The Daily Nashville true Whig. [volume] (Nashville, Tenn.) 1851-1855, 1855-10-30
Financial ESsnta Of the War.

Financial Effects Of the War.
The heavy drain of the war, and the certain
ty of a short crop of breadstuffs, taken in con-
nection with the late financial expedients OF
the Bank of France, threaten to bring about
a monetary crisis in England, which it IS fear
ed by some, will involve this country more or
less But we think, as remarks the Baltimore
Patriot, that any spprehensions on this score
may be very reasonably set to rest by the fact
that, while our Indebtedness to Great Britain
is remarkably small, and our present imports
scarcely more than sufficient to meet the abso-
Lutte demand, we have reserve fund in the
shape of an extraordinary surplus of agricul-
tural products, greater part of which being
needed by Europe, will serve to keep the bal
ance of exchange in our favor, and enable US
to retain the precious metals at home.
The stringent money market, at the close of
last year, has proved, by fortunate concur
renee of circu instances, blessing in disguise
The rapid influx of gold from California had
produced an unnatural initiation in the value
Of property-had stimulated business to an ex-
iraordinary degree-had encouraged a loose
system Of credit, and given an impulse to inn
portstions from abroad which needed just such
check as would enable US TO see the danger
before it approached too closely. By wise
commercial reticence-by the liberal action of
the bsnks-by reducing the orders for foreign
goods-by a cautious collection of outstanding
claims, and by restricting business operations
generally within safe limits, our merchants
succeeded in averting the impending danger,
and in placing themselves on a firmer footing
than they had been for several proceeding
years.
Scarcely had these laudable precautions rem
dered them equal TO sustain themselves, under
any ordinary pressure that might chance to
rise, when bountiful harvest, and healthy
reaction in all branches of business, secured
them from even those remoter contingencies
which the severely cautious among them pos
sibly have apprehended.
The only danger now lies in direct contra
ry way. In the tendency Of our suPertinty to
promote extravaganza. We are eminently an
agricultural people. Our own manufactures
are as yet, comparatively, in their infancy;
our inventive genius is displayed rather in la
or-saving machines, than in the artistic elabOr
alton of trihes. In the language of DR.. John
son, as applied to the poetry of Milton, we "csn
hew a COLOSSUS out of rock, but we cannot
carve heads upon cherry stones" We can
girdle q world with the wires of telegraph
we can tunnel mountains with steam machine |
ry; we can carpet the great National high !
ways with newspapers; but in those finer arts,
involving richness OF design with delicacy of
execution; in those gorgeous but elaborate |
products of the loom, which require years of
toll to bring them to perfection; in those gauzy
web-like fabrics which the old Romans were
wont to call naked drapery;" in laces of
" right Mechin;" in Gobelin tapestry and |
Sevres China; and in diminutive yet graceful
ornaments of virtue, we are far behind the
artists and lubricants of Europe.
1t is by the excessive importation of these
Injuries, that we are but too frequently involv
prosperous seasons we are naturally inclined
to extravaganza, it would be well to take coun-
sci of the past, and endeavor to avoid SINH
lar error in future.
Situated as we are, commanding on the one
hand the gold of California, and on the other
the commerce of the world; with every varie-
ty of climate necessary to the production of
the ice crop of the North, and the cotton and
sugar crops of the South; with an interme-
liate region in which the cereals flourish luxu-
-iantly; with machinery unequalled for pur-
poses of utility; with an industrial energy
constantly stimulated to its utmost capacity
by the rich rewards which follow labor we'll
applied; with admirable educational institu-
ions, both publicly endowed and privately
aud, above all, with Republican in
which give to every citizen freedom
# action under the law, and voice in the
government he aids in supporting, and to
which he looks 10 protection in return, our in
ernal resources are manifold, and our outside
wants really but few. Were we to close our
,orts tomorrow against the manufactures of (
Europe, We should not be affected, very sensi-
,ly, by their loss. How easy, then, is it for Us
o so regulate cur imports Us to keep ourselves
perfectly free from the financial fluctuations of
he transatlantic world, while, at the same
line, we are inculcAting upon the rising gener-
.tion those valuable lessons in social and com. I
neroial economy, which are most impressive
when they are taught by examplel
The Difference.
A few weeks since a committee of gentle
"a, of P,s,op allrassa1 Tho 10, uy,,,,- !