New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1854-11-29
PECUNIARY DISTRESS.


10 ~ Edfsc, " Th ~ " IrDsss;
Sir: A merchant desires to address word 10 resi-
dents Of the South and west through the medium Of
your Journal II is not probable that our co1ntry
friends are quite aware Of the extent Of the pressure
that new rests upsn the business men OF New York,
or Of s causes II lie probable that they read some
psnic money articles, and receive pre.siog dans,
which they iook upon as something n the ordinary
way, and possibly they suppose that merchants here,
with good facilities raise the funds neoe sssry 70
sustain themselves. But few OF Il em feel that -,
10 many here matter Of life death whether they
do or Dc not receive promptly fair proportion OF
their ices fom the country The merchants OF this
City have sold goods in the regular way Of basness,
TO men repuied responsible, and Who to large en-
tert. are really so The time has arrived when the
CITY merebsnts must pay for such portions Of those
goods as they have not already paid for. Ia order
10 do this they look to their debtors but receive only
trfrg amounts of money, but plenty Of excuses, to
The nuruort that cash il scarce thst drouth has pre-
vailed that rivers have been low; that cholera and
fever have prevented movements Of cotton-and so
on Our merchant then turns to the banks for relief
but is told 1--WE do not discount, except moderately
"to tbose who keep large depssts; specie is going
4" abroad, country depositors have drawn all their
"lareely overdrawp." In the street, "favorite 'ls-
natures go at 10 to 1s per cent, but operators are
" very cautious Now, if man mas not capital to
psy for all the goods he buys, what is he to do He
cannot collect be cannot borrow; he cannot convert
goods or psvir stones into bsl bills or specie. He
may be as sound, ultimately, as chest of dollars
but dsgrsce Ices of credit and Of peace, stare hun in
the face Ii be does rot meet his debts to the day.
H. a
csved in" he is a crushed perhaps broken.hesrt-
ed man. Not 80 with those Who owe him, and who
are the real cause Of the calamity At least, if they
purchased on open Dotes they are comfortable, and
will take their time. Perhaps hey are holding on for
rise in prodace perhaps the farmers indebted to
them are doing so, and meantime the victim here Is
in sgony, and suffers tenfold the pangs of death.
Country friends right feeling az well as duty require
that you should pay all you can at once There is
large amount of produce in the land and the price it
bears is bieb IL should be disposed OF to quidite
indebieduess. II is the means upon which the City
must rely for relief Every little helps" aud many
smell streams viii make river, Ii farmers have
money let them purchase their supplies while goods
are cheap instead Of pocketDg the cash because IS
scarce, ard thus incrs ssDg the evil; or let them
bring GU: their gold aad buy State stocks TO relieve
the banks. The States will pay in due time, and
many Of the railroads will yet give large dividends, if
prudently managed. IL is only di,trust and fear of
these things that reduces their value. The mercan-
tile debt of the country is Legitimate, and must be
paid by the products Of the soil. The sooner it can
be done the better for all concerned. II is true that
impo must stop and credits must be restricted
The open note system will do no longer 10 this free
trade era. The Nation Of Fools" as French i'm
porter is said TO have called us because we gave all
our bard ca,h to Europe for gewgaws. must again
lean to live upon home-'pun or homo-earned; and
"psy ss you go" must be the word. Old-fsshoned
economy and prudence, with well directed industry
and seadness will set right in time; but, without
these, endorsement, disaster and servile depend
cree upon Europe, will be perpetuased. W.