The daily union. [volume] (Washington [D.C.]) 1845-1857, 1853-10-21

The Washing ION correspondent OF the New York Jour
nal OF Commerce remarks: "Great efforts making
here TO get another business panc for the benefit 0
psncmskers but the panic will necessarily be confined
10 small compass. The substantial wealth OF the coun
try has been vastly increased since The years 1885, and
1887, and 164l and the panc-makers will cry
havoc" There has been some not altogether unrea.
aoasbe fear expressed that there too great expan
OF the banks and too much reckessness displayed
by the business OF the country large their opera
lions II has been feared that approaching such
disasters those which occurred years ago, which
reduced many apparently wealthy 10 poverty, and
exhibited The fact that apparent prosperity was
ound and deceptive But. the above ntmates,
the countryis far wealthy than in the years when
those pan'cs occurred and doubt not owes relatively
much ess TO Europe than in those years oil speculation
We have high prices, ia true, but the OF these
may be explained upon reasonable grounds We have
now the independent treasury which sbsolves the gov
eminent from connexion with banks and the vast reve
MUGS OF the country not therefore proeuted by
institution like the old bank OF Bdde. to alternate
pansion and contraction That sysem, according to the
views OF OF intelligence monetary AFFAIRS. OF all
parties, 10 about perfection can hope To
bring q human institution. IL ~ only necessary 10
remark that partisan ouictes are now made aganst ~
which there certainly would be II IL were really imperfect
No public man. pres~, moreover, attempts to resusci-
tate the obsolete idea OF national bank khat idea IL
dead that it Is past talking about or PRAYING Tor The
naonal finances, far the government is concerned
are conducted upon right principles and ii = revu-
son should occur, individuals alone be held respon
sble Tor H. The great amount o specie held N the sno
treasury vaults 10 complained Of by but these CON-
plants are made mostly BY those who would see that
amount whatever it is taken a. the basis for great
panson OF the currency which would perhaps bring about
again the OF 1897 and another bankrupt law hike
that OF is4i II may not be desirable 10 have gas 900 900
OF specie locked up in vaults in coun,ry, any
than il 10 in England 10 have some 900 con-
stansly in the national bank But good service may,
after Ill, be effected by his it, BY slight stingency al
times the sprt OF mere speculation IL checked. Arem
edy for the great accunulaon of surplus 10,
for the considef faon OF the next session OF Congress
The means exist in the removal OF duties from some
articles OF prime necessity, and reduction upon Others
reg ard being had their competition with our prod
ucts.
From the experience Of few past ysars we think we
may safely assert that the business OF the country s
orally in healthy condition. Evsrywhere see labor
in demand and well rewarded and the existence OF sim
liar facts in Europe shows that they Of general app
cation. and resulting from merely local momentary
causes The discovery OF goM in California and Aus
trsla, and the reworking of South American silver
mnee. have thrown into the markets OF the world 2
great supply OF the precious metals, which we all
know has had such eject "a to cause our own
currency be reduced in standard value and increased
the relative price OF al articles We have seea our con-
mercal marine enjoying an aimos, unga.ie .ed degree
a prosperity, and our aGrcutsrA aod other industry
rssrng wealth with every monh. Al this moment. 20
much has The actual wealth Of The couatry bssa IN
creased within period OF ten or twelve yeers, that
believe osr whole foreign adehtedness could b. paid od
In the cosrss al few months With bot Atils iae0Nvx
nisncs Bat prudence 70 well 70 ks exercised. and sl
kseiueas men ahoud bear in mind The inaynhle resulls
OF ovsuradine. With pfsdence We may reasonably ef-
pec present prosperity TO continue for many years.
and especially view Of probable European war; which
must give 10 ~ the carrying trade Of the world.