Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1849-10-05
From the LOnuon Times, sept.
FNGLAND'S BANKRUPTCY.

Among the various speeches and documents
elected by the late Peace Convention was one
which possesses peculiar claims 10 attention,
and happens also TO contain some expressions
of very startling import Mr.. Samuel Quincy,
as a member of the Society of Friends, holds
the doctrine of peace, and his opinions on
this subject necessarily assume a dogmatlc
and controversial character. His objection 10
ornaments is referred to his creed. But MIR.
Samuel Quincy has another capacity in which
he is supposed TO act and talk more by calcu-
laton than by theological bias. He is bank
er and bill broker, and is believed 10 be slngu-
larly prudent and successful in that business
That he has had an extensive experience is
evident enough, nor is there the least dou bt
that he has turned it to the proper account :
AS TO the only remaining point, whether DC
can be trusted when he offers TO others the
benefit of his judgment, probably there Is no
one in this metropolis who would venture 10
moot that question. II is, then, the first bill
broker in the land, man of his word, who
says -
= In respect TO my own country, more
boldly assert that it is my judgment that un
less she wholly alters her course in these re-
spects, bankruptcy will ultimately be the re-
suit We have spent from fifteen 10 twenty
poses since the peace of 1915. Had that mo-
ney been applied to the discharge OF the ma
tionaI debt. by this time it would have been
nearly annihilated but if our military expen-
dture be persisted in, and no reduction of our
national debt take place at period of our
history certainly characterized by very fair
prosperity and general political calm, how is
ii 10 be expected that the amount of revenue
will be maintained in a time of adversely,
which we must from time 10 time anticipate
in oar future history? Should such adversi-
ty come upon us, venture TO predict that our
revenue will not be maintained, nor the divi-
dends paid, unless more efficient means be Ia
ken 10 prevent such a catastrophe in these
days of prosperity and peace"
This is very grave prophecy, and it is no
inconsiderabIe oracle which has pronounced
it. Lombard street is the Delphi of commerce.
MIR. S. Quincy has had to do with indebted
men and estates He knows the history. Of
many membranes. He has seen the vast
mortgage lying like an incubus on the re-
sources Of nature and the energy Of man. He
has traced the slow but sure drain Of fixed
interest paid out of fluctuating and perhaps
d falling revenue. He has watched the debt
or struggling Tor many years, ana Just keep
ing afoat, till there comes some extraordinary
aggraVation Of his burdens, and then down he
goes. He has noticed that the chapter Of &C
cidentS is more fertile in disaster than relief,
and in lifelong run tells against the debtor.-
From what has come under his own obserVa-
ton in the exercise of his private profession,
he draws a political inference. Unless the
nation pays off its debt while it can, the day
will come when it cannot, and when it will
find even the interest Of that debt too much
fer lis revenue.
The prediction is so serious, an so ambig-
uously expressed, that if it were found in the
lucubrations of a pamphleteer, it would be
thought an exaggerated alarm, or mschleV-
Gus suggestion. There are those who think
the mere mention of national bankruptcy trea
son and rebellion, and who feel patriotic
shudder at the word "sponge." We own tc
a degree of this antpathy ourselves, and can
didly confess that, had we read the passage
above quoted without knowing its author, we
should have conceived an unfavorable opinion
rot so much of his judgment as Of his delica
cy end tact. But the name OF the foot of the
letter is sufficient reply to any such suspl
cions 1t is Samuel Quincy who tells u;
that, if we persist in our present course, ant
do not avail ourselves of our comparative
prosperity 10 pay off our debt a time of ad
versity will come when we shall be bankrupt
1t is hard saying, but nevertheless true
one; and however we may dislike the obtru
sion of such unpleasant thoughts, we canEo
dispel them Indeed our readers will rcmem
Der that we have repeatedly said the same IL
substance ourselves. Not to reduce debt, w
have said, is to increase it. Debt is ultimate
insolvency. Bankruptcy is revolution. These
are topics we have often urged and we ap
IL nd bor
Ces long before the starving inhabitants of the
faubourgs set Europe in flame. The Frencl
revolution is a very near event Pr0rlmtr
ardet 1t is evident that France has hitherto
only aggravated her financial difficulties by
revolution. She has only widened that gal
between her income and her expenditure. ShC
has "put on the screw" but in vain. A large
military force, we read today, is employed il
collecting the As centimes additional adde'
last March twelvemonth TO the direct taxation
while Government is endeavoring to borrow
on high rate of interest. But France is on
Iy before us on the same path. Within thre
years we have added twelve millions TO GU
debt, and have barely attained, if we have at
tanned, an equilibrium between our incoming
and our outgoings. At the present moment
therefore, we ale al stand still, with deb
the interest of which is about Eos, 10000
per annum. But is it reasonable, is it posi-
bic 10 suppose that we can maintain this equl
librium? Any one of many very probabl
casualties may compel a sudden increase q
expenditure, and hurl the state another ste
in the downward course 10 bankruptcy. Wa
is not the only danger, nor is increased eX
pendture There are other less violent char
ges which might render the present taXatio
Intolerable.
OF course there is bright side as well a
dark side TO the prospect before US. TIL
embarrassed trader hopes for a god send, an
perhaps il comes. We may have our wind
falls. 1t has even been suggested that gre5
depreciation OF the valuable metals would Pre-
portionateIy reduce the pressure of our deb
which is metallic undertaking. After bon
rowing in a dear market, we may pay in
cheap one. But such result is much TO
probiematic, not to say romantic, to be allow
ed place in our financial specuatlons. Th
most rational supposition is, that the curren
CIV will remain all our time much as If is now
and that there will be no change of any kin
in our favor. In other respects, experlenc
teaches us to expect change for the worse
Changes generally are for the worse. Shout
the year 1850 produce any great event, 1t WI
most probably be an expensive one Eve
in private life, unexpected requests, luck
wndfalls, profitable discoveries, and sudde
promotions, are very rate, compared with tn
generally adverse tendency of events. State
are still less in the way of luck Theirs is a