The Washington union. [volume] (City of Washington [D.C.]) 1857-1859, 1858-01-28
THE REGENT PANIC.

d, THE RKKENT PANIC. s#+E M
/. II is curious TO see how much time and space is
occupied by the press Of the world in accounting for
the causes of the recent financial revulsion. The
subject is investigated, especially in Europe, with as
much pertinacity and energy were enlisted at the
time in order to ascertain the causes and scope OF
the great fire in London, that of the cholera in
its first fearful circuit Of the globe
1t has been in turn charged to defective banking,
to the pernicious doctrines of free trade 10 fright
full railroad expansions, TO individual extravaganza
and general speculatons, by which the producing
classes have been robbed of their labor, and the
non-producng classes have consumed vastly above
their necessities. Ii has been sad too, that gov
ernments have 80 increased the expenses of their
terror relations enlarging their armies and naves
thus compelling even those who might be disposed
to adhere to old-fashoned economy to adopt SINH
lar system of extravagance-that undue relations
have been brought about between production and
subsistence. 1t is undoubtedly true that all these
causes have exercised more or less influence upon
the business affairs Of the world within the last six
months but the great power that actually precipita-
ted the revusion is to be found in the fact that the
millions got rightenodth millions who possess the
life-blood of commerce-and withdrew their means
from every kind of active use and in many instances,
from those investments which were threatened with
depreciation.
The forty-years peace ofthe world which preceded
the Russian period of untold prosperity.
The great producing classes enjoyed in that time
season Of uninterrupted labor. So perfect was this
and so profitable, that even in our country Of in
tense and ceaseess speculation able to
meet the burdens of foreign without producing
single ripple in the mcrcurial sea of American
commerce and money. From that time to the present
we have accomplished more as nation of industry
than ever accomplished before by any people in
the period of half century. Labor and capital
have been better rewarded; dur frontier limits have
been extended more than hundred miles year !;
commerce has increased great cities have sprung
into existence system Of railroads and canals has
been worked into use, changing not only the whole
face of the country, but controlling to great
tent its internal and external trade. We have cx-
tended our territories to the Pacific, and established
on that side of the continent two powerful agricul
tural States whose past career has been marvel,
and whose future promises to be almost mira
Gle. The influence which California, Oregon and
the Territory of Arizona destined hereafter to
exert upon the fortunes Of the American people
and the world is not now sufficiently considered.
They open to us the great commerce of the Pacific,
looking over to China and Japan, and possessing tho
power, by their immense agricultural, mineral, and
commercial facilities to command and hold that com
merce, and to appreciate the sthmus States Of Cen
trail America.
In the face of these results. and with much of their
fruits gathered and protected, we the first to
alarm the world upon the subject of the sovency and
credit OF our people, and the value of our securities
corporate State, and federal It was episode in
business mere fright, which few weeks has
served to remove, and which few months will
prove to have been either cowardicc or gross igno
rance of our real condition.