The Washington union. [volume] (City of Washington [D.C.]) 1857-1859, 1859-03-24

commercial COMMUNICABLE great mercantile interest
whose qualifications, like network, cover the entire sur
face of society, and extend 10 the most remote neighbor-
hood-it was a noble effort Of a manly heart and was
responded TO, at the time, in one unbroken echo Of APP
proval from the press and the people. Extracts from the
press of the day can be multiplied TO an indefinite extent,
to show the truth Of what / affirm. / beg 10 call the
attention of the committee and the country to a few from
leading papers in our great Commercial metropolis.
And, first. / call attention to the leading paper Of that
commercial metropolis-the leading paper, indeed, of the
Union, having the largest circulation and the widest in
huence neutral In its party affiliations, yet an advocate
Of the election of Fremont but since Nh. Buchanan
election, a supporter of tho leading measures of his adj
ministration. In its issue of October 10, 1857, the day
after the suspension of the New York banks, that paper
says approyingly Of the policy of the Secretary, as fol-
lows
"Itis evident therefore, not only that Mr.. Secretary Cobb has
done all that he can do for tho immediate roKsf Of the financial inter.
ets Of the people, but that for the next fiscal year, he viii himself
need relief in the shape Of loan Of ten, fifteen, or twcnty million
Again, the Journal of Commerce, the leading CONNER
cal paper of the same city, independent in politics, and
possessing the entire confidence of the commercial com
munity, in its issue of December s, 1857, says:
"The large payments on account Of the public debt may seem, in
polite but We have heard from business men Of all parties the most
unqualified commentator Of Secretary Cobb for his course in this re.
speCt IL Is true, that the government was under no obligation TO
advance the money at SO large a premium and If the Secretary Of
the Treasury, in the use of the wise discretion given him by Congress,
had locked the government vaults, and made no disbursements not
absolutely demanded by actual appropriations, he could not have
cd down upon him a weight or public consure, from which he could
not have escaped. His predecessors, under the sanction of Congress,
and the unanimous approval OF the country, had calledIn large por-
tous OF the debt, at a Time when the accumulation of coin in the sub,
try Cobb had refused to continue the redemption in the mbdsto of prevail
Ing commercial distress, when such a disbursement was eagerly de
handed as a measure ofrenef, he would have been charged, perhaps
justly, with a selfish disregard of the interests of that large class
through whom the revenues Of the country arc more Immediately de-
rived.
"But we have reasons to think that the motives which actuated
the Secretary in continuing the redemption went beyond the mere
question Of popularity, and were dictated by a profound judgment OF
o GMa h and T eae : nw @oiDt oS ShSSa II 'S %ast ls sSt eV%%GT r,srlor em bar ,hc
revenue from customs, and that iii We're to increase much further, IL
nominal. If with this prospect before him, tho Secretary, by a
legitimate disbursement Of the surplus N the treasury, could arrest
revenue, aJudicious regard for the national finances would surely
dictate such a policy, if there had been no other considerations pres
ent to his mind. And we are confident that the end hasfuliy justified
the measure adopted, considered in either light. Tho few millions
which were thus disbursed afforded great relief TO the community at
Almost critical moment, while if retained in The treasury they could
not have prevented a deficiency, even had the receipts shown no
same facility in borrowing in the hour of need."
Again the same paper of the 2Sth May, 1858, in re-
viewing our financial troubles, says
"Tho clouds began TO darkcn, however, oyer the commercial
deem tho debt. At this moment he was urged from all quarters to
60 g, on Sas %ilH ! 1o S work mind I ao, a 6, 1ai ~, Sn', sa1 aT@s'' esa had al the 4 great h
treasury would relieve the banks by supplying the demand for the
peas for aid but that continued payments would operate to limit
the depression in trade, check the excitement which was rapidly
enues now seriously threatened" n
Again the same paper, in the same article, says;
Even Win ,es light Of our present experience thrown upon q,
signed 70 serve a great national interest, while It should grant Incl
dental relief to those who were supposed to have some cldims upon
the extent desired, we know; but that the success was NOT sufficient
irm.'
The New York Times, o leading opposition paper, in
its issue of October l6, 1857, says:
As we have no bank for the purpose, the Secretary Of the Treas.
hoard and pouring ii through tie four great commercial centres' and
into the ordinary channels OF commerce. He has done this without
public lesser service Ds and rodeemirrs The public debt We s are s sorry I" to s 80
that he has been Obliged TO discontinue the redemption of public
stocks 10 that M further relief from this uuaIter can uoyh a npfici
pated. But what he has already done has been of essential service to
the business public a.
Again the same paper of October 10, 1857, says
at should have done more, by averting the embarrassment alto
gether; but the fault was not with the Secretary. He, of all men, Is
most disappointed at the untoward result. He, Of all, mas least cause
for reproach or modification. Had want Of gold been the cause Of
trouble, the difficulty would have ended where il began, with the fail
ure of the Trust Company, aud a few other like concerns involved
ernmont could no more remove it than it could remove mountains, or
check the wild and disirustful spirit of any bank presidents without a
leader" .e. ..r . .. Hs
These sentiments Of approval were not confined to New
York, but pervaded the entire press, North and South.
| well remember u most complimentary article from the
Charleston Mercury, to the effect that Providence always
raises up the man for an occasion requiring nerve and
ability and lauding to the skies the conduct of Mr..
Cobb, as evincing in this transaction an extraordinary de.
gree of both. But, Mr.. Chairman, no man is q hero if
the battle be unsuccessful. The Father of his Country
would have figured in history as the rebel Washington,
had not the British surrendered at Yorktown, and the in
dependence of America been achieved. Houston and La
mar would have been scoffed at as fllibustering Walkers,
had not victory been achleyed at San Jacinto, and the
lone star Of Texas eliminated to sovereignty. And Cobb
is now ridieuled as the weakest of iinanciers because a
pecuniary CONFUSION, which he endeavored faithfully and
energetically to arrest, swept over the country, prostra-
ting commerce, driving back importations, and thereby
depicting the treasury. Such is the justice of human
criticism such the judgment ever pronounced by frail
humanity upon effort, however generous and manly, if it
be not attended with complete success.
But, sir, was it not attended with success Who shall
say how many merchants were relieved by the gold and
silver which the policy of the Secretary poured into the
channels of commerce {? Who shall say how many suits,
instituted by these merchants upon those indebted TO
them, (and whom they would have been forced by their
own necessities to sue,) were prevented by the relief thus
furnished to the fountains of commercial enterprise Z
How many hearthstones, over which the hammer of the
sheriff and constable would have been raised, were Sc
cured to humble poverty, and left unmolested, still to
warm the bodies and gladden. the hearts Of their unpre-
tending inmates? The prosperity of the people of this
country, Mr., Chairman, the prosperity of all the people,
from the lordly merchant to the humblest oottager, is
mutually dependent and the capacity of all to pay their
debts insures their ability to buy more of the necessities
and comforts of life and this ability to buy is the very
life blood of commerce, and therefore of importations
from abroad and from these importations flow, under
our tariff system of imports, those streams which pour
money into the federal treasury.
Considered, therefore, as a mere financial measure,
looking to q speedy termination of the crisis, and design
ed to stop its ravages at the earliest moment, and speed
the return Of prosperity to the consumer, and, therefore,
the restoration of trade and increase of revenues. the pol
icy of the Secretary Of the Treasury displayed a financial
ability and c~onsummate craftsmanship which the short.
sighted and narrow minded alone fail to see and appreci-
ate. 1t is vain to ask such men how much longer the
arm Of business would have been p~aralySed, and the heart