New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1853-10-22

ALREADY existing Why is H. uow that we have found
ourselves compeedto negotiate many loans stretch
ing cur credit until it is already cracked preparatory
81 we fear TO its being utterly broken Because We
closed Up our mills and forced ourselves to 90 abroad
IN pursuit Of cloth that shsud have been made home
Because closed up mines, and forced ourselves
70 20 abroad in pursuit Of lead with which the vast re-
zion of the West so much abOunded Because
closed up our furnaces and forced ourselves TO go
abroad in search Of pig iron the raw materials of which
are found in every part of the Union and in many Of
them in an abundance not be paraeled in any other
quarter of the world. Because closed up rolling
mills and determined to go abroad to obtain bars TO be
laid over the coal and iron mixes Of Pennsylvania and
Maryland Virginia and Ohio Indiana and Illinois. Be
cause we determined that il cheaper to obtain
hemp from the interior Of Russia than to grow it in
Kentucky or Missouri. The more cloth iron, lead,
srd Temp we had 10 get from abroad the more bonds
we had to give in exchange, and we have carried out
tie operation until We have exhausted credit, and
our bonds will no longer sell.
Had the tariff of'l5i2 remained, would not the pro-
duction of pg-iron now reach million and half of
tuns and would we not now be producing bars suti-
cent for al the roads in progress Of construction
and for all those in contemplation, and would not this
exempt US from any necessity for foreign iron Had
It remained would not the domestic manufacture of
cotton be now absorbing million Of bales and would
not this have greatly diminished the quantity pressing
upon the market of Europe with great increase Of
price and would not that be now diminishing the
oessity of selling bonds Were we now clothing
OWL people, and supplying them with all their lead
and all their hemp, would there exist the same neces
sty for selling bonds Assuredly not Had the tariff
Of 1912 been permitted to remain in existence. we
should have experienced necessity for stretching
our credit 20 such extent destroy at home and
abroad oil confidence in the future. We beg the hold
ers Of railroad bonds to reflect upon these views and
to determine for themselves if further continuance Of
the policy that has thus led US to the verge Of ruin
mus, rot end in ruin itself
What is the remedy 1t is to be found in the adOp
ton Of policy that will diminish the necessity for
selling bonds by increasing the power to supply
selves with cloth and iron at home Let that be done,
and thus make it evident that the LAY for issuing bonds
is coming to a close and they will then be once more
in demand and prices will rise again The less the
necessity for borrowing the greater is always the
power to borrow
Thus far however. the policy of the makers of roads
and the holders Of bonds has looked in precisely the
opposite direction. Their cry has been. Down with
the tariff and let us have British free trade and
thereby increase our necessity for looking abroad for
cloth iron hemp, lead and wool During all last win
ter Congress was besieged with applications for the
total abolition of the duty railroad iron, the newt
able effect of which measure. had il been adopted,
would have been 10 stop existing furnaces and Mills
and prevent the building of ones-and thus to pro-
duce necessity for giving bonds for all our iron m
stead Of as now, for large part Of 1t. Would that
have increased the confidence OF the European capt.
talists Would il have raised the price of bonds
Would il not on the contrary have brought or credit
TO stand still six months since OF all the people in
the Union there are none that have much reason to
corgratulae themselves upon the failure Of last win
ter schemes the makers of roads and the holders
OF railroad bonds.
Had these people largely as they are Interested IN
the maintenance of credit pursued a contrary course,
APPLYING 10 Congress to have the duty fixed at such
rate as would secure to ironmakers that they not
TO be ruined when next the Bank OF England should
declare al the principal American houses to be unwor
thy Of credit there would have been built this
three furnaces and three rongns for every one that
has been built and we should be able to say to the
European capitalists that after this year should have
no need TO issue bonds for the purchase OF iron And
had a similar course been adopted with regard TO cot
tons lead cordage &c they would now be enabled TO
say that no more bonds would be needed for the pur
Chase Of those commodities-and that those who did
not low make their investments would find themselves
obliged to give more for the bonds and be content with
smaller interest. Could they now say these things,
would they not raise the price bonds Let each holder
answer this question for himself and then determine if
it il not to his interest TO urge the adoption OF policy
that will diminish our dependence on Europe
But it will be said We want cheaper IRON Ger
tainly YOU do aud the more our competition with the
iron masters Of Europe the cheaper will ironbe Every
nan who reads this knows that when two people are
seeking to sell commodity it is cheaper than when
there is only one The dd raiOrem tariff Of 1916
has tended to give to the English iron maser entire
control over cur markets and the effect is in the
high price Of bis commodity. Establish domestic com
petition for the supply Of the market and it will soon
he as cheap here it in England itelf aud then
duty VIII be needed. Efficient protection is the true
road to real freedom Of trade.
Let the holders Of bonds and the makers OF roads,
nd those who desire have r0ads 90 to the Treasury
and say" Mr. Secretary some of Us have been max
ing roads AMI some of as have been anxious to have
them and We have believed that the true mode of accom-
plishiDg object PROSTATE the manufactures
Of cloth iron and lead throughout the country that
would insure supplies at the cheapest rate Expe
rence has however, satisfied that were in
The more have bad 70 90 abroad for our supplies,
the higher have risen the prices and the we have
lad 70 isue bonds and the higher the foreign prices