The Washington union., 1857-09-30
From the Albany Atlas and Argus.
THE BANK SUSPENSIONS.


The suspension of the banks in Philadelphia which
equivalent to general suspension throughout the State
of Pennsylvania should be matter of great surprise
t is the natural consequence of which before pro-
duced similar fruits
The Rtner policy, which Gov. Seward initiated and at
tempted introduce into this State brought Pennsva
MIA to reputation An immense system of expenditure
undertaken to lie carried by of the credit
systemthat s the present generation spend and
a future generation to pay
So long as there was check borrowing the scheme
went well enough But when the crowd of rival bor-
roes exhausted credit the system collapsed and the
State compelled to repudae the payment of interest
on its public debt Heavy taxation has enabled the State
payment, but the works have proved failure
and some have been sold while others remain with the
debt, constant oppression upon the people.
But the system of expenditure based upon credit aban
doned by the State practically transferred to the
porations which, in the attempt to create roads,
and to form channels for trade and travel scattered their
bonds broadcast and left for the future to provide for
payment
Tho day when credit is at I'm end and payment COM
mencee has come and the system has broken down the
corporations as it did before the State.
The State of Maryland which also undertook a vast
scheme of internal improvement by of debt and
the unfinished system to corporations
which renewed in another form the device of unlm
tied issue of bonds and scrip, has in the
brought its moneyed institutions to the practical rcpud
alton of which it set the example
In the western States in the same way, system of
debt checked in form by the failure of State credit
or the new constitutional limitations imposed by the peo
pe has broken out in shape under the auspices of
the corporations.
All the contrivances of debt means by which men
enjoy present expenditure and charge the cost and
sponsibty upon the future. State debt is charge
upon poserity sent down to it with the results of the
speculation in which it was incurred But the specu-
latons are ever uncertain and debt is certain and in
evitable and desccnds with its interest with an accum
lated weight like that of gravitaon upon its victims
posterity has always to suffer from system improv
dent. The wld justice of revolution expunges some
of these debts the trick of expanded currency
lightens the burden of others and reduction of in
terest or oompounding of the principal enables the
next generation to endure it, passes it its sue
cesso The system of corporate debt is the same though
its end sooner and the law provides for its adjustment
by the application of the debtors far as they
go, and the extinction of the debt
The causes of the evil times which have fallen upon
the people are to be found in human nature but the
example of State mprovdence has had much to do with
them.
Think of legislature such that which sat in the
capitol last winter chosen on the issue of bleeding Kan
sas) which, among hundred instances of similar ex-
travagancc forced upon the people of Albany debt of
million of dollars to aid the impractcable scheme of
building railroad from this city to Bnghampton!
Was not the democratic State convention which met
at Syracuse fortnight ago right in declaring, when
pointing TO the of republican rulers, that
cannot but feel that the example Of mprovdence set
by the State has spread into the business affairs of the
people, inviting them TO hazardous speculaons, the
ption of future by present reckless expend
turc profuse debt and the abuse Of credit and that
call upon the people to remedy this state of affairs by
tsbishing sound and economical financial policy at AL
bany p
There Is remedy In politics or in laws for the specu
latve which characterize mode Of doing bu
but the State should at least abstain from ncte
ments and provocatons not set the example of