The Washington union. [volume] (City of Washington [D.C.]) 1857-1859, 1857-10-21

Of individuals and the general welfare of society,
when carried to great extent than many OF those
offences which the law Furnishes with exemplary Sc
verify. Ii is breach of faith it is obtaining money
on false pretences it is near akin to swindling
and though the frequency of such occurrences may
have rendered US In nsensible TO their
enormity that to minds, renders the offence only
the greater in accustoming us to wrong by the null
tphcity of the examples In time we grow either
reconcied or Indifferent to these transgressions the
moral perceptions become deadened and what we
don't blame in others have scruples of con-
science in doing ourselves.
1t is nothing when you once get used to it, is
common saying, and according to the opinion of the
philosophical cook maid, even cells may become re-
conciled to skinning. friend Of ours, passing
down the Mississippi at the time of the great earth
quake, which, it may be remembered, lasted at inter
walls for several months took advantage Of the stop
page of the steamer for fuel to ramble into the
country short distance Entering log hut to rest
himself, he encountered old woman, with whom
he fell into conversation, which interrupted by
the shock of earthquake, which alarmed him ex-
ceedngly. Observing this, the old woman exclaimed
30, don't be frightened, stranger it's nothing but
the earthquake" Thus that people can be-
come reconciled even to earthquakes. Is it any
wonder that by frequent repetition they are recon
ced to the frauds of bank officers and directors, and
the commissions of the body-potic by the abuse of
bankings
Yet Notwithstanding experience has taught us, by
many severe lessons, the evil consequences of i'm
prudently running in debt, the very object and in
tention of banks of issue is to afford additional
means and wider sphere of action for this dan
gerous indulgence and, in order to do this more
efiectually, they are allowed almost an unlimited
latitude in running in debt themselves They are in
fact only loan offices extensive scale while at
the same time they the greatest of all debtors.
Like too many of that class, they pay in promises,
and when called on to redeem Them either close their
doors, or resort to the usual mode of merchants,
corporations and States-to wit, that of mourning
new debts to pay old ones. n
Previous to the establishment of these machines,
that grind out loans as sawmill does its dust,
running in debt was not such an easy matter. To
raise money it was necessary to have something to
pledge in payment-lands, houses. some other
tangible property or in failure of all these, it
indispensable that the borrowers character for in
tegrity should be established beyond doubt by
long series of upright conduct Such men alone
could buy on credit and borrow money. In short,
habit had not accustomed men to running in debt,
nor was the process easy as at present
There were no banks, whose sole business it was,
and whose only profits were derived from, multiply
ing their debtors, and at the time running in
debt themselves There were no stately marble
or granite structures costing their hundreds of thou
sands with doors opening and shutting easily and
noiselessly the splendid gin-shops of London,
inviting men to come in and indulge themselves in
quafhng the "blue ruin" If man wanted money in
those dark ages he must beat the bush and grope
about for it, and often the labor of borrowing was
almost equal to that of earning. But, as compen-
sation for his trouble, he got something intrnsical
in value in exchange for the pledge of his houses,
his lands, and his person.
The moral and political effects of bloated system
of credit are, if possible, more mischievous and
dangerous than the mere pecuniary losses sustained
by its collapses. The ancient saying of the wise
man, "That the debtor is the slave of his creditor"
is emphaticay true. He at once forfeits his indie
pendence, and unless, as is now pretty much the
case he is enabled by the laws to snap his fingers at
his creditor is to great extent the creature of his
forbearance. If he cannot pay his debt when due
he frequently resorts to subterfuge deception and
falsehood to obtain longer time he cannot look
his creditor in the face unless custom has rendered
him insensible to shame, and is everywhere accom-
panied by that sense of nerorty which is the uni
versal characteristic of slaves. In short though he
may boast of his political liberty he is no longer
free man, for his actions in great measure sub
iec to the will of another and his property if he
has any, is not his own. -...a
1t must be evident that when such is the condition
of large portion of people, they in great dan
ger of losing those qualities and characteristics
which constitute the strength and dignity of nations
and without which the preservation of liberty is i'm
possible. That which is a temptation to deception
and falsehood, which by an inevitable operation
makes man inferior to another in his own estima-
ton and that of his fellows of necessity under
mine his principles, COW his spirit and render him
in a great measure unfit to become the champion of
his own rights or those of his country. aE""
The banks are now the great creditors of majori-
ty of the debtors Of the United States whose name is
legion and if as is certain the debtor is the slave
of the creditor the GOOD peope Of the nted States