New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1857-11-05

Of Foreign and Domestic Debt There Is disturb
arce, there is depression throughout the Conner
cisl World, but worse in this country than almost
anywhere else. And the prospect for an early
and lasting improvement is faint indeed.
"Wen,". rays sanguire friend "this cannot be
endured. We must have Protective Tariff aud
Nation al Bank"
But softly, friend, let us leap to no rash conclu.
siors. Have them, will you' Hoo? Do you e1-
pect the Democratic Congress about to assemble
to enact the measures you proposei Supposng
them IN zee the matter 10 the tame light that you
do, are the politicians who control that Congress
addicted to committing suicide for the public good
And is it not Gear as daylight that the Democratic
Cor gress which enacts National Bank and Pro
tective Tariff will divide. and temporarily destroy
its own party
There is no hope then, Of relief thrOu Oh Ia
riff and Bank, or either of them, during the next
two or three years; and nothing more need be said
On the subject We cannot wait two or three
years for that relief that the body polite sorey
needs.
We are Of tie old Wing school in political econo.
my. Regarding Paper Money in some form as
necs ssity Of the age, We want the best possible
kind-tbst which combines reliability with univer-
sal accepabilty, and this we find In the issues OF
National Bank Such q Bank, issuing no larger
amount of well secured Currency than Congress
shall have expressly authorized, and loaniDg this at
low rate of interest to TIE strongest State Banks,
with q complete prohibition Of all other paper
money whatever would come quite near our idea
Of perfect Paper Currency. But no National
Bank can be bad at least within the next thirty
months; 80 nothing more need DO said on that
subject
As to Prote ctive Tariff, we have no doubt that
the want of it was the principal ultimate cause of
our recent downfall. You may regard as the more
immediate cause excessive Importation, excessive
Speculation, ger eral Prodgality, laying out Paper
Cities, undue expansion Of Credits, or excessive
issues Of Paper Money, we care net which. Under
ar efficient Protective Tariff, these would have been
alike unknown. Over-importation buying
abroad on credit much that we should have pro
duced at home and paid for before consuming it
s our radical error. With proper Tariff We
should have made at home very much that we have
bought abroad ard not have run in debt TO
Europe alike for the Rails we have laid
worn out without having paid for them. Oar
Banks, our Paper Currency have given us no credit
in Europe, but the facility with which we were
allowed to run in debt there has deraDged our cur
rency and everything Herewith connected. we
rave roned our Railroads from Great Britain, mot
because she proffered cheaper or better iron than
our own makers, but because her makers or their
bankers were able and willing to take bonds for it,
while ours were not On the Foreign Debt thus
created as basis, We have built up large and
topplipg structure of Home Debt which is now
crashing about our ears. How can va deliberately
set TO work to rebuild it, without ample security
against second similar disaster
No one can have more vivid conception than
We of the immediate and positive good which
thoroughly Protective Tariff would within two
months secure. We believe it wonld secure full
work at fair wages to nearly all our now idle labor.
err, restore so'yency to most of our Canals and
Railroads, activity and thrift to Commerce,
and Prosperity 10 the Country. Its operation
would be stantaneous-magical. But no gu Ii
tariff can now be had, and it il idle to waste
breath in cemmending it to popular favor. We
cannot hope to enact Protective Tariff, honestly
avowing it to be such, within the next four
years, at least The South would al but
unanimously oppose it, California and Mn.
.nesota Gas represented in the next Congress)
would oppose it; Pennsylvania would like to sup.
port it, but would cling to the god Of her partisan
idolatry-Sham Democracy. While Clancy Jones,
representing the Berks District, makes speeches IN
Columbia County reprobating the idea of Protec.
ton it 10 very clear that Protection except ia some
toothsome disguise, is impractcable. The very Ia
borers who now stand idle and famish for want Of
it. would be drilled up, at the sound of the party
gopg to vote against it, and accuse its advocates Of
set kirg to sgerandze capitalists at their expense
So we may dismiss the idea Of Protection a. simply
impracticable.
There RENAME, then, but this dtsrnative-Hsrd
Money, Cssh Payments and Free Trade-for we
assume that mere reconstruction Of our late PAPER
Money and Mercantile Credit system is out of the
question. Real capitalists will not invest their
means in banks Of issue organized a. at present
and subject to the perls which have just overtaksn
and wrecked Us. Since We cannot have Protection
we mus. try the experiment Of low prices; since
we cannot have Paper Money that is good in every
part of the country, and as good to morrow as TO
day. we must try the effect Of such approximation
| as is attaipable to Specie Currency. We do not
speak Of this as essentially desirable but palpably
Inevitable. We cannot keep on drifting around
Point No Point. we must have policy and sub.