New-York daily tribune., 1854-07-17


Seven years since we imported cloth, iron and
other commodities from that country to the extent of
fifty millions of dollars We then imported gold and
money was cheap. Two years since the quantity
rose to seventy millions and last year it almost
hundred and fifteen millions, requiring all the gold
yielded by California and so much more, that in de-
fault of being able to supply it, we sent millions upon
millions of dollars worth of certificates that we were
in debt TO our English consumers and would at some
future time perhaps, discharge the debt. What is
the consequence With the mines of California in
possession, money has become unatainabe except by
men who are rich enough to give securities of the
most undoubted character and theyare required
to pay enormous interest Mortgages are being called
in and property about to be forced upon the market
Railroads are stopped, and houses and mills are
ing to be built-and men that year since could have
had it any moment, anxiously seeking for employ
ment and unable to obtain it.
All this, however, we tod by the proslavery
free traders will correct ITSELF Prices will 60 down
and imports will diminish, and thus money will again
become abundant and cheap. What evidence, how
ever, is there that importaEons will diminish or that
less gold VII be required We see none, but on the
contrary, abundant evidence that goods may
tinue to be forced markets until we shall have
one wide scene of ruin as was the case in 1872.
This however, is pursuing the course that would be
desired by the money lender and the journals that
advocate bis interests, do many of our British
free trade neghbOrs. In 1912 money was very Gear
and property was cheap, and the money lender
doubled bis fortune, where he did not triple
quadrupleit and he bids fair to triple quadruple it
now for money is destined to become dearer and prop
erty cheaper, the Government being administered
entirely in the interests Of th, money lending classes
and adversely to those of the poor Democrats that
need to borrow.
We need policy that shall enable some of the gold
to remain at home. The more Of it that stays the
more readily will exchanges be eiiected-the more
readily will the poor man obtain the aid of capital
and the lower will be the rate of interest. What
that policy is will readly be seen by those who study
the legislation of the past thirty years of our history
Under the tariff Of 1873 We made iron snd imported
more gold than we exported-prices rose, interest
fell, and paid OF the balance Of our foreign debt
hder the Compromise tariff we exported gold ss
.eIg as we had it to give, aud then the country be-
exhe bankrupt in fortune and in character and the
working people were ruined, but the money.lender
became rich as bis commodity became more valuable.
Under the tariff Of lo42 we again made iron and
CLOTH and then We imported gold and kept it, and
then money cheap but under that of 1916 We ex-
ported rapidly that it does litae more than touch
our whsrves in its passage from the Panama steamer
to the British one. The consequence is, that it is
now dear that il commands double or treble inter.
est and mortgages can no longer be sold except at
runous discount. Under the tariffs of lS2s and 1912
We kept the gold because we made the iron, and we
became from day to day more prosperous; but under
that of the Compromise We ceased to make the iron
or the CLOTH and then parted with the gold ss We
81 now doing under the tariff of 1876 with pros
ret of the same result that was then realized.
Sack being the case, it might be supposed that the