The Athens post. [volume] (Athens, Tenn.) 1848-1917, 1853-11-04
PRESSURE-PANIC.

The New York Tribune has some very
pertinent and sensible remarks in relation TO
tho "prcssure and panic," about which We
see so much in the papers ut this time. We
quote paragraph or two below:
For the last five years, we have had 4 con.
troversy with the prnphesicrs of smooth
things on the subject of our National Policy
and its results. They have cxuitcd over the
amplitude of our Revenue, the activity Of
our Commerce, the growth Of our Cities and
the general prosperity of our People We
have admitted all that they claimed so far,
but insisted that there vas dark side TO the
picturr-a page skipped on the debit side of
the ledger-a running account to he settled
II large and growing accumulation of Foreign
Debt +" be confronted. But they have stout
~ denied this, and maintained, in the face of
our regiments of iinanciers, from the author
Of the Tariff of '46 downward, couIing their
heels in the Hobbies of European banking
houses, that re rere mt running in deGt a.
brOad. Why our borrowers were so contir-
naIly crossing the ocean in quest of lenders,
while no Foreign borrowers come here On
II like GRAND, they have never succeeded in
explaining, but they did not the less stub.
born!y insist that we We're not running in
debt.
Well; there is a short crop in Europe, and
n prospect of war, and an advance in the rate
of intrrcst--none of them appallin" to us. il
we were only out of debt rs II nation and
pnyng MS We 90. But we have for five OF
six years been running deeper and deeper in
debt, until our creditors either cannot or dar,
not trust us longer and We are beginning Ia
realize the consequences. Our Cotton still
bears u good price: Tobacco is high: Wheat
Corn and Meats are paving the ar!ncr gen
erously; our Gold continues to flow in: and
still We are in trouble and in danger of see
ing yet harder times We frrvrnty trns
that the lesson already received may snllic,
us; but If we are +" 30 on importing Euro
pcan Metals and Fabrics as protusrly MS W,
have done for the last t"o or three years
there is no escape from widespread bank
ruptcy.
With more and better Iron, Coal, Lead
Copper and Zine than any other civilized ma
ton. we are bmying these metals abroad t.
the value OF at least twenty Millions Il year
With millions OF acres Of pn,tnre-lands I'M
used, we are clothing olrsrlvc, in foreign
silks wines. &c, Of which we import NOR,
per head than any other people OH earth
though we either ought to produce these m
iiccs Gas We readily might or 80 withou
them.
They say we are to have the Tariff revised
the coming Session, rs it certainly should be
Shall it be so changed rs TO inprl still NOR
proiuse imPortntions! Il still further and wi
der resort to tnrri IN countries for the metal.
wares and fabrics that we might and shOu
pre- ducc at home! Do we wish to prntrar
and increase the pressure that is now so st
we're and to many 50 disastrous! If so, W,
have only to reduce our duties on iron, WOO
lens, wines, &c, and so enlarge the amour
ofimports. For every Million Dollars wort
of additional that we import, there is Il ca
for another Million of Specie to 90 abroat
and every extra Million Of Specie that zoe
abroad involves II currency contraction q
Two to -Four Millions at nome. Let part
names be forgotten and common sense be r.
gardcd, and the Tariff Revision of 1854 vii
replace us on the higeroad To ease in tn
Money market with solid and lasting pros
prrity.