New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1855-06-29

now venture 70 preolct-the Eekhou P0"P''
having at length satisfied themselves that 1.-THE
remarkable vitality" she has exhibited In the
past year is "ouly an additional argument for
+" the vigorous prosecution of the war; " HAD
sh her r. sources proved small and her power
mediocre, then" as the same writer conna-
ues. "we might with truth complain OF having
"been needlessly alarmed and planged unne-
a. cessoriy into costly war; but NJ" her nrm-
"ness, her energy, Der resources aud political
"ufuence in Europe and Asia, all prove that
she has attained pitch of power that is dan
"eerous to her neighbors and Incompatible
with the integrity of European nations"
Ayesr ago Russia was to be crushed because
she was held to be weak, and British soldiers and
sailors entered upon ths campaign IN the fdll
confidence that but few weeks would be re-
quired t, bring the Car upon his knees
to sue for peace. The time that has since
elapsed has proved the error Of all such cal
culatiops: ana while England and France have
exhausted themselves in sending d 'ets and
armies, Russian credit remains untouched, aud
Russian bonds command market at lower
rate Of interest than those OF this CITY with all
its wesltb, or than those of our neighborIng
St,te Of PrDnsylya ,a, rich as is that State IA all
the elements Of prosperity and power. Why
this is so may, we think, be readily explained
Russian policy aims to develop the resources
of Ibe Empire-to favor the opening OF
mines. the building Of furnaces and factories,
and the creation of great domestic market Tor
labor aud its products. Russia cares little Tor
forei.n commerce, and her government there
fore little dependent on it for the means of exist
epce. Russia does not close her furnaces sad her
IL ills, and drive her people to the necessity OF
sending bonds to London, to Paris, to Amsterdam.
WIEN they desire to obtain cloth foi tae men woo
Grade her roads, or iron with which to lay
them-and therefore it is that her bonds are
high in price. We, on the contrary, close our
furnaces, ruin the men who have built rolling
mills. and drive to ruin our manufacturers OF
cloth. and then Gil the world with bonds-snd
therefore il is that our credit is low and the
rate of interest high.
The policy Of Russia tends to make her strong
and independent, as the Allies have al
ready proved The policy of Turkey-that of
B1iti.h Free trsde-tends TO make her weak,
and as a consequence she is unable TO borro"
money without the guarantee of the British Gov
erpment-while Russian bonds command high
price in defiance of the act of Parliament To
which we have referred. Such, TOO, Is our own
experience. After the war of 1872, while Pro-
lection still continued, the public debt OF tho
country diminished with wonderful rapidly; but
SO soon as British Free trade had been fairly Inc
augurated, the scene changed, and the Govern
mept, unable to obtain means suliiclent
to meet the then trivial expenditure, was
forced into the contraction of heavy loans,
to the great injury of the public credit. Under
the protective tariffs of 1924 and 1928, the
scene again changed, specie flowed In from all
quarters of the world, and the pablo debt was
paid of and thus did the nation place itself in
a position higher than, in this respect, had ever
been occupied by any other. Once more the scene
changed, and British Free trade became again
the order of the day; and then again did the
nation occupy position closely resembling that
now occupied by Turkey-seeking everywhere
in Europe TO borrow money, and unable to OBJ
tain siBele dollar. Again there was change;
the tariff of 1872 was enacted, and almost at
once credit was restored, abroad and at home.
Bonds ceased to go abroad; specie flowed In
banks and States resumed payment; and repu-
diaton-the child Of British Free trade--went
out of fashion. Again the scene shifted, and by
the tariff of 1916 the British Free-trade policy
was restored. Under it, mills, furnaces and
mines were closed, and their owners were
rsined: and from that time to this the money
markets of Europe have been filled with
the Walkers, the Niels, ct I'd genus oD'He-
members of the great MacsycOphant family
ready to "boo and boo and boo to the great
"man," provided he will agree to buy their
bonds, and ready to swallow all the abuse OF
The London Times, provided only i. limits itself
to the exhibition Of what it considers the gen.
eral defects of our system, and does not single
out for denunciatiOn any of the schemes in the
promotion of which they are concerned.
Az a consequence of all this OUT credit is low
and the rate of interest IS high, as is the case
with Turkey. As another consequence the ma
ticn is weaker-weaker for all warlke purposes
In which Europe is concerned-tban any other
that is its equal in population. Were cause of
war with England or with France now to arise,
that weakness would at once become manifest
We are living on the sale Of bonds, and the rev.
enue is maintained at its present point by the
duties paid on cloth and iron, for which we have
yet to pay and for which payment may at any
moment be demanded. Were cause of war to
arise, not only would the power to sell stocks
ard bonds cease to exist, but millions upon