The Washington union. [volume] (City of Washington [D.C.]) 1857-1859, 1857-10-15

to turn aside Tor moment TO compare the condition
Of things in other periods OF our difficulties with the
present.
The features of the present moneyed crisis do not
at all resemble those of any other period in our his
tory. In 1887, and up TO 1874. the people, gene
rally, were in debt. The North and the South were
alike involved. The amount Of specie in the coun-
Try was then very small and the total bankruptcy of
four hundred thousand men was TO be added to a
vast indebtedness by men who were able and will
ling to pay by regular instruments, to be derived
either from the profitable use of their property or
by its periodical conversion into money. Tins re-
qured time. Care, energy, and frugaty did the
rest
There another class Of paying men to be add
ed to that, who were largely debtors, but who did
not resort to any extinction. by law Of their labili
ties. They relied upon their labor skill, and enter
prise TO free them from debt These two classes Of
men constituted the great body Of the people.
The circumstances under which they had to act
were peculiarly trying. The failure of the banks
was universal. The balance of trade with foreign
countries was greatly against US. Our exports du-
ring the years 1887, 49, 80, 49, Al, AZ, AZ, and A.
in breadstuffs tobacco and cotton did not average
per annum more than rs millions Breadstuffs
about an average through these years Of eight mil
lions of dollars, tobacco eight, and cotton sixty.
We were broken down at home-we had blight
ed name and credit abroad The precious metals
were in smaller quantities amongst us than they had
been in any series of six years since the war Of
1872, taking into view the proportions of popula-
ton.
There are many very interesting statistical facts
in connexion with that part of history which
we might advert, but purpose is to condense
views, and we therefore leave out of the ques-
ton the order of things which followed the close of
the United States Bank, and its temperance in the
of the Pennsylvania Bank of the United States
We also omit the initatory measures which were
consequent upon the establishment Of the subtreas
ury system. 1t saved the government then. 1t has
saved it now. But we proceed to state the position
in which we are at this time
Our present condition is not so disastrous as that
long and dismal period to which we have referred.
We were proud enough, even them nation, but
we were grievously ashamed of lost credit
abroad. We were still heroes for the field of bat
tle-a nation of heroes; but were humbled I'M
der sense of our degrading msfortunes, and trem-
bled at the name Of our debts. Not nation would
trust us. Our countrymen hardly knew how to trust
one another. Behind us was desoation Beneath
our feet was doubt and suspicion lurked in the
public mind that had nothing of our own to stand
upon.
In the future we saw that il would take one two
three and four years, at least before could pay
debts and recover credit abroad, and before
we could be free and independent at home as indi
viduals
That long, dark day has passed, and it was worse
than this The calamity itself was greater--far
greater. Its consequences were more widely spread
and bore much more deeply and terribly upon that
mighty agricultural community, which constitutes
the invincible power of this republic Our present
calamity, however, is very great and very trying,
but it is not in opinion, without remedy. 1t is
true that it is disaster from which we cannot re-
cover in single month. But we can master it in
eight months Those whose failures are hopeless
will drop out of the struggle and will to dis
turb the progressive improvement which, after
little will follow.
Let us very briefly up the facts of our case.
We will see that not pouring water into bot
never 10 DC nor speeding
arrow at the moon, which, though aimed well, can
never reach it.
The first thing which presents itself to our con-
sideration is commercial position with foreign
nations.
Y We owe them nothing. The balance Of trade is
in our favor. England is in our debt 1t is imma-
teria to the question that Of her capitalists
have chosen from time to time to invest large sums
of money in railroad companies. Their biting
msfortunes with the stocks of Mississippi years ago
projected them hcedlessly upon corporations If they
had put their money in State stocks it would have
been safe. All that is thus vested will be found to
be so. The interest which those loans will draw
from the country win be comparatively small
But the actual indebtedness of England will be |
more than counterbalance for any drain which |
may be made by her citizens for interest upon
loans. We at this moment stand fair and equal |
with all nations, and have nothing to Cypress
or to annoy us from abroad What, them
is our condition in regard to home resources |
We shall simply speak in round numbers, but with
in the minimum Of the true figures.
Our cotton crop of last year was one hundred and
thirty millions. 1t will be now worth one hundred
and sixty
Our tobacco crop this year will produce twenty