Weekly national intelligencer., 1851-08-09

By inprovdncs, by .ud, and ~ bundsn rhsss sesnde
soss ihs ~ ssnaiurs and undgsstsd schemes were fruit
fu only o sad results TO the undsrske. The coal trsds
70 Be nurured and mstursd BY ow degrees Il 10 yet in
i infancy, and only beginning to reward ts owners
The iron manufacture which called into existence BY the
py0tecpe sys, must In order 70 douh, sustained by
the stability Of genial legislation Exposed 10 the cspcss Of
fuctuaing sentiment, and the evils Of sepdsm policy Il
continues to cripple or ruin the manufacturer.
While the commercial capital thus wasting away and
the commercial spirit absorbed by momentous projects
disances the Erie canal versng 10 completion
intended to conduct, By the way Of the lakes New York
that Western trade which had the exclusive property Of
PhadsPhis The object fully attained. BY this ai-
ncai highway our natural heritage, the trade Of the West
was transferred % sagscoub and vgant rival For Aime
our shrewdest citizens much amused and delighted
BY their mountain treasures Ia the interior perceive the de-
cline OF their foreign commerce. and the adverse turn the
commercial tide IN their domestic trade The State anima
ted by proper spirit towards her metropolis determined
TO submit unrsssng victim an inversion Of the natural
laws Of trade She planned grand scheme Of internal i'm
provenen, which proposed among il primary Objects the
evocabls appropriation 70 hersefo Of the Western produce
and markets, and part Of the Of the lakes, This
theory prosecuted with the intelligence and forecast which
gave il BIRTH would hsve ncutrased the effects OF the Erie
canal and prevented the fame Of Clinton, by undermining
removing the base Of it, monument But owing ire
evabe mistakes In the construction Of the great highway
which made TO Pittsburgh, the Western trade refused
the conveyance which was in truth Of such
nature q to confirm ID inslsnsbly to New York.
The chain which TO bind the East with the West
not continuous and unbroken, composed of intermngng
and welded links but severed, di.joned, frsgmen,a. L
amphibous connexion Of land and water consisting
Of two railways separated BY canal and Of canals sspara-
tad BY railway, happily elucdang the defects peculiar to
both modes OF transit, with the advantages of neither This
improvement being useless competitor Of the Erie canal
and other projects being un6nshed the public works dsap-
pointed private hope In the benefits they promised and pub
hope in the Improbable burden they imposed The Com
IL 40
ed by their LOSSES the Western trade aenated and the
foreign trade neglected and dmnishng, Pennsylvana pre-
scented the aide Of her early pcueone not pleasing
to contemplate but presume less painful and humiang
reality.
These mortunss were accompanied quickly followed
by Others. Severe losses in the China trade ruined Of
the largest shpowne and unwisey led to the total aban
donment 1t port Of this lucrative branch Of
In the gloom which psrvaded the commercial ranks Of
ciety Of the most sstute and entepng merchants
removed TO New York, and aided BY their capital and ins
gence to build that prosperity to which the acquisition Of
had largely contbused Other msiancholy
The Bank Of the United States though situated in ths city
did not render such accommodations the busnes
nifty here favorable to the growth Of the foreign the
enlargement Of the coasng trade Still paper money
abundant TO foster remote enterprises and lead to many
visionary and extravagan schemes The bankruptcy of that
great institution, long the cherished object Of pride and
confidence, sudden the descent Of avalanche.
ouCCo68OQs
failures suddenly contracted within the narrowest limits
currency Of unusual expansion and threatened involve
people in general insolvency. Prices which had been
naturally inflated, became depressed be merely nom
tons Of and purchase stopped and the payment Of debts
ceased The banking capital Of the city reduced by the
simple process Of Gsn;hinion from y-one milHons to
elcren misons Of dollars Where ruddy health perhaps
unnatural petho, had appeared all palsness and de-
econ. extenuaOn and PROSTATE syncope. II volcano
had opened s fiery jaws in midst, earthquake had
shaken the rmes eces to their foundations the popular
terror could not have been complete, the distress and
muudss the Stale who had entered into engagements
in moment Of universal confidence and upon the faith Of
fair but deceptive appearances they unable to pay,
were quickly required to make liquidation.
One Of the most humang consequences to Pennsylvania
Of ha Of gloom and eonsernson the present in
ability Of the Commonwealth to meet her obligations She
suspended the payment Of interest her debt and issued
certificates in the pss Of money No private Of ma
age responsible character that heard Of pub
lie any scton and State paper Of any description
counseled hnted at such scheme Of redress the
sponge, such Of relief yepdotion The sen
ment Of both the great political parties in the Stae at time
Of deep dependency and unusual excitement, united
without single wrong exception among the adhe
Of ei.hern favor Of speedy resumption and the honor
able redemption Of the public faith rigid system Of
my introduced into all the departments Of administration,
by erenchment Of expenses reduction Of salaries and dis
continuance Of the public works. These had but
the otsct Of payent In order the demands Of
the treasury and pay off the public creditor the improvements
Of the State which finished offered for sale to the
highest bidder. But the currency was crsmped or gone
There representative OF value, and pecunay
hoarded inaccessible No bidder could be found who
had the courage ability make OFFER The caamities
of hpweck marked the ravage Of that fearful STORM When
its fury spent and the eye could cooy the track Of
the hurricane nothing but blight and desoaon met the view.
Persons accustomed opulence reduced to the exem
ty Of ndgence Our fair city, community, lost aggre-
gatey an immense amount Of capital varying, according
the principles Of different estimates, between and aghty
millions Of dollars But enough has been account for
the dminution Of Philadelphia commerce.
The next question occurs how is TO be regained but
will defer the consideration Of this topic another day In
the time believe be, yours, very truly. &C.
]. r. TYSON.
TO THE EDITORS.