The Washington union. [volume] (City of Washington [D.C.]) 1857-1859, 1857-10-21
FROM AN OCCASIONAL CORRESPONDENT.
sroSr LONESOME, Oct. 10, 1857.

ve and never was sensibe TO the truth OF the old
nroverb Iis ON III wind that blows nobody good My
lawn has escaped the fangs of Mr.. Jonathan Goahead
and the corporation Of Persepols, and my house from
being turned hind part before This proptous result mas
be brought about by what is called by the political econ
omsts reyuson or reaction of the monetary system,
which Is a polite phrase for general bankruptcy
You must know that the city of Persepolis is OF was
eeenty blessed with three banksthe Farmers and Me-
chsncs' the Mechanics and Farmers and the Farmers
Mechanics and Manufacturers Banks This similarity in
names was device Of Mr.. Jonathan Goahead, who was
deputed for the purpose Of enghtenng the legislature
and rolled all three through the two houses one after tho
other trumphanty by the application OF certain mys
FERROUS snotive power only known to the initiated II
was Mr. Goahead opinion that they might probably all BIO
mistaken and the same and thus greatly strength
ened by this family alliance ought to have promised
that this before the passage Of the late general bank
Ing law.
II is y means of these banks that all our great public
improvements have been commenced and carried As
the farmers in the neghborhood did not want any money
or did not choose to run in debit the mechanics
oured no other capital but their labor and there
great manufactures within twenty miles the banks
at first at loss how to employ their capital which had
all been paid secured to be paid At least so swore
Mr. Jonathan Goahead who president of one, cashier
of another, and leading director in ALL
He SOON however got this difficulty, by privately
nsnuating that was great pity the capital should
lie idle and as nobody wanted the money he thought
the officers and directors might just well use 1t them
selves The notion took nightly and in short time
al the nominal capital of the banks and great deal
more was in the hands of the officers directors and
few friends who exchanged their notes of hand for the
notes Of the banks 'Iis fnir exchange and no rob
berry quoth Jonathan, wnking to his friends Zone
10 rood in
tention of fulfilling either The reasoning was conclu-
sve or II any had scruples of conscience they quoted
them by subscribing to build new Gothic church. and
attending service regularly on Sundays.
Then it was that Mr. Jonathan Goahead's predictions
began to be verified The officers and directors having
no legitimate employment for their borrowed money be-
gan to exchange their bank for real property lay
out new streets splendid houses and with the as
sstance of Mr. Goahead project all sorts of improve
ments for enhancing their value Millionaires grew up
like mushrooms in night and their examples stmu-
lated others Every mechanic and laborcr aspred to be-
come Spectator, and even solomon day to
consult the expedency of dipping his fingers in
the boiling cauldron 'sBut where is the money to come
from, solomon said "Why, don't know, master,
quoth Solomon showing his ivory, 81 spose | can Dor
row like other folks Sam Snifer, my neghbor to my
certain knowledge, wasn't worth five dollars not two
months ago. and he has bought lot in the city and
is building fourstory house on it. In vain caution
ed Solomon that this state of things could not possibly
last and that if he built big house 1t would certainly
tumble down on his head. All wouldn't do Solomon
pledged his pine wood to the bank removed to the city,
and turned Spectator
Things went on swimmingly the city grew as if by
magic the millionaircs and the splendid palaces in
creased and multiplied almost to inny, and such pic
ure Of prosperity presented by the city of Persepo
lis had no parallel except in certain great emporums
which shall be nameless Mr.. Jonathan Goahead in
his glory and looked up to the greatest this
country had ever produced, not excepting Governor
King, Thurlow Weed Philosopher Greeley and the i'm
mortal president of the old Bank of the United States
But well hath it been said that riches make to them
selves wings and fly away The of the failure of the
banks in made Mr.. Jonathan Goahead wink
and rub his nose little He began to smell rat The
peope who had hitherto taken the notes of banks
like parcel of fools they werebegan to suspect that
promise to pay was not quite equal to silver dollar
But Mr. Jonathan Goahead managed to quiet their sus-
pcons for the time being and matters apparently went
before The editors of four newspapers assured
the public that the banks of Pcrsepolis sound
and could at any time redeem their notes in specie
N B-Those endorsers indebted to the banks
sdeaby than they could conveniently pay in spe
ce 30 they paid in paper by putting the city of Persepo-
lis the most growing and prosperous city in the world
and its banks the best conducted solid nstitu
tons in the United States Our good people like the
old gentleman who believed everything he in print
and pacfed for the moment though not altogether
satisfied rs .s.,a
But the paper system is like the aspen leaf it trembles
at the slightest breeze That which has no foundation is
easily overthrown Every man who reflects at oil has
innate perception that paper dollar not silver dol
lar and that ten, fifteen, twenty dollars in paper
The first shock is to shake the second to bend the
baseless fabric to the ground panic as it s called
is seldom if ever without foundation Its origin
and it's progress is like that Of the pesence which walk
eth in darkness and when the seeds son they
never fail coming to maturity. To reason against it is
van and to bcseech people not to be frightened is often
the surest way of making them fear Legislation is
quackery, and never fails to shift the burden from the
shoulders Of tho offender to those of his victim The
banks perhaps temporarily relieved by being permit
ted to increase the evil but the great body Of innocent
bodies, in great composed Of bank officers
bank directors, and bank debtors fail like the
Soons of Pennsylvania to end their cobblng and tinker
ing by suffering the offenders to escape scotfree and
placing the saddle the wrong horse But to
my narrative
Some days ago Mr. Jonathan Goahead telegraphed
that general suspension had taken place in the banks
of the city of New York Like wise man, he kept the
secret to himself and spent most of tho night pre-
pairing for the morrow that is to say, in canceng all
the notes of hand of the stockholders which constituted
H. r. -. n u -. .