New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1857-06-16

the dignity Of a National disaster, provided the
great body Of our people shan have kept out OF
debt. The evil lies in the fact that We are nearly
all Of IA spectators in one way or another The
,tay.at home farmer in any Of the old States, who
has bought up farm adjoining his own, and run in
debt at the bank or elsewhere for most of the pur
chase. money, is just much a Spectator as he
who sold him that farm and rushed West TO make
his fortune out Of the proceeds; the merchant who
has sold out stock Of goods on credit and bought
another before paying for the former is rash,
headlong Spectator; while the poor mechanic,
farmer or laborer, who has bought those goods and
consumed them without creating meantime the
wherewitba to pay for them, is more reckless
Spectator than either. Let Us each take his
fair proportion Of the responsibility; for three
fourths Of US are in debt when we might have been
out Of it if we had really tried. We have bought or
built when We should have forborne; we have lived
freely when We should have ecOnomized we have
trusted when we should have refused; and now that
We need payment to meet our own accruing liabll-
tee, we find it is not forthcoming, and we are
thus embarrassed. II Everybody would pay Us, we
could pay; but the basis Of the whole fabric Is a
large class who can't and smaller who won't pay
and, their promises proving good for nothing, the
rest Of US must work out Of our difficulties as we
can. RetreDcbment, frugality, caution, and
readiness TO make any sacrifice rather than fail in
making our payments when due, will carry many
through with honor though not without loss; and
as for those who shall prove themselves rogues By
holding on to their property and letting their debts
90 unpaid to a more convenient season, it is con-
ISOLATION TO know that their knavery will be only
developed, not created by the apprehended revul-
sion of 1851
The Union has a leader On " Money, Prices and
Land Speculations," from which, as expressing
the view of large and influential portion of our
countrymen, we extract the following. The Union
is treating of the reyulsion of 1887, and the land
speculations which preceded it, and proceeds:
Gen Jack.ons Specie Circular limited but did not defeat
the fatal consequences With half dozen exceptions
rea money and men compelled them pro-
CON- forced to pay some ten per cent TO obtain it,
people Of at least twenty millions Of dollar, In
the bank, strong and exercised such an influence that
they secured laws which in effect protected them from suits
iii sy and Ree pd foe sS99 Il he & os
be exhausted required long and much suffering TO
recover from the effect Of these things.
utns from overradnq and wild peculations in the public
land. ty requiring payment the Custom Houses and Land
Ofcesn gold and silver thu. diminishing the and in
ducemens exayagant purchases When there tendency
to either receives the proceeds into its vaults
and prevents its being used formerly 20 aid in pur
chsse When the Government receipts fall below its e1pendi
vaults But Notwithstanding this safeguard the times char
achzed by excessive debts and almost incredible
and specustons a: wild a. any OF those Of 100 Inc ess
and parts of the country drained OF means and de-
land .pecuaons The new Territories and some part. Of the
Western States almost covered with paper cities selling to
fIa aimpsf alftou
where the Government has not probably ssted one legal title
IN the NoIS Sif nd Mdd Staten N the whole Ws
swarms with specuors who neither Intend cultivate the
labor O out Of the boDs Sde settler Lots in Cities without
scarcely house sold to the inexperienced there aud the
larger cities These operations a. well others alluded TO-
make money everywhere while they divert thousands Of
which tends to occasion eItravsean prices Of food These
produce bad If fatal consequences in the end The
laws Of trade and business produce uneng consequences
large aggregate Of them they occasion
and fatal If draw right inference, from the known history
continued prove fatal the thousands engaged in them and
nuIpa.y affect the whole country An explosion will se,u
sequence which do not desire to witness. We wish to
that m come. if matters do not change"
The Specie Circular undoubtedly hastened the
catastrophe Of 1887; it may or it may not have
mtigated its effects The Sub Treasury, it is ad
mtted must not be relied on to avert similar
revusiOn in 1857. In fact, it is notorious that the
land specuations now current are quite as extrava-
CANT as those of any former era though it Is no
longer possible 10 charge them upon monster l.
S. Bank, nor even upon "Pet Banks The Sub
Treasury is in full blast, with some Twenty-iour
Millions of hard coin in its vaults: yet here are
again, heels over head i'll speculations aud up to
our eyes in debt. Worst Of all, our Foreign debt
is far larger to-day than it was at any time in
1861 and reduced Tariff is just about to go into
operation, so as to facilitate the aggravation of our
European liabilities. Our bonded warehouses are
crammed with foreign merchandise, ready TO take
advantage of the reductions; one wholesale gln-
dealer pretends to have three cargoes of bis bever
age in bond, only waiting to profit BY the great
reduction of duty from 100 to 80 per cent, which is
TO take effect on the lst of next month. Our
Manufactures are generally languishing, though our
consumption Of Fabrics exceeds all precedent; and
one main impulse to the immense transfer just et-
fected Of Eastern Capital and Labor to the
regions Of the upper Mississippi and Missouri is the
difficulty Of finding remuneratiye employment for
them in the old States by reason of the stagnatOn
which has overtaken our Manufactures. Had the
Tariff Of 40 been allowed to stand to this day, we
should have been exporting IrOn Hardware and
Fabrics, to all extent that would have rendered
commercial revulsion impossible. We are
now in danger of such a calamity, not primarily
because We have bought too many Western
lands, or paid toe much for them, but because we
owe Europe for too many goods, aid are still run
ming in debt OF draining ourselves of specie TO pay