New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1852-03-11


Six months ago, our whole Industrial and
| Commercial fabric was on the brink Of a
collapse. The Sheriff stood at the door
on the point of winding up the concern. In
the midst of peace, health, activity and
plenty, with steady influx Of Gold from
ouk Pacific territory at the rate of Five
Millions per month, we were threatened
with general bankruptcy. And why Sim
ply because cur National Policy had been
80 changed in 1916 as to discourage the
production of Metals and Fabrics at home
and largely increase their importation from
Europe. Consequently our National in
come, large as it continued to be, did not
suffice to meet our current expenditure.
We were sending Europe all the Cotton we
could grow, all the Grain she would take,
and all the Gold we could spare, but these
did not suffice to pay for the ship-loads Of
Wares and Cloths, of Laces and Gimcracks,
that we were rapidly importing. Ia vain
did We endeavor to comble the deficit with
Federal Stocks, State Stocks, Railroad
Bonds and every form of promise to pay
which Europe could be induced to accept
in lieu Of actual payment. Her traders and
capitalists were most anxious to keep alive
and stimulate our habits of extravaganza, to
urge us On in the downhll career on which
We were so giddily driving, but they would
not take all the securities we urged upon
them, for they lacked adequate faith there
in. In vain were smooth. tongued notabili-
ties cert out to wheedle them by Buncombe
speeches and brilliant fgurings of the GER
tain net proceeds of the wild lands and pro-
phetic railroads they offered to mortgage !;
the very men who had admired the dexteri-
ty and dashing abandon of the mathema-
tician in Treasury Reports and other dOcu-
ments designed to be swallowed by Yankees
alone, could not see the point of the joke
when they were asked to stake their own
fortunes on the soundness of his calcula-
tons. They shook their heads, buttoned
their pockets, and hurried on. And so the
imminent danger of a revulsion hung over
us even down to the opening Of the present
year.
AT length, all is changed. How long
the new breeze may last must depend on
circumstances, and cannot be fereseen; but
for the present all danger of crash is at
an end. The merchants. manufacturers
and capitalists of Europe, seeing how
steadily cur Cotton, our Grain and our Gold
are poured upon them. while the interest on
nearly all our recent Bonds is promptly paid
say to each other Why should we kill the
goose which lays US such golden eggs -
Why even let her commit suicide 7 Rather
let us keep her alive and prolific as long
as possible $50 they stop pressing for cash
payment, and betake themselves to q wider
examination and more extensive purchases
Of our Public Securities. One million der
lars Of these Securities of various kinds
have been brought here on Foreign ac-
count within the last week OF two, in.
fuslng new potency into the lately lettering
knees Of the Stock Market, and giving the
buiis brilliant prospects for the immediate
future. How long the new tide may flow,
we DO not pretend to guess; but there is no
obvious reason why it should not hold for
months at least. Meantime the outward
d,ain of Specie will be checked By the
abundance of bills drawn against the va
licus Stocks and Bonds purchased here on
British account; go that it is net impossible
that our Currency may be expanded, Prices
inaated. and Speculation generally rage be.
yond all recent exaa'rle