The Evansville daily journal. [volume] (Evansville, Ia. [i.e. Ind.]) 1848-1862, 1857-10-22
OrThe discussions of the financial

@The discussions of the financial
panic is an amusing exhibition Of the
contrariety Of opinions upon q subject
which every one has supposed he fully
comprehended. The total inability Of
the wisest economists to account for the
astounding effects, is proof that they have
no clear apprehension ofthe causes. Mr..
Appleton, Of Boston, who thinks himself
a profound economist and financier, in
his authoritative correspondence denoun-
ces the public for being carried away, by
q senseless and groundless panic. An
other important and sagacious gentleman
has published his opinion, that the whole
trouble has been caused by newspaper
discussions. 1t is admitted by these gen
tlemen to be the severest and most dis
astrous commercial revulsion the country
has ever experienced under its greatest
pecuniary trials. But because the coun-
try is suffering no great external calami-
ties, there can be no cause for its present
sufferings but fear. Did it not come en-
tirely unexpected?--have not men through
the whole Of it resisted the conviction
that it was real? Have they not re-
solved and re resolved to withstand its
its inroads2 Have not the press and the
universal public been reiterating the
opinion that financial, trouble was impos-
sible in the present condition of the coun.
try? and yet the progress Of the evil has
been like the march ola sweeping pesti
lence, spreading from city to city and
from State to State, overwhelming the
strong with the weak in common ruin.
Is it not blind faulty to say that such
general, inevitable ruin has its cause in
no general, radical error?
The Providence journal gives us an
apt illustration Of the presumption which
ignorance inspires. The Town council
of Warwick, in Rhode Island, "once
passed resolution that the small pox
should not be permitted to come into
that town. This important resolution,
dictated by the highest regard for the
sanitary interests Of the people, was
passed at meeting Of the council duly
notified and assembled, according to law;
it was recorded by the town clerk, and
made known to the people. And yet
veritable history informs US, that the
small pox did come to Warwick; it paid
no regard to town lines, but marched
right over, and swept off goodly num-
Der of the inhabitants, regardless Of the
town resolve. From that time, the good
people of Warwick relied upon vaccina
ton, and have never since resolved the
small pox out of town, or voted to resis,
the laws of nature"
The financiers and capitalists of New
York on the 18th Of October 1851, me,
and in solemn conclave resolved that "a
all hazards, and under all circumstances,
they would pay seventy millions of i'm
mediate obligations with eleven millions
of specie. The resolutions were passed
with great unanimity. were fairly en-
crossed. and in order that there nigh
be no possible mistake about the matter
were published in the daily papers,
They rebuked the weakness and dishon
esty of their neighbors in Rhode Islant
Pennsylvania, and Maryland in yieldin
to temporary and groundless panic, an
resolved that New York should renal
firm as the fast anchored isle in mic
ocean. great specie paying point fc
the suspended banks in other parts ofth
country-managed with less sagacit
and frmness-to rally around" BIZ
unhappily for the glory of human Wi
dom, the mail that succeeded the or
which carried these determined resolve
over the country, spread the Intelligent
that the great commercial metropol
herself had "caved." Emperics
finance have had their day; quackery
exploded, and now is the time to inaug'
rate sound scientific school. We ha'
volume of facts--many Of which We
unsuspected before-which are new ar
deeply interesting. Let US set ourselv
to work to investigate, discuss and a
range them, and endeavor to form ne
and true theory of currency and finane
1t is to be the great all, absorbing que
ton in future parties.
Our TELEGRAPHIC REPORTS indica
the beginning Of the financial troubles
Europe, that-having like source wi