05-31

annum Our bankers and men OF undoubieu
wealth can always command foreign capital
aud The plenty or scarcity Of H. IN Fog
particularly, produces corresponding STATE mere
Asio my second allegation, that the diminu-
lion Of foreign importations, as have de'eiioeu
them, is not a national loss, il is fact wen
known that vast amounts Of these g DDS wheh
imported in such large quantities, were sent INTO
the far west and all over The land, where they
were not only not needed, but VIII re they en-
gendered habits Of extravaganza which could
not be supported, and produced wlde-extended
ruin TO the farmers and planters, who went 10
debt for them, and when payday came round,
had no resource but 10 create another debt; all
this time increasing their other expenditures
vastly beyond their income. And thus 'hns'
continued as long as the expansion OF the cur
rency could be kept up. Figuratively speaking
during ali this time, our forests were enroDed III
the fine woo.lens aud siken tissues Of foreign
climes.
Political economist may say what they please
about I. imports stimulating domestic industry
Ga favorite theme with some Of them,) If far
mer goes in debt for such wares, neither his
family nor The country are benefited by such
traffic but on The contrary, both sustain Sc
rous loss, and the former a moral injury OF
vastly more importance than the pecuniary loss
TO the country.
There have been many ms ances OF failures
in this city, where The whole capital has been
10 [ TO our merchant, who have listed those
goods into the country; and though, doubtless,
the foreign importers have also suffered some
losses, they have been much more heavy among
our own jobbing merchants. Let not our go d
cilizens then, who are not acquainted with our
foreign rade, be led to believe that The plenty
of money, or the falling off of our impcrla,ions,
are proofs that business i, not slowly reyiving.
| Let them rather IKE courage and look forward
to no distant period for fair demand aad ca
sonable price for their produce, disrega'dng the
cry that all is stagnanl, because our capitalists
cannot get full interest Of six or seven per
cent for their money
The plenty Of money is the very thing that Is
needed to raise the price OF the various com
tnodlles of life, and is now commencing to
have that effect; and as we recover from the
| shock which has been given 10 mercantile con
fidence, and The general commerce OF the
world by The losses sustained from cor upl
bankers, a fair d mand will grow up AID the
industry of the country in every branch VIII
| feel its beneficial effects. Our farmers then, If
they do not consume many luxures, aud
their families do not dress so fine and costly,
will still have abundance for comfort will keep
out Of debt and be much more contented and
happy.
am by no means opposed to an extended
commerce; nothing r,jolces me more than to
see every one proflably engaged in business,
and capital fully employed; but | am ok at
heart when | see newspapers spreading
abroad their fimsy and false doctrines every
day, reasoning upon the appearance Of things
merely, and that reasoning founded upon some
abstract propos ton of the schools, without any
regard TO he peculiar circumstances which con
troll the decreased demand and currail the sup
ply Of our importatons. No longer ago than
day b. fore Yesterday a leading commercial pa
per published here, was lamennug over the
amount of specie arriving from abroad, and as
sorting that il would be much better if we were
receiving in i.S place The gewgaws of Europe.
Let the specie come in say ], and may the
day soon arrive that this country shall be the
creditor instead of the debtor TO the capitalists
Of Europe May we soon sell every year more
Of the proce DIS Of indust than need Of
similar productions from the sbor of foreign RI,
and then specie will always be plenty. But to
reach this happy and sound state OF the cur
rency, we must be careful of all has'y and un
advised legislation, must watch our banks
closely, and if we recharter any as their privi-
leges expire, make the stockholders lial le for
their debts. With these precautions, the
farmers, planters, mechanics, merchants, and
all others will bless the time when President
Tyler, by the honest exercise of The veto power.
made an "obsoete idea" of the deep design Of
the Wing LADDERS TO erect moneyed power
which would give them the control not only Of
the Government, but If the industry OF the
People. ] am aware that have written YOU a
long letter, and that il is not entertaining.
must hope, therefore, for its being read a, an
honest aud true statement Of facts, in plain
way, upon subjects AT this particular momcn,
very interesting TO many Of your readers, who
have not the opportunity Of collecting them for
themselves. ours, &c, HOMO
From The BJsfon Post