The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-09-14

And our whole exports were Gs6ll 1854 Az this tran
WAS undoubtedly carried on ., remuperAslve prices 70
cash short bills on New York. and taxed the reso1rcs
OF money cd Institutions far less than any other expo
trade TIE with which the business has been carlo
on and the high price which superior article there
mands, have ed our farmers and lumberers and commits
sion agents to nx their attention mainly the Amsri0s
market Nov TO the extent that this trafc wtll be aeo
ed by financial emSArYRssments In New York. viii wa
Can ada be affected but, apprehend, no farther IN
money for produce speculaons viii not readily be forth
coming The American buy will not be competing
our wheat and cattle with their pockets 20 well stuffed Wit
bank yes ~ OF yore. Prices will be ower cash saif
less resd, effected But this Is the whole Of H. 0u
merchants are In no shape dep sndent on the States
bankers do BOT operate on American credit Our publ
works and extensive private enterprises depend u
Englsh money market, not on the American Our publ
ana Joint eteck securities have rever been known on
New York Exchange Moreover, the New Yo'kers Al
BOsionans mint cal, Whatever be the state OF the
mayke-and good pine lumber will always command pu
chasers, Wbatsver we have 1, sell, sell at ID
highest marke. price tho American gro themsev
obtain and fortunately ours ara all cash articles.
But say The alarmsh, the panic may spread 10 Cs1ad
Well, Jet 1t spread-thAnks to the prudence Of bank
In days or greatest expansion such panic oou
have arisen here ~ among neighbors We have
stock operations, 70 bulls and bears We are prute
people, and allow other folks TO beild our railroads
canals aud 10 be the shareholders in Joint stock cor
panies Even the risks OF the produce markes have
late years been surrendered 70 tue foreign operator
can understand perfecly how panic arises In The Unit
STATES, with hundred millions lying sst call' In VI
street, and the thousand banks the non, all foek
the rs unquiet throb 1t that heart OF spec ,Iaton
can understand how psniCs may arise from the
operations Of our neiEhbors In railroads and Canals d
forpisn gold and Alabama cotton, WeMern whea q
Southern sugar Bu, whore "pauic" can come from
this country, We confcn cannot comprehend. We IN
but dozen banks In the whole province, and these fouu
ed principles giving absolute security ~ the publ
So complete 10 the confidence In our bank curren
that American produce buyers Of arst rate siandi
have been negotiating for Canadian bank notes. 70 DO
out for wheat and in the Western Stacsshe farms
there In hese days OF trouble having full faith In the
Ia
merchants have sold too long credit and too loose
accounts are not paid; remttsrces cannot be made to
Wholesale merchant; and he. in bis turn, b nard up
Very true and this Ii about the full extent OF Canal
embAyrAsament But mark this that toe farmer sndt
shopkeeper and the merchant have oil abundance Of
perty, and are only p.nched for tho moment. We hA
had splendid times for some years past Foreign cAp
porred into tho csuDtry pces Of everything went up
thought was never 70 end NO sold freely, bought free
and lived freely The large expenditures have q
eeNed; must pay our imports by the daily industry
our people--prces are Gown, and money scarce. But
ins win soon recufy itself. The embarrassment ht.
porary only. One first rate crop would have rectned
Moreover, tue worst consequences or this are felt
here, but In England. Tho importer 10 moi %
and cannot purchase exchange 70, remlt,snss,; And
poFafy accommodation there And the cure soon follo
The wholesale merchant redroes his lmportatons, Q
longer cse Of ong credit; extravsganoe Is checked;
counts are collected; stocks are reduced; people v
harder and produce more, and the ship rights hers
Already This process has commenced, ~ Mr.. Cayley
assureey md whom no commences 10 sum up the G
toms duties for 1857. And we venture 70 predio. I
there Win be more real hard work, real profitable l.l
done In Canada this winter than there has been In
years past When prices are high and labor scarce,
all wonderfully carefnl not TO overwork ourselves
There s no hing whatsoever In tho commercial and Ind
trial condition Of Canals 10 excite alarm True, money
scarce and tho crop Is nss what VIC anticipated; but
have known all that many yosr before this 10 Cana
Lei never be- iUraosn ~. he a.d as1s
the one great Interest OF country and that whls
proepers there cannot be serous trouble BY the cen
Of 1851 there 90 334 males In Upper Canada betw
the ages OF 10 and 20, and OF these not fewer Il
I67, ess were employed In the cultivation Of the soil,
farmers hborers or servants. 10 Lower Canada,
male population between The same ages was Is, ios,
Of these lST ISIS engaged II 10 these are I'd,
the host OF blacksmths, carpenters, coopers, mlers
varceT, &c &c, all engaged exclusively In aiding
culture for prosperity Nov, although our farmers u
mol this year rcap % lucrative . harvct at one
was expected, stu they have very much 70 be thanh
crops, are abundant and excellent In quality and n
wheat sample VIII net be ~ good ~ usual, there ia
crop ~ regards quantity. And were the crop worso
the brunt OF They have had splendid priocs FOR
years back, and more than average crops where u
short Of cash. 10 not from lack or prosperity,
because great success has lsd them 70 add nei 10 81
extend their barns, and rear brick dwelling on the
Of the old log house
Tbe'e IL one lesson, however, thai The pursuits OF
population and our present position shoald teach .
that Canada Ia q county for patient ndusiry and c
economy, and not land where Wild svecu alton or lay
cxUhvhfhnCc can DC pfscuecds We nsFe onN one ~
source OF dependeuos--the products OF tho arm; and
crstivo this pursuit. may be made By skilfu mana
meni, will not permit Of careless habits thought
expenditure Tho pubic policy Of the last three adm.
ust,ens has aiwAIs appeared 70 m downright, infsi
ton. The utterly reckless manner 10 which yasl schsr
have been year sftev year set snos mum opal spec
tons encouraged and the public debt and tsxsuou OF
mously increased, has been more han Astounding.
NIT, you Ike, that every ore 81 the enterprises
uscful,m san they were far In ad rance Of the ne
siiIes OF the country, and the crowdng In OF %
work In 20 short srscs inflated prices Increased hs
OF the work., and imposed perpetual burhcn on
country for which thcrc no prevent occasion.
true public policy OF Canada We appsehen6, n closes
Monty The high pressure system Is not for an ayr
turs country, and The sooner wc commence Topping
the exravsgsnt rcendllurc that has grown up In the
ave yoars, and set fAces 70 reduce the taraou
better N II be FOR fniure nYnSYeaa nnnnirx