New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1857-10-15

The towering fabric Of Mercantile Credit lies in
ruins, sDd its crash is destined TO shake the civil
lied world Nowhere has this Credit been so dis.
tended, so bloated, as with us, and nowhere will
its fall cause such pervadrg Disaster but it's ram
iicstions are everywhere, and its downfall must
everywhere be felt.
We must not be deceived By superficial appeal
aDces. To cay that the Banks have. failed, would
be to state the case uutruly, deceptively. The
Banks of the older States are about all pertaioing
to our late balloon of Mercar tile Credit that has
not collapsed. Hardly anybody capable Of owning
hundred dollars worth Of property that he wants
to SELL would not be very glad to exchange it to-day
for average bark notes; specie only is Of greater
value than they. Those who have really failed, and
whose failure has involved nearly all others are
the farmers mechanics, laboIe7s and spectators
or idlers Of the Interior and especially of the Far
West, who owe ten TO q Thousand dollars each to
the merchants Of when they buy CLOTH tea and
sugar, which sums they are unable or unprepared
to pay, and their insolvency reaches through the
jobber, the importer, the banks, &c, even
to Europe, and will draw down stately
and venerable houses in London Birmingham
ald Lyons. The aggregate Of these unpaid "store-
bills" amounts to Hundreds OF Millions of Dollars,
and the whole rests on this CITY as fulcrum, but
presses heavily Oh every side. New Eoglnnd could
probably pay all she owes if she could obtain pay
from those who owe her; New-York could do as
well if not better; Pennsylvania and some other
States perhaps as WELL but tie fearful burden Of
Western aud Southern Indebtedness weighs down
all together There lie hardly merchant reported
las suspended o. "faed" in our City who has
not many more dollars due bin than he owes; but
those who owe him cannot collect from their GUS
toners; therefore, cannot pay him; therefore, he
cannot pay; and the weight Of this mountain Of
insolvency has broken down all that is beneath it.
We insist that this great lesson shall not be mis-
read. The loafers 10 ten Thousand bAr-rcoms, who
are to-day cursirg the Banks as broken, have them
selves caused whatever there may be Of Bank in
sOlvercy, by buying food and clothes for their fam
lies at the neigbboring stores aud not paying for
them when required. Foreign Debt, Railroad
but for this labyrinth Of mercantile insolvency,
which stretches from Pembins and Ell Paso to the
banks of the Thames and the Rhine.
We urge the utmost foIbearance and considera.
tion with regard to existing Indebtedness. Let the
Banks, the merchants, the debtors of merchants,
lave all reasonable time allowed them to get into
solvent position. Haste, rapacity panic, would
only destroy assets, widen desolaton, and intensity
calamity. Let the ruins be cleared away pa
tiently, saviDgly; but let the burnt child retain
some wholesome and Christening recollection OF the
fire. Credit there will ever be- because there
should be; Paper Currency there will ever be, be-
cause that is the Currency of Civilization, Com
merce and Faith in Man; but Credit for merchan
disc by New.York to Minnesota or Texas; credit
to any and every stranger who comes from little
town two thousand miles a way with such letters of
recommendation as everybody writes for anybody
this must henceforsh cease unless our merchants
ore in love with ruin. It ought to be the very first
iaquiiy respecting merchant wanting credit Of i'm
porters, commission houses or banks" Does he
fell goods on time out of the City and, if he
Goes, that should be reason enough for refusal.
Our City will lose fifty PER cent of all that is now
cue her for goods sold on credit to retailers. Is
Tot that enough If not LET the fact that she must
wait inconveniently for good part of the other
half prove conclusive.
Why should the farmer sell bis produce for any
thing but ready pNi Why should he buy goods
any faster than he can pay for them! Why should
rich State like Ohio owe half its current crop to
the ieaports Why should planters and farmers
obtain cash on delivery for their Cotton and Wool
yet buy their Cotton and WOODEN fabrics on credit
Why should the West owe the East, or the Sea
board owe EuroPei Feilsw sufferers by this terri
bic revulsion LET US fully resolve that we will not
lave suffered in vain!