The Washington union. [volume] (City of Washington [D.C.]) 1857-1859, 1857-10-10

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capacity and fidelity and this qualification Is increased
when these qualities united with estimable and solid
traits of private character not always to be found united
with eminent ability
THE FINANCIAL CRISIs.-THE TARIFF AND THE
BANKS.
Every day for the last two or three weeks we have
been informed by some one of the journalists of New
York, Philadelphia, Boston, that the financial
crisis" had reached eliminating point; that the
darkest days had been seen; that the long dreaded
flower depth" had been reached and that the dawn
of confidence, credits, and expansions breaking
after night of unparalleled pecuniary embarrass
ment and suffering. AS yet we have seen no evil
dence of an abatement in the storm; and we are
constrained to believe that further and deeper en-
barrassments, more failures, suspensions, more
depreciatons in the values of stocks, bonds, and
real estate, and more arrangements in the currency
and in foreign and domestic exchanges, must take
place before relief can be obtained and the bust
ness of the country conducted in safe and profta
BILE manner.
The people of the West now feeling, and feel
ing acutely, the effects of that pressure which has
brought 80 much distress and dishonor upon the
East. With all their vast and teeming granaries-
their countless herds of cattetheir great and grow
ing cities-their incalcuable deposites of COAL ron
lead, and copper-their products of the field and
forest, the annual value of which only be es-
timated by scores and of millions-and
with water facilities and railroad facilities which
have secured for them all the markets of the
Atlantic and Gulf coasts--they still unable
to command currency which has about it suf-
fcient metallic odor to answer even the small re-
qurements of the retail trade of their towns and vii
lagos Public meetings, it is true, have been held in
st. Louis and other places, at which resolutions have
been adopted with the view of forcing a false cur
rency to the true standard of coin But what do
these resolutions amount to How can they infu-
ence or change the known and certain laws of trade
The government Of France, during the reign of ter
ror, made it capital offence to discredit their dssg
mats but trade and commerce proved to be more
powerful than the committee of safety for not even
Robespieres threats or the guillotines crimson
streams could raise these wrotched paper issues
above their true value.
To be in situation of inconvenience embarrass-
ment, suffering, or downright bankruptcy, in the
midst of unequalled plenty and unsurpassed prosper
ity, is condition of affairs that may well claim the
most earnest consideration of the politician and
statesman Various explanations offered for the
seeming anomaly That portion of the northern priest
hood who have spiritual for temporal affairs
and who look to the rifle and not the Bible for the
most persuasive teachings, tell that the present
financial embarrassments of the country must be re-
garded punishment not for national SINS but the
Al ~.
pensions, mercantile failures, and stock market col
lapses Divine manifestations, we suppose, of
opposition to the principle of popular sovereignty,
the equality of the States and the bred Scott decis-
ion of the Supreme Court On the other hand, the
blackrepubican press, with few exceptions although
disposed to shrek for Kansas in season and out Of
season, not disposed to regard the border ruff
fans" as the authors of the evils under which
the country is suffering. They go back
to their old tariff hobby, and roundy assert that
these evils have upon for the want of good
old-fashoned, high protective duties and that the
currency can never be properly regulated and con-
trolled, and permanent prosperity secured to the
public, until we adopt Chinese or Japanese poll
cy in our intercourse with the outside trading barba
rians. The New York Tribune even goes 80 far as
to wish for high and impossible wall to guard our
innocent and confding countrymen from the grasping
movements of Queen victoria's rapacious subjects.
To the impiety of the political preachers we have
nothing to say. The absurdities of the ghtarif adj
vocates carry with them their refutaton. Bank
expansions cheaper the currency and enhance the
value of real and personal property. Nominally high
prices and enormous profits beget runous spirit of
extravaganza in our personal expenditures, and
while this spirit rules tho hour, nothing short of
prohibitory duties prevent the excessive
importatons Of articles to meet the requirements
Of those who are supposed to have the means
to crafty the most costly tastes and fancies Those
who are enjoying very large incomes through cheap
and abundant currency and the most extended credit