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of which they are the organ, but we We are still more mortified that must take the leave to say, that while it should bave been suggested or we concede to them the entirest confessed as a sufficient reason to freedom in judging for themselves condemn the book, that the Unitari. on the merits of the work, and also ans are pleased with it, and it can in reversing any judgments which not therefore be either sound or they may have pronounced ; and honest. The Unitarians may all be while too we believe that they must very ariful and dishonest men for be far better able to judge of the aught we know. Our Boston breihfitness of a work for Boston and ren ought to know better than we. Massachusetts than we can be ; still But it is hardly expedient 10 tell we can not coucede to them the them so, nor is it eiher wise or pol. right to deal in this way with any itic 10 talk of them in this way as a man's good name. In the name of class of men who can not be irusied. all fair dealing and good manners This talking of them as a class, and Christian courlesy, we protest in terms expressive of' suspicion and against it.

horror, or the dividing them into As patriotic New Englanders, we subordinate divisions according to have a natural pride in our metrop- their relative claims to soundness in olis. As provincial to Boston, we the faith or true piery, has always may be expected to defer to the seemed to us a liberty uuerly un. judgments which issue from our warrantable and offensive. Are they lawlul capital. But we can not so not men, and as such are they not far defer to these decisions as to be 10 be supposed to have reasons for content that they shall dispose of our their opinions, and to hold them on reputation for orthodoxy in this sum- some distinct grounds ? As men mary manner, and that our brethren too may they not be reasoned with, shall capitally condemn us, without and is i here any way of approach. trial and without an appeal.

ing them with hope, except as you We profess also a strong interest concede to them, in form at least, in the faith and principles which we the power of judging, and the cahold in common with our orthodox pacity of feeling ihe force of an ar. brethren at Boston. Feeling thus, gument. If they have a wrong and our concern and interest is not a deficient system, as we believe they little sensitive that this faith may be have, it is a very plain and simple defended by honorable methods, and business 10 sell ihem what we bethat a concern for the truth, may neve lieve and why we believe it, and 10 er betray into a neglect of the plain show them why their sysłem is defi. maxims of common justice. We cient and wherein. If they are our confess our mortification that this friends and neighbors, it is a Chris. zeal for the truth has been exposed tian duty which we owe to them, 10 to the Unitarian body, in actions so meet them in the religious as we do undignified ;—that a book so inter in the social world, with some show esting and useful as this, has been of friendly concern, that we may laid aside, and not a reason has been have a common faith. We ought rendered, nor a fault has been spe. to believe them capable of changing cified ;-—so that when ihe uninitiated their opinions. ask, 'If this book be heretical, what Besides, we hope the time may is orthodoxy, and what is it to become when they will change. We sound in the faith?' the only an. do not expect that they will do this swer that they can receive, is, 'A all at once, but that they may look man is orthodox when he is oriho. at the Christian faith with less and dox! and sound in the faith when he less prejudice, and with a full and is sound!

still fuller consent to all its princi. ples. If that time should have al- say distinctly to our readers, that it ready come with any, and we not has not been our object to criticise be aware of it, it is quite ungracious the whole volume, or to sift every exto take the very sign of their con- pression, illustration or opinion even, version, as a ground of reproach advanced by its author. There against the book or the man who are expressions which we think has been the means of it, and to re. might have been altered for the bet. pel every token of a common way ter, illustrations which might have of thinking, or every sign which in. been improved, and opinions which dicates an approach to it, by repul. are hastily ventured and not well sive and suspicious atitudes. These defended. The doctrine of the book seem to us very plain and simple as we understand it, we think to be principles, and we regret that they true and important. The leading ar. have been sioned against in the pres. guments we have noticed, as far as ent controversy.

they seemed to call for our criticism,

and the reception of the work has In taking leave of this book, we seemed worthy of comment.


The bankruptcy of several hun. theater of these events, may prevent dred of the most eminent commer- us from estimating correctly the subcial firms of Great Britain, the al. ject in some of its relations. Still most entire prostration of private we believe that this distance, and credit, the depreciation of public the consequent exemption from per. stocks to the extent of one-fifth their sonal interest in the matter, may nominal value, and a much greater enable us to take a more calm and decline in the market value of rail. accurate view of the course of events, way and other securities, -and the than can easily be formed by an exireme embarrassment of the Bank actor and sufferer. of England, are events which can Two causes have been almost not fail to arrest the attention of ev. uniformly assigned by the English ery intelligent man in the commu- and American press for the state of nity. Eighteen months since, the things to which we have referred

d; nation was apparently in the most the exportation of the precious metprosperous condition, every opera. als in payment for food, and the live being employed, and every immense investments in railways. branch of industry fully developed; To both these causes a part of the while at the present time, the pros. calamity is without doubt to be astration of the commercial and man- cribed; but in our remarks we shall ufacturing interests is more com- give the precedence to two or three plete and universal than at any pre- others. vious period within a quarter of a We suspect that the cause to century, unless possibly in the year which, more than any other, the 1825.

mischief is to be attributed is, that a We propose to examine in a brief large part of the middling and highand raiher desultory manner, the er classes have for a long series of causes and probable results of this years "lived beyond their means.' state of things. We enter upon this it has excited universal surprise that work with diffidence, as we are so large a proportion of the bankrupt aware that our distance from the houses have proved to be utierly rotten. Several, whose indebtedness sufficient advance to cover the risk. amounted to from three to eight Of course the national industry will, millions of dollars, had not sufficient so far as it is influenced by the stale property in their hands to pay twen- of things alluded to, be directed in ty-five cents on the dollar, and, as a useless and perhaps injurious chan. is now ascertained, had been in this nel. It is unnecessary to refer in situation for many years. The in- addition to the ruinous effect upon dividuals composing these houses the integrity of the community, which lived in the most expensive manner. is thus produced. In many cases these parties having We regard, as another cause of abundant credit, and being utterly this wide-spread calamity, the im. insolvent, made from time to time mense extension of commercial cred. extravagant speculations in branches it and indebtedness. Afier ihe con. foreign to their regular business, vulsion of 1837 in our own country, and thus became more and more when we had sufficienily recovered irretrievably involved. How far from it to begin to examine ils cats. such habits of extravagance have es, we were unavimous in assigning pervaded these classes of the British as the most prominent and effi:ient, community, it is of course impossi- the extensive operations upon ficti. ble to say ; but beyond question they tious capital; which capital was to have existed to an extent far greater a great extent furnished by banking than would be believed by a care- institutions in different parts of the less observer. It is well known that country. In Englund, unless we many of the nobility are involved in are much mistaken, precisely the debt to an enormous and embarrass. same effect has been produced, ing degree; so that, their landed though in a different manner. Indi. estates being entailed, their incomes vidual houses have taken the posi. are sequestered for the benefit of tion, and accomplished the resulis, their creditors. The late Duke of produced in this country by banks York at the time of his death was in in the period alluded to; their notes debt several millions of dollars, and and accepiances, from time to time if we recollect righi, his estate paid paid and replaced by others, being a very small dividend. It is not a always in the markei to a very large very uncommon thing to find the amount, have accomplished the pure name of a nobleman in the list of pose of bank notes in every pariicu. bankrupts in “ the Gazette.”

lar, except one, that of a circulating As these habits of reckless ex. medium. Everyone knows that travagance have been prevalent to a whether business is conducied in the great extent and for many years, it most healthy and prudent manner, is evident that their results must be or with extreme recklessness, the almost equally disastrous to the debt. paper of individual houses, and bank or and the creditor, and must exert noies and credits, must constilule a ruinous influence upon the com. the available assets of the mercan. munity. When the custom of pay. tile community. In the former stale ing debts promptly and equitably is of things, however, these assets have universal in a community, goods real convertible value; in the latter will be sold at fair prices, and pur. they pass currently until the crisis, chased with prudence. If on the the day of reckoning, comes, and other hand it is considered doubtful they are then found to equal in value whether debts will be paid, the pur. “the baseless fabric of a vision." chaser will readily buy any amount

We do not subscribe to the cel. of goods, from any one who will ebrated denunciation of General trust him, whether he requires them Jackson against all men who trade or not, and the seller will charge a. on borrowed capital,” but we fully believe that in most cases, when the of Mexican bonds, Spanish bonds, result is not averted by unusual in- the stocks issued by some of our industry and prudence, they will solvent states, and other unavailable break.' In the memorable year securities of a similar nature. In. referred to in our own history, when vestments of this nature have not matters were settled up, it was found recently been made with such ex. that the whole property of many travagant folly as in 1825; still the banking institutions consisted in the amount thus held by houses in Lon. promissory notes of insolvent mer. don, could it be ascertained, would chants, while the property of a large occasion universal astonishment. proportion of the mercantile com. An inadequate currency has, we munity was represented by the notes think, assisted in producing this reof these banks and of other mer. sult. While the commerce of the chants equally insolvent. Of course country has been steadily increasing a common ruin involved both class. for many years past, the currency, es, leaving here and there one who by which we mean specie and notes with extreme difficulty kept his head of the Bank of England, has either above water. In London, the set- remained stationary or been contling day has now arrived. Multi-tracted in amount. When the Bank tudes whose credit had been for of England was rechartered in 1844, many years, in some cases for half a radical change was made in the a century, unquestioned, are found principles on which its circulation to be irretrievably insolvent; and should be regulated. Our limits their bills constitute the whole assets will not permit us to state the chan. of an almost innumerable company ges thus made by Sir Robert Peel's of smaller houses. We are aware celebrated bill; iheir result is, that that the commercial business of Lon. as the specie held by the Bank didon is enormously extended, and that minishes, that institution is compel. a large part of the commerce of the led to contract its circulation, and of globe is consummated in that city; course to diminish its discounts. It still when we learn the vast indebt is almost universally conceded by edness of many of the insolvent the leading journals and reviews, kouses, and estimate from them the that the system works badly, and liabilities of the much greater num- that its practical operation has conber who still continue to meet their tributed a large share towards pro. engagements, we can not doubl but ducing the present state of things. that a very large proportion of the The large importations of food bills floating in the great commer- from foreign countries have unques. cial metropolis, are what are styled tionably exerted a powerful in Au. in vulgar mercantile parlance, kiles ence in effecting the present dis-lei Ay 10 raise money and not in tress. If they have not been the settlement of real transactions. ultimate cause; if the extravagance,

We would suggest as another the overtrading, and the other parcause of these embarrassments, the ticulars which we have mentioned, investment of large sums of money have produced unsoundness and dis. in securities and other kinds of prop- ease in the commercial body politic, erty in foreign countries. It was the large exportations of specie con. stated that the bankruptcy of one sequent on ihese importations have house was caused by their having without doubt brought the disease to more than half a million sterling a head, and accelerated a result locked up in sugar estates in the which otherwise might have possibly Mauritius, and that a large part of been delayed for many years. Still this vast sum would be a total loss. it appears to us unquestionably true, Other houses held immense amounts that had the financial interests of Great Britain been in a healthy Some of the most obvious we will state, the evil resulting from the suggest briefly ; but with regard to purchases of bread stuffs would have other particulars about which we been so small in comparison with might be inclined 10 speculaie, we the present terrible prostration, that are restrained by the consciousness they would hardly have been worth that before these pages meet the eye regarding. These bread stuffs have of our readers, events may have actually been paid for to a large ex. transpired which would render our tent by sending on our state stocks speculations futile. and other securities to be sold in this Like every other storm which decountry; and the balance might vastates the natural or the political have been liquidated by the sale of and social world, this tornado will manufactured goods and other prope in time exhaust its strength and blow erty, and by loans upon the conii. over. Although to a reader of daily nent, had not the evil influences journals privale credit seems enwhich we have mentioned, prevenied tirely prostrated, we have reason to that healthy action which was neces. believe that hardly one mercantile sary to the relief of the country. firm in a hundred, has actually be.

It has been stated that the calls come bankrupt. The amount of solid for money for the construction of wealth in Great Britain, consisting railways, have amounted during the of land, buildings, shipping and merpresent year to more than one hun. chandize, is enormously great; and dred and fifty million dollars. To this fact properly appreciated, will withdraw this vast sum from the or- soon inspire confidence, and revia dinary channels of trade and in- ving confidence will in time make vestment, must at any time interrupt money sufficiently abundant. Sull the usual course of business and the thousands who have become produce embarrassment, especially bankrupt, and the vastly greater as these investments are for ihe time number whose property is seriously wholly unproductive ; and it is per- impaired, will long have occasion lo fecily evident that the extent of this remeinber the crisis of 1847. We embarrassment must have been regret to say, that we fear ihat the greatly increased from the coöpera- sufferings of the poorer classes dution of the other evil influences ring the present winter, boub in Great which we have been considering. Britain and Ireland, will be extreme. It must be remembered however, The high price of food, the great that this large amount of money has number in the manufacturing dis. been expended in payment for Brit- tricis partially or wholly unable to ish iron and British labor ; that the obtain work, the muliitudes of labor. amount of money in the kingdom is ers on railways thrown suddenly out not diminished by these paymenis; of employment, the impaired means and that the inconvenience thus re- of multitudes whose charities have sulting would be partial and tempo. heretofore mitigated the pressure of rary, if the mercantile community poveriy, the disorganization and law. were in other respects in a healthy lessness of Ireland, and the general condition. Did our limits permii, want of heart and hope in the com. we should be disposed to examine munity, present a picture which we the general systems of British rail. are unwilling to look upon. ways, and their effect upon the share- How far the events of this year holders and the community; but this will lessen the confidence of the is a field into which we can not at world in British stability and integ. this time enter.

rity, we can not at present fully de. We had proposed 10 consider the termine. We will barely suggest probable resulis of the events which to the thoughtful reader whether have thus passed under our review. there are not causes in operation,

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