New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1857-08-07

tuns of last years batvelt. but the quantity IL
ample the pasturage has been generous through
the last two months, and must remain so at least
through August so that this years product o. But
ter aud Cheese ought to be at least equal to that OF
| any former season. Indian Corn is generally laIe
but t'n;,y and gives promise ofan abundant YIELD
which ooly an early frost eau disappoiut. Should
September be dry and warm, as we anticipate, the
Cora crop Of 1851 will be large beyond precedent
This prospect OF general abundance is made the
basis Of saDsuipe calculations for the Autumn.
Stocks Of Goods are to go off Like hot caEes Rpl-
roal trains are 10 be crowded with passengers and
chobed with ireight d, BIT, are to be paid OF with
magical facility or carried with feather like ease;
corpe. lots are to take another whsk beavenward;
fancy stocks again strike the fancy of persons who
are not only willing to buy but able to pay; and
everybody roll in Silks and swim 10 Hook to their
hearts content Such is a rather free rendering OF
TIE blisiu hopes which the harvest of 1857 already
inspires among our sanguine, go-ahead people.
| We propose to cite some of the impediments to
| their early realization.
In the first place, we must steadily bear in mind
| that this Country IS heavily in debt We have foe
years been selling every description of Railroad
land some otheT) promises that Europe would take
Of US at any conceivable rate, aud turnog the pro-
| ceeds into Metals, Cloths, Wares Wines, &C.,
which we have mainly consumed. Europe and
| America have We'd with each other in constructing
Railroads; but, practically, Europe owns them all.
| To-day, the interest and dividends on our Stocks
| aud Eonds held abroad require Of us at least
| twenty-five Millions per snnum, and probably
nearer Thirty Millions. This disposes of just about
! all The God we can draw from California, less the
wear and tear Of Coin, Plate Watches, &c, aad
we are this year buying and using Foreign Fabrics
to an extent which defes all precedent. Thus the
| Treasury ret0rns show receipts from Customs IN
July amounting to about Nine Millions of Dollars,
as aust lees than Six Millions last year. Though the
rates Of duty have been considerably reduced and
the Free List extensively enlarged since then. OF
course, we understand that some portion of this
excess is due to accumu'ations of goods in bond,
awaittg the reductions of duty which took effect
July / but there is deeper cause than this.
Under the influence of the Free Trade policy Of
the last ten or twelve years, we are manufacturing
lesseDiDg proportion of the fabrics we consume,
aud relying more and more on importation from
Europe. We are improving comparatively no
waterfalls, erecting no mills, while many of those
which grew up iu other times are idle and falling
to decay. Europe in good part clothes us and sup
plies us with metals and wares; and OF course she
does it for pay. She takes freely of our Cotton,
considers ably of our Tobacco and we are rapidly
impoverishipg our soil in the production of those
staples, as also of the Wheat and Indian Corn that
she takes from Us according to her needs. Prac
t;cay, we are selling the earth under our feet to
meet orr store-bills, and still we fail t, meet them
In full.
Now our increased and increasing Imports call
for corresponding expansion of Our Exports, since
th, Willingness of European capitalists to tost US
lie nearly exhausted. We Can hardly expect ma
terial enforcement either in the quantity or the
price Of our Cotton crop above those of last year;
aud the same is tue of our Tobacco, Rice, and
few minoI predicts. We can materially increase
our exports only Of Grain, Fl)ur, Meat and Cheese
for these are all that we can spare in excess of
our last years exports. But Europe has good
crops ss well as we, and can only be induced to take
Of US an Increased quantity by serious reduction
in The price. FIVE would sell her double the guam
tity OF Food We exported of our last crop, we must
sell it at least twenty five per cent below the prices
realized for that crop.
Now, twenty five per cent reduction on the ex-
port price Of Wheat or Corn means fifty to seventy
FIVE per cent. reduction on tho price paid for it to
the growers from Ohio to Iowa. Will the farmers
submit - that reduction Ultimately, perhaps,
they must; readily, they generally will no.. He
who obtained fifty cents per bushel 10 ready cash
FOR be corn last year. will not take twenty cents for
this sunl time shall have been taken to assure
himself that the reduction is inevitable; he will
wsit t. turn bis grain into pork or beef and this
requires time. We do not, therefore, anticipate so
prompt aud thorough revival Of business as seems
to be quite commonly expected to result from th,s
year harvest and we DO not believe that this bar
vest, ample as it probably will be, can suffice to
overcome our existing emoarrassments. The radi.
cal evil Of country aud time is the nterpostion
OF great distance between producer and Consumer
between the grower Of grain and the maker of
cfcckery-bstween TIE food producer and the cloth
maker. He who grows wheat in Illinois to be
eaten by the maker Of bis cloth in Lancashire. pays
two OF three bushels Of gain for the yard of cloth
.or which the maker receives but one bushel; the
difference being eaten up by forwarders, factors,
&c, along the route, aud at both ends of it. The
Political Ecooomy now dominant tends steadily
to aegravats this ruiuoas discrepancy, and thus
to increase the momentum With which tie civilized
world approaches commercial revulson.
-
A London letter in one OF the city papers speaks
of the recent decision Of our New.York Courts
susfaipug the assignment, made years ago by the