The daily union. [volume] (Washington [D.C.]) 1845-1857, 1847-06-12

gold was again to go out That was exactly right and
figures proved it, After ALL the conviction OF perfection
is wearing away from the English mind, and the people
getting TO think that the bank management rs hue
better than formerly. The Economist, ably conduct
ed weekly paper, advocates the issuing OF one-pouu
notes. though with cautousness, and upon arguments
not all OF them very important 10 fee-uade system pu
is very doubtful whether the subbornness OF theoes
will yield to such advice this The astrlngent agony
is supposed necessary to save the life OF the currency
We have no hope that the English nation VIII ever DC
satisfied with the working OF the pank Inc ruin rs
the existence of such institution is grand error, and
no regulation of make It anything else than
an error 1t has no power OF usefulness VI necessl
y its whole operation is mlschleyousi or rainier, us
operation as whole is The fundamental truth
al the bottom OF the whole matter is, that the Crea
tor when he made all things, made laws for their
regulation, and these laws are perfect IN their opera
ton There be no interference with them which Is
not injurious No law of God, either in mental, moral,
or physical affairs, can be dsobeyed without damage.
For trade system was provided when the ~ world was
made and it is in full life and vgor still This system
every knows to exist, for he feels its workings IN
his own affairs every day and all men have come to
speak OF the laws of trade as real existing code, as
truly the laws of matter the laws of mind By the
operation OF these laws when people make haste TO be
rich, engage IN speculation, and plunge deeply IN debt
money VIII become scarce and dear and the prices OF
other property will fall and what is called revuson
will take place Yet laws OF trade, alias the laws OF
God, while they insist correcting the wrong stale OF
~aa bes s hs been begs M ae
bank to regulate currency, tariff to regulate mporta-
tions Trades Union fix the price Of labor, Ell
forts to overthrow amend the laws of God, and al
ways OF course aggravate evils, and them roughly
II is by reasoning like this that know that the Bank
OF England great machine to regulate the currency and
supersede Gods perfect laws that made OF
cessity curse to the people
But in detail how it is curse 1t is great
central regulator controlled by who liable to erf
and do err, less in the management OF the ma
chine; and it is great machine, the mistakes which
the managers make produce great disorder and mischief
The people of England now say that the directors of the
hunE In, hnua
gathering money affairs and, by restraining their is
sues, to have modified it warded it Off whereas, by
dlscounng in very liberal way up to the very bursting
OF the tempest they greatly aggravated the calamity
Now that the pressure on and the agony almost nsup
portable Populations from all quarters go up to London
praying the bank to loan more freely. Such an nstu-
ton injurious, because it turns away the attention OF
the people from the true of the pressure which
they feel, to the bank and them TO look to the
wrong source for relief
Another very great oppression OF the bank is that il
efecualy annhilates fifty millions of dollars OF the
ona property by locking il up in perpetual useessness
About this quantity of thought necessary
tain the dignity of the bank, and the public confidence in
its ability. From age to age this money must lie I'M
ouched and yet utterly useless in fact for everybody
slightest loss be sustained The empty boxes would sup
port the dignity of the bank, and the credit of its hundred
mions OF dollars currency just well as full boxes
if only people supposed the money to be there. If this
great responsibility of sustaining the currency left
to its course it would divide itself among thou
sand persons or companies, and the fifty millions locked
up as people suppose in the bank, might be exchanged
for food. Then the prohibition of paper money OF lower
denominations than five pounds is appendage OF the
bank PLAN and this annhilates fixes latent state
(Which is the thng,) vast more, which might
also be exchanged for food The loss of great sum
practically annihilaed isl small matter. What would
be thought in these days. of establishing great depot OF
provisions, where million barrels of flour should be
perpeually locked up TO guard against tamine never
however, TO be used any portion OF it, though the whole
nation should perish, but Kept to sustain the national
idence in abundance The laws of trade lay in abun-
dant stocks when there is abundant supply, but dis
pose of and up the last pttance when there is
scarcity There is good in that, but none in the
bank plan, which neither accumuates Ito any sufficient
extenD in the time of abundance dspenses in time
OF scarcity. Sometimes we have in New York five hun
dred thousand barrels of -four The scarcity of the last
winter drew off every barrel, and left the stores of the
factors empty the stomach OF any amshed Irish
man. This is Gods plan of wisdom and benevolenee
IT, dissatisfied with that had adopted the bank plan Of
supply, half million of our fellow-men would have
starved to death in consequence Yet there is famine
here. There has been overselling The supply has
been madeo hold out to the last and the whole matter
has been managed with prophets foresight If we
had but established bank of -four with the notion that il
must always keep million of barrels on hand should
probably have been shouting to it the Hndoos do to
Juggernaut, and starved to DEATH gloying that the bank
had good stock on hand Ours is a rebellious race
which will not consent to be governed by laws that are
perfect, and so bring upon ourselves thousand
necessary caames.