Daily American organ. [volume] (Washington, D.C.) 1854-1856, 1855-02-17

the merchants of New YORK WIN oNPA ~,
rsUo 10 that time the commerce between tne Uni
tsd States and England was conducted chieny |
sLo,h tho agency of three London houses,
tnoun "a lie three WIS. The American merchant |
bonght from the British manufacturer ON long |
credit and drew bill upon one o. these rs, Inc
goods were brought to the United States, and
5Sonds nj long dates given for the duties. The |
Goods were sold and American produce RENTED,
20 that the merchant enabled TO place funds /
IN the hands of his London correspondent In am
pe time to make his payments
The British financiers saw that Mr.. Biddle could
protect his credit through the sale OF the cotton
and tobacco sent to Bddle and HUMPHREYS, at
Liverpool, and they therefore resolved not only to
annhilate our credit but TO destroy our commerce.
What am now about to say have from the best
authority One Of the WIS fearing monetary
crisis, wrote to his American correspondents that
No could not accept their bills as he had done.
The Governor of the Bank of England called upon |
lin, and said that the bank wished TO encourage
trade with the United States, and by pledge or |
aid in case ofnecessty, induced w. 10 recaii ms
letters. The consequence was that when thc |
time came w. was under acceptance iof more
than twelve millions of dollars and, instead OF
carving him through the crisis, the Bank OF Eng
land refused to discount any bill drawn on account
az tho sbpment of American produce, and the con-
a.ouence was that W., who had positive capital
Of more than two millions of dollars, became bank
rupt and his brother who had retired from busl-
ness, expended even greater sum In the iruitiess
effort to save him. nv
Now why did Che Bank of gland urge W. TO
aid them In their effort to send large quantity oil
British merchandise to the United States? ana why
did the bank refuse to discount bills drawn on ac
count of shipments Of American produce 10 you
not see the motive? The time mad como Wheh IL
became necessary for British fnancers TO 30 regu-
lite their commerce with the United States as to
enable them to regulate the value OF our money 6y
contracting our currency. IL was not enough io'
them to refuse to purchase State bondsmthey saw
that il was Indispensable to assall our credt
our commerce. To DO TINS IL was ncooaoaiy "
create a large commercial balance against us, ana
70 protect their three per cents, it became hcces-
sory 10 40 regulate their commerce with US that,
instead of selling upon long credits and thus giving
ma the aid of their capital they now required cash
payments for their manufactures while they uscu
their credit in the purchase OF our produce.
Tho effect of this new +" regulation" Of their COM
marco with us is to enable the Bank OF England AZ
ony time upon one weeks notice, to create panic
AMI cause contraction of our currency by export
ing our specie. u..
Twas this new regulation OF their commerce
called for by any failure on tne par' o. ,h
chants to meet their engagements! oh the con
,rory Inv reference to official report rrom the
Troasnry YOU viii see that the duties paid by our
,nercbants on custoni-house bonds from the year
1889 To 1881 inclusive, amounted 10 SIX huhaiea
and ninety millions Of dollars on bonds having
he loss by insolvency. during that period, was less
than one hundredth part Of one per cent IT iol-
- fows that the merchants who weresso punctuai III
the payment of duties were no less punctual III
the uayment Of the due to their BRUSH crea-
~ s;dWhy then, did the Bank Of England refuse
with the UnirsSnn S. were e" Ths new regulation
which compelled US e nav in advance, instead Of
purchasing on credit, shows that the purpose was
to enable the bank at will to so regulate their COM
with M IN he doY, hanL IN
export our specie, and by contracting currency
30 depreciate our credit as to prevent competi-
ton between our six and seven per cents and their
three per centsy
What would BIO the condition of England and
other European nations, if they were compelled to
give seven per cent for money! How long would
England continue the war with Russia if consols
were deprecated to forty?
Do not suppose that intend to charge that the
warfare on our credit, or the contraction of our
currency by the exportrtion of specie, is done
wantonly for the purpose of doing us injury.
What lido charge is that such warfare is an indis
pensable part of the British financial system, and
will continue TO be 30 AS long as our commerce. as
regulated by Congress, furnishes to the Bank OF
England the surest and cheapest means oil recruit
ing her bullion. What would impress upon you
and upon Congress is, that as England has reorgan
lied her system of commerce so as to increase the
facilities by which the Bank of England can trans
fer our bullion from Wall street to London, and in
asmuch as the export Of our specie diminishes the
value of our property in the ratio OF thirty TO one
Of the sum of the diminuton of our currency,
which must necessarily be much more than tho sum
of the specie exported lose by the contraction of
the currency, and consequent diminution OF the
value Of property, much more than the
benefit which accrues from any reduction in the |
price of foreign merchandise, and it is therefore
the duty Of Congress to protect us not against the
cheap labor of Europe, but against the measures
which foreign bankers have adopted, by which they
can create an expansion contraction Of our cur
rency at will How can Congress do thisi reply,
by so regulating our commerce with foreign nations
as to regulate the value of money. The power is
expressly granted, and the duty is imperative
Let it not be said that England is our best Gus
toner, and that commerce and exchanges will |
regulate themselves, that as we are the greatest
consumers of British merchandise, England Is in |
terested in promoting our prosperity. Let me ask
You to look to Ireland, TO India, and TO Portugal
Arc not Ireland, India, and Portugal consumers oil
British merchandise And who does not know
that the wealth and resources of each have been
exhausted by the operation Of British commerce.
Do you not see that the real issue Of the present
aye is between the monarchies Of Europe, and their
system Of taxation, represented by their funded
debt and our republican form Of government, and
our system Of progress, represented by our rail
roads as the basis Of financial and commercial credtl
Do YOU not SEQ that the crises Of 1910 and 1854
nre attributable 70 the same causeY In 1910, the
competition was between three per cent consols
and six per cent State bonds In 1854, the COM
petition is between three per cent consols and
eight per cent railroad bonds. Which is the best
basis of credit? What would be the condition Of
England IL she we're compelled to pay eight per
cent interest on her public debtS Why does
England send her chivalry-the best blood Of her
most noble families-to perish before Sebastopolg
Is il not because she hopes thereby TO maintain her
commercial and financial supremacy
And what assurance have you that II she can
humble the pride of Russia, she will not then
create combinations TO arrest progress and thus
destroy that competition for the trade OF India
which our possession Of California necessarily Gre
atees Do you ask for proofs that suchis her pur-
pose Look at the late nsolcnt interference OF the
iir;,i.b and and French agents at ST. Domingo