The Washington union. [volume] (City of Washington [D.C.]) 1857-1859, 1857-10-15
From this Albany Argus
THE FOREIGN NEws-THE CREDIT SYSTEM
AT HOME AND ABROAD

From this Albany Argus
THE FOREIGN NEws.-THE CREDIT SYSTEM
AT HOME AND ABROAD.
The conflicting news from Europe in regard to India
throws doubt the state Of affairs there Ii viii be no
ted however that while the direct information to Eng
land, presented in the London papers, the whole
favorable the avices received at Paris an omnous
character. The position Of Gen Havelock is doubtful
Delhi holds out and the instruction has become general
over India
This is important in its connection with
etary aairs 1t the sepoy instruction that first
movement the dow OF specie from the New York banks
the Atlantic which compelled the contraction by
the New York banks and by the sudden construction
the heart of commerce paralyncd exchanges
The necessity for government loan for Indian affairs
which apparent is tightening the market abroad and
abasing all securities When it is realized that the flow
of specie from this country lis to cease That State and
railroad and banking stocks and bonds are falling and
that money in dividends interest viii be paid and
that the mercantile debt of the country suspended we
may expect moneyed revuon there not less formula
bic than that which is sweeping
try.
American credit abroad win have received its coup de
grace from the tidngs that have by this time reached Eu
rope II is fearful and pitiu to contemplate such fresh
stain on our national honor but profit by the ca
tastrophe it win perhaps be occasion for regret
The dangerous facility of debt has tempted us into
speculations beyond cur depth, and st for us
the credit system has stood IN the way of realizing
prosperity such the world has beheld We raise
sixty millions year Of gold raise the gold crop of
the world as we supply with cotton and tobacco-and
yet we invent and in motion system Of paper money
which drives every dollar Of it away and leaves us
handful Of rags possessions like those charmed
gifts of fairy land which gold and jewels to the eyes
until we utter omcned word when IL all turns
dust and dry leaves
We do not speak Of this IN spirit Of partisanship
The experience Of this evcntul will impress its eecns
irrespective Of all party teachngs and the array OF
in partisan hostility upon questions of this kind only
serves to delay the convictions of sound Judgment
But it win be happy day for this land when the
tcial credit system of modern civilization falls TO pieces
and when that gold and silver currency Of which this
continent and these States and its probable acqus
tons are the repositories become the sole currency ote
world
The revolution which starting here IN I77s made the
tour of the world and Frustrated dynases would be
potent in consequences and less influential for good and
evil than this monetary revolution which starting here
threatens to take the same worldwide
No man can look without dismay at the destructive
consequences Of such revolution. II is not the less
probable because II may be attended with such
quenccs As In the French revolution of 50, the ar
oes of ruin the head of society and the noneyed
aristocrscy like the old order of mobility, conpe
produce their own downfall
In referring to srch revolution prostrating the
credit system refer only to that false system Of credit
based upon ctions and dealing in emhlems and shams
which borrows for this genefon to spend and imposes
the the obligation TO psywhich cheats labor out
of its reward by tariffs and corporate privileges and pa
per currency and national debtsaDd which ELVES
the sweat Of the poor and the blood Of the brave"
There viii be system OF credit that win survive all
thisfounded upon nsturl trust and confidence In which
personal character win have its weight and OF which
solvent currency viii be the medium, and solid property
the foundation and support Such system, based and
regulated by the interests Of humanity, be
overthrow.