American union. [volume] (Morgantown, Va. [W. Va.]) 1855-1859, 1857-10-09

'ney were Tor tho corresponding period
a even last year, while the domestic
exports were as steadily decreasing.-
These importations had to be paid for
III gota, and it became apparent, to
every observing mind, few weeks
since, when the export of gold from
New York ran up to three millions u
week, that tho present crisis could not
long be postponed. That it has come
sooner than was anticipated cannot be
doubted: but between the demand for
gold to send abroad, and the large Il,
mount withdrawn from the business of
the country and deposited in the sub
treasury, the banks were drained and
had either to succumb, or else plunge
the nation into general bankruptcy.
Several other secondary causes have
without doubt assisted in producing the
present lamcntablc condition Of things.
Prominent among these is the Ubiquitous
sub-treasury system, which has now
locked up in its vaults millions of specie
from the business of the country, and
which, with an equally large drain to
pay our Indebtedness to Europe, has
conspired to make gold so scarce that
the banks cannot get it in suffi-
Gent quantities to redeem their circula.
ton, and they arc thus forced to Il sus.
pension. But, We repeat, the main
cause of our present financial difficult
ties Is distinctly traccable to the over
trading which low tariffs forced upon
the country by Locofocoism have slim
ulatcd and cngendercd.
Nothing but the unexpected and UNI
anticipated supply of gold from Cali
tornla has thus far enabled the nation
to withstand the drain of $4,000, 900
in specie with which to pay our indcbt.
cdness to Europe. And the evil has
now become so great-thc ovcrtrading
has been carried on so long-that even
the receipts Of gold from California,
could not avert the threatened disaster.
The debtor has been called to settles
mcnt, and things have come to Il stand
still.
Henry Clay, the great practical
statesman Of the country, has been
gathered to his fathers, and unfortu-
natcly for US, his mantle has fallen up
on none Of his compeers or successors.
Yet, so plain is the path which he mar
ked out for the nation, in q similar
emergency, and so strikingly manifest
were its advantages, that the "powers
that be cali he atno loss for the means
of eXtrication from our embarrassment,
If there be only disposition to vigor.
ousiy apply the remedy. That rene
dy is to return to the protective policy.
The same difficulties, arising from the
same causes which embarrassed the
business of the United States from 49,
81 to 1912, arc again upon us--and if
we are wise, the same remedy which
then restored prosperity to the nation
will be again and speedily applied
10 thrive as q nation, we must foster
domestic industry, and buy no more
from Europe than We are able to pay
for in domestic exports.
a good effect to flow from the pres
ent suspension Of specie payments will
be the limiting of importations within
proper bounds. If our importations
are checked up, our expectations of
produce increased, and our gold kept
at home, the present suspensions of
banks and business men will be only
transitory, and the nation will shortly
be sufficiently recuperatcd to start out
on another vigorous race--onIy, how.
ever, to be overtaken by the same caus-
es, and to be embarrassed by the same
difficulties, unless our national policy
is changed, and protection is thrown
around every branch of domestic in
dustry. a Dcposite Act will bring the
fifty millions Of gold, now locked up in
the sub treasury, into general circula-
ton, and n tariff discriminating for the
protection of American industry, will
prevent the collection Of more means
than is necessary for an economical
support Of the government. Shall
we have these simple measures of relief?
Will Democrats still cling TO abstrac,
tions, and follow the lead Of such closet.
politica! economists as Hunter, who is
utterly obliyiOus or Indifferent to tho
practical and ruinous operation of his
own theories? Will they permit the
manufacturing and commercial inter
csts Of the nation to be whclmod in
common ruin, rather than repeal or
modify their well.meant but awfully
disastrous measures? We shall see.
TIE FALL IN THE PRICE OF WHEAT.
"A cargo of wheat arrived az Buffalo