The Richmond palladium. [volume] (Richmond, Ind.) 1855-1875, 1873-11-22

ten and thirteen per cent. are not mat
tiers that can be ignored by any country
having correspondence with Great
Britain, and certainly not by us. The
bank acted as it did in order to check
the export Of money hither, under the
suggestion Of danger at home. A
measure that has often been success
full seems to have failed utterly and to
have aggravated what it was intended
to conciliate. The instant consequence
is the least. For long time the man
ufacturers of England have been in
precarious condition, and her greatest
industries have been as grayely threat
ened as they ever were. Food has
been imported freely; iron has been
drawn from Australia and Spain, and
even a specimen lot from this country;
the coal famine has continued not
withstanding its reported end; taxes
have not abated; labor has not been in
demand and emigration has increased.
Such facts in part at least explain the
nature Of the fear that has led to the
current appreciation of rates, though
they do not define its limits, nor ena-
bic all of its operations to be foretold.
Our close and great business rela-
tons with Great Britain compel atten-
ton to the situation there, and incite
a hope that the dangers made immi-
nent and the certain distress may be
avoided and abridged. This state Of
affairs cannot continue even in mod
fled form any length of time without
producing evils that must extend be-
yOnd the country where they originate.
And yet they very wildly suggest the
discourtesy that was practiced toward
us. At England's last great panic, in
1866, the Treasury of this country sold
$4,000, 600 gold and bought national
securities; thus enabling that sum to
fow to the Bank of England and
strengthen it. Two months ago Eng
tand had more than 1OO,OOO,OOO dol
lars in the bank, and was receiving
freely; could have sent half to us
without risk or trouble, and had a
practical motive to do so in her need
for cotton and breadstuffs. The act
would have created confidence and
limited trouble here; would have NOV
ed our crops seasonably and repaid
the former obligation. Instead of this
she raised the rate to eight per cent,
expressly in order to prevent our re-
covery, and before the memory of our
action in q similar case could have
been dimmed. The act kept back our
grain crops, and has diminished her
receipts Of them between Is, DOC, 900 to
10000, 600 bushels, The shipment of
cotton was similarly arrested, and by
the same ungenerOus act.
Now, when by our own undaunted
determination not to die until we are
forced to, and by the exercise Of great
forbearance and bringing forward the
immense resources that underlie the
national being, we are recovering slow
ly from terrible shock that might cas-
lily have been averted, and that would
have been by simple return of the
courtesy we practiced toward England
seven years ago-that was withheld
from studious desire to make our in
jury and suffering as complete as poss-
ible and final if it might be--now our
so generous competitor drinks of her
own brewing directly, and finds that
she has imported the panic she sought
to feed. The mills of the gods never
bolted grist more quickly, nor one
whose product could be traced more
straight to its delivery. We have
abundant crops, undiminished by her
demands. We have conquered the
brunt Of the difficulty without her aid
and in despite of her hostility-so
great that it would not return an OBJ
legation in kind. We have reduced
our importation of her productions
from necessity she aided. And il
our activities have been reduced SC
have their costs, until, according to
the recent statement Of Mr.. Brassey
NJ. P, iron steamships can be built on
the Delaware of better material than
those on the Clyde for thirteen dol
lars ton less. This was one objec-
ton of the refusal that ex banded our
panic. His condition argues what the
case will become under the difficulties
that assail England-what it must be
if the storm that has commenced in
creases. Our exports for the year
that promises to exceed our imports
10000, 900 dollars, will now certainly
be much in excess; our products will
be brought forward more speedily and
greater prepared for the coming year
our manufacturers must gain conf
dence and find ready market with
every days continuance of these Eng.
fish disturbances. This continuation
is probably because the motive fol
their origin-the apprehension Of dan
ger and consequent failure Of credit
is removed from an cxpectance to q
reality, and the difficulty that great es.
adjustments were barely able to meet
! before must speedily be uncomfortable
with money commanding nine per cent
officially and Ii on the street.
We are by no means inclined to ex.
ult over this state of affairs, from
which more or less suffering must oc
cur to ourselves as well as all thai
happens there. We would wish tha
gratitude and common benevolence OF
the part of England had avoided Tho
whole tale. 1t is her deliberate &C
and her purely selfish act that has pre-
cipitated her own as it has magnifiel
our misfortunes. But we are prepar
ed to gain advantages from the conse
quences that will more than compen
safe the losses of the incentive. w,
have-thanks to her-unemployed la
Dor, and the food and all the machi
merry for activity. Her troubles will
as always, increase our labor or none,
and deplete her OVID; and should tn,
disaster prove the elimination of fear
that have been expressed and iteratet
until they won the usual contempt O
familiarity, we are situated so as t,
improve to the maximum. A week o
the condition that now obtains in al
the markets of England cannot fail t.
breathe new, strong and vital beins
into every American interest, and sub
stitute for real and apprehended leth
argy an animation that has been rarel
| known.
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the following, which seems hardly {,
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