Evening star. [volume] (Washington, D.C.) 1854-1972, 1857-10-01
WASHINGTON NEWS AND GOSSIP.

cial crisis, of which we can necessarily kno"
no more than our neighbors in trade, exceptin
so far as our opportunities of daily reading
facts in a multitude of newspapers enables US
to be somewhat better posted than most others
as to its extent. and also as to the resources of
the country in the way Of recovering from it.
That it is disastrous in its effects on all COM
mendable public interests must already be ev-
ident to all, whether bankers, merchants, me-
chanics, tradesmen or professional men. The
efforts of no man can stay its injuries upon the
community. Yeti exertions of any man may
accomplish something towards securing that
end. A general combination to obtain relief
from it is impossible as yet A brief period,
however will bring that about, we trust.
In the meanwhile, it is surely the duty Of all
interested in speedy escape from the existing
state of financial affairs to bear and forbear,
with patience and in good humor, giving no
heed to infammatory denunciations and APP
peals on the subject, designed to accomplish
sinister ends of those indulging in them. Ger
tain it is if the customers of the banks break,
the assets of the banks become worthless. 1t
is, therefore, the duty of self-preservation on
the part of the banks so to regulate their affairs
in the crisis as that the former will be able as
soon as possible to square up all their indebt-
edness. We are, therefore, no believers in sus-
picions that bank officers will prolong the exist
ing state Of things a moment longer than they
can avoid so doing. The question before the
Washington banks-on which they deemed it
necessary to suspend-was, evidently, Shall we
pay all our liabilities at once in specie on the
demand Of parties who ASK it, to use it where
the banks have already suspended, (where it
would speedily have found its way) and thus
be compelled to have demanded prompt pay
ment in full from every one here who owes us
dollar2-Or shall we avoid that course, which
must necessarily bring the great majority of
our District customers under protest? As in
times like the present men in trade find most
difficulty in making collections with which to
meet obligations not predcated on any such
unexpected state of affairs, we cannot blame
them for resisting the run made on them as
they did. Nor do we believe that they will
perpetuate their present condition an instant
longer than they can avoid so doing as they
know well that Congress, when in the best HUI
NOR, owes them little love-
That changes in our banking system are
necessary for the protection Of the community
against such crises is evident to our mind, but,
We submit this is not time in which we feel at
liberty to discuss them; least in so doing we
may throw oil rather than water, on the raging
fire. Such changes are required nearly every
where in the United States, and we doubt not
the lesson of the times will have due weight in
bringing them about; but the first duty of the
press at present is so to calm down the public
mind so that they may be undertaken eau
tiously and conducted prudently, as they can
not be in the existing emergency On the
whole, we have seen nothing in print which
expresses our own views of their duty to the
public, and the public's duty to itself, as in
vOlved in the line of conduct it behooves it to
pursue under existing circumstances than is
embraced in the following good-tempered ar
ticle, which we find in the Journal of Com
rerce Of the day before yesterday
The CAUSE.-THE public mind is too much
excited to consider calmly the causes which have
led to tine present trouble, and any argument on
this subject would now be wasted all ewes are
seeking remedy for existing burdens and to
this we direct our attention There is as much
actual wealth in the country as there was two
months ago; and the great want now felt i'm
every department of trade and finance, is coNFI-
DENCE w ndleFtT tends I'D destroy. or even to
weaken public confidence at such crisis. is in
the hig hest degree Teprehensibie; while the ef-
forts OF all who have the interests Of the country
at heart, should be directed to sustain and In.
crease IT. We know that some are for.letting
everything 60 arguing that this is the only cure
for the evil and that IL the fire is not allowed to
exhaust itself, the smb-rs will he continually
smouldering, and liable TO break out again In an
open flame. This may be true to certain ey-
tent. When the life is in no danger and the
question Is only one Of cure, it may be best to
probe 10 the bottom of every ulcer, and To spare
no proud flesh that protracts the healing process
But When the question 10 one Of life, the probe
and the caustic may not be the most available
remedies. Such sitting of credits az shall
throw out the unworthy and insUlvent IS drsira-
Bile but the total destruction of credit must pros-
trale every business man and uproot every monied
institution in the country
In securing the confidence necessary TO the sal
walton Of the interests endangered there is
necessary, not only concert of action among the
managers OF our monied institutions, but also a
nearly cooperation and mutual good under
standing, between them and the mercantile com
Tninlty 1t Will not do for any bank officer TO saw
that Ills bank shall stand, although every Gus
toner faiI for his bank could not survive through
The day II Ills depOsitors acted upon such 4 spirit
Nor will ii do for the mere hans to grow reckless
and say that if the banks will not carry them
through they will make struggles to meet
their obligations, and sit down in despair Com
age. cooperation, and concert Of action will
achieve wonders, even ia the face Of adverse cir
cumstances; while Il selfish graspiDg after the
means OF personal safety AT the risk OF endanger-
ing the security Of others. will only hasten the
common rum. The banks and the merchants
must stand shoulder to shoulder The very atti.
tude has In II such Strengthening effect that IL
Will give courage even 10 the faint hearted TIE
banks have now avowed their Willingness to meet
the community in such an effort BY a circular
from the Trading banks. published i'm our money
article, II Will be seen that the necessity Of such
d movement has become apparent. Let the mer-
Chants meet this overture ia the same spirit Let
every one, no matter how harlow the circle of his
influence, act upon the same principle At the
nfst appearance of impending danger, selfshness
cries out, - Every man for himselfn Bat when
II is seen that the result Of such sehshness must
be the Fastening OF the general catastrophe even
the instinct OF sef-preservation will lead men to
herd together 10. mutual help and defence There
was never time when true heroism had A nobler
held than now We do not mean that any should
carry his benevolence so far to sacrifice him.
self for the common good but we do insist that
when the individual veal Is so bound I'D with
the common safety, that they cannot be separated
without violence to both. that the maxim every
man Tor himself, cannot even have the glitter Of
success, to relieve it from infamy. We are con-
WINGED that II the unity of action thus recon-
mended can be obtained, there will be no "a rther