Worcester daily spy. [volume] (Worcester [Mass.]) 1850-1888, 1857-12-29

down-under the pressure their short-sight-
ed and selfish policy had increased. The Bos-
ton banks, which had adopted a policy far
more liberal, followed the New York banks
in the suspension as they have now promptly
followed them in the resumption of specie
payments. This early resumption of specie
payments is a gratifying evidence of the re.
sources and strength of the resuming banks,
but it is not an evidence that the effects of the
revulsion have passed away. Light is dawn
ing. The violence of the pressure has ceased
the panic-which did t,as the Senator from
New York suggests, cause the revulsion, al
though it greatly increased its force-has par
italy subsidized, and the country is slowly re.
covering from the effects of this sudden and
sweeping commercial storm.
But this rovulsion was brought upon the
country by causes far too great, and its effects
have been far TOO general and destructive, to
pass away at once. The country possesses
vast resources, and the energies of the people
are so great, that we shall recover from the
effects of the pressure, and bound forward in
the race of prosperity. But weeks and months
must pass away before we shall fully recover
from the effects of the pressure under which
the interests, business, and labor of the ma
ton now suffer. The rates of interest con-
tinue to rule high; money, to the masses of
the business men and the people, continues
exceedingly scarce; merchandise, of most de-
scriptons, has deprecated in value at least
thirty per cent, to almost ruinous rates hun
dreds of manufacturing and mechanical es-
adjustments are closed, or work on short
time, and at greatly reduced rates for labor,
and tens of thousands of mechanics and la
boring men are out of employment, or labor
ing for wages which will hardly afford to
themselves and families even the absolute
necessaries Of life. Sir, live in a common.
wealth largely engaged in commerce, manu-
features, and the various mechanic arts, and
know that the business of that State is but
slowly recovering that many manufacturing
establishments and mechanic shops are yet
closed; that thousands of intelligent, skilled
and industrious men, are still seeking of their
fellow. men leave to toll.
Sir, this monetary crisis, this widespread
commercial revulson, came upon the country
at time of apparent prosperity, at a season
when the earth bore upon its bosom the larg-
est harvest the farmers Of the country were
ever summoned to gather. Years of great
prosperity have followed each other in sue
cession. During these years of prosperity,
the various causes have sprung up which have
this year precipitated upon us a commercial
crisis of unexampled severity. Revenue laws
not wisely adjusted to protect the productive
industry and capital Of the country bank
ing system not wisely guarded by law or pru-
IDENTIFY directed vast expenditure of capital
in unproductive railroads; an undue expan.
sion of credits by States, cities, corporations,
banks, and business men, resulting in en-
HANGED prices, excessive importatons, over
trading, wild speculations in Western lands,
and public and private extravaganza, have
precipitated upon the nation this sweeping
and tar reaching revulslon, the effects of
which are everywhere seen and felt. The
wave which has swept over us has reached the
Old World, and the monetary institutions,
the commercial houses, and all classes of PEG.
pie in England, France, Germany, and in
deed, all Western Europe, are shaken by its
force. Governments have been compelled to
interpose their powers to break the force of
this pressure American stocks, mercantile
credits. and staple products have fallen, and
all is distrust concerning the future.
Now, sir, if Senators believe that we are at
once to recover from the effects of this crisis
now upon us, which we see by the news Just
received from Europe, is now producing
bankruptcy and distress, they are greatly
mistaken. If they believe that the importa-
ton during the coming six months, for the
remainder of the present fiscal year, are to
equal, either in quantity or value, the impor-
tatlons of the corresponding months for 1855
or 1857, they are, in my judgment, altogether
mistaken. While millions Of merchandise are
held i'll your warehouses--whilem millions Of
merchandise of most kinds remain on hand at
deprecated prices which are almost millions
while the merchants of the sea board hold
millions of dollars of renewed or protested
paper, they will be in no haste to go into for
eign markets for goods. European merchants
and manufacturers, smarting under losses al
ready incurred, and the ruinous depreciation
Of stocks and goods, will be in no haste
to crowd their goods upon losing market.
The money market will soon become compar-
atively easy, but the immente sacrifice which
the merchants have made to sustain their
credit, the losses they will incur on renewed
notes which will not be met at maturity, the
ruinous depreciation of merchandise now I'M
sold, and the great lessons of economy taught
the people by this disastrous revulsion, will
tend to check importations during the re.
mainder of the present fiscal year.
The Secretary Of the Treasury estimates the
balance in the Treasury onb the LIST of July,
the close Of the present fiscal year, at less
than half million Of dollars. believe when
that day dawns upon us we shall find no
balance at all. We shall commence the next
fiscal year with an empty Treasury. The Sec
rotary estimates the expenditures TOR the year
at $4,000, 900. The Secretaries of War and
the Navy ask for new regiments and new
ships, which will call for several millions
more; several millions of claims are pressing
upon us for payment and we have Mormon
war impending over us. When the year 1859
opens upon US, these Treasury notes must
be paid. On that day l think we shall
find no money in the Treasury to meet their
payment. We shall find, if l am not mistak-
en- in my estimates of the effects of the pres
ent revulsion upon the revenues OF the next
twelvemonths, both upon the lands and the
customs, that we shall have 10 borrow millions
Of money to meet the obligations Of the Gov
eminent.
Now, sir, / am willing to vote for this bill
as temporary expedient. l am not willing
to increase the national debt, or to commence
a system Of exedients to supply the ordinary
wants of the Government. While | shall
vote to give the Government the means to
meet its immediate wants, / demand that
Congress shall reduce the expenditures, or so
.agssa Eae revenue system as to enable the
Government TO promptly meet its obligations.
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How THE OvERsEERs Rule Us.-So far as
committees are concerned, the oligarehy in
the Senate of the United States ignores sueil
commercial cities as New York, Phiiaas!phia,
Boston, Cincinnati, and Chicago, bro remem-
bers Richmond and Norfolk
The manufacturing cite, Of Lowell, Man
chester, Newark, Pittstdrg, and Dayton, have
no claims TO it's nohce by the side of Pensa-
cola, Vicksbuss, and Raleigh
Lawyers and scholars, whose lives have