New-York daily tribune., 1857-10-06

| great sacrifices to sustain themselves.
| .=
The present financial crisis is compared to those
of lsI4-l9, 1856 and lo37-42 but, except in the
bsre fact of interruption to the regular working Of
the operations of commerce, there is no great re-
semblance between the cases. They present, in-
deed, striking want Of similarity in their COM
mencement, their progress, and the phenomena BY
which they are attended. In all the cases above
mentioned, the difficulty originated and first dis
played itself not with great capitalists and specua-
| tors and corporations, at the top as it were OF
| tie commercial pyramid which, when knocked
of, it is not so very difficult to replace. The diff,
Guilty from 1914 to 1919 was the failure and giving
way of the great agricultural basis upon which all
the other Industrial interests of this country, and
indeed of all countries, rest as their foundation.
In the first the trouble was caused by the clos
ing to our farmers of the great foreign market for
grain and TO our shipping and commercial interest
of the vast carving irade-vast at least for those
times-wbch together had, for twenty years previ-
ously proved a mine Of wealth tO the country. The
embargo. the non intercourse, and, finally, the war
had greatly curtailed and eaten up the profits
thence derived; and when the general peace in
Europe followed, and with it the cessation of the
foreign demand for provisions, and the great cur
tailment of the carrying trade the business of the
United States failed at its very foundation. There
was no longer any adequate reward for labor. The
farmer could not sell his produce, and, of course,
could not pay his debts. His failure to pay made
the country storekeepers fail to pay the city mer-
chants of whom they had purchased. The city
merchants thus became unable to pay abroad, and
general failure and depreciation of property was the
consequence. commercial break down of this
sort could not but be very protracted The CON-
mercisl pyramid wanted something more than
new topping off. 1t could only be reestablished by
building anew from the very foundation. 1t was
only bg the gradual process of creating, by the
enactment of Protective Tariff and the estab
lishment of domestic manufactures, making home
market for the products of our farmers, that com.
mercial prosperity was again reastablshed What
bas been said of the nature Of the crisis of lSl49
applies to great extent to that of 1886, which
was, in fact, but a continuation of the former-a
relapse suffered by the patient before the former
disease was cured-and principally brought on by
specuations originated not here, but in England.
With respect to the crisis of 1912, that owed
its worst features TO similar break down of the
agricultural interest, which took place at it's CON-
mencement In 1896, there was such a failure of
crops that many farmers were obliged to live on
purchased food and instead of having large sur-
plus TO export, we were importers of wheat to the
value of many millions. At later period when
the creps improved, there was no foreign demand
for the surplus, and the protective policy having
been substantially if not wholly abandoned, it was
several years before our farmers were again in a
position to be large purchasers or consumers Of
what they did not produce themselves.
In this essential aud fundamental point the pres
ent crisis bears no resemblance to those Of former
YEAR,. The present difficulty did not begin at the
| extremties frem which spread general paralysis,
involving finally the head and the heart, and re-
ducirg the patient by slow degrees to condition Of
inactivity aud helplessness, from which, in the
ture Of things, the recovery must be equally slow.
The present difficulty began at the heart and rsther
resembled an attack Of the epilepsy, fdghtfal and
alarming as death itself by the suddenness aud vo'
lence Of its symp Oms but from which recovery
msy be reasonably expected.
!, is true that under the operation Of our system
of British Free Trade our manufactures have been
| effectively broken down, while we have been run
ming fearful race of extravaganza building rail-
Dads, hv Dg fast and hngipg to the right and left
he money We had borrowed in Europe, and that
be day of reckoning has taken us by surprise. But
on the other hand, there never was q time in the
history of the country in which the great body Of the
farming interest, the basis of industrial pyramid
stood solid foundation. ln the first place,
they have in hand at this moment the largest crop OF
grain ever produced in the country and instead Of
being without any market for their products as in
the cases above enumerated there is, abroad and at
home a demand for all they have. In conseq uence
Of the 6t Of commercial epilepsy under which we
are suffering (under the influence Of which ins.ea I'd
Of goirg on in the regular discharge of their func-
tons portion Of the community have los. their
powers Of apprehension, and do nothing but foam
at the mouth ard utter horrid groans and moans
| there is to be sure, temporary stoppage in the
circulation Of these products bat it is impossible
! with the veins thus supplied with healthy blood,
| that the besrt should forever continue to re.
fuse the fal6lment Of its functions, or that
4 ,bs,a sa,;.ult,rsl prducts should not presently