The American. [volume] (Washington [D.C.]) 1857-1857, 1857-09-23
THE MONEY Crisis.

IL
Commenting upon the present money crisis, the
Louisville journal makes the following just re,
marks: .A~44 A @~~
"The locking up of vast amounts of capital in
unproductive railroads and other improvements,
in splendid warehouses and paatial mansions, and
the unprecedented extravaganza that prevails In
all circles Of society that has been going on from
bad to worse continually, have undoubtedly had
much to do IN producing the general distrust
which has brought about che existing panic; but
we have not room here to enter into detailed in
vestigation of its causes. We would now only
warn readers against the consequences and ear
nestly recommend that, while due caution is OBJ
served, the panic should not be needlessly aggra-
waited by causeless alarms and sudden contractions
of customary loans in the legitimate course Of
business is 44ln
Many of the spectators whose constant de-
mands have kept up the price of money have gone
overheard There is little reason to regret their
failure, and perhaps salutary lesson has been
taught to those who were inclined to live beyond
their means, and they will at once cnrtail their
expenses to right themselves up again. This will
undoubtedly require time, but it may be easily
done, and sounder and safer financial condition
will be brought about than existed before the &C.
currence Of the panic. We have all been living
too fast. We have been in too great hurry to
get rich or Guido our more fortunate neighbors in
displaying the appearance of riches, but IL Is not
too late for us to reform and while this essential
modification Of the habits and propensities of our
people is progressing, II is the duty of every good
citizen to use all his Influence in preventing the
further spread Of the money panic and avoiding its
disastrous consequences" lsifa
1t is undoubtedly true, as general thing, that
the American people have all been living too
fast-beyond their means; and it is also true that
we indulge in an expensiveness of dress, furni-
ture, and frvoites that is not only reprehensble,
but may almost be said to be enthusiastically
in its tendency immoral. The imports of the
country have become enormous, and require all
the gold we can dig out Of the mines of California
to make up the annual deficit between them and
our exports. The amount of silks, satins, laces,
jewelry, and articles which are required to make
up the wardrobe Of fine lady, as well as broad
cloths, cassimeres, Watches cigars, &C., &C., &C.,
imported ally is incredible, and but for the
gold of ia we should have become bank
The doctrine of free trade has found favor with
the people for some years past, instead Of chat
other doctrine Of Henry Clay, which taught US to
protect our own labor and manufactures and to
make. all we can for ourselves instead Of buying
of others; and the practical effect has been we
have manufactured nothing that we could pur-
chase abroad we have found it less trouble to
buy than to make; and the consequences of this
policy are upon us. While we are importing TO
an enormous extent, our cotton and woollen mills
standing idle, or working on short time, and our
agricultural exports 60 but little way to pay for
our imported gewgaws and superb uities.
Is it any wonder that we are in money crisis?
We have been so, more or less for four years past
and we shall continue to be SO until we change our
policy, and go back to the American system" of
giving employment to our own labor, instead Of
foreign pauper labor; of making what we need,
instead of buying it abroad, u
We must curtail our expenses, live less e.,rov-
agantly, and dress more medestly and oecoming,v
American women must learn that gaudiness !,
dress Is sure sign Of ignorance and yoipa,;tv
and indicates anything but good taste, good sense
and good breeding; as plainness does the r.
verse Oh az these, or at least Of good sense "a
good taste. 40 ane
great reform is needed; let Americs. ,.-
begin it; let them vie with each otb.. ;. -
ness and simplicity, not in the o., ooa,,,,,.pa pan,
their attire. rponu'' y