Daily Richmond times. [volume] (Richmond, Va.) 1849-1850, 1849-09-27

THE BANKRUPTCY OF ENGLAND

Among the various speeches and documents eli
cited by the late Peace Convention, was one which
possesses peculiar claims to attention. and happens
!'iso 10 contan some expressions of very startling
import. Mr.; Samuel Quincy, member of the
Society OF Friends, holds the doctrine of peace and
MS opinions ON this subject necessarily assume a
dogmatlc and controversial character His obiec
uon to ornaments is referred to his creed. But
Mr.. samuel Gurney has another capacity in which
he Is supposed to act and talk more bv calculation
than by theological bias He is banker and bill
broker, and Is believed to be singularlv prudent and
successful in that business That he has had an
extensive experience is evident enough nor is there
the least doubt that he has turned it to the proper
account. As to the only remaining point. whether
ne can be trusted when he offers to others the bene-
tit OF his Judgment, probably there is no one in this
metropolis who would venture to moot that aues-
ton 1t is then, the first bill broker in the land.
and man OF his word, who says
In respect OF my own country more boldly as
sert That 1t is my Judgment that unless she wholly
efs her course IN these respects, bankruptcy will
ultimately be the result. We have spent from fif-
teen to twenty millions sterling per annum for war
IKE purposes since the peace of 1916. Had that
money been applied to the discharge of the national
debt. by this time it would have been nearly annibi
lated; but if our military expenditure be persisted
IN, and no reduction of our national debt take place
at period of history certainly characterised bv
is it to be expected that the amount of revenue will
be maintained IN time of adversely, which we mnst
from Tune to time anticipate in our future history
should such adversely come upon us, | venture tn
predict that our revenue will not be maintained nor
the dividends paid, unless more efficient means ha
TAKEN prevent such catastrophe in these DAYS of
prosperity and peace.
Inns is very grave prophecy, and it is no incons
derable oracle which has pronounced if Iombard
street Is the Delphi of commerce. Mr.. s. Chr
ney has had to do with indebted men and estates -
lie knows the history of many encumbrances. He
mas seen the vast mortgage lying like an incubus on
the resources OF nature and the energy of man. He
mas traced the slow but drain of fixed interest
PAID out TOT afiuctuating and perhaps falling reve-
nue.. He has watched the debtor struppling for
many years, and just keeping afoat till there comes
some extraordinary aggravation of his burdens and
then down he goes. He has noticed that the chan
ter OF accidents IS more fertile in disaster than relief
and IN the long run tells against the debtor From
what has come under his own observation. in the ex
erclse OF his private profession, he draws political
inference Unless the nation pays off its debt while
IL can the day Will come when it cannot and when
Will ind even the interest of that debt too much
Tor Its revenue. The prediction is so serious. and
so anonymously expressed, that if it were found in
tle luguDrahons OF a mere pamphleteer it would he
| lhought an exaggerated ALARM or a mischievous
| suggestion There are those who think the mere
mention OF national bankruptcy, treason and rebel
non, ana who teel patriotic shudder at the word
sponge. we own to degree of this antipathv
ourselves and candldy confess that had we read tho
| passage above quoted without KNOWING its author
| we should have conceived an unfavorabe opnion
not SO much OF his judgment as of his delicacv and
tact but the name at the foot of the letter is suf
nclent reply to any such suspicious 1t is Samuel
Gurney who tells us that if we persist in our pre-
sent course, and do not avail ourselves of our COM
parauve prosperity to pay off our debt, time of adj
Verslty Will come when we shall be BANKRUPT
is hard saying, but nevertheless a true one
and however we may dislike the obtrusion of such
unpleasant thoughts, we cannot dispel Them In
deed our readers will remember that we have ro
peatedy sad the same in substance ourselves Not
to reduce debt we have said, is to increase it. Debt
| IS ultimate insolvency. Bankruptcy is reyonton
lnese are topics we have often urged, and we ap-
Piled them to France and her desperate fnances
long before the starving inhabitants of the fan.
bourgs set Europe in flame, The French revo-
luton Is very near event. Prorin,us orlet IT
IS evident that France has hitherto only aggravated
her financial difficulties by revolution She has
only wdened the gap between her income and her
expenditure. She has "put on the screw" but in
VAIN large military force, we read to-day, is en-
ployed In collecting the 45 centimes additional added
last March twelvemonth to the direct taxation :.
while Government is endeavoring to borrow on a
nigh rate OF interest. But France is only before MS
| on the same path. Within three years we have ad-
ded twelve millions to our debt and have barely at
tanned, If we have attained an equilibrium between
our lncomlngs and our outgoings At the present
moment, therefore, we are at a stand still with q
debt the interest of which is about EOS 900 600 nor
annum. But is it reasonable, is it possible to sun
pose that we can maintain this equilibrium! Anv
one OF many very probable casualties NAV comne
sudden Increase of expenditure and hurf the state
another step in thedownward course to bankrnntcv
War is not the only danger, nor is increased expen
dture. lhere are other less violent changes which
might render the present taxation intolerable
Of course there is bright side as well as dark
side to the prospects before us. The embarrassed
| trader hopes for god-send and perhaps it comes
| We may have our wndfalls 1t has even been sup
| gested that great depreciation of the valuable
metals would proportionately reduce the pressure
OF our debt which is metallic undertaking. After
borrowing IN dear market, we may pay in cheap
one. But such result is much too probematic not
to say romantic to be allowed place in our tinan
cal specuatlons. The most rational supposition is
that the currency will remain all our time much as
IT is now, and that there will be no change of anv
KIND IN our favor. In other respects experience
teaches us to expect change for the worse
Changes generally are for the worse. Should the
year 1890, produce any great event. it will most pro-
DaDly De an expensive one. Even in private life I'M
expected requests, lucky windfalls profitable dis
covenes, and sudden promotions are very rare. COM
pared with the generally adverse tendency ofevens
States are still less in the way of luck Theirs is
an almost uniform pull against difficulties 1t would,
therefore, be as imprudent as it would certainly be
mplous, to expect some extraordinary relief from
our national burdens. For this relief, we must look
to ourselves; and unless we begin betmes to help
ourselves, and pay debt like men, we shall be
bankrupt. So says Samuel Quincy, and so say we
also. May 1t not be IN time that PENNSYLVANIA
shaA be enabled to reton the charge Of reputation
But we cannot conceal from ourselves that it is
species OF reputation to suffer our debt to outgrow
our power OF repayment and to bequeath to our DOS
terty task which we thereby confess to be impos
sibe.
THE TEXAS FRONTIER.
In view OF the outrages recently committed by
the Indians on the frontiers of Texas and of the