The national era. [volume] (Washington [D.C.]) 1847-1860, 1857-10-22
THE NATIONAL ERA: WASHINGTON, D. c. OCTOBER o. 1887

non or creditors. Their debts were admitted
to be S440,934,6l5; but they probably amount
ed to round half billion. To pay this enormous
Indebtedness, they returned only S48, 687, 3O7
of assets. How much more was concealed it
is impossible to conjecture with any accuracy.
In Pennsylvania, and all south of that State,
the records show that not one cent on the dollar
was ever realized from the assets surrendered.
In Illinois they yielded Sc cents to the 500 ::
| in Michigan and Iowa, + of a cent each to the
800; while Massachusetts produced but
cents, and Connecticut 6 l0ths of cent to the
$500. Kentucky yielded the highest, being sc
cents"
Could such things ever take place, except
under system of paper money, which favors
excess of credit, drives interest up to usurious
rates, make the trader dissatisfied with mode
rate profits, stimulates to extravaganza and
corruption, and urges men to run all hazards,
for the sake of growing rich rapidly2
The Bank of England, as general rule, en-
deavors to keep as much coin and bullion in it's
vaults as is equal to one-third of all its liabili
ties, including deposits and circulation Should
the latter amount to ESQ, 000, 900, it would not
consider itself entirely safe, unless possessed
Of &l0, 1000, 900 of coin. The statement of the
condition of the New York Banks, considered
among the safest in the country, shows that
their coin was not equal to a sixth of their liza.
bilities. In other Banks it is still worse, the
coin sometimes scarcely reaching onetenh
That is a specimen of the way in which we
have been doing business in this country, on a
fictitious basis. Is it any wonder that for
tunes should crumble as rapidly as they are
built up, and that while the few succeed, the
many who venture, become insolvent?
1t is easy enough for the Legislative power
to prohibit the circulation of bank notes, if the
People can be convinced that it will be for their
interest. Congress passed law prohibiting
the circulation of notes under FIVE dollars, in
this small District, liable to be overruu with
Maryland and Virginia notes and it was effect
i've. Small notes disappeared-gold made its
appearance in plenty. Had the law prohibited
the circulation of bank notes of any descrip-
ton or denomination, it would have been Just as
e8ectual and still more beneficial. There would
| have been plenty of gold. 1t would be difficult,
of course, for the States to act severally and
independently, and yet they could do it. The
law Of Pennsylvania, forbidding the circulation
of notes from other States, under the denomi-
nation of So, was carried out. We should like
to see one State bold enough to forbid, under
heavy penalties, the circulation within its Dor
ders, of any bank notes whatsoever.
But, why multiply words? "Ephraim," we
fear, I" is joined to his idols" Modern Civil
cation and Paper Money are inseparable 30
ba nd tba 81 Al.
People. If so, then Modern Civiliz alton is
far from being the highest form of human de-
velopment.
BSy~ The NeW York Herald is discussing Of
the collapse of Black Republicanism. George
S. Hillard, of Boston, at Wing meeting called
to aid Governor Gardeners election, says that
the signs of the times indicate that the ele-
ments which so nearly produced the election
of Fremont, are bat temporary-already they
are passing away. That is to say, the Pro.
Slavery feeling of the South and the Artist
very feeling Of the North have died out there
will be no more Slavery discussion or agita-
ton. The Slave Power wants no more slave
territory, and the Free Power is perfectly in
Shareholders are going to restrain themselves
within strict constitutional limits, and the non.
shareholders will cheerfully assent to their con-
struction of constitutional limits, whatever they
may be. Contradictions have at last been
reconciled-Slavery and Freedom welded
the Lion and the Lamb will lie down together.
The sagacity Of Mr.. Hillard is equalIed only
by the craftsmanship of the Ne,0 York Herald,
which assumes the part of chief counsellor to
Mr.. Buchanan. Black Republcanism having
collapsed, Mr.. Buchanan must now devote his
exclusive attention to alternating the distresses
Of the country. There will be no room for Sla-
very discussion hereafter. People are think
ing of something more important. The next
Congress must revise the Tariff, and take care
to provide protection for the iron and other
great interests of the country. Then it must
pass q Bankrupt act; and then create Ma
tional Government Bank A Protective Tar
if, Bankrupt Law, and Government Bank, all
od-fashioned Democratic measures Of course,
must now be the policy of Mr.. Buchanan's
| heightened, conservative, national Administra-
! tion This is the programme of the Herald,
at present Mr.. Buchanan's foremost champion
in the free States.
! We trust Black Republicanism will have
strength enough in the next Congress to put
its heel upon such Craftsmanship as this. Let
US have no more tinkering with the Tariff, no in
reference by Congress to shield men from their
| just responsibilities - no attempt by Congress
to NEEDLE with the currency, except to provide,
to the extent Of its power, that it shall be gold
and silver.
We have got ourselves into trouble by
over credit, over,trading, transportation, ex-
travagance, living beyond our means, upon ex.
peetation of uncertain gains in the future. We
speak as one of the People, for we are fellow.
culprit and fellow sufferer. But how ara we TO
get out of it? Not by wringing or folding our
hands, not by asking aid from Legislatures, or
resorting to the same devices that have dam.
aged US; but by selfdenial, industry, economy,
by prudence and frmness.
PANIC PRICES IN New YoRK-One peculiar
feature Of these times of panic in New York is
the low sale CT goods by frst-cass houses for
cash. Great houses, like that of Chittenden
Co., Bowen & McNamee, &C., are selling at
retail their goods for cash at reduced prices. In
many cases, silks are bought at fifty per cent.
discount from the ordinary retail figure.
Several houses advocate a public sale of
goods, and offer to receive their own floating