Southport Telegraph

THE CAUSE AND RUIN.

We remember that six years ago, New York was to be ruined by the honest resumption of specie payments, and Philadelphia was to be made great and prosperous by following out the splendid suspension policy of Mr. Biddle. Who were true prophets then? Look now and see.

In the city of New York, including our family of younger sisters—Brooklyn, Williamsburg, and Jersey city, not less than two thousand houses will be built this year; and yet there is nowhere an empty house or store. All are occupied with busy and prosperous tenants. In Philadelphia, there is comparatively little building, and the houses already standing have depreciated in value. In New York the spirit of honesty, which triumphed in the great Bank battle of 1838, and stood undaunted in the terrors of 1841, has spread itself into all affairs, giving vigor to sound principles, respect to good laws, independence to magistrates, and extended peace and security over all our dwellings; while the spirit of panic and suspension which ran rampant in Philadelphia, has spread itself on every side, producing riot among the people, and pusillanimity in the government, until the boundaries of law and liberty are obliterated even from the minds of good citizens, and men who would behave well, are unable to determine whether they ought to join the mob or the constituted authorities. Public sentiment is broken down, and Philadelphia is compelled to endure unmitigated dishonor of holding the security of life, liberty, and happiness, by the guarantee of glittering bayonets, brought in from the surrounding country. The citizens who ought to control public sentiment, are unable to do so. They should have foreseen this when they hurrahed for Mr. Biddle, for panic and a bank of bribery. The great men of Philadelphia broke down the levee then, and it will be a great labor to rebuild it now, while the flood rushes in. Let all citizens, all States, all men, learn wisdom from these things, and inscribe on all their door posts and their walls "Honesty is the best policy."

Jour. of Com.