Richmond daily Whig. [volume] (Richmond, Va.) 1842-1861, 1854-12-22
.rh,,. a.. mo,, dificnl, ,nd rcsnonsib,c DIN,

Perhaps the most difficult and responsible duty in
cidcnt the editorial chair, is that of keeping tho
public mind duly posted on the various aud perpcx.
ing questions Of the day. affecting public and indiv
dual credit So complicated is the machinery of go
vcrnmcn-,s 1t affects, and is affected by, the prin-
cipes of political economy-so varied and delicate
yet CONF rehensive and pcrvasive the connecting
links, which knit together the different branches Of
the industrial pursuits: so innumerabe the sources
and dependent the channels of commcrce-fed from
every source and influenced by every individual and
associated enterprsc-that it is often difficult
sometimes impossible for the most sagscious minds to
forcsec and prepare for approaching fluctuations in
the commercial world. There are periods. however,
Of general arrangement universal pressure, and in
crensng endorsements, which are but too obri-
to escape the solcitous attention of every BUSH
ness man. Such period has new arrived.
We read accounts Of embarrassments from every
quarter Stocks dcprcsscd-some worthless
incorporated companies for railroads, manufacturing,
and navigation ale crippled in their energies and re
duced in their resources. State stocks are not
emptod from the prevailing prcssure-whle ndivdu.
ais are everywhere, and in every pursuit, more or
less affected. These facts obscrvant from every
quarter, and the influence Of which is universal
Us tncsc sau tneIc sIc-
cula,on as to the causes Of so widespread and pre-
vailirg prcssure-crppling every industrial pursuit
and paralzing every individual enterprise. Here lies
the great difficulty in the way of speedy and perms-
relief There is for all these sad effects,
but whereitis, how it originated, and on what it
rests is the great and difficult question of the day.
Whether at the worst, or there are to be yet
more difficult and embarrassing results,
Doubtless each individual has his own peculiar
views, and INDUCES in his peculiar spcculators
on these questions. So we have views, and will
proceed TO give thcm-with no view, however, of in
creasing the difficulties by awakening unnecessary
appr;hcnsions in the public mind. The patient is
not Yet so far exhausted to be injured by plain
consultation his maladies. The muscular en-.
orgies are, in q measure tested 10 their utmost
sion-but the nervous system still possesses all OF its
vitality and only needs the proper appliances to ie
instatc the patient to his usual health.
1t is nantes; that the pressure felt here is genera!
all the country, and indeed, in the cDmmerclsi
world This would indicate general and deep seat
ed cauSe-one which, by its influence, operates On
the ,ouTee of commercial prosperity, and reaches the
channels Of trade, by its pervasive Infection ali
points. 1t is not raccable To the shortness OF the
crops. They are abundant. 1t is not attributable
to the scarcity OF the precious me,als-thcy are
Astounding TO superiority, for al! ordinary demands.
1t is not to be put to the account OF the European
wars-ihey, were no general cause operating would
relieve, to grea, extent, the pressure in America
and We of the grain growing States would not icc it,
There is some other cause-as fixed it is wide
spread.
We cannot fail, in part, to attribute the prevailing
flat a
recklessly extravagant spirit of the times. The in
lux OF gold from California, connected with the cor
responding issues by tie Banks-the wild mania
throughout the country, for railroad invesiaents-
begot corresponding split Of entcrprise-bascd GU
borrowed capital, and resting on fictitious MEANS
Nor was this all. The general and reckless sp.rit Of
speculation created wide spread taste for extrava-
gance. The lavish expenditure OF money OH person
nj comforts and private luxuries, diverted a vast
amount OF real capital from its legitimate channels
ana squandercd it on unproductive investments such
rs line houses, ornamental gardens, fancy horses jcw
CRY, plate, &c., &c THIS WIS the source Of yet an.
other d'utn upon the real capital Of the country
Idle habits, Improbable labor, wanton luxury, &C.
d., drew IRON the field Of labor-not only mind -
but tdcor; thus diminishing the grand treasury Of
human labor, IN proportion rs the voarcS Of fashion
ceased to work and toll Here was double rource
OF ioss idle expenditures and cessation from labor
this source We may discover one Of the coater-
oil causes oil the present pressure for this swollen
curcncy-over issues, rage for speculation in stock,
railroads, real and personal esatc-naturany induced
heavy and continued importations, -ths led to a
corresponding expectation Of specie But Mis was
not the only cause Of the existing condition of the mon.
affairs of the commercial world
more on a sound, Wholesome credit system than on
actual capital Doubtless there are innumerable co,,-
era causes-such issues, general extravaganza
excessive imPortations prodigal expenditures or I'm
available and Improbable subjects-all of which con
spire to produce the present state Of thing The body
p'litc is not unlike the natural body. diseased
heart, or inactive liver, named limb or plethora
of the systen--neccssary involves the uorking sys.
ten of the man. The skful physician, when called
to the bed OF. an i'll patient, is sure to examine
and study the entire diagnosis Of the supposed CON-
plant. He often finds the prevailing rnalady, Sc
condary or sympathetic, while the real cause lies
latent, deep seated, aud often unsupported To cure
this the seat Of disease must be attacked eradcaod
otherwise the practice is empiricism So il, is in
political or social economy.
What then 1, the cause Of the present condition mr.
thingsy We hesitate not to trace il to the spiri, Of
Legislation, which has characterised the presen,
times To know every people, or measure and
gauge, the moral and physical power Of any govern
ment, it is OILY necessary to study their Legi,1toa
This is to the people nation, what the fossil Or
skeleton Is to the geologst An apa,onis the s,atcs
man, yersed in history and familiar with human n, -
ture, need only consider the Lr, anil N, mail, n,
executing them, to ascertain the degree of wisdom
and civilization which characterised the pcoplc who
enacted them. In representative governments. this
rule 10 nfilliblc Institutional government il ,bc
mirror OF popular will, enlightened by past examples
and guided by philosophical preccdcnts In such 20
vernmcnts truth upholds herself 10y midness and il
promoted by patience.
This rule being applied we need only apply ano,h.
or and far more sacred one. "Thc tree shall be
Judged by its fruit" The fact stands out, beyond
dispute. that the times are sadly out joint, Public
aud private credit is lowered Trail, is embarrassed
Money "has taken TO itself wings" and flown away.
Commerce nags-stocks arc a drug-rc,I and pcrsoo.