New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1857-03-17


go grave a, this should be discussed in the cslnest
spirit, and with entire avoidance Of personalities
We propose therefore, to rest,'e our portions on
few points which our neigbbors art &c i'm 'hes
that we have not hitherto sufficiently eucta'ed
!. We are very far from considering an increase
il our National stock Of the Precious Metals, or
even il that Of our Circulating Medium as re :es'a-
riiy On evil. That sudden and large ebna1canent
Of iiher involves serious perils we cannot d'uo ;
but we believe these perils might and should De
surmounted by wise ststesmarship and general pru'
derce That belief impelled the production OF our
former articles. We judge that One Hundred Nil
lion. worth Of gold added to our former stock is
probably as real and desirable an addition to the
National wealth as an increase of Ike amount or
value in our Wheat Cattle or Railroads
III. But suppose an increase of Two Hundred
Millions in our National stock Of Gold, and conse-
quent e1 psnson of,he Circulating Medium carrying
UP TIE prices or nominal values of nearly everything
but S, ecie, there s great danger th, our People
or at least large proportion Of them-may mis-
take his increase Of price or nominal value for an
ncrease Of essential CT positive value, and launch
o,,t Dto expeI di,ures aud incur debs rdDgy.
OF cour;e, We understand that 10 men who bought
property judiciously on credit under more restrict
ed currency and held il until the expansion had
taken place. there would be positive gain from
tie charge; as the property so bought on credit
could now be sold for more money than it cost.
Mind that we are not arguing that this advantage
"a a class must necessarily be gained at cost
to tie residue of the community, but simply
that the fact that the aggregate National product is
estimated or valued at Fifteen Hundred Millions IN
ISIS, and at Tw enty.six Hundred Millions 10 SO,
proves nothing more than the chespeniog of money
siuce CshitIn'a became kno IN TO US as the Western
OIlIr. We do not say that there has b'en no H.
crease OF Production, but only that the increase In
the nominal or money value of our Products does
rot prove sby. Our country had never before been so
rich, according to the Official returns or to indTid-
ua]s' estimates of their own wealth, as it was IN
Ie3G: vet we remember 1897.
ILL., We never cherished any fanatical passion
for Gold-neyer desired tina. our country should
beard or auass il az the cost Of deprSing itself of
The implements Of Industry the c. forts of life.
We .houd esteem i: happy exchange if we could
report at the close Of this year that the United
States had ceased to produce Coll, but had instead
thereof iIiumphs.tly, indubtatly established the
home production Of Sugar TO the extent OF is
netd.. We regret the expectation of Gold only
when il implies an adverse balance OF trade; but
We much prefer to hear of the expectation OF
million il God to that Of like amount In Railroad
Bonds or other promises to pay. For the Gold
must be had before it can be sent away; whereas
the promises imply not wealth in any sense, bat
the abs, nee and need of it,
". We rejoice and glory in the enterprise of Our
countymeD We heartily approve Of their bulldog
houses, constructing railroads, laying out new
cities, &c. We only beg them 10 consider well their
III, ans and their prospects, and not consen! TO
plunge deeper in deb. unle:s they are morally Ger
tain that they will in any event be able to pay. If
We were al to devote the current year TO making
railroads, &C. uaoy of us must go hungry neXs
Winter. end a. least half Of Us be sod ont by the
sheriff Such needless hesdlong haste in railroad
bui ding would rather postpone than hastsn the day
when every section Of our country shall be ade
Qustty provided with railroads. Ii the inhabitants
of ANY section yet unbtssed with railroads able
to bui'd one and pay for it, We say, Go ahead by
all neans. II they can only build Thy iaau ,ier ny,
i..uirg county bond city bonds, mortGselng farms,
&c. we think it were better TO wait little aud try
10 provide at least q supply of raw materials, in
cludpg food, before putting out their contracts.
of course, this advice may not be appl cable to
every case; but We think great msjor Of those
who foox il will be glsd that they did go.
V We comics. to some appreh, nsiOn, IN viev Of
tie multiplication Of Railroad Bonds aid the ra.es
and which they are pushed Of. That some Of them
will never b. paid, Is manifest; and i; is paa'ibly
sd that the sale Of these to foreign tailss In
wolves no oss Except of character 10 this country
Bu, We presume the great mass OF these Bonds
uN be paid; and let consider the tae,t Of these
A district or secton-we viii ray, Southern JET
sey-wsn.s new railroad, or az least some Of the
Peep thibk 60. Well: they organize company,
obtain charter, aid sLbscrbe ("e do Lot say, pay
up stock ELL ,ush TO give the enterprise fair seem
ire. and then grind out few realms of Bonds,
promising 10 pay 8 couple OF millions OF dollars
twenty wears hence, with ak or scyea par cent.
irt1e,t These Bends they sell q. eighty per cent.
or tbercsbout; so that the company realizes ST.
60OCOO, for which it IS 10 pay, in the course Of
twenty years, either 81, 1000 or 81 100000, a.,
cordipg as the rae may De siI or seven Per cens.
Does this look thrifty sid hopeful Yet it is b.
The constant .ale Of million after million OF sucl
Bn6s that We now maintain far rate of exchange
,rd semblauce Of balancing our account: With
Europe.
VI. Let us review for momeot these facts
drawn from tie clstom.house returns: Our In
ports a. this pOr. alone from jan let 10 March