Southport telegraph. [volume] (Southport, W.T. [i.e. Kenosha, Wis.]) 1840-1850, 1847-11-10
A GLANCE AT EUROPEAN AFFAIRS.
F. N CT. A N ID.

~ COMMERCIAL ana business affairs generally
in England appear 10 be in great state OF confn-
sion. A London letter-writer says: $50 numerous
have been the failures and suspensions in this city
and other parts of the country. that 1T is lamen
tation only to hear the report The most far
seeing unable to see their way out Of present
difficulties, and the wisest at loss what 10
propose or TO do. AS usual in times of pecunarv
trouble and distress, the Bank was expected 10 I've
an alsaifcient agency in the way of relieving the
wants OF business men, and restoring confidence =
but, as usual at such times the business community
found Itself leaning upon broken reed" And
fact which has long since been settled 10 a demon
stiatlon IN this country in regard to the real char
acter OF such agencies, is just beginning TO
develop itself to the comprehension of the CONNER
clal men of Eng land; viz that National Bank is
and always must be source of far more evil than
good-that instead OF being regulator of mon
etary and business affairs, it grand "disturber,
a great cause OF revusions, trouble and distress.
The letter writer above quoted, says: The pow er
of the Bank to create confusion, and, in cases
min. is now too we'll known here to require any
proof; and | believe the conviction is gathering
strength in London, among great commercial men,
that they ought TO themselves against nigh
ty machine, which by its capncious and ill-timed
! movements may do them unexpected and irrepara-
BILE damage" Another writer says" At periods
when the slightest show of liberality even for 24
hours, wo1ld at once serve TO check the vague APP
nreheDsiOnS which the occurrence of tuo or three
failures is sure TO create (and which apprehensons
in their effect for dangerous than any ehs
which could possibly take place. the Bank is al
ways in embarrassment, and, far from protecting
others, is seen TO be engaged in sudden and despe-
rate efforts TO protect itself; thus giving the tone
to every minor establishment and causing universal
timidity TO ensue, when every thing depends upon
the boldness of selfpossession" We by no means
enter into the spirit of this complaint against the
Bank. Its course is matter of necessity. Under
circumstances of failure on every side among bust
ness men, majority of them debtors in heavy sums
to the institution, the Bank should be expected to
engage in efforts to protect itself This is the last
time in the world to look for show of liberality"
And here is the argument against institutions OF this
kind They are exceedingly efficient agencies
in bringing about state of affairs which must be
followed by failures and revulsons, and completely
powerless only as means of increasing evil, when
the period ofdisress arrives
The causes Of the present commercial embarrass-
ments of England are stated to be the failure of
the potatoe crop, and the general deficiency of the
-
resources for the purchase of food from other coun
tries thus making the capital of the country in
sufficient to carry on its necessary business. The
railroad mania of the people of England for the
past three four years and the vast invesmen's of
capital for the prosecution Of railroad enterprises,
must be looked upon as anotl er cause. 1t would
naturally be suppressed then, fiat. as remedy for
the evil efforts would be mace first to stop for the
present the investments of eapta in rail road pro-
jects and 2dly to employ this capital and the labor
of the country, to great extent as possible, in
the work of producing what may contribute to the
supply of horne wapts, respects articles OF food,
or what may be exchanged with other nations for
breadstufS, and thus obyiate the necessity of fur
Their drains upon their specie capital for the purchase
of food One would naturally expect 10 hear OF
propositions to throw open some of the vast Bnded
estates in the harris of the nobility row desert
waste, far as purposes OF utility are concerned,
for agricultural improvement and enterprise,
important means OF amelorating the condition of
the masses adding TO the common wealth, remov
ing existing embarrassments- and pre-, entng their
recurrence. But no such plans as these appear TO
be entertained On the contrary, a measure is pro-
posed to be adopted, which, however it may tend
for the time being, to arrest the progress of COM
mercial embarrassment, must if resorted to.
tuate in increase of the disease sought to be
mcdcd. Nothing is surcr than this unless the
plain lessons of experience, and the simplest pnn-
ciples of political economy, to be set at naught
The proposition is the formation of ~Anti-God
Law League, which is to establish paper currency,
possessing capabiIity of adaptation to the Chains
of the commercial world"
The fact is, IN regard to England, her disease is
of a character not to be reached by Slight remedies
The trouble is to be found in her institutions, and
the abuses which have grown up under them. Her
vast public debt, corrupt church establishment, her
pampered nobility and aristocracy, are many
mill-stones hung abont the neck of Productive In
dustry. The energies Of her people are over taxed
and overtasked-and every year, under the existing
order of things. but increases the inequality of con
ditlon between the few, and the many, adding
to the possessions and emofuments of the first and
to the deprivations and burdens of the last But
these abuses have nearly reached their limit The
indications of this are not TO be mistaken The
disease and the remedy are beginning TO be under
stood by the mass; and radical treatment, such
alone as can be efectua must aud will be resorted
to- Nothing sheEt OF an entire destruction of the
arstocratic institutions of the coun&ry, upturn-
ing and overurning of every thing which stands in
the way of the complete practical recognition of
popular equality and rights, Will do the work And
this work, "peaceaby if they can the people are
evidently preparing to do. The present generations
we are sanguine in the belief will live TO see this
great work accomplished.
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