New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1850-08-27
The Moral Of Failures.

mics and the loss of provinces, were aceus-
toned to regard these disasters as so many
stages in the overthrow Of ancient polity
and the complete transformation of the Poll
teal and Social world. Each reverse was
doubtless regarded by the mass as deplorable
indeed, but fortuitous-a step downward to
be recovered-a disaster to be retrieved
much as the directors of railway or canal
now consider, after damaging storm or
food, what time and outlay will be required
to make all right again. But History had
different course and a different moral from
those prefgured in their imaginations.
We had great failure of Flour and
Grain house in our City few days since
to the amount, it is said, of Three Millions
and on Saturday small concern went down
in the same line-its liabilities mere flea
bite only about Half Million. Whether
there are more pears ripe and ready to drop
we do not profess to know; but failures
like weddings, have a tendency to be cpl
demic. These Grain failures, be it observed
occur in the very hey-day Of Free Trade
felicity when Great Britain is taking our
Breadstuffs without duty and we are taking
her Manufactures at the unprecedented rate
of Fifteen Millions per month. Her manu-
facturers are fourishipg, extending their
works and Boosting of the goodness of times
by every rule Of Free Trade logic our
Flour ought to be bringing great prices and
our dealers in and shippers of Flour realiz-
ing fOrtunes-but things don't work so in
practice, somehow.
But that is not the point. We hear of
embarrassments among millers in Oswego
in consequence of these failures--of prob
ability that good share of Suydam, Sage
Co.'s acceptances will be dishonored by
the drawers (who have paid them once in
Flour, and are now called on to pay them
again in Cash) on the ground Of Usury in
the negotiation. We believe the paper ofthis
firm was abundantly in che market for seve-
raj weeks (perhaps months) before their
failure at tempting rates, and the devetees
of Free Trade in money who send their
funds here to be used in shaving notes were
nibblipg at it from all quarters. Of course,
they were supplied, and are likely to stay
supplied, unless they consent to dispose of
it at shave to which even three per cent.
month is but circumstance.
Now it is no part of our business to in
quire whether this bankrupt firm were
honest or roguish, frugal or prodigal, capa-
bic or incompetent. That would be very
Improbable scrutiny, and not within the
legitimate sphere of journalism. The point
to which we would attract attention, is the
whole course Of business whereof this fail
ure is striking illustration. Why should
Suydam, Sage & Co. have owed Three
Millions of Dollars? Why should they
have been trusted to that amount? They
were not properly I've believe not at all)
manufacturers Of Flour; consequently, had
no call to invest large capital in Touring
mills or other fixed property. They simply
received Flour from the producers and for
warded it toward the consumers, often buy
ing it and selling it on the way. Of course,
any such operation as buying beyond their
means to hold in anticipation of rise
would be properly termed Gambling if men
had not combined to call it Business. But
Gambling is not hermits vice. The Flour
h. l.
barrels on their sixty or ninety-day &C.
ceptances, because they would give more
thus than he could obtain in cash, was play-
ing at the same table; the country bank,
clergymen, farmer or spinster, who, through
a confidential broker in Wallstreet, was
picking up these AOuracceptances at the
iil-broker's and holding them to mature,
having obtained them at shave of one to
two per cent. month-was not this inno-
cent individual riskiDg his coin on the
whereabouts Of the little joker as well as
the drawer and acceptOr of the paper9 We
really can't see why not If people don't
know that no legitimate business will bear
any such rate of interest as is usually
reckoned BY the month, it is high time they
found it out, even at respectable cost and
if they DONE know that any firm whose
paper is abundantly and steadily for sale in
Wall-street at such rates, must ultimately
fail, they will be very likely to obtain tina.
interesting information. Of course, if a
man chooses to play the game, trusting to
bis own shrewdness and de1terity to win BY
it, be will not be deferred by our remon.
strances; but if black happens to turn up