The daily union. [volume] (Washington [D.C.]) 1845-1857, 1848-02-15
The Revival OF Panic and Pressure.


The Revival OF Panic and Pressure.
AS the time for important election approaches, the
National lntelligencer-he true representative of the
party which thyes only the panic and pressure which
is generally the work of its creatonsets anew in
motion all the instruments of its trade Accordingly we
find in that paper of Monday last the which is taken
from its eastern friends, who used to make panics to
stop Tor rather protract and increase the evils of the
war of 1872
millionaire of Boston said on Change number of
months ago, that there way in which they could
put stop the the money must fail, and the gov
eminent would not be able to subsis an army in Mexi-
co. He was answered by democrat that the was
very nearly ended already from the fact that the unpar
alleed vaor of our counymen had dsarmed the enemy,
and deprived him of the of carrying on and he
was at the same time informed that the government had
changed positions with the rich capitalists since the
of 1912; the government now and not the men who had
long welded fictitious capital through the action of
banks at the head of the capital and resources of
the country.
We have for some time been that the associated
wealth of the great manufacturing establishments in the
eastern States intended to make further use of pres
state of things partly supernduced by their own efforts
in the creation OF political capital to change the elections
the doubtful States The disastrous strides of specua-
ton in England and Europe generally having thrown upon
lat the moment than the necessary anticipated
supply of foreign manufactures, creating supply beyond
the demand, at arrests the of the manufac-
turers here trading beyond their capital All such who
depend upon certain daily monthly sales to keep up
their daily or monthly work. curail their opera
L. Al.
experience has shown in times OF high pressure that
prices of surplus goods reduced more under high
than low tarf) operate still to the home manu-
facurer's final ruin than instant soppage.
Let this subject be illustrated by stating some of the
items of the Inteigencers New York commercial cor
respondent. He says:
.On Wednesday last there sold. under the hammer
in this city, the largest amount of calico prints sold in
day this country They the stock of one of the
oldest print establishment, in this country, situated Fall
River, conducted by old firm of high standing and
credit. The firm failed three weeks ago. and their
stock is turned to the auconeers, and sold
at twenty per cent below recent prices The government
paper will perhaps set this transaction down a humbug
got up produce panic and stop the war"
Now, whoever has witnessed the expansion of bust
ness not say the extravaganza which has followed the
temporary gains of the manufacturers at Fall River can
not be surprised at the revuson which has begun with
the failure of the pnt-works at that place village of
Massachusetts has there undertaken to do what Stephen
Gard and the entire capital of the richest city Of the
Union would not have dared to enter upon thirty wears
ago The enterprsng men of Fall River were not con-
tent with increasing nominay their manufacturing bust
ness amount requiring millions of money to carry
il on but they constructed railway, extending fifty
miles out of Boston, to make their place thoroughfare
for travel to the city of New York and such steam
shin to run around Point Judith in opposition to three
other lines as had before appeared on the Atlantic
seaboard was put their to entce travellers We
learn that the boudor of no monarch's palace could
be more gaudily dressed and bespangled with orna-
ments than the cabinets of this vessel measuring the
enormous capacity of sixteen hundred tons This i'm
mense shp--exhibied ching Of life" to the admring
stranger who would be almost likely lose his compa
ny, while she made her trip, in despite of wind and
storm, over the way in the nght-was altogether owned
by men at Fall River. We will suppose the law of Con-
gress requiring specie payments of duties for imported
goods had operated stringent upon the hundred
banks in Massachusetts and Rhode Island within the
reach of the business of Fall River what might have
then been her fate! With double the investments and
double the expenditures who calculate the extent of
the crash that must later follow? As it was
the men of Fall River had commenced and carried on the
manufacture to amount of iron for rail,
ways They brought the iron in blooms, and the coal to
DO their work, from the mines in Pennsylvania and this
business going there, if not arrested by the fall
of railroad iron in England to any price it will bring in
this country. Profits flowed in at first at enormous
rates but who can fail to see, as consequence of the
principle which brings everything to its level that the
transport OF coal and iron hundreds of miles by land and
sea, when might be used for the purpose at the
point OF production, must end in the disadvantage
he investment OF equal al least to the addition of
he price of transport
| The In,esenc presents its second case
ssAr,n there is just reported heavy failure in Wor
ce.,er Massachusetts,, OF firm in the trade And
Boston pa per says that This failure prccipitaed by
heavy failure in Boston, which left liabilities the Wor