The star of the north. [volume] (Bloomsburg, Pa.) 1849-1866, 1857-09-09

L
ground that glui in the market, causing .
decline of prices, benefits the people IN con-
sequence of the cheapness Il creates. We
do not share these lofty and comprehensive
views, neither from moral nor commercial
point Of view. The advantages of legitimate
interchange, whether national or internaiion-
tsl, are reciprocal. The losses of one of the
trading parties may indeed temporarily BEN
eft the other, but except bestowing fortunes
upon comparatively very limited number
Of lucky speculstors, they cannot result in
lasting advantages 10 the people al large, be.
cause every perturbation in commerce pro-
duces reaction of the same momentum
Cause and ef1ec. are Of equal force. This
truth IS applicable not alone TO the science
of Mechanics, but 10 all phenomena in nature
and transactions ofmen. The most regular
and equitable system OF interchange, subject
10 no violent convulsions, tends to distribute
on both sides the greatest possible amount Of
prosperity. The general law OF the equilib.
rum OF forces governs the profits and losses
Of trade as il governs the relations Of produc.
tion and consumption. If foreign importers
should lose this year in consequence Of an
extraordinary decline of prices, the resnl. Of
excessive imponations-which. after oil,
we're encouraged by our own wastefulness
and extravagance-lhis decline will surely be
followed by rise sdequaie TO the losses in-
cured, so that for these we shall have 10 in-
demnify them hereafter, unless, indeed, which
is not probable, we contrive meanwhile TO
render ourselves independent Of foreign in-
dustry. 81
We do no, agree with the Her aid, because
we consider it's comments upon our CONNER
cial aud Gaaacial position greatly sxaggera.
ted still we hold that there exist powerful
reasons urging the press TO raise its warning
voice. For series of pears, we have reck-
lessly indulged in habits of wastefulness, and
loose specuIations of every description we
have stretched our credit, at home and abroad
to the utmost limits of our strength, and now,
when the consequences of this thoughiless
course aie brought home 10 US; when 1t is
felt by almost every body, that the monetary
resources are greatly inadequate TO the BUSH
ness requirements of the country, we see the
drain of precious metals continue without
interruption, and even exceed that of former
years.
Previous 10 1851 we never in any one year
exported above $9,5oo,oO0 of specie and
bullion, as an excess of expectation over i'm
portsiion; but since 1851 that sum ranged
between S24 100000 as a minimum, and
$52 900 900 as maximum. In 1856 it a.
mounted to SAL 900 900, and now il is repor-
ted, that the first seven months of the year,
we have already shipped 100000 more
than for the same period Of last year. These
shipments are the main and immediate cause
Of our troubles, and it is high time that Con.
grsss should direct its attention 10 the subject,
| since the last tariff act has evidently failed 10
accomplish it's purpose.
], is by speedy and prompt application
Of Legislative remedies only, that the gloomy
apprehensons entertained in some quarters
can be prevented from becoming sad reali-
ty. On the other hand, We would remark in
contradiction to the exaggeraiion of the Her
aid, that besides The California gold, proba.
bly, some 81, ,ooO,O 900 or $4,000, 900 are ad.
ded annually to our monetary resources by
the immigration, and that though Europe
may not require as large quantity of grain
as in the previous years Of war and partial
failure Of crops, the expectation will remain
considerable. The production Of Europe is
never adequate otis consumption. The high
price OF cotton denotes comparative scarcity.
| and warrants a ready sale of the growing
crop-all Of which may suffice, if otherwise
the dictates oil prudence be needed, in time,
10 avert the threatening calamity. AT all
events the people here will have cheaper
bread and provisions, which offers another
encouraging prospect.
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