The Washington union. [volume] (City of Washington [D.C.]) 1857-1859, 1857-12-08
OUR LIVERPOOL CORRESPONDENTS

OUR LIVERPOOL CORRESPONDENTS
LIVERPOOL, Nov. &C. 1857.
Editor Of the Union.
We are not alone in trouble you will perceive by this
arrival the want of circulating medium and lack Of
confidence in man per have brought about state Of
confusion in financial circles the like of which Is almost
unknown to the civilized world Financeis and political
economists are puzzled in their research for the
that have brought down many from the pinnacle Of
commercial prosperity to the precincts Of nsoyent
court The United States has to bear ir share Of the
odium but recent events have distracted the minds of
many from the panic Of New York, and fastened the
charge of somewhat speculative loans on the promi
nent banking institutions Of this country The announce
ment the failures Of certain banks here and in Scotland
fell upon many like tocsn Of death or the shout
Of invading sepoy it strikes men who have toied for
years and acquired competency by slow acceton which
they have bearded in the vaults Of their cherished nu
tons looked upon sound to and
unlike the American character theirs is uneastic and
the stroke descends heavily and INCREASINGLY II is but
now that shook hands with sufferer, and 1t is sad to
see the tears run down the cheeks Of man. from what
ever cause but in talking Of his family he could not
control that briny tide syphoned up from out great
heart These but drops in the great ocean
of distress caused by the failure of bank on this side
the Atlantic and yet that preparing his five
pounds per share contribution, shareholder in
broken bank over and above his stock in it, and II takes
all he has, to his household effects On our side Of
the water it might involve invective against banks
generally extra Havana and perhaps the sale Of
fast horse or two; but who would think Of hay
ing the vitality crushed out Of himself and family
by mere reduction to the character OF bare Amer
scan and it is fortunate should be 80 constituted
If these periodical decennia revolutions are to occur 1t
were scarcely possible for twenty-five millions Of people
to duse themselves over SO vast tract Of country, to
build many miles of railroad to found so many cities
navigate so many rivers, and supply each inhabant
with the pattern of silk cashmere that each may
fancy to eat oysters in Kansas and buffalo tongues in
Florida, If we not constituted
1t has occurred to me, however, that America and
England may exchange leaf from each others note
books with advantage; and on this occasion of
fresh start may assmilae their respective systems Of
banking and commercial credit to restrict trade to It's
legitimate channels curb speculation the capital stocks
of which are In the over-excted brains of woudbe feu
dial lords who heap out cities in the lone prares and
plot railroads through unnhabted Businesses and give
to the honest working means Of safely
investing the means not required for his immediate
wants.
The bank act of 1914, Wanted and approved by
the business world of England has succumbed to the
and found wanting The fact is, that the quantity Of
gold and silver now in use a circulating medium and
standard of value is wholly inadequate to supply tho
wants of the world and it is worth than it ten
years ago. in spite of the outpoungs of California and
Australia In their existing capacity the only legiti
mate tender, they may be placed In the same category
medicine applied for at the drug store of vene
rnble and testy apothecary he scrutnized the recipe
and looking Indignantly at the bearer exclaimed with
every evidence of disqnet, Tncture Of acteai there
is no such thing and II there was it would not be safe
to use it."
All accounts that reach here from different parts Of
England agree in the fact that there is almost total
suspension of business far the United States arc
concerned, and you may rely upon diminished com
merce and great distst in the matter of credits for some
months to come
looked in at the American consulate here few days
since and must say that il is about the poorest looking
office have ever used for the despatch of public
business found consul overwhelmed with GRIP
pied seamen and women with children, In the most alb
ject distress who claimed to be related to American sail
ors employed American vessels, asking assistance
in every form. / told that the new consul bass
reputation for benevoence they up each morning.
solid phaanx until the place has the appearance OF soup
kitchen or sailors boarding house but IL is TO be re-
formed and removed to a convenient place.
While deporing the disastrous state of trade and the
depression of commerce. it is gratifying to learn by the
last accounts that the democracy up and doing ana
there Is but one universal feeling Of respect felt this
side of the water for the enlightened pursued%
the present Chief Magistrate Of the United States VINO
combines thorough knowledge OF men and factions,
with quiet but fearless independence of character %
makes him in these critical times the right man for ps
right place"