New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1857-09-16

ceiye persist in tie mistaken nOtlOns dlu counseis
which our present commercial troubles ought long
,iDce to have exploded. Months ago, when to
every obsersabt eye, the skies were red with un-
mstskable portents Of coming storm, they in-
sisted that all was as it should be if only the crosk
ers and prophets of evil could be tilenced. They
virtually urged and stimulated the Banks to keep
I'D and even extend their discount Lies, insisting
that nothing was wanted but confluence, even while
our Imports heavily oyerbalanced our Exports,
though the former included Two Millions of Specie
Der week But, when these cOnfidence-men had
had full swing for three or four months the sound
Banks found themselves absolutely compelled
either to contract their discounts suspend specie
payments. They chose that which, where prac.
ticable, is the only honest course; and were there
upon assailed for the audiences and severity Of
the contraction by those who had done their ut
most to force them TO this course by opposing
sea.opable and more gradual curtalment. Aud
now these came prophesers of smooth things
would have the Banks expand again and make
thing. plea SAINT, under the assurance that the dan
ger is over and the necessity for caution ard strin
geIcy has passed away.
We dissent from this view most emphaticaly.
We trust indeed, that the danger of general
bankruptcy, if such ever existed is past. We
have no fears of general suspension of specie
payments, though some banks as well as merchants
doubtless yet be forced into liquidation. But to in
sg.ne the crisis oyer in such sense as would JUS
tify the Banks in dscardiDg their defensive move
ments and increasing their discounts, is utterly to
mistake and belit.le the trials through which we
are now passing.
These trials, though hari on individuals, are
whole some for the Country. They are by no means
the easiest egress from a bad condition, but they
are better than no epress at ALL 1t was not origin
ally necessary to pass through this Ordeal-for
good Protective Tariff, enacted even last Winter,
would have averted it; but we did not, as people,
choose that avenue Of escape, and must now be
content with that which remains open to u.s. 1t
was absolutely necessary that, in one way or
another, cur running in deb. to European capital
lists should be arrested; for the bare interest on
what we already owe will form heavy balance
against US for the next twenty year,, even though
our Exports should balance our Imports. When
we had reached the point of selling seven or eight
per cent Bonds at discount of twenty to thirty
per cent, and taking our pay in the very worst
Railroad Iron that men ever made, it was high time
that we should call bait.
A revul.iOn is not a sugar-coated pill, even to
those whom it does not break. Nearly all realize
heavy losses, either by depreciation Of property
values, by sacrifices t. obtain the means of paying
debts, or by losses through the bankruptcy of
others Not many will be worth SO many dollars
at the close of this year they supposed they were
when il commenced. But We shall import fewer
goods, and shall buy them cheaper, than if we had
had no revulsion. A good many Of us will live
more economically than we should have done if all
had gone smoothly-and the aggregate of these
individual retrenchments will be handsome Ma
tional saving. If We cease to export specie or
incur debt abroad, California and home industry
will be steadily strengthening us at home. On the
other band, were the Banks TO stop contracting and
recommence expanding, all that we have suffered
would go for nothing, and our country would soon
he running heels over head in debt once more for
the iron, wines, silks, brandies, &c, &c, which
we should either make at home or do without.
Better hold on to the good we have, at so heavy
expense, secured.
By.and.by, this country will comprehend that it
must do one of two thpgs-either suppress Paper
Money and the whole system of Credits connected
Herewith or establish and maintain Protective
Tariff. But such things cannot be hurried. For
the present it is well 10 wait and to keep under
easy sail