The Washington union. [volume] (City of Washington [D.C.]) 1857-1859, 1858-06-16

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THE ECONOMY OF THE REcENT MONETARY PRES
sURE-A BLESSING IN DISGUISE.
The uub,ic mind in the United States is proven
bally restless under the least restraint The train
of public enterprise rapidly 80 that, when the
brakes are applied, we become frotfui under the
check thus imposed upon progress and are often
dispssed to apply remedies when, in truth, that OF
which we complain is precisely what we most
need We say this with distinct reference to tho
financial pressure Of the last year, confident that it
was the very best thing that could happen to us un-
der the circumstances. We had been moving over
a long stretch, good road and without
calculating our speed, somewhat faster than 1t was
safe to travel With boundless energy and abundant
means our credit was actually too good, leading us
into extravagant habits in the very fact hatwe could
borrow at a moments notice all we might want In
other words got elevated above the necessity OIL
making exertions to obtain moneys dangerous con
dition in public and private affairs. Long credits,
under such circumstances, were inevitable; and that
is an assurance of boundess expansion individual ana
national extravaganza, and ultimately, if continued,
general bankruptcy. Hence, infer that the recent
money crisis was great blessing concealed beneath
considerable personal embarrassment and more or less
financial difficulty in connection with the federal reve
nues All experience has shown that the current APP
preparations and expenditures by the government are
made to correspond with the amount Of its receipts
large revenue is regarded a. license for large ex
penditures It is precisely in private affairs As
the treasury has been filed from the sale OF lands
and from the customs, disposition to be liberal
not extravaganza, has unaffected itself in Congress
long and successful industry, especially in the
great agricultural products of the country, which
have stimulated foreign trade and superinduced
large and unnecessary imporations running into ar
ticles Of purely cticious or fancy value, could not
fail to exert bed influence upon legislation and
upon individual hadits and economy. We were 60
ing too fast It was necessary to apply the brakes
to impede our progress and to give time Tor reheo
ton and the Improvement Of our ways !; and these
ends have been accomplished by the revulsion in
the most satisfactory manner
The danger which was most likely to damage the
country from tho crisis is to be found in the liability
of public men to regard it as an occasion for modify
ing and changing those laws which partake of an
organic character In other words, at such times
there are many persons who assume to understand
the principles of political economy disposed to le
gisate especially for every yicisstude of trade--a
policy which, if generally pursued, could not fail to
involve all the great industrial interests OF the
Union in perpetual uncertainty and alarm leading to
the most disastrous consequences, our own past
experience abundantly proves.
al A long period of extraordinary labor and produc-
ton, ending in acknowledged wealth, but bringing
with it evident disposition to oyerrade and over
act in nearly all the relations Of life presented an oc
casion for posting up the books and settling balances
which we could not well afford to forego. That
work is now in process Of execution, as is seen by
diminished imporations, lower prices, lighter inter
nal trade, and the general disposition everywhere
shown to discontinue the system Of long credits-to
con6ne operations, in other words, purely to the
wants Of the people, under the simple law Of supply
and demand. Sse
We do not regard tho fact that in this work Of
liquidation the receipts into the federal treasury are
strkingly diminished as an unfortunate feature Of
the times nor in our Judgment, does such state
of things call for any important radical alterations
OF the revenue laws. Expenditures, it il true, for
the moment, may cxcsed the income of the govern
ment but this can only be Of limited duration-an
evil which may well be submitted to on account Of
it's beneficial influence upon Congress- in checking
extravagant appropriations, and the liability (Which
every such body, with abundant means at itscom-
mand is subjected, to pervert the Legitimate and
constitutional ends Of legislation in voting money
from the treasury eaf s.
g Diminished revenues arise In the present condi-
ton of business from the fact that had on hand
an over-supply of foreign goods, which are being
rapidly consumed in other words, the Treasury
has received through the trade of the last three or
four years. in anticipation, advance ON the opera
tions Of the present season. Importations hereto
fore have actually exceeded the demands of con-
sumption; and we are now engaged in the work OF
eating up and wearing the surplus goods on hand
upon which duties were paid long time ago. Mean
while the country is engaged in its usual occupation
and we have right to anticipate the usual results
from its labors of early restoration, consequently
of healthy condition Of foreign commerce, and
with it, of course increased receipts into the pub
lie treasury mnft -
These results are made manifest to MS in the over
abundant means which have been steadily accumn-