New-York daily tribune., 1857-10-02
THE FINANCIAL CRISIS.
LETTER FROM THE HON. DAVID wILMor

LEI IEk EkOM InE HUN DAN Az hlLiiOA
From. the Ph7adelphia No,t. Ameriean, Sept 30
We have been furnished with the annexed copy of q
very interesting letter. addressed by the Hon. David
Wilr,o. to our esteemed fellow. citizen, David S.
Brown. ESQ., Mr. b. is not politician, aud never has
been. dis position as the head Of one of the very
largest domestic jobbng houses in the country, has
given him an interest in the prosperity of American
manufactures equal to that which he necessarily hasin
the trade and commerce Of Philadelphia. TO such
men .he policy Of tariffs for protection, as well as for
revenue is Of course great study, and it is 10 this
way ouly that Mr. Brown is connected with politics.
The letter Mr.. Wmot has addressed to him is upon
that topic just row an absorbing one, and it IS ray
pertinent missive.
The calamitous visitation under which the mercan-
tile and manufacturing interests Of city arc now
suffering is the result of false and ruinous tariff pol
icy. MIR. Wilmot has been freely charged with being
Free-Trader. However his previous course may
have been ihere no longer be any doubt after his
clear and decisive letter. that he s true TO the industry
Of Pennsylvania. As the State election ia close at
hand, and tho feemen Of the Commonwealth owe it TO
themselves 10 give decided expression of opinion
at the ballot-boxes respecting that anti-American
policy Of Free Trade, which perpetually drains the
country of its specie to pay for foreign i'm
ports, Mr.. Wmo.'s position is of much importance.
We ask for his letter an attentive perusal.
HARRISBURG, Sept. Is, 1857.
DAVID S. BRowN-Dedr Sir: / am deeply panied
by the news that reaches me from your city. This
sudden fnancia revulsion threatens to carry down
hundreds of your worthy and entsrprising merchants
and business M n, bringing distress 70 tneir homes oi
comfort aud afiuence aud what by many Is iet as
greater calamity ?, commercial dishonor aud loss OF
credit. Its most disastrous aud paatn ehects, now
ever will fall u the Thousands OF ho1est and IN,
dustrious woikDgmen, UNEXPECTEDLY thrown ou' Va
nj danri ad IN
their families.
1t is truly calamity calculated to excite the SYM
pathy oil The most seiish and insensble do not pro,
fess TO be able TO fathOm all the causes proxmae and
remote, OF disaster such l. now upon Doubt
iess excessive importstons overtradipg eXravagant
habits OF living aud fluctuations in the currency have
had much 10 do with il.
You will recolect that, on visit TO the G'ouces-
ter mills, we had some conversation upon the subject
OF The tsIG policy Of the country u connection with
IL influence upon American enterprise and Labor The
events Of the last few days have given to that subject
an interest did not then seem TO possess. That the
tarih policy Of the government has much to do with
the revulsions that periodically convuse this country
Is doubtless true, Intimately connected as that policy
must ever be with all our fin ancial and industrial inter
ests. The very reduction msde in the tariff
atihe last session OF Congress- must nave lsd disss
tous influence 10 bringing upon US the present stat
OF things as it greatly stimulated i'm ootsons
rg avier drafts upon the coult,y for its precious
metals.
1t tiss great misfortune hst our tariff policy cannot
be wholly removed hOm the party coBficts of the
courtly and plsced upon Pcm0H,af aud roasonab Ole
basis Aside from partisan prejudice, there is not,
imagine, a very WIDE deIeDce OF opinion upon thi:
subject among intelligent and 'etectng men,
1he policy Of imposing prolbhorg duties, Of actu-
ally destroying the reycaue upon large share of the
articles Of commerce or the purpose of protection
would hardly find an a3yociie at tins day. Fair iuc
dental protection, wib0H. gross violation of the
snue principle l. ali that = aked required ior our
manufacturing nt.r,sts aud THE should be chcerfoly
And promptly extended 70 cOn'e plates tho policy
OF free tsde and snsoi. 10 dirc, taxation ans Of
fatTg revenue TO meet .be ordinary expenses Il the
GoyerDmcnt-ceItsin I j. that never co 4'cmp!aie