New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1857-11-06

experiments the question ct the currency Is yet lar
fem having reached solution, even theoretically
any more in England than it has among US.
From the beginning OF the present financial pres
sure, We have adhered steadily to our determine
tion not to make a sc1pegoat Of any particular
class, section or interest We do not believe that
any enc is especially responsible for our current mis-
fortunes. True, if we had not imported more goods
than we ought, We should not now be embarrassed
by heavy foreign debit but then We cannot sec
why importers are more blamable than the jobbers,
retailers and consumers who have severaly bought
them and (the jobbers perhaps, excepted not more
than half paid for them. The merchant or broker
who, supposiDg himself rich, has built four story
house, kept fast horse, and lived extravagantly,
must bear his part Of the blame and the penalty
but 90 must the mechanic who has eaten and drunk
up the liberal wages of last Summer, and now finds
himself out of work and out of bread for the Win
ter. The banks have loaned more money than they
can collect, but they only loaned to those who
wanted the money and made sOod show Of means
for repsying when due. If their debtors could half
DAY them, the banks could pay all they owe at
once. While our Western friends were laying out
paper cities and getting rapidly rich by selling each
other corner lots therein at $500 900 each, We
repeatedly demonstrated insisting that they should
devote themselves rather to the breaking up and
cutivsting their quarter sections than to survey
ing and stalking them out into city lots; but, now
that the mistake is beyond present remedy and
there can be no danger of its speedy repetition we
do not care to dwell upon it. As to the brokers who
"bear" stocks, we do not believe they could have
run down the price of Railroad Stocks and Bonds
as they did, if we Lad not nearly all been so buried
in debt and pressed for payment that we could
neither buy what wss selling below its real worth
nor even held what we had. That the Interior,
aud especially the Great West, was heavily In debt
to the Sesboard, esp< caly to this City, and could
not pay promptly, we have stated as fact which
explains much of the embarrassment and prostra-
tion in this quarter; but we had no thought Of
reproachipg honest debtors for this inability. They
have simply miscalculsted their resources, just as
have the City merchants who have built spacious
stores and fine houses on the presumption that the
goods they have cold to inland merchants would
be punctuaIly paid for, but who, disappointed
in this expectation, have been obliged to
1T Their paper go to protest. There has
been scarcely failure in this City Of mercantile
manufacturing or publishing concern, which did
not show large surplus Of assets, mainly in notes
of their inland customers, whose failure to pay at
maturity had brought down their creditors here
Such being the simple fact, why should il not be
stated Poverty is incOnvenient, but not necessarily
cupable but, in order to avoid mistakes in future
it behoOves Us to study thoroughly and understand
fully the mistakes of the past.
There is Of course view Of this subject which
differs from ours; and We find It pretty fairly set
forth in the following leader Of The 81. Paul Daily
Times Of the 3lst ult:
EAST VS.. THE WEsT.-During an Eastern tour last
Sumner, we were met on every corner with the con-
ten ptible sur that the West was going to ruin-ou
Western merchants did not meet their notes-we
were running mad in speculsing In town and city
lots. and were destined in i've months to become
bankrupt" We must confess that the constant ut
te'ence of such predictions and the reterston OF them
forced the conviction on our mind that possibly such
was the fact-thst possibly during our absence fnom
our Western home something new had uansphed TO
undermine the superstructure OF our prosperity and
that we really were going hesdlorg down the stream
to ruin. Then everything was prosperous in the East
The stock bubble foatsd gay in the sir and received
lie h0n1rug gaze VI uOurcnuS WIZ DcOh ViO'
to sfluence in its upward fight. The banks were dis
counting more freely than they he'd done before in fl
teen years Merchants were importing large stocks Of
coety goods from Europe paying specie Tor the same
AIS eco 600 Of bonded goods lay In the New-York
Custom House waiting for the reduction 10 the tariff to
take eject and then to be thrown into the market and
10 be cold 20 much below the goods imported by the
merchants that the trade Of the latter would De cut on
a. least one-balf Paatial resio ences, based Upon
large Or, to be realized were in course OF erectob'
HsIdsome equipsges, filed with costly silks giitferng
diamonds ana ttousard-dolaf shsws, rolled along the
streets while their owners, unpercsvlng tne y0tca'c
u1 der them prated about the madness OF tne west
TIE bankruptcy Of the West-the speculation OF the
West-the dowrisi Of the Wet. Men who bad run
rot in uxurywho had spent their money ior pleasure
who had actually used others means inrusteo 70
heir caye-found the West very convenient noree
unon which 10 load their burdens: ana 30 the animal
was trot,ed out and, after having run the gaunuet
,bronob the UIior il found 10 be sounder, surer.
ooted ard posse ssed Of more wind than the broken
down Eastern nsgs that row lie hat upon their backs.
Eastern mscslculated the resources OF the West
its bounding Indiarubber enterprse-the ind ,mis4-
bic perseverance, Of its inhabitants and the boundles
resources Of is SOIL Suppose we haze spec uated too
much-have we rot q basis to fall back upon Sup
pcse our merchants haze bought more than they
ten concerns of the Eashaye they not the crops to
brace them up End Ia not every dollar secured Look
upon the condition Of things now. How staai the
East and the West The East has gone into bank
rup.cy-the West is teemlng with a. inexhausible
stock Of the necessares Of life, and the East says
SeId il forward perish" Afer Al tts FLANDERS
heered upon the West, il u found that she alone has
the bats upon which te East can rely f press alton
ard etrergtb II l. an erroneous idea that the West