The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-12-03

eased trade and rotten railroad speculation. In the
first place II u not In the power of the banks to
spond TO the call, and no legislative aid can be
applied without defying this most sacred element of
jurisprudence-that no remedy can be administered
that is founded principles derived from the vicious
state of things existing around-but rather amid 80
much confusion and uncertainty it il the more
necessary to adhere to principles founded on truth
| and Justice, which alone can give a firm basis on
which the future structure OF property and industry
can rest To correct the evils around US it is not
well to lower ones views to their level but try to
| deal with them on the footing of scientific truth
trusting as every man endowed with the power of
clearly apprehending abstract principles will ever
course always carries with it, and to make the most
grievous individual hardships subsevient to the ult
mate advantage Of the whole.
One of the first great requisites to recovery is, to
place the great public properties Of the country in
sound working condition. Let those who have at
tempted to grasp more land than they occupy let 90
just 80 much obiges them to borrow the means of
making payments on s Paying the yearly int
Let us know its real value, and then we shall know
what we are worth, and live accordingly. Let what
ever mines, canals, and such securities as now live
by borrowing money to pay their dividends, instead
Ct earning them go to liquidation.
Let the fact be broadly stated, and clearly under
TODD that with some few exceptions, all the rail.
roads of this country are financially rotten All
mpostures, however yiyacous, have fixed limit to
their career like all other things They have their
entrances and exits ourishing for while, until at
last, STALE exploded and entirely found out, they
gradually fade from the world into the limbo where
their predecessors of the past rep0se to delude and
deceive no more. The chronicles of the money
market record, in the unerring language of figures,
the rise progress and fall of all such speculative
decisions.
First, then the railways must come to pieces, and
90 into liquidation What must be done it were well to
do quickly. There is no help for them Let them he
honestly coded into the hands Of those who are bona
IL Who rf0ov wit tho AGO
| nomic management, will find it hard enough to get
| living out of them. Those that are solvent, or
within hail Of salvation, may right themselves when
the wrecks are cleared away which now Cypress the
market. There is no alternative. The old main
trunk lines, supported they by many settled
cities, and so much firm trade, if fairly managed,
will always pays good steady income on investment
But for their younger brethren, they must go the
way of all such decisions After all, death and de-
structon are not the worst things. Depraved life is
worse and commercial disease is as deporable in ill
crisis one of those tempests that rise up to purify
the commercial atmosphere, not always discriminate
| ing, but never sparing the weak.
The first action of the government OF the United
States if truly represented has been to contract It's
expenses. This, think, with great Difference, has
| been a fatal mistake. The United States govern
ment is rch its bonds are above par but it is acting
like trader whose credit was shaken, or manufac-
turer who sees no means of paying his labor. 1t is
| the bounden duty OF every rich citizen who has
wealth to spend to do it now, generously nay, even
| lavshy: let him economist when other folks will
| feel his economy less So we say to the United
States government, instead of contracting its ex-
penses il must expand even II it cost twenty years OF
| economy to come. Whatever public works are in
progress let them be continued; whatever improve
ments have been decided on let them be commenced;
| and whatever are in contemplation, let them be de-
cided upon. Now food il cheap and will be cheaper;
now labor is plentiful and lowpriced; now the work
can be done for less money than ever, and most
probably it never be done cheaply hereafter.
BY this timely expansion the people will profit and
| the government economist. If carried out with
speed and decision, the measure will run ahead of
"the politicians and escape whole before they can
agree on the partition of its plumber.
| 1t may be said that this policy will necesstate
loan. Lett be Our national credit Is above par;
| we cannot, Of course, anticipate unerringy the
movements Of finance, but as public confidence re-
wives and as other investments reveal their worth
lessness and disappear it is than probable that
the United States securities will experience the bene-
fit of their soundness, and will rise. loan there
fore may be contracted very advantageous terms.
To follow out the political action OF this project let
Us suppose one hundred millions thus flowing out
into the various channels OF labor. Coin would
forthwith return into circulation, and the banks
would he relieved through their only Legitimate
source Of assistance-the labor of the people and
restored confidence This feeling Of public conf
dence will not be established 10y any action Of the
weather. classes; the game is no longer in their
hands, and we look upon il as providental and good
that it should happen so. Let the feeling come from
the basis Of the social structurethe laborng class;
among the people, must ascend to allay the present
fear Of commerce. while the daily wages of labor or
| toll confirm the finance OF the country
II should be the sacred duty of our government to
excite, and Of public press TO display, this rel-
! ance, so eminently republican of the rich upon the
poor that the people at large may appreciate their
interdependence, and lie thereby taught 10 cling to
| the government which can succor them promptly,
the poor first and through them the whole estate In
this the great hour Of countrys and need
As further measure of relief, IL might be advisa-
BILE to modify the tariff now existing on our foreign
| importations A sliding scale, with adjustments
similar TO those adopted by Sir Robert Peel, TO re-
| lieve in like moment of peril, might be adopted.
II IL not necessary however TO enter into any pro
found discussion on this matter; IL will, IL must be-
come serious subject of delibeaton amongst those
| eminent statesmen who stand around the Prcsidcn.
tal chair. But whether a. permanent part OF our
future commercial scheme, or whether II be imposed
for n specific time, TO answer q purpose, we know
| that the feelings Of commercial men this sea-
board have been undergoing serious change In this
| regard within the last year. Many who were once
indignant opposers OF protective tariff now yield
! mp their convictions with sigh while those more
deeply prejudiced listen to ts discussion with I'M
| wontcd silence.
The effect of a motion in Congress on this matter
would tend to agitate the foreign markets in man
ner favorable 10 our need. The European manufac-
turers and export houses would urgently propose any
facilities TO our trade. and submit 10 any terms what
ever rather than see the United States shut the door
upon their goods
Those who well regard the position of England
will understand how appalling such prospects would
be TO her government. All Europe allied in feeling
\ against her except Austria the helpless bankrupt,
4 and France the faithless pdrrenu; the two great
| markets Of the world Hindostan and the United
| States. at least temporarily lost; all this forms
/ combination more 10 be dreaded than the greatest
/ scheme that Napoleon the Great ever constructed
| for her conquest and her downfall
Should you deem those views sufficiently worthy
of the attention Of the people 10 give them publicity,
1 command them from the hand Of
| A RETIRED STATESMAN.