New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1857-09-03

Rave paid, o. vii! pay The penslt! OF their errors
but toe macs Of the Banks have conducted their
sIairs at least well as the merchants have theirs
SO with the private bankers and broAers-and
when Se say brokers, We do lot mean mere stock
esnbleEs, wto a:e not necessarily brokers, but are
mace up Of all clas.es. Probably rot one broker In
four ether buy or sells stocks on tine'-that IA,
beta on the price Of stocks next week or next
mouth It happens that Railroad Securities have
been first to break down because the moderate crops
Of last scar. followed by hard Winter, have d MIN
ished transportation, consequently Railroad re-
ceipts; while the mass of Stocks and Bonds
pressing on the market, ccncurring with the
Efforts of tie bears" Cor betters that such
Securities must falD depressed prices almost
to zero. SO it happens that our City
which is the chief gate Ct the Country looking
toward Europe, ard thus directly drawn upon for
Specie TO pay the balances of late so fearfuUy
heavy against us, has borne the fret shock OF the
rev ulsioD; but the whole Country Will feel 1t, II 1t
has rot felt it already. We shall see Cotton lower
as well as Sugar, Corn and Wheat as wei a,
Stocks and Rouds, within three months. That is
shallow suar.ness which talks Of this reyulsiOa as
az affair of brokers', or even Of the great cities.
Stocks could never have fallen as they have had We
not been heavily in debt abroad; and We should not
have owed SO much abroad if the Country were not
deeply in eebt to the City. Rely on it, We are
nearly al Of us in the boat and We must all bail or
row to bring her to land. If the farmer, mechanic
or laborer thinks it is not bis affair, he will surely
find himself d,sppoiI ted. And no man who owes
anything has q right TO throw stones at others as
especially The authors Of the rcTuision.
One thing we have already proved by 1.-THE
security ard strength Of our States admirable
Free Baking System. Under the old Special
Charter system, with no securities except those in
the Banks vaults, we should have had twenty or
Thirty Banks down within the last week, and their
notes now selling at twenty to sixty cents on the
dollar. Now we have had but three or four small
concerns give way, and Of these only the one wh Gu
is an cd monopoly Bank will infct any loss on the
tillhoIders. TIE Mechanics Baking Association
has been horribly misnanaged aud j. rotten to the
core, but its note, ere worth hundred cents on
the dollar. We have only to weed out the Mortgage
feature from our Bank Securities, and our System
will be nearly perfect.
Finally We say urgently to the Farmers and the
Country, Contract your credits: Diminish your
debts.. This must be dole. Be warned in time,
(as our City operators would not Beg, and avoid
calamity By anticipating it. Ifyou owe debts that
are due or soon to come due, see what you most
adyantageously sci that will psy them, and close
the matter up go sOOn as may be. A few months
ago. we advised the Farmers not to be persuaded
that the New Tariff must necessarily reduce the
price of their Wool, but held on for the prices of
last year. We believe those who needed our ad.
vice f,uLd Il justified by the event. Now we say
to Farmers, If you are out of debt, hold on to
your Grain unless fair price is offered; but if you
owe men who need their pay, dispose of your crop
AID get out Of debt. Grain may be higher next
Spring AID it may not; but it is not likely to be so
bigt in December ard January as it is now or will
be next month. You are hearing Of pressure now;
you are likely to feel it within sixty deys. Out Of
debt is cut Of danger.